Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-29
BROOKS WILL HEAD
D. BANK SECTION
FiduGiaries Unit of ASsocia-
ton 0rganized-Busy Pro-
gram Is Planned.
By EDWARD c. STONE.

of Kenneth F. Brooks, assistant trust
ofncer OF the Riggs National Bank as
chairman; Leonard Marbury, assistant
trust ofdcef washington Loan g. Trust
Co.. vice chairman, and T. Stanley Hol-
land, assistant trust officer American
Security g. Trust Co., secretary. Ralph
D. Quinter. trust oficer of the Com
mercial National, and William s. How
ard, assistant trust officer Of the Ma
tional Bank Of Washington, have been
elected to the Executive Council.
The section is about to launch
busy Winters program. Last year the
division had q highly successful pro-
gram carried out under the guidance
of Barnum L. Cotton, trust officer Of
the District National. Much of the
work was done by six subcommittee:
Life Insurance Trusts, Taxation, Stand
ard Trust Forms, Education and Pub
licity, Law and Legislation and Stand
active in committee work last year and
other committee chairmen included
ErSkine Gordon Federal
Irving Zirpel. Union Trust. and A. A.
Hoehling. National Metropolitan.
The chief aims Of the section are to
secure cooperation among its members
in the establishment and maintenance
of uniform fiduciary practices; to fur
tner personal acquaintance among the
members, and to discuss fiduciary prob
lens and matters of common interest.
One of last years most prominent
speakers was Gilbert T. Stephenson,
now president of the trust company
division Of the American Bankers AS
ISOLATION.
Riggs Main ONCE Transformed.
All the woodwork, metal work and
glass separating the Offices OF the vice
presidents and other oficial personnel
in the Riggs National Bank have been
removed only the marble separating the
ofices from the main lobby remaining.
When President Fleming and his as
sociates entered the bank yesterday
morning they found these changes
practically completed, the east side OF
the bank having been entirely trans
formed over the week end. One can
hardly realize what a difference in APP
pearanee the taking down Of few par
titions makes. The changes are in keep
ing with the trend in many large banks
which aim to make the offices more
accessible to the public and at the same
time improve the light, ventilation and
general surroundings.
This change at Riggs follows the
building Of the mezzanine in the rear OF
the lobby, which greatly increases the
glass in the skylight, which increased
the light in the bank about 100 per
cent.
Election Of Bank Directors.
William w. Hoxton, chairman Of the
Federal Reserve Bank OF Richmond, an
nounces that an election will take place
in the near future to I'LL two vacancies
on the board. On December 81 the term
expires Of James G. Braswell, president,
Planters National Bank g. Trust Co,
Rocky Mount, N. O., and Of Edwin Y.
Graham, president. National Electric
Supply Co, washington. Mr.. Braswen
has been class A. director ana MI.
Graham q class B director.
Each member bank in what is known
as group 2 Is permitted to nominate
for class A director and each member
OF group 3 names candidate for class
3 director. on October 30 list OF the
candidates placed in nomination VIII
be sent to the washington banks by
Chairman Hoxton. The choice OF d.
rectors viii be announced from the
Richmond bank on November 16, the
ballots being counted that afternoon.
AS already announced in The Star,
.Junius p. Fishburn Of Richmond has
resigned as a class B director IN the
Richmond Reserve Bank, an election
having already been announced to MI
this vacancy.
Federal Reserve Board Notes.
The Federal Reserve Boards monthly
bulletin states that at the end OF Au-
gust Government security holdings OF
the Reserve banks were S128,OOO.OOO,
close to the largest volume on record,
while discount for member banks. some
what larger than early In the Summer,
were still at low level.
The monetary gold stock OF the
United States increased by S4O,OOO,OOO
during August and early IN September
was at the highest point ever reached
$1,000 900 900.
For the month of August the reserve
ratio of the Resrve banks averaged 6l.4
per cent and the amount Of gold held
by the Reserve banks in excess of the
required 40 per cent against notes and
IS per cent against deposits was about
$4,000 900 900.
Reserve balances Of the member
banks continued in August to be larger
than required by law and the volume OF
their excess reserves, was close TO $780,
900 900, and larger than at the same
season in 1880 and 1929.
Reserve bank credit outstanding in
creased In August by about S2A0, 900 900
and amounted at the end of the month
to 81, 400 900 900, the resume says.
Business was unusually lively on the
Washington Stock Exchange today, both
in the stock and bond divieions. The
first sale was $4,000 Washington Gas
6s, series B, at l06. followed by a IS 900
turnover IN Washington Railway &,
Electric As at 90. Later $4,000 Ana
costa g. Potomac Railroad SIS came out
at 90 and 81 900 Capital Traction IS
sold at IS.
of Capital Traction. eX-dividend. at 30,
a new low in the present market. The
days sales totaled but 20 shares.
Potomac Electric Power per cent pre-
ferred registered ll2 and so shares Of
Barber Ross common came out at 10.
Ten shares Of Federal-American Ma
tional Bank g. Trust Co. stock came cut
at 43, ex-diyidend.
LanSton MonOtype sold in small lots
at 742. ard 74ia while Mergenthaler
Linotype moved ex-dividend, at 72h,
70 and 7l7s Several other stock sales
were recorded during the session, in
Guiding 10 shares OF Security Savings &
Commercial Bank stock at AIS.
Heard in Financial District.
The Boston Ice Co, subsidiary OF the
American Ice Co. has reduced the price
OF ice 20 so cents per 100 pounds, from
so cents. effective October ].
The Norfolk a. Western Railway Co.
as a measure TO alleviate Unemployment
women after October l. Those already
employed are not affected. Women who
marry while in the company's employ
will be dismissed
The annual convention Of the Asso-
citation Of Personal Finance Companies
will be held here from October 20 to %,
at the United States Chamber OF Com
merce. About 1000 delegates fro n %
States are expected. The convention
met here last year.
The Association of Bank Women will
have It's annual convention at Atlantic