Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-14
FLEMING TO HEAD
CREDIT WORK HERE
Riggs National Bank PreSi-
dent Appointed to WASH
ington Area Post.
BY EDWARD c. STONE.


Robert V. Fleming, president Of the
Riggs National Bank, has been ap-
pointed to take charge of the part to
be taken by the Washington banks in
connection with the Hoover plan. which
aims to help banks in other parts OF
the country which may temporarily
need financial support.
The announcement was made TINS
noon by John N Miller, lr,, president
Of the First e. Merchants National
Bank of Richmond who has been
selected by the Executive Committee in
New York to represent the fifth Fed
eral Reserve district in completing or
ganization of the National Credit Cor
poration which is to handle the funoS
to be made available.
Mr.. Miller. who has been asked TO
represent the entire fifth Federal Re
serve district. will attend the important
meeting in New York Saturday when
anal details of the plan are to be ar
ranged. In addition to the selection
of Mr. Fleming to take charge of the
matter in Washington, Mr.. Miller mas
also named assistants in Maryland.
Virginia. West Virginia, North and
South Carolina.
Requested to Outline Plan.
On request of Edward J. McQuade,
president of the District Bankers As
soCiation, it was expected that Mr.,
Fleming would outline, in general
way, the aims of the Hoover plan and
the methods by which the banks are
70 raise the money, at today's luncheon
at the Willard.
While the details of this great ma
tional move. aimed to restore and build
up economic confidence, have not yet
been worked out, Mr.. Fleming heard the
main points very clearly presented at
the American Bankers Association
Convention at Atlantic City last week.
The association adopted resolutions
favoring the plan in principle and the
whole idea was freely discussed.
The Clearing House Associations in
New York Chicago and elsewhere are
taking prominent roles in arranging
for raising the fund quotas. No doubt
the Washington Clearing House Will DO
the same.
Reports from New York indicate
preliminary plans are progressing
splendidly. Controller of the Currency
John w. Pole has come out with
cordial Endorsement Of the whole idea
and urges national banks to give 1t
full support.
Reports on Institute Work
The latest year book of Washington
Chapter, American Institute of Bank
ing presents a complete summary OF
the work of the past u months 1t con-
tains articles by Edward j. McQuade
president of the District of Columbia
Bankers Association; Lanier P. Nc
Lachlen. past president of the same
organization: Henry H. Mckee. chair
man of the District of Columbia Clear
ing House Association; the annual re-
port of Frank NJ. Perley, chapter presi-
dent for the year l930-l93l; Bernard l.
Boudren. prize essay contest winner this
year; Paul j. Settler and the following
committee chairmen: A. E. Henze,
forum; Richard A. Norris house: James
A. Soper, finance; John M. DeMarco.
auditing: Walton L. SanderSon. Board
of Consuls; Miss S. Winifred Burwell
archives: T. Hunton Leith public af-
fairs and education; Willard C. Barker,
entertainment; l. j. Roberts, banquet;
Henry F. Kimball, publicity; j. Fred
English, membership; j. E. McGeary,
athletic, and Mildred c. Woodcock,
women.
The year book was compiled and pub
1ished by the following staff: H. j. Bis
selle, editor in chief; Paul ]. Setter,
Mable V. Royce and Willard G. Barker
editors; Robert E. Lee, business mana
ger; j. Olan Skinner, assistant business
manager, and J. E. McGeary, circula-
ton manager.
Washington Clearing House figures
for today: S3,943 1861.
TOday's Trading on Exchange.
Bonds were the most popular issues
on the Washington Stock Exchange
TODAY. The first sales were two So 900
Potomac Electric Consolidated IS at 1902.
washington Gas Is, series A, came
out at 100, and $500 Washington Gas
IS moved at 101 p Gas 6s, series B,
sold at l01 for a 500 bond.
Washington Railway g. Electric pre-
ferred was the only stock appearing
on the board, closing at "a. The board
OF governors has voted to hold the
Saturday sessions at 1915 instead of
HIS, until further notice.
Financial District Notes.
George L. Starkey, president of the
National Bank of Washington. returned
q few days ago from a three motor
trip to Montreal and other points in
Canada. While away he motored
through the White Mountains, Green
Mountains, AlleghenyS and the Blue
Ridge.
Robert N. Harper, former president
of the District National Bank, who has
been living at his Leesburg estate in
Virginia during the Summer and Fall,
has 10 lIlt CIly anu IdhCll OH
apartment at the Westminster for the
Winter The veteran financier was a
local bank president for 81 years and
is still deeply interested in all banking
matters.
New Cashier Assumes Duties.
A. L. Phillips, who has just assumed
his duties as cashier o! the North Capt.
tol Savings Bank, has been in the bank
ing business since 1914, when he was
connected with the Washington South
ern Bank, afterward absorbed by the
Merchants Bank, which later became
the Merchants Bank e. Trust Co.. and
last year merged with the Federal
American National Bank.
In 1916 Mr.. Phillips joined the staff
of the Southern Maryland Trust as as
sistant cashier in the HyattSville Office,
coming back to Washington a year
later to enter the Commercial National.
He left the banking business tempo
rarily, entered the Army and made an
excellent record overseas After the
war he returned to the employ of the
Southern Maryland Trust Co. as cashier,
remaining with that institution for
some time in the bank at Marlboro.
He recently became connected with the
North Capitol Savings Bank.