Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-15
FLEMING PUSHES
CREDIT AID WORK
Riggs National Bank Dr.
rectors Vote Support for
Hoover Plan.
BY EDWARD C. STONE.


Riggs National Bank today was pushing
very vigorously organization of the
Washington unit Of the National Credit
Corporation, which Is to handle the
OF the Riggs National Bank, held this
to stabilize banking interests of the
country and build up public confidence
in the economic situation. Mr.. Fleming
vas asked to take charge OF the Wash
ington organization yesterday by John
M Miller jr. Richmond bank preSi-
dent, who has been made representative
OF the fifth Federal Reserve district in
the national organization.
At a special meeting of the directors
of the Riggs National Bank held this
morning, it was voted unanimously to
give full support to the plan and make
as large subscription to the credit cor
poration as the banking laws permit.
Each bank board has to approve such
loan. and Riggs was the first local bank
to take action. The opinion was ex-
pressed at the meeting that the Hoover
plan will be very far reaching in re-
storing confidence in sections OF the
country where special funds are needed
and that It's purpose already mas mao
highly gratifying results.
The other local banks will take up the
matter at once at regular or special
meetings. and their full cooperation
and cordial support is expected 1t is
understood that the organization here
will work in close touch with the Wash
in9ton Clearing House Association, OF
which H. H. Mckee is chairman, and
with the District Bankers Association,
Edward j. McQuade, president.
State Organizers Announced.
The Star learned from Gov. George
j. Seay of the Federal Reserve Bank OF
Richmond today that John M. Miller,
tr., director for this district. has ap-
pointed the following organizers in the
States in the fifth district
Maryland-Charles E. Rieman, presi-
dent Of the Western National Bank OF
Baltimore. Mr. Rteman Is one OF the
leading bankers in his home State and
has been a director in the Federal Re
serve Bank of Richmond for some
years.
Vireinia-Julien M. Hill, president OF
the State Planters Bank & Trust Co.,
of Richmond a very capable banker
and widely known in the Old Dominion.
West Virginia-Charles M. Cohen,
president OF the First Huntington Ma
tional Bank. Huntington. w. Va, and
one Of the banking leaders in his ter
ritory.
North Carolina-R. NJ. Hanes. presi-
dent, Wachovia Bank & Trust Co,
W!nston-Salem, N. c., the largest bank
ing institution in North Carolina, with
branches at Asheville, High Point,
Raleigh and Salisbury.
South Carolina-W. J. Roddey. presi-
dent, Central Union Bank, Columbia,
S. c., with branches at Rock Hill.
Greenwood and Due West. Mr.. Roddey
was formerly director in the Char
lotte Branch of the Federal Reserve
Bank of Richmond.
Full Details Expected Soon.
Mr.. Fleming expects details of the
plan will be available for local bank
ers at once. This information is on
the way from the New York head
quarters. The tentative amount needed
was originally placed at $500 900 900.
The sum can be raised to 81 900 ,000,-
900, or any figure desired. Bankers
here, however, doubt if even S500,O 00,-
600 will be required. The money Is to
be used in releasing sound bank assets
which are at present frozen"
AS director of the national organi-
zation in this district. John NJ. Miller
jr. notified Mr.. Fleming by wire of
his appointment. He stated that he
would attend the meeting in New York
Saturday and would have all informa-
ton needed upon his return. In &C
Washington unit, Mr.. Fleming tele-
graphed to Director Miller:
Acknowledging your wire, will be
glad to accept assignment to organize
the District of Columbia in an asso-
citation as outlined by President
Hoover in his recommendation for the
formation of the National Credit
my earnest and sincere desire to rem
der every service and support in this
constructive undertaking
New York banks have already
pledged a large sum for the credi;
fund and the work has made amazing
progress in the few days since the big
task was undertaken. BY the middle
Washington unit. as we'll as all Others
in the fifth district, will be in full
swing.
New Federal Storage Director.
At the regular monthly meeting of
the Federal Storage Co.. Norman B
Frost was elected a director. Mr. Frost
Towers, Hibbs Building. and a director
of the Liberty National Bank. He is
member Of the Columbia Country
Club, University Club, Annapolis Roads
Club and is past president Of the
Barrister Club. Mr. Frost served in
the Marine COTpS curing lHe war ana
served as secretary to Chief Justice
White at the Peace Conference after
the war
Miller Again Railroad Director.
It was announced after the twenty
eighth meeting of the stockholders of
the Southern Railway Co.. held at
Richmond Tuesday, that the following
directors. whose terms had expired,
were reelected to serve for three-year
terms:
Guy Cary and Walter S. Case of
New York, H. w. Miller of Washington
and r. S. Reynolds OF Louisville, KY.
Mr.. Miller, the Washington member of
the board, is vice president Of the
Southern Railway.
Mergenthaler ID. c. Market Leader.
Mergenthaler Linotype was the leader
on the Washington Stock Exchange in
today's session. The stock opened at
"a and closed a point higher at 65,
transactions totaling SO shares.
Capital Traction opened at Is and
closed at 247s on very small turnover.
Potomac Electric Power sig per cent
preferred registered l07l2 so shares OF
Woodward g. Lothrop common sold at
80. and 400 shares of National Mortgage
& Investment preferred at 4.
Bond sales were confined to Washing
tom Railway g. Electric As at 85.
Washington Clearing House figures for
today: $4,169, SASS.