Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-17

investments.
There is no EVIL hzzAzzsSEzS
dence that the in VIM. c. LOCKER.
tereStS claiming to
own $4,000 shares of washington Ga:
stock, which obtained recognition at tflt
last annual election, have renewed Ell
forts to accumulate stock, but the lac,
that the offerings are very limited ane
that big holders show no disposition u
trade one way or the other, has beer
responsible for an advance to l09 bic
and Ill asked. on sales of less than 5t
shares all told.
The street railways we're eX-div1deno
today with prices relatively unchanged
Potomac 5l2 preferred made new low
on this move, selling to 100 2. Otnef
sales, both bank shares and miScellane-
Gus, were not worthy of special notice.
Friends Congratulate Banker.
Friends are congratulating William c.
LOCKER, manager of the Connecticut
avenue branch of the District National
Bank, on his completion OF 20 years IN
the banking business. Mr.. LOCKER 1olneo
the staff of the District National at the
time the bank was founded in 1909 and
has remained with President Robert N.
Harper and his associates ever since.
Starting at the bottom of the banking
ladder. Mr. LOCKER advanced Steaolly
until made an assistant cashier ana
later manager of the Connecticut ave
nue. branch In his present position ne
has been highly successful IN deVeIop-
ing business for the District National.
Nathan B. Scott, I'd, assistant treas
urer of the Continental Trust GO. OF
Washington, has just been elected a
director of the Dollar Savings e. trust
Co. of Wheeling, w. Va. The Dollar
Savings g. Trust Co. is the largest bank
ing institution in the State of West
Virginia. having a capital of $l,10O 600
and surplus and profits of $270O 600.
Mr.. Scott is a son of the late MAJ.
Guy T. Scott and grandson OF Ine
late Senator Nathan B. Scott, VINO was
chairman of the board OF the Contlnen--
tai Trust Co. of this city at the time OF
his death Mr.. Scott has been director
and an officer of the Continental Tor
some time.
Al. b. Education Booming.
Frank M. lotion, president OF the
American Institute of Banking section,
recently described the raising OF its edu-
cational standards and its steady CROWN
in members, students, chapters, corre-
- spondence courses and study groups.
He reported as major event OF TINS
last wear the magnificent gift OF A. r.
Giannini. He had already given the
American Institute of Banking an en-
downnent of $4,000, the income from
which has been used to furnish pubic
speaking prizes. Mr.. Giannini has now
donated an additional $4,000, making
a total public speaking endowment OF
$4,000 to encourage public speaking
among the rank and file of the 1nstl-
tute.
Would Protect Boards Feelings.
Calm thinking and temperate talking
about the Federal Reserve system ana
its policies are absolutely imperative, be-
cause the subject of credit is engaging SO
much general attention G. j. k1rschner
of HaZelton, Pa, president of the Penn
sylvania Bankers Association, declared
in an address opening the annual con-
Vention.
Although he did not discuss the mer-
its of the Federal Reserve Boards re-
cent warnings against the dangers OF I'M
due speculation in security loans, ne
said. that as bankers eve cannot ignore
the fact that there has been very great
increase in the volume OF credit IN tnls
country during the last year and that
very large proportion of this increase
almost all of it, has been IN loans Oh
securities"
He pointed out that bankers gener-
been a change in the methods OF nnanc-
ing and that many large corporations
have supplemented their working capital
by resorting to security issues, instead OF
relving, as before, upon bank loans.
'aThis has necessarily brought about
a wider distribution of securities, MT
Kirschner said, land the holders OF
these securities have borrowed on them
from banks. This substitutes loans on
securities to a very considerable extent
for what had previously been CONNER
cial loans"
Stock Offering Fully Subscribed.
Tt is announced that the 100000
share offering of capital stock OF the
Ungerleider Financial Corporation, MAGE
Yesterday at $50 a share, has been fully
subscribed. This offering represents
initial financing for the corporation
which will start business with cash
capital of $25,000,000. The company
has no bonds or any other class OF
stock authorized or outstanding, put
has an authorization to issue total OF
j 5000 900 shares of stock, making pos
sible the companys expansion to
S75Q.0O0 900 or more. All costs OF or
ganization, sale of securities, legal eX-
penses. etc, have been assumed by
Samuel Ungerleider g. Co.
Grain Goes TO New York.
Robert Grain. jr., for four years
washington manager OF the century
Trust Co. of New York, has become
associated with O'Brien, Potter d Stan
ford, members of the New York Stocf
Exchange, having headquarters II
Buffalo, He will be at the New Yori
Office Ga wall Street, which is under
direction of Curtis b. Dali, resident
Nau, [Orty mariner of the flrm.
Heard in Financial District.
John M. Riordon, executive vice presl
dent of the Bank of Commerce & oaV
ings. and Maurice OtterbacK' preSloeil
of the Anacostia Bank, were among I'M
first local bankers to attend the Ma
tjonal Safe Deposit convention Wnlcl
} opened Yesterday in Baltimore. me:
also took the side trip TO visit the Yor!
safe e. Lock Co. at York, Pa, which
proved most enjoyable.
E. II. H. Simmons, president OF tn
B New York Stock Exchange VIII azores
the New Hampshire Bankers Assoclatlol
/ in Manchester N. H, on May "a: SUB
iact of his address will be Speculation.
3 In connection with the convention G
: the Special Libraries Association, no.
in session here, it is of interest tina
! the American Security 81 Trust Co. ha
established a centralized library, which
company officials say is the first of 1t
type TO be introduced locally.
The National Dairy Products Corpo
ration, which recently took the Chestnu
Farms Dairy Co. of this city into II
chain, has just taken over the Detro
+ Creamery Co. the transfer being mad
through an exchange of stock.
Local bankers are planning a wee
end fishing trip to Wachapreague, Va
or to a place with some such spelling
the party TO include M. D. RoSenbor
joseph Sanders, Frank Owings, Able
= Galley PPnresentati i've FTear les,