Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-09
JAMES BRUCE NEW
PRESIDENT OF BANK
Baltimore Trust Co. Recalls
Former Official From
Chase National.
BY EDWARD C. STONE.

district today that James Bruce, vice
president of the Chase National Bank
Of New York, has been elected presi-
dent Of the Baltimore Trust Co., one
of the largest banking institutions In
the South. He is we'll known to many
washington bankers, and succeeds
Donald Symington, who becomes chair
man Of the governing board, new
ofice.
Mr.. Bruce has been for several years
one of the senior vice presidents OF the
Chase National the worlds largest
bank. He returns to an institution
with which he was formerly connected
also as vice president.
He is a son of William Caben Bruce,
former United States Senator from
MARYLAND, and a brother of David K.
Este Bruce. who married Miss AllSa
Mellon, daughter of Andrew Mellon,
Secretary of the Treasury. A cousin Is
Howard Bruce, president OF the Bartlett-
HAYWARD Co. and member from Mary
land of the Democratic National Com
mittee.
Among his other banking connections
prior to his Chase National post, Mr..
Bruce numbered vice preSidencies OF the
Atlantic Trust Co., the Atlantic Elk
change Bank and the Baltimore Trust
Co., all of Baltimore; the international
Acceptance Bank and the National
Park Bank of New York. He is d.
rector of the Commercial Credit Cos.
and the Maryland Casualty Co.
Bond Club Slate Arranged.
Secretary T. Baker Robinson Of the
Washington Bond Club has sent out the
official notices of the annual meeting on
Friday, May ~, at the Manor Club.
It is proposed TO change paragraph
H.. N rnQds
nual meeting shall be held during May
or June, preferably on Friday, notice TO
each member being given at least 80
DAYS previously"
The Nominating Committee, of which
Y. Z. Booker is chairman, Will propose
the following officers for the ensuing
year: Lawrence M. Proctor, presioent,
T. Baker Robinson, vice president;
Charles M. Henderson, Secretary-treas-
urer: for the board of governors, James
H. Nolan and James H. Lemon. Mr..
Nolan will be nominated to NIL the va
cancy left by w. w. Mackall, who has
resigned.
State Fights Bank Failures.
The lamentable toll of bank failures
In the United States, which continued
in somewhat diminished volume during
the first quarter of the current year,
would have been materially reduced but
for the eagerneSS with which Federal
and State banking authorities have Wed
with each other in grinding out new
charters. Analysis of bank insolvency
causes, says Fruit Companies Magazine
reveals that one of the major weak
nesses has been the lack of rigid control
and exercise Of sound Judgment by
banking authorities in beStowtng CHAR
tiers upon irresponsible, incompetent and
even INSCRIPTIONS men and often with
out any regard whatever as to whether
additional banking facilities were
needed in the community.
The Delaware Bankers Association re-
Gently adopted resolution on the sup,
ject which may well serve as model
for all other State banking associations
to impress upon their respective bank
supervisors 1t reads as follows:
Resolved, That this association place
itself on record as opposing the grant
ing by the Legislature of any new bank
ing charter, unless its proponents az
frmatively show a clear need Tor sucn
banking service In the community IN
which It proposes to establish itself, and
also show that they are able and ready
to organize such institution upon.
sound and safe financial structure at It's
start, so as to provide an ample margin
Of protection for its depositors."
A. b. A. Head Advocates Savings.
Saving a goodly part Of their earn
ings above what the daily requirements
of life compel them to spend Is the
only way the great mass of workers can
make permanent and secure for them
selves a part of the fruits Of their work
and earnings" said Rome @. Stephen
son over the radio.
Saving is not boarding. Money
rightly saved Is not idle. 1t Is put 10
t,.ex Snff ka tV1d n
day security for the future. We hear
often the cry these days Of Spend
morer Savings, insurance, invest.
nents-all three Of these are splendid
ways to spend more.
Savings in these forms are as far
away from misery boarding as the
North from the South Pole. Misery
boarding, unnecessary self-denial, do
neither the individual nor the nation
any good. Savings do not hurt business
but definitely help 1t. Savings do not
reduce spending but guide 1t along
sounder channels.
above all. savings and investment
are powerful aids in preserving for the
individual his economic equality, liberty
and happiness"
Eventual Upturn Much Nearer.
April brought little change in the
little reason TO revise previous views re-
garding the outlook for improvement,
according to the monthly review pub
lished by the National City Bank OF
New York, which expresses the BELIEF
that "time alone is very important
element in business recovery at this
juncture and the passage OF four
months from what 1t is hoped VIII
prove the bottom of the depression has
fna an afttyftV
In correction Of djustments which
carry US that much nearer the eventual
upturn."
The review mentions the action Of
the stock market during April as re-
fiction both OF dissatisfaction with
presepo corporate earnings and Of doubt
thss Substantial improvement in those
earnings can be expected this Summer,
but calls attention to the fact that
similar situations in the past have az
forded the opportunity for forehandeo
and far-siefted investors to lay the
foundations for large future gains.
Financial District Notes.
Fenner g. Beane clearing member
of the Rubber Exchange OF New York
Inc. and members of the New York
stock Exchange anc other exchanges
who maintain branch office here, an
nounce the association Of Clifford C.
Johnston, member Of the Rubber 'Ex-
change OF New York. as rubber con-
sultant, effective Immediately.
Frank j. Hogan, general counsel Tor
the District Bankers Association, was
among those present at the funeral oil
J. A. Fleming. Al the last bankers
convention at Asheville, Attorney Ho-
gan wrote a charming 4ribute to Mr.
Fleming which was presented TO the
veteran financial editor during the
session.
National Dairy Products Corporation
has declared the regular quarterly
d{,dAenAc ~ sc canfS an tho roy1rlanY