Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-09
COMMITTEE HEADS
NAMED BY WALLER
Slaughter and Mckee viii
Arrange Program for Next
Bankers Convention.
BY EDWARD c. STONE.

year at Asheville, N. C.
Laurence A. Slaughter, vice president
OF the Commercial National Bank, will
act as chairman of the program COM
mittee and will be assisted by Henry
H. Mckee, president of the National
Capital Bank. The other members of
Inc committee will be made known
shortly. George o. Vass was made
general convention chairman some time
ago
Both these bankers have done some
most valuable work for the association
and their selection for this committee
VIII be accepted with general favor.
Mr.. Slaughter was chairman of the
hotel committee In 1925, has also served
program committee and in past years
has served on the entertainment and
transportation committees.
He Is thoroughly familiar with the
work OF the association as we'll as with
the banking problems which should be
given the major portion of the pro-
gram at the coming annual conclave
lie has been prominent in banking
circles in Washington for years and is
a member of the Washington Stock
Mr.. Mckee was president of the Dis
trict Bankers Association in 1918. He
has been connected with National Cap
ital Bank since 1889, is a trustee of
the East Washington Savings Bank,
chairman of the Washington Clearing
House Association and became nation
ally known by his addresses before the
American Bankers Association on the
question of branch banking.
A. I. b. Committee Is Named.
T. Hunton Leith, banquet chairman,
and A. E. HenZe, president of Wash
i1HfnYa rhanfar Avaaa g
Banking, have announced the member
ship of the reception committee in
connection with the institutes twenty
sixth annual dinner and entertainment
to be held on Washingtons birthday
at the willard. A large number of
senior bankers have agreed to serve
this committee which is made up as
Frank M. Perley. chairman; Francis
G. Addison, jr.; Harlod w. Burnside,
F. H. Cox, Victor B. Deyber, Charles
H. Doing, jr.; James c.. Dulin, ir.;
Joshua Evans. jr.; Lanier P. McLachien,
Edward j. McQuade, Howard Moran,
John Poole, C. H. Pope, I. j. Roberts,
L. A. Slaughter, James A. Soper, w.
Waller, George o. Watson and George
w. White.
Busy Session on Exchange.
The heaviest trading of the week was
recorded on the Washington Stock Ex-
change yesterday, prices being firm.
Capital Traction closed the week at
1875 after opening at SO fiat, on a light
turnover. Mergenthaler Linotype scored
another new high mark, reaching 100
and closing at 1087s.
Potomac Electric Power So per cent
SUCK came out at 108, Washington
Railway & Electric preferred moved
at 9714 and u, and Peoples Drug
stores preferred changed hands at los,
one, hundred and fifty shares of Real
Estate Mortgage & Guaranty preferred
came out at Z.
Two bank stocks appeared on the
board. 10 shares Of Riggs National SELL
ing at oS412 and 10 shares of Security
Saving q Commercial registering ATS
same as the last sale Lanston Mono.
type figured in the transactions for the
nrst time In several weeks. IL shares
selling at lis, against the last sale
Bonds drew their full share of at
IGNITION. washington Railway g. Elec-
Lrlc As came out at IS. S5A and 85k.
Barner d Ross g. 2s sold at 3d.. WASH
1ngton Gas IS, series B, sold at LOG. the
series A bonds moved at 1929, while
Washington Gas SIS moved at lOl.
Calling OF the unlisted stocks showed
very Few quotation changes during the
week.
Collections Slow in District.
Sixty-nine wholesale firms, represent
ing five leading lines, sent reports to
the Federal Reserve Bank of Richmond
on their December 1929, business. All
lines showed lower sales during the
month than in November. most of the
decreases being seasonal, but all of the
fve lines except shoes also showed
lower sales last month in comparison
with sales in December a year ago,
hardware and drugs reporting declines
OF 16.1 per cent and 1874 per cent, re-
spectively. Total sales in the year 1929
were lower in every line for which fir-
ures are available than sales in 1928,
dry goods showing the greatest decline
with So per cent.
Stock figures are available for four of
the five lines of trade reported upon.
and three of them show seasonal re-
auctions in December in comparison
with stocks on hand at the end of No.
vember. At the end of 1929 stocks of
groceries, dry goods and hardware were
smaller than those on December 81,
1928. but shoe stocks were materially
larger on December 81. 1929, than on
either December 81, 1928, or November
80. 1929.
Collections were somewhat better in
December, 1929, than in November in
slower than in December. 1928, in all
lines except drugs. in which the per-
centage OF receivables collected during
the month was exactly the same as in
the previous December
1,104 Fewer Banks in 1929.
Mergers and closings of State and ma
tional banks in 1929 reduced the bank
population of the United States by ,104
net, continuing the defamation in num-
bers Of banks which has been going on
since 1922, according to the annual sur
vey on this subject issued by the Amer
lean Banker.
During 1929 SOS State and national
banks were reported closed ana 799
more institutions gave up their identity
in mergers. A total OF 317 new banks
were chartered by various State and ma
tional authorities and 10 closed banks
were reported reopened.
OF the SOS banks closed ou1r ght only
so were national institutions. OF the
1893 banks merged only 228 were ma
tional banks OF the 317 new banks
119 were national and 1913 were State
The total number of charters SUI
rendered N closings and mergers was
thus indicated as 1.494 and he Total
number of new institutions 800, max
ing the net reduction in the humble" Of
banking institutions during the year
1,l04.
Heard in Financial District.
James A. Soper, chairman of the in
stitute's forum committee, received tele-
graphic information yesterday that Or.
Bril- Schultz, education director of the
New York Stock Exchange, had been
taken i'll in Chicago and would be I'M
able to appear here next Wednesday
night He WAS booked tn give a motion