Evening star., 1932-06-20
VIRGINIA BANKERS
CONVENE THURSDAY
-
Annual Convention Will Take
Place at Old Point
Comfort.
BY EDWARD C. STONE.

Bankers in nearby Virginia financial
institutions are greatly interested in
the annual convention of the Virginia
Bankers Association, which takes place
at Old Point Comfort, Thursday. Fri
day and Saturday of this week. 1t will
be the thirtyninth session.
Speakers on the three-day program
include George B. Elliott, president of
the Atlantic Coast Line Railroad Co.;
w. MCncure Gravall, president of the
Bank of Crewe, Va: DR.. Douglas S.
Freeman of Richmond and George
Munsick of New York City.
At Fridays session, Virginia members
OF the American Bankers Association
will inset to hear the report of the vice
president Of that association for Vir-
ginia. At that meeting there will be
elected a member of the executive
council for a three-year term, a vice
president for Virginia. and a member
and an alternate member of the Cen
eral Nominating Committee at the next
convention of the American Bankers
Association, and a vice president of
each division represented in the Ameri-
can Bankers Association.
Officers of the Virginia Bankers As
soc!ati1n are: w. s. Irby, president of
the Bank of Lunenburg president; S.
w. Keys, cashier of the bank of Glade
Spring, vice president; Miss Lillian
Kendall OF the First and Merchants
National Bank, Richmond, assistant
secretary; T. D. Neal of Scott G. String
fellow, Pichr.ond treasurer. and
Thcm2s w. Ozlin, Kenbridge. attorney
Today's Trading on Exchange.
>. On the Washington Stock Exchange
today. $1,000 Washington Railway &
Electric As sold at 801s. Two 81 900
transfers in Washington Gas Light 6S,
series A, were recorded at SO. In the
stock division two small sales of Poto-
mac Electric Power 512 per cent pre-
ferred We're registered, one at l02 and
the other at l02la.
The list of issues selling without the
recently declared dividends was ex-
tended today by the addition of the
Columbia Medical Building Corporation
Real Estate Mortgage IL Guaranty pre-
ferred, the Carpcl Corporation, Wash
ingtcn Medical Building, and Woodward
d LO,hrOp common and preferred
American Telephone. Capital Traction
Emerson's Bromo-Sclzer and Mergen-
thaIer Linotype are already on the list
OF stocks now Quoted ex dividend.
The Exchange seat of Edward B.
Mclean will be sold at auction tomor-
row, following action taken recently
by the board of governors. The action
is taken for nOn-pavment of dues and
assessments. According to the rules of
the Exchange NcLean's name was
posted on the bulletin board for de-
linquency in payments Of dues Mclean,
his attorneys and ether associates we're
notified Of the action. At the last
meeting of the governing board, it was
n 1oIocn ha po
block and sell it to the highest bidder,
after the required five days notice.
That date is tomorrow While Mclean
has been member for several years,
he never took anv active part in the
daily trading sessions.
Geld Situation Much Better.
Although business and industrial
activity remains at low ebb, the ending
financial position of a considerable
strain which has been evident for some
time, according to a Survey by Moody's
Investors Seryice.
The Surrey points out that several
things are COinciding to put an end,
Temporarily al least. to the gold drain.
The withdrawal OF foreign short term
balances has reduced them to a point
bevcnd which they cannot be reduced
without interfering with the normal
working OF trade. The defeat of the
bonus bill and the passage of the tax
bill have added to confidence abroad in
our financial system. while the adjourn
ment of Congress will end any threats
OF foolish currency legislation.
The substance Of the situation" the
Survey continues, insofar as it applies
to this ccuntrv is that the excessive
fears that the United States would have
to leave the gold standard. are disap-
pearing-certainly for the present"
Bankers Home From Convention.
Delegates from Washington to the
annual convention of the American In
st!tute Of Banking at Los Angeles have
reached home and were back at work
tccay. They were delighted with the
"trip The party was made up of T
Eunton Leith, Security Savings 81 Com
faercial: / ]. Roberts. riggs National;
Richard A. Norris. Lincoln National;
Early McGeary, w B. Hibbs &; Co. and
Herbert w. Walker. Washington Loan
& Trust Co. They vent out the North
ern route and returned by way of
Santa Fe.
TIE local bankers report that the
speeches were unusually interesting At
ali the meetings responsibility for solv-
ing the country's economic problems
was placed on the banking profession
by the leading speakers.
Henry j. Mergler of Cincinnati retir-
1rg president, urged bankers to base
their future activities mot in shifting
sands, but upon bedrock"
Just doing the Job Is not enough he
sad. We must Go twice as much"
AS a people we have defaulted in
Cur responsibility because We have been
too ready to believe in Santa Claus and
ii the comfortable doctrine that things
will be all right" Arthur K Shultz.
national comptroller of the Chase Ma
tlonal Bank Of New York, said.
Nj. Shultz advocated a more adequate
System Of control, both in banks and in
their relations with the public