Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-08
DELEGATES TO Alb.
: ENJOY STOP HERE
Eastern States Delegation
F.: Visits Various Places of
Interest in Capital.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Sunday was a gala day for nearly IFS
young bankers from five Eastern States
who visited washington on their way to
the annual convention of the American
Institute Of Banking in Pittsburgh. Ar
irving at the Union Station early in the
morning, they were greeted by a big
delegation from Washington Chapter
and taken on sightseeing trips, includ-
Ing glances at all the Government build
ingS, embassies, museums, ShrineS and
other points of interest.
Late in the afternoon they took part
in laying a wreath on the Tomb CT the
Unknown Soldier, after which they
enjoyed a dinner at the Shoreham
Hotel They were entertained during
thu evening. leaving here at IL O'Clock
for Pittsburgh on a. special train. The
Washington delegation of 30 institute
members took the same train.
At the convention two Washington
delegates will participate in the pro-
gram Arthur j. Linn. controller of the
Federal American National Bank e.
Trust Co. will conduct the auditS and
accounting conference tomorrow after
noon. Aubrey o. Dooley new chapter
president. will preside at the publicity
conference to be held Wednesday morn
ing, Tomorrow afternoon Aubrey B.
Carter Of the controllers office, Treas
ury Department, Will be the leading
speaker.
Banks Stronger Than Ever.
The banking position has been very
materially strengthened Known liquida-
ton 0f bank credits reported by member
banks Of the Federal Reserve including
= loans on stock exchange collateral and
finance paper has amounted TO over
50 900 600, 900. asserts Trust Companies
Magazine. Unrecorded liquidation of
diseased credit is doubtless much great
er. Aside from frozen real estate paper
and other liabilities to be cleaned up in
certain sections of the country, the
banks are in a vastly stronger position
than ever before.
Failure and wedding out of weak or
badly managed banks appears appalling.
1t is more to the point, however, TO
emphasize end contrast with the sus-
pension of .345 banks last year, tying
up deposits of 1865 900, 900, that there
are 23285 banks with aggregate de-
posts of S54.425. 900 900 which were not
involved They served their commun!-
ties with safety and efficiency
In other words, 95 per cent of the
banks of the country representing 90
been immune to the banking failure
plague This does not account for
considerable number which have re-
opened for business. Also we must bear
in mind that final liquidation of closed
bank assets will reveal probably less
than 10 per cent of actual loss to de-
postOrs"
Cooper Former c. & p. Man.
Charles P. Cooper, New York, vice
president and director of the American
Telephone e. Telegraph Co.. who has
just been elected a member of the board
of trustees Of the Mutual Life Insurance
Co. of New York, is a former resident of
Washington. While located here he
was appointed general plant superin-
tendent of the Chesapeake e. Potomac
Telephone companies operating in the
District of Columbia, Maryland, Viz
Ginia and West Virginia. This appoint
ment was effective December l. 1919.
Mr. Cooper came to Washington IN
April. 1918, to direct the company'S
plans for providing telephone facilities
for the Government bureaus, canton
mentS, naval bases. torpedo stations,
flying fields and other Government
posts made necessary by the feverlsh
activities of war. Early in 1920 he was
appointed general manager OF the
Cleveland Telephone Co., and in Oc-
tober of the same year, became general
manager of the Ohio Bell Telephone
Co with headquarters at Cleveland.
In September, 1921, Mr.. Cooper was
elected vice president and general man
sger. and a member of the board OF di-
rectors of that company. Two years
later he was elected president OF the
Ohio Bell company. He was elected
vice president of the American Tele-
phone 81 Telegraph Co. in 1926.
The washington Stock Market opened
the week with moderate trading and
few price changes.
The opening sales were in bonds, $500
and $500 Washington Gas Light 6s,
series A. moving at l0l"s. Washington
Gas "B" bonds figured in small sales
at los.
Potomac Electric Consolidated IS
came out in a S. 600 transfer at l0o
and the bond market closed with an
other sale in Washington Gas "A bonds
at 1924.
preferred moved at ITO and ll0A, while
the corporations 6 per cent preferred
came out at 1872.
washington Railway & Electric
preferred appeared on the board in
small sale at 99i2 Lanston Monotype
sold at 90
Capital Traction was quiet. registering
! no sales today However, the stock was
firm. closing with 35ls bid and 36i2
asked.
Believes Bear Market Over.
( r. w. McNeel, director of McNeelS
Financial Service. declares that the bear
market is over, unless the mental state
of carly June in the financial COM
munity can be duplicated, which seems
unlikely
He states Since the lower levels Of
a bear market are a study in psychology
rather than in finance, it can be stated
definitely that probably it will be I'M
possible to duplicate in coming weeks
the pessimism amounting at times
almost to despair which has character
lied the investment and speculative
community in the week preceding the
early June stock market rally. The de-
cline in prices was, of course, so alb
normal as to raise doubts as to values
anywhere Shrinkage from the peak OF
the 1929 BOOM in the average price OF
industrial stocks. to June, 1881, was 60
: per cent. No other bear market was so
> drastic.
we have been of late going through
the normal phases of a bear market
When prices are so high that no one
can understand them, the bands play
optimistic music. but when they are
so low that our great industrial plants
are selling for the price of Junk, the
Drums of Jeopardy roll. and investors
lose their faith in everything.
That is directly contrary to, sound
financial practice.
"Pessimism today seems to have
about run its course in abSurdlty.'
Heard in Financial District