Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-21

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banks have g week &
In which 20 furnish # KS
all necessary in s&z2 NY <zs ~ %
1ormatlon, Henry W. Onutt.
banks in the CITY are favorable to tht
new organization and are ready to sup.
ply all facts required to make the bu'
reau a success. After the bureau ac-
tualIy begins service. daily reports vii
be made. Similar bureaus have long
been operating in Baltimore. Richmond
and many other cities and have proved
brilliantly successful as protective
measure for the banks.
Chairman Hoskinson and the officers
of the District Bankers Association fee
sure that the local bureau will meet
with the same success.
Potomac Bank 26 Years Old.
Henry w. Ofutt, president of tbs
Potomac Savings Bank, and his asso.
ciates are celebrating the banks twenty
sixth birthday. To be exact the doors
SATURDAY.. May 10. During the quarter
century the Georgetown bank has made
STEADY progress, and officials take pride
in calling attention to the fact that
the institution is the Oldest savings
bank in the city.
In addition to President OfIutt. the
officers include: Alphonse M. Baer and
B. Agee Bowles, vice presidents;
G. wendell Shoemaker, cashier: Emory
dette, assistant cashier, and George w.
Offutt. attorney.
The directors are: William A. Ames,
William w. Anderson, Alphonse M.
Baer Emory H. Bogley, B. Agee Bowles,
William H Clarke, Davenport =: Elgln'
James C. Hoyle, DR.. Malcolm w. Nor
gan, Gecye w. Offutt Henry w. Ofutt,
". Wilson Offutt. DR.. Anthony M. Ray
C. Wendell Shoemaker, j. William Stohl-
man Henry A, Storm and j. Clinton
Tribby.
Second Convention Call Ready.
The second call for the annual con-
vention of the District Bankers Asso-
citation will be sent out from head
quarters late today. The call again IN
yites attention to the worthwhile pros
gram being arranged and also to the
great diversity of entertainment to oe
provided during the four Gays az Mon
tauk Point, Long Island, starting on
.TlIne 20. The call will also include a
statement made by Col. Donovan on the
value of the convention to every banker
and a COPY of letter from Craig b.
Hazlewood, president of the American
Bankers Association. stressing the I'M
portar1ce of the discussions planned on
bank management.
It is stated that about 100000 has
been spent at Montauk since the WASH
tnrton bankers were there last year, so
that the resort will be even more at
tractive than ever Chairman G. H.
Pope reports that practically complete
ARRANGEMENTS have already been nm
: isf1ed for the big bank conclave.
The associations committee on bank
ing forms meets this afternoon and the
committee on commercial activities to-
morrow afternoon.
Prices Steady on Local Board.
Prices were steady on the wishing
ton Stock Exchange today durlngA ses-
sion of rather quiet trading.
District National Bank stock sold at
23S to the extent of IS shares. Fifteen
shares of Woodward & Lothrop pre-
ferred moved at lot, and 40 shares OF
National Mortgage &, Investment pre-
ferred came out at SIS.
Capital Traction figured In a turn
over of only Is shares, priced at 1914.
The same amount of Federal
Co. preferred changed hands at 101.
Potorna celectric Power 512 per cent
preferred came out at 1864.
In the bond division Potomac Electric
Power Consolidated SIS moved at 102,
and Washington Gas IS, series B. at
1o3X, while one of the baby A bonds
came out at 1924. The bond market
closed with Capital Traction IS selling
at e715.
George W. Robertson. vice president
Of the Canal Bank & Trust Co., New
Orleans. and vice president OF the New
Orleans Stock Exchange, was visitor
at the local exchange today and &C
corded the courtesy of the floor.
Heard In Financial District.
Albion K. Paris, veteran local flnan'
cier. will present the history of the
Washington Stock Exchange at ths
meeting Of the Columbia Historical So.
ciety this evening a. the Cosmos Club
Mr.. Paris is wonderfully well informed
on the subject.
T. Y. Chen, a prominent Chinese
banker connected with the Equitable
Eastern Banking Corporation and the
Sam Nun Co., with headquarters ir
New York, was a recent visitor in the
local financial district, being showr
about by Eliot H. Thomson Of the
Washington Loan & Trust Co.
The Department of Commerce reports
that, according to preliminary censuI
figures, 35.258, 400 cotton spinning spin.
dies were in place in the United States
on April 80, of which 3o,924184 were
operated at some time during The
month, compared with 81, 123, 998 fol
March and 1880, $40 for April, 1928.
The Federal Reserve Boards condi-
ton statement of weekly reporting
member banks in 101 leading cities or
May Is shows increases for the week Of
$e4 600, 900 In loans and investments
of $l54 900 900 in net demand deposits
and of S24,o0o,ooo in time deposits, and
a reduction Of $50, 600, 900 in borrowings
from Federal Reserve Banks.
The Interstate Commerce Commits
sion has authorized Pittsburgh g. Wes
Virginia Railway and the Wharton &
Northern Railroad to intervene in the
proceedings on the unification appltca'
ton of the Chesapeake & Ohio Rail
way.
Ralph Hornblower of Hornblower &
Weeks has been elected governor of thu
Investment Banking Association o
America to represent the New England
district. He succeeds Frederick Boyn
ton of r. F. Moseley g. Co., who re-
signed because of his removal from
Boston to New York.
Price Index Unchanged.
The wholesale price index Of com
naodities remained unchanged durln
the week ended May 10, according T.
the wholesale price index Of the Nation
al Fertilizer Association. Since March
however, the index has declined 2.
per cent, and it now stands "a per cen
below the like week of 1928. Durln
the week 35 declines and 81 advance
occurred, but the declines were i
groups more sensitive to price-chang
Influences. Material declines occurre
In textiles, fats, farm products, and fer
tilizer materials. Advances occurred L
other foods, housefurnishings rubbe
and automobiles, the latter due
change in types.