Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-06
SPOTTY CONDITIONS
SEEN IN FORECAST
Survey Groups industries
With Most Promising Bust
ness Outlook.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
The prospects for the principal in
dustries of the country are grouped by
the Standard Statistics Co, in a current
survey. according to the following list:
Most promising-Chain stores, elec-
frical equipment, shipbuilding, tobacco,
cigarettes: utilities, electric light and
power; utilities, telephone ana tele-
graph.
Good-Cement. chemicals, machinery
and machine equipment motion pic
lures. oil producing, oil refining ana
marketing. railroad.
Uncertain - Agricultural machinery,
meat packing.
Fair-Automobiles passenger; auto
mobiles. trucks; automobile parts, build
ing. department stores, fertilizers
leather and shoes, mail order, once
eulaipment. paper radio, railroad equip
nent. steel and iron, sugar refining, TO-
bacco cigars.
Poor-Aircraft, apparel, automobile
tires. coal copper, cotton goods. Ieao'
lumber, rayon, shipping, silk goods, SUI
gar producing, utilities, fractions, etc.
wooden goods, zinc.
Agree to Exchange Notes.
stockholders of the Wardman Mort
gage &, Discount Co., holding notes OF
the Wardman Corporation valued at
approximately 100000, have ratlfled
decision of directors of the flnance
company to exchange the notes for a
Similar amount of preferred stock OF
the Wardman Realty q Construc-
ton Co.
The ratification was voted Monday at
Alexandria. the concern being organized
under Virginia charter, at a meeting
at which approximately $50 stocKnolo-
ers were represented In person OF Dy
proxy.
Directors of the discount concern are
Harry wardman, president; Thomas r
Bones, first vice president; j. FIoyo
Cissel. second vice president ana
treasurer; Robert N. Taylor; &. Par.
rish Wood, jr., secretary, and Daniel
Thew Wright, counsel.
Glass Room Changes Nearly Completed.
The changes in partitions for en-
lareed class room space for the Amer
tcan Institute of Banking in the mead
quarters of the District Bankers AS
ISOLATION are well under way and VIII
soon be completed.
some wasted space has been taken
IN so that an additional room Tor
classwork has been arranged and some
of the rooms already used have been
irnproved In case some OF the classes
of junior bankers are eXcepetlonaliy
large when the work begins this Fan,
IT is the intention TO divide them INTO
sections.
The growth of the institute in recent
years has been almost surprising. Last
years enrolment was practically the
same as the previous year, both smash
ing all other attendance records. Sew
erai members of the District Bankers
Association Council of Administration |
believe taht if the institute grows
l-s- W n
secure new and much larger quarters
for students two years from now. In
this case is it probable that the local
institute chapter in the future will be
separated from bankers headquarters.
Court Decides Fiduciary Case.
west Virginia has fallen in line with
Massachusetts, in holding that con-
solidated bank does not succeed as a
matter of right to the f1duciary APP
pointments of an institution which has
been merged with it. On June II, 1880,
the Supreme Court of West Virginia.
in the case of Hofheimer VS.. Seaboard
Citizens National Bank of Norfolk, SO
held. In this case the testator nomi-
mated as his executors a nephew and
the Citizens National Bank.
The Citizens National Bank OF Nor
folk was consolidated with, or merged
into, the Seaboard National Bank OF
Norfolk The consolidated institution
was not named as one of the executors
in the will, and such authority as it had
came about by reason Of the merger
with the Citizens Bank. At the date
of the consolidation the testator was
still alive In holding that the nephew
was entitled to qualify as the sole sur
viving executor, the Supreme Court
held that the naming of bank as ex-
ecutor in a will Is not thing which
passes as property or an asset when the
bank was consolidated. The designation
in a will of one as executor does not
confer a property right upon the per-
son so designated.
The court pointed out, comments
Trust Companies Magazine, that pos
sibly the testator selected the Citizens
Bank because he knew its president or
trust officer, and by reason OF the spe-
cial confidence wished to confer upon
that institution the post mortem man
agement Of his affairs. Certainly there
was some reason for his selection of
this institution as his executor, which
reason was satisfactory and sufficient
to him. So far as the record Of the case
was concerned he had never heard OF
the consolidated institution, did not Sc
lect it and knew nothing of its trust
officials.
Heard in Financial District.
PTeSlQenL NlcLOr Is. OeyDer OF Tie
Second National Bank leaves Washing
ton for his vacation the latter part of
the week. He will take a trip to the
Adirondacks.
Lanier P McLachlen, president Of the
McLachlen Bank and of the District
Bankers Association, is planning trip
to Binghampton, N. Y, starting the
latter part of this week
Thomas j. Mangan, jr., manager of
the Washington Office of Hemphil,
Noyes & Co.. has returned from Mar
gate, NJ j., where he visited his family,
established there for the remainder Of
the Summer.
S. S. Kresge Co. reports sales during
July of $40 882, 426, a decrease of $780,
213, or SO per cent when compared with
the same month last year. Sales for
the first seven months of 1880 totaled
S78, $40 ,038 a decrease of Ia per cent
from the s79, 331 ,098 for the like period
of 1929
McCrory Stores July sales 1922 pit.
decrease of ga per cent from July, 1929;
seven months $22, $50, 3l9, increase Of
90 per cent.
The Minneapolis. st. Paul &c Sault
Ste. Marie Railway has asked Interstate
Commerce Commission authority to sell
S4106,000 first refunding mortgage
bonds. series b" Bonds will be sold
to Dillon. Read g. Co, at SO, and the
proceeds used for additions and better
Ine1ltS.
END OF SLUMP is SEEN