Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-02
BANK CONVENTION
DETAILS ARRANGED
Chairman Woodward Has
Completed Program for
Four-Day Gathering.
BY EDWARD C. STONE.

Va, June IL, ~, ~ ana q, haEe Ao"
been completed under the skillful guild
ance of Chairman Claude H. Woodward,
president of the Mount Vernon Savings
Bank. :.
Rome c. Stephenson, president OF
the American Bankers Association
will speak on the opening day, 1oI-
lowing the roll call and the annua!
address by Lanier P. McLachlen, heao
of the association.
The annual report Of the f1duclarles
section by Chairman Barnum l.. Col
ton is also on the first days program,
as is the report by the COMMITTEE On
Law and Legislation by Francis u.
Addison, jr.
The leading speaker on the second
day will be o. Howard Wolfe, cashier,
Philadelphia National Bank. This also
will he ssInstitute day" and Frank M.
Perley. retiring president of Washing
ton Chapter, will make his report.
The winning essayists, Bernard l. Bou-
dren, Catherine M. Krieg and Eugene
j. Norak, will read their papers 10 tle
convention. ,..
of the safe deposits section by CHAIR
man Frederick H. Cox will concluoe
the program. The presiding othcer on
the second day will be the first vice
president. E. j. McQuade, While the
Second vice president of the aSsocla-
ton. c. H. Pope, will preside on the
third day. An
The third days program includes the
annual report of the auditors Sectlon:
hv Chairman Ralph Endicott. Some OF
the most important committee reports OF
the wear will also be made, among them
being auditing, ]. Frank White, chair
Won: protective. F. P. H. SlddonS,
chairman: standard banking forms
THOMAS ]. Groom, chairman; nSur-
ance Frederick H. Cox. chairman;
Treasurv relations, Hilleary G. Hoskin-
son chairman; advertising, Eliot n
THOMPSON, chairman; taxation, Il. n
Mckee, chairman; publicity, CLAUDE ID
Woodward, chairman, and creolt pu-
reau, C. F. Jacobsen, chairman.
Election of officers OF the Americali
Bankers Association for the DlstrlcC VI
Columbia, reports from retiring otncers
and election and installation OF otncers
for the coming year, are also among the
hiphlights of the closing business Ses,
sion, On account of the many unusual
problems now gripping the attention Oh
bankers everywhere, officials OF tne
local association believe that this year s
addresses and discussions will prove OF
snecial value to all delegates ana Tic
bankers they represent.
PIERCE on Georgetown Board.
Albert E. PIERCE of Chicago, president
of the Central Public Service Corpora
tion. was elected a director OF the
Georgetown Gas Light Co.. at the an
mai meeting of the stockholders late
YESTERDAY. He takes the place OF FREQ
8 burroughs of New York, who re-
signed. The other directors were re-
elected and include Robert D. weaver
George A. G. Wood, Wilton j. Lambert
Charles C. Glover. jr.; James M. Green
and George B. Fraser.
At the organization meeting an ON.
cers were reelected. They are: Rooerl
D. Weaver, president; George "A. "
Wood. George B. Fraser, vice presidents
-rederick x. Heupel, secretary and as
r,stant treasurer; Edward T. Stafford
assistant secretary; A. Gray Dawson
treasurer: Richard A. Ennis, general au-
ditor; Wilton j. Lambert, attorney.
Today's Trading on Exchange.
The opening sale on the Washington
Stock Exchange today was $l,OOt
Washington Railway d Electro As AZ
90, The only other bond sale was 9
S4oo transfer in washington Gas Light
IS. series A, at 1919.
Potomac Electric Power 519 per cent
preferred figured in small-lot trading
totaling about 100 shares during the
session. 1t sold at 11014 and 110as.
Washington Railway g. Electric pre-.
ferred also saw a turnover of about
100 shares, opening at 9SA and closing
at SO fiat.
Two bank stocks were out. A single
share of American Security d Trust
Co. stock sold at 900 and two 10-share
lots of Security Savings 81 Commercial
appeared on the board at 451.
National Mortgage g. Investment pre-
ferred was very active, opening with 9
100-share sale at AS. Sales OF 30, 200
90 and 10 share blocks followed, al
taking place at the opening price.
Peoples Drug Stores preferred was
quoted eX-dividend today, SO being bic
for the stock and 102 asked, but nc
sales.
Bank Stocks Sell Lower.
Leading New York City bank stocks
continued their downward trend during
the month of May. and as a result the
average of 16 of the larger institutions
dropped to a new low record for the
current year to date, and also to the
lowest levels in several years, according
to records compiled by Holt, Rose y
Troster.
The weighted average started the
month at 88. from which level there was
some recovery to an average of 81 or
May 8. From the latter point, however
there was general drop, and the aver
age closed the month at 10, which was
the low level.
The decline was in sympathy with
the weakness in the securities markets
in general.
Heard in Financial District.
Dividend checks received here by Lig-
gett g. Myers stockholders represent the
seventy-f1fth consecutive quarterly pay
ment on common stock and the forty
fifth consecutive quarterly payment or
the common B stock, issued in 1920
This distribution continues the COM
pany's record of uninterrupted dividends
since December l, 1911.
All trustees of Northern Market Co
of Washington City were re elected al
the annual meeting of stockholders
Yesterday. They are the following
w. W. MILAN, Edward w. Dom, jr.;
Charles Morgan, Floyd E. Davis, r. E
L. Smith, A. F. Harlan, j. EnoS Ray
jr.: Frederick L. Vogt.
Announcement was made today by
the Athletic Committee of Washington
Chapter, American Institute of Bank
ing, that the golf tournament which
was scheduled for the Beaver Dam
Country Club tomorrow and Thursday
and Friday, has been transferred tc
the Indian Spring Country Club anc
that play will be Thursday and Friday
only.
The Virginia Trust Co. of Richmond
has been named executor in the will
of the late DR.. Edwin Anderson Alder
man, president of the University Of
Virginia The entire estate is left ir
trust to the widow and Edwin j. Alder
man. jr., of New York, son of the
testator.
Chain stores, dairy products, pack
age foods, cigarettes, electricity anC
gas and telephones are listed as the
subdivisions of industry for which pros
poets are most promising, by the Stand.
ard Statistics Co. in a current survey
Beverages, refrigeration, shipbuildine
and speciality bakeries are designated