Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-28
Improved Sentiment Has
Changed Trade Outlook, Lo-
cal FinanCierS Declare.
OWEN NAMED DIRECTOR
OF LIBERTY NATIONAL
Many Dividend Checks to Be Sent
Out by D. C. Banks and
Corporations.
BY EDWARD c. STONE.

In the opinion Of local bankers a
much better economic sentiment is now
spreading over this country and much
of the rest OF the world as a result of
the Hoover moratorium proposal.
These financiers assert that the i'm
proved feeling is certain to have a ia
vorable effect on home and foreign
trade during the last half of the year.
The closing days of the first half of
1881 have witnessed a surprisingly
quick turn from growing doubt to
growing faith"
Bushes sis believed to be rounding out
the bottom of the cycle, bankers here
say and each week brings the upturn
nearer. The markets of the world have
taken on new activity during the past
few days. The Presidents proposal for
a debt payment holiday should mean
a sterilization of international trade
which will eventually start the world
SURPRISES into trade channels, bankers
assert.
Brokers in the local financial dis
trict are also enthusiastic over the turn
in financial affairs that has been noted
in the past few days They consider
the Hoover debt plan as the leading
factor in the checking of the declines
In security and commodity prices and
the sharp advances that have already
been scored by many stocks. However,
they advise customers to proceed with
caution as the financial skies will not
be clear for long time yet If por-
ton Of the present Wall Street advance
Is held, it will be considered most
gratifying and of more than a tenn
porary Importance
Local board rooms have been crowd
ed during the last few days, reminding
one of the days before the stock market
crash back in 1929, although lacking
the fevertSh excitement of those wild
historic sessions. Some traders believe
a turn has really come and are getting
onto the bull market bandwagon' -
Others are watching stocks which they
nave been carrying far longer than they
wished to hold them when they put in
buying orders. Investment and broker
house telephones are ringing merrily
again, many permanent investments are
being made, while the advice of local
bankers is in active demand
Elected Liberty Bank Director,
Vernon G. Owen has been elected a
director in the Liberty National Bank,
according to announcement by Presi-
dent E. j. McQuade. Mr. owen is a
native of Montgomery County, Md,
having been born and educated at
GaitherSburg, later attending the public
schools in Washington and graduating
from the West Side Business College in
Chicago
Mr.. Owen is now engaged in the
real estate auction and appraisal busi-
ness, trading under the name Of Thorn
as j. Owen g. Son. the business having
been established by his father over IS
years ago. He is also president of
Topham's, Inc, manufacturers of lug
gage and travelling goods, this business
ago.
Mr.. owen is a director and chairman
of the appraisal board Of the Perpetual
Building Association, also a director
of the Bank of Commerce & Savings,
Federal Security & Mortgage Co., FL
deity Mortgage & Investment Corpora
ton, National Mortgage g. Investment
Corporation, Mutual Investment Fire
Insurance Co. and Arlington Title Co.
of Virginia He is member of the
Washington Board Of Trade Kiwanis
Club, Argyle Golf Club and the Wash
ington Lodge of Elks.
Mr.. owen has long been identified
with the Masonic fraternity, being a
past master of Mount Pleasant Lodge,
past high priest of Mount Pleasant
Royal Arch Chapter. past illustrious
master of Mount Pleasant Council. a
member Of Almas Temple Mystic
Shrine and at present junior grand
warden of the Grand Lodge. F. A. A.
M, Of the District of Columbia.
Trust Work Harmony Sought.
There has recently been considerable
agitation throughout the country rela-
tive to banks and trust companies avoid
ing the practice of law in the manage
ment of trust business, and particularly
refraining from drafting wills and trust
instruments. The feeling in this mat
ter has been most bitter in Chicago,
although the subject has been widely
discussed elsewhere.
In order to avoid any miSunderstand-
ing by lawyers in Washington, who are
recognized by some as being the best
prospects for the obtaining Of trust
business by the local banks, the fldu-
Charles section of the District Bankers
Association has taken steps aimed at
greater cooperation with the legal fra
ternity A move is under consideration
- the section to pledge itself to the
observance of certain defined policies
regarding avoidance of the practice OF
the law in the management Of trust
business, and particularly to refrain
from drafting wills and trust instru-
mentS.
At the suggestion of Barnam L. Col
ton. chairman of the fiduciaries section
during the past year, the matter has
been referred to the associations coun-
Gil of administration for approval. Thus
it becomes one of the first questions put
up to the incoming administration for
consideration. Many of the trust Off
GERS in local banks are members Of the
District Bar Association and can doubt
less prevent any such friction as has
stirred up Chicago and other places.
Many Local Dividends Due.
Many dividends are due to be paid by
local banks and other institutions which
have securities listed on the Washing
ton Stock Exchange. Included among
them are Capital Traction Co., Norfolk
81 washington Steamboat Co., National
Capital Bank, Columbia National, Com
mercial National, Federal-Amerlcan
National Liberty National, Lincoln Ma
tional and National Metropolitan.
other banks soon to pay dividends are
the Bank of Bethesda, Bank OF Com
merce g. Savings, East washington
Savings, Potomac Savings, Security
Savings g. Commercial and the Seventh
Street Savings Bank.
In the miscellaneous list on the ES-
change dividends have recently been
declared on Columbia Sand g. Gravel
preferred, Emerson Bromo Settler "A,
Federal American Co. preferred, Mer-
chants Transfer g. Storage common
and preferred, Mergenthaler Linotype,
Peal Estate Mortgage q Guaranty pre-