Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-19
MUTUAL BANKERS.
HERE FOR FARLEY
Eleventh Annual Convention
Will Open at MaytIoWer
Tomorrow.
By EDWARD C. STONE.


tual Savings Early this afternoon the
directors went into session to arrange
final details for the opening tomorrow
of the three-day session at the May
flower Hotel. About 500 delegates are
expected.
by Henry Bruere, president of the
Bowery Savings Bank, New York. Other
speakers on the opening day will be
Julius H. Barnes, Matthew Vol and
Rome C. Stephenson.
During the convention representative
savings bankers from the various States
will deal in detail with operation and
investments. 1t is estimated that the
mutual banks now have about $40, $780,
100000 assets, one of the largest COM
binations of capital ever brought to-
eether. The safe investment Of this
vast sum is most far-reaching. The
discussions are certain to be Of interest
to bankers outside Of the mutual saw
angs bank field.
Insurance Directors Elected.
At meeting of the District of Co.
lumbia Underwriters Association, held
yesterday afternoon in the Board of
Trade rooms, Star Building, three new
directors were chosen to take place of
three whose terms expired They are
David s. Bethune, Equitable Life of
A.SW AOAA' AuAi4C1 u. I1dIIlSUIl N1HSSd@
chusetts Mutual, and Alton j. Grinnell,
New England Mutual. The retiring d.
rectors are John F. Creeman, Harold
d. Kraft and George B. Farquhar.
/, The board will meet next Thursday
to elect officers for the coming year.
The retiring president is John H.
Snyder, who has enjoyed an unusually
successful administrative year.
Banks to Continue Building.
The Nations banking institutions
generally will proceed this year as pre-
viously planned with their new build
ing and alteration programs, it is indi-
Gated by q survey of banks of all sizes
throughout the country recently COM
pleted by the research department OF
the American Bankers Association
journal and made public here. The
figures show that 428 banks are con-
templating new buildings and 1913 are
planning more or less extensive alter
atoms. This activity among banks pre-
sageS a large volume Of employment
of purchase Of building materials and
supplies in all parts of the country and
of money in circulation through the
building trades, the Journals statement
says.
The largest bank building project In
Washington at present is the big annex
to the American Security & Trust Co.,
which has been under construction for
many months and Is now nearing COM
pletion. When the annex is ready for
occupancy, sweeping changes In the
main once are to be made.
Fewer Rank Suspensions Noted.
Bank suspensions during April to-
tailed 50 for the entire country, lowest
number of failures for any month since
May. 1880, when the total was SIS, the
May Federal Reserve Bulletin shows
In March there were 80 failures and in
April, 1880. 96.
The So failures in April involved de-
posts Of $49. $4,000. Twenty-three
banks were reopened during the month
with deposits Of S21.142,0 600.
Largest number of failures occurred
in Illinois with total Of IL, involving
sl0,852,000 in deposits. In that State
/. six banks. the largest number Of any
State, were reopened with q total OF
$685. 900 in deposits.
In Pennsylvania five banks suspended
operations, involving deposits OF Sill
5000, the greatest amount involved
in any State.
For the four-month period there were
49, failures, Of which As occurred IN
Illinois. OF the April failures, II were
national banks, State bank members
Of the Federal Reserve system and 43
non-member banks.
Trading on Local Exchange.
Bonds were in fair demand on the
Washington Stock Exchange, trading
being recorded in Anacostia d. Potomac
IS, Washington Gas Light and WASH
ing Railways 81 Electric issues. Prices
were steady.
In the stock division Capital Traction
|, closed fractionally higher at 34as, Rail-
\ way & Electric preferred sold at 91s4
ex-dividend, while Mergenthaler Limo
type opened at 1914 and closed at 1884.
District National Bank stock sold at
2Ol today and Federal-American
National Bank 81 Trust Co. shares
smoyed at so.
Heard In Financial District.
Morton NJ. Prentis, president Of the
First National Bank Of Baltimore. has
been elected a director Of the Federal
Reserve Bank of Richmond to I'LL a
vacancy on the board caused by the
death Of H. B. Wilcox.
Robert C. Jones & Co.. investment
bankers, are distributing a special
analysis on the Chemical Bank g. Trust
Co Of New York This bank stock is
now selling around Sal a share.
Announcement is made of the open
ing of an insurance ONCE here by
JOSEPH u. mdSOtl, WIZ Will DC hSoOLAhlCG
with his son. Chan c. Mason. They will
engage In a general insurance business,
representing the Aetna Life Insurance
Co. and associated companies. Mr..
Mason. ST., was formerly secretary TO
Senator Dineen.
Mergenthaler Linotype directors to-
day declared a quarterly dividend OF
$3.50 per share. payable June 80. TO
stock Of record June 3. according to
dispatch received this noon from New
York This stock is very widely held
in Washington.
Loew's. Inc, has declared regular
quarterly dividend Of rs cents on COM
mon stock, payable June 80 TO stock
Of record June 10.
Offering Of $4,000 900 Consolidated
Gas Of Baltimore first and refunding
4 per cent bonds. due 1881, is likely
70 be made shortly Dealers report a
price Of 95ia. Purpose Of financing is
70 refund the first SIS Of 1865 and GER
tain other underlying issues.
Real estate and the building industry
will be the subject OF the eighth talk
on present business conditions by cut
standing leaders OF American business.
industry and finance on the HalSey.
Stuart d. Co. program Wednesday eve
ning,s May 20. Truman S. Morgan,
president of the F. w. Dodge Corpora
ton. will speak on The Romance CT
Building Construction"
MANTpEhI PANkC PE0IIHE