Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-14
D. c. REPRESENTED
AT BANK MEETING
Several Washington Finan-
CierS Go to Philadelphia.
U. S. Issue Sold.
BY EDWARD C. STONE.


Several washington bankers have
gone to Philadelphia to attend the two
day conference on bank management,
which opened there today and will con-
tinue tomorrow. Among the local bank
ers present are Vice Presidents George
o. Vass and Hilleary G. Hoskinson and
r. Earle Haycock of Riggs National.
John Poole, president of the Federal
American National, and Edward j. Nc
Quade, vice president of the Liberty Ma
tional. Mr.. McQuade is one of the
speakers, his subject being Better Bank
Practice"
The conference is open to seven near
by States and the District Of Columbia
The aim of the sessions are to show
banks how to make satisfactory profits,
furnish still better protection for the
depositor and adequately serve the COM
munity. o. Howard Wolfe cashier of
the Philadelphia National Bank, is
chairman OF the conference.
Treasury Issue Oversubscribed.
Secretary Mellon announces that the
subscriptions for the Treasury 3A per
cent certificates, dated March is, 1880,
and maturing in one year, totalled ST.
400, 800 900. The total amount allotted
was $4S3. S41 900.
The Richmond Federal Reserve dis
tr1ct asked for $50, 27Sy000 and was al
lowed $3S,S20;600. New York naturally
asked for the largest amount and San
Francisco came next.
The Minneapolis Reserve district was
the least interested In the new issue
The Treasury itself asked for $85, 500
and was allotted $50 900. Atlanta
asked for practically the same amount
% Richmond and was allowed the same
total.
Pole Compares Bank Failures.
In terms Of bank failures the nation
vide branch banking system Of Canada
shows better results than the unit sys-
tam Of the United States, Controller
Of the Currency Pole told the House
banking and currency COMMITTEES.
There Is, however. no comparison
between the Canadian system and that
proposed by the controller for the
United States. While there are only
seven or eight parent banks in Canada,
under the nationwide system there
would be several hundred under the
Pole plan to extend branch banking by
trade areas in the United States.
Today's Exchange Trading.
Washington Stock Exchange trading
today opened with q $500 and $1,000
sale in Capital Traction IS at 95M.
Washington Gas bonds, series B, re-
corded q baby bond transaction at 1o3
and a $500 sale at 1854. Potomac
Consolidated5 IS sold ct 1917
In the stock division the heaviest
trading took place in Capital Traction,
two 50-share lots changing hands at
S4K. A small lot of Potomac Electric
Power 5la per cent preferred came out
at lo7Ia and IA shares Of Washington
Railway & Electric preferred moved
at 94%.
stock registered IS and 10 shares of
Merchants. Transfer & Storage COM
mon no.
Financial District Gleanings.
Clinton McElwee Henry has been
elected to the advisory board OF the
nue. branch Of the Merchants Bank &
Trust Co.. to I'LL the vacancy caused
by the death Of his father, Samuel W.
HArrv.
IrevrRe A. Garrett, resident partner
of r. B. Keech g. Co., has gone to New
York to attend a meeting of the part
ners of the brokerage firm.
The cut In the New York rediscount
rate was noted with interest here.
At-S@-
ness and also consider shat 1t shows
q desire on the part OF the Federal
Reserve Board TO stimulate business
conditions as much as possible.
Loans to brokers and dealers held by
New York Federal Reserve member
banks for the week ended March II
were announced by the Federal Reserve
Board today at $3,720, 100000 repre-
senting an increase of 1000 900, as
compared with the preceding week.
Local bankers are already thinking
about the controllers next call which
d looked for some time thi Snonth. In
dications are that the local banks VIII
make q good deal better showing than
on December 81. There has recently
been considerable gain in deposits.
Debts to individual accounts OF banks
In the "A centers Of the Richmond Fed
eraI Reserve district for the week ended
March aggregated 1928, ITO, 900, com
pared with $251, 1900 for the proceed
ing week and S343 $50 900 for the
corresponding week Of 1929.
New Move in Trusts.
The Royal Trust Co. of Canada has
initiated what is termed the standing
by attorney service" Under this plan
any one may give q general power OF
attorney to the trust company 70 act
for him or her In the event of un-
expected incapacity arising out OF acci-
dent or illness. No charge Is being
made except in the unlikely ctrcum-
stances of the trust company's being
called upon TO act under the power OF
attorney.
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