Evening star., 1931-06-26
LINN IS CHAIRMAN
/ OF BANK AUDITORS
Harris Named Vice Chairman
b and Boyd Secretary at
Annual Meeting.
BIZ EDWARD C. STONE.

By EDWARD C. STONE.
Arthur J. Linn, auditor Of the Fed
eral-Amerlcan National Bank 81 Trust
Co., was elected chairman of the audi
tors section Of the District Bankers
Association at the annual meeting OF
the section held at Olney Inn last night.
Mr.. Linn has been connected with the
bank for the past five years and has
been active in this division Of the bank
ers' association since its inception.
william NJ. Harris of the Lincoln Ma
and Joseph Boyd Of the Second National
was made secretary. Earlier in the
evening the Executive Committee had
been elected, consisting of Mr.. Boyd,
James G. Elgin, w. B. HibbS S5 Co.;
Ralph Endicott. Washington Loan &
Trust Co: and Mr.. Harris and Mr..
Linn. The committee organized at once
by electing the above oficers.
The retiring chairman, Ralph Endi-
cott, presented his annual report. This
report was presented at the recent Hot
Springs convention, but there were not
enough members present to hold the
annual meeting. His report noted an
increased attendance at all the meetings
Of the section, Is having been held dur
voted to the development Of better ac-
counting practices In the banks in the
District OF Columbia.
Important Problems Studied.
Chairman Endicott reported the fol-
lowing as among the most important
questions taken up during the year:
The matter of the costs of issuing
New York drafts and cashiers checks
a system for safeguarding and con-
trolling New York drafts, cashiers
checks and certificates Of deposits in
smaller banks.
The operation of the collection de-
partment.
Safeguarding the operations of the
bookkeeping department.
AUDITORS duties in connection with
directors examinations.
Advantages or disadvantages Of cash
Or accural basis of accounting.
Auditors reports in connection with
effective executive management.
Branch accounting"
Change Made in Bylaws.
Following the usual custom an eve
ning was devoted to the study Of the
Federal income tax. A representative
OF the Bureau of Internal Revenue was
the speaker at this meeting. The mem
berS OF the Baltimore Chapter of Bank
Auditors and Controllers were guests
on that occasion.
The annual examination of the
Washington High School Banks was
again conducted by members of this
section. The examinations were ably
completed, and DR.. A. L. Howard, in
charge OF business activities in public
schools, once more expressed his great
appreciation of this service.
Mindful OF the fact that there might
be some men employed in banks of the
District Of Columbia who, although
vitality interested in the work of this
section. We're unable to attend because
OF existing bylaws. which limited the
representation to two members from
each bank, that particular part of the
bylaws has beer amended to permit
five representatives from each bank. It
Is felt that this will improve the ac-
counting ability of the stats Of Wash
ington's banks. and all member banks
are urged 10 give this opportunity their
careful consideration, Mr.. Endicott said.
Miss Grace M. Bromley assistant
represented the associations official
STAFF and was the guest of honor. Ray
mond p. Marx, auditor of the Riggs
National Bank, told the members what
George o. VasS had said in a sum-
mary of the sections work which he
presented at the Hot Springs conven-
ton.
Forward Market Trend Seen.
The current review of Y. Z. Booker
b Co, investment bankers, published
today, says Of the business situation:
1.-The debt recess plan on which
President Hoover has been working
the major part Of the recent rally in
stocks and commodities, although other
favorable news, such as Cd the freight
rate increase plans, (2) the advance in
cigarette prices, (3) the moderate i'm
provement in the East Texas and Cali
fornia Oil situations and (4) the radio
decision. have also played a recent
part. 1t is difncult to estimate how
large a role in the advance has been
played by short covering, but the re-
duction In the number Of stocks loaning
at a premium from 20 to IL is sig
nificant Nevertheless genuine re-
verSal Of sentiment has occurred, and
while the market may have to retrace
some of the recent advances, the opin-
ion now seems prevalent that Suttl-
cient cushion exists to prevent sec
ond quarter earnings reports or other
bad news from breaking the June 2
lowS-in other words, that a definite
forward trend market may have begun"
Speaking of commodity grains, the
review states that recent advances in
commodity prices indicate that COM
modify, as well as security markets,
have been temporarily oversold and
would readily respond to any stimulus
of renewed buying based on increased
confidence. The report adds that the
world wheat situation appears less un-
favorable" and that business activity
trend is still downward, although SEN
$iraapH fa vastly iTnDrOyed
Heard In Financial District.
Trading on the Washington Stock
Exchange today was confined to Rail-
way & Electric preferred, Potomac Elec-
tric Power 5h per cent preferred and
washington Gas bonds, series A.. Inc
bid on Washington Base Ball stock was
raised from 65 to rs and the asked price
from 80 to 100, improved pennant
chances no doubt being the reason Tor
the strength.
tional Capital Bank Of Washington, az
their regular meeting yesterday declared
the usual semi-annual dividend OF PEI
cent, payable on June 30.
Edward J. Stellwagen, PRESIDENT OF
the Union Trust Co., left washington
today for Maine, where he VIII spend
the Summer at the famous Polano
Spring House, Mr.. Stellwagen mas been
a regular Summer visitor at this resort
for more than 40 years.
eugene 3. Thompson Of Crare, Paris
q Co. is passing the week in Mime
aDolis at the Masonic convention. He
holds a very high ONCE in the Masonic
fraternity.
At the meeting Of the District of Co
lunlbia Life Underwriters Association
YESTERDAY stems were taken to obtain
congressional legislation to secure higher
renliirements in the issuance of in
surance licenses in the District. A
committee composed of Joseph A. Marr