Evening star., 1932-05-21
BANKERS TO STUDY
4. DEPRESSION DATA
West Virginia Association
Has Sterling Program
for Convention.
BY EDWARD C. STONE.

OI J1e llISk Uldll duuI dG GIlC dIlLudl
convention of the West Virginia Bank
Thursday at Fairmont, the speaker
being W. B. Irvine of the National
Bank of West Virginia, of Wheeling.
What the West Virginia bankers will
discuss is of special interest to Wash
1ngton financiers, as the District bank
ers' annual conolaVe is so near.
Following reports of President F. D.
Drumheller Of Martinsburg. Secretary
Homer Gebhardt of Huntington and
Treasurer Mason Orchard of Charles
ton. the convention faces some un-
usually interesting discussions. The
discussion on what the depression has
taught will be conducted by l.. F.
Haller of Citizens Mutual Trust Co.
of Wheeling.
Alexander P. Reed, Fidelity Trust,
of Pittsburgh, Pa. honor guest, will
speak on Trust Business, A. D." while
Albert Snedeker, secretary of the West
Virginia Taxpayers Association, has the
topic High Lights on Tax Control -
Several important standing committees
are to report on Thursday and the
West Virginia Corporate Fiduciary So
Ciety is to work in its annual meeting
and luncheon.
United States Senator Mansfield M
Neely of Fairmont will be the guest
speaker at the annual dinner Thursday
evening On Friday State Treasurer
S. w. johnson is to talk on The
State and Its Depository Banks" after
which address. Dean Langmuir of New
York will speak on The Bankers Prob
Hem in Advising Investors" The clos
ling address on why and How Should
sUse the Federal Reserve System will
tbe delivered by Charles NJ. Cohan of
Huntington, with D. A. Hall, also of
Huntington, leading the discussion.
Committee reports, selection of the
next meeting place, election of officers,
the meeting of the West Virginia men,
bers of the American Bankers Associa-
ton will conclude the final days busy
program.
Bruere Pleads for Railroads.
Henry Bruere. president of the
eBoWery Savings Bank. New York, who
has addressed Washington bankers on
several occasions, said at the national
convention of mutual savings banks:
1.-THE savings banks are uniting with
the insurance companies and other in
stituCional investors to bring about the
development of stable transportation
system. II we are to continue to in
vest in railroad securities we must have
the assurance that the railroads win be
protected against illegitimate competi-
tion of too greatly favored rivals. We
must have the assurance that the rail-
roads do not wastefully compete. We
must insist that they unity themselves
into strong companies. The rates which
tf ey charge for services must be Suffi-
cient to permit them to accumulate
reserves to bridge depressions.
THE savings banks are charged with
the heavy responsibility Of trusteeship.
THEY must insist that those to whom
they lend the money entrusted to them
are actuated by the sense of RESPONSE
bility for the welfare of their investors
and the community they serve. 1t is
traditional that the best of risks is the
home owner who mortgages his home,
not to squander his earnings, but to
provide a shelter for his family and
who safeguards his home because he
loves it."
Woods Discusses Sluggish Money.
w. o. Woods, Treasurer of the United
States, recently had this to say on the
monetary situation:
If any one of these who urge cur
rency initiation would look at the Treas
ury statistics they, would, no doubt. be
astoniShed to learn that during the
year 1881 the stock of monetary gold
in the United States was greater than
ever before in our history, ard the
amount of Our paper money in cir
culation at the end of the last calendar
year was at the greatest height that it
has been during the last decade.
1T is perfectly apparent that it is
not because of insufficient money in
the country; it is because what already
exists is not available for the legitimate
needs nf hJISinpcS Tho dpnrncCinT1 ic
certainly not caused by lack of cur
Tency or lack of gold, because there was
more monetary gold and more paper
currency year after the depression
started than there was any time dur
ing the period when stock prices were
soaring"
Virginia Public Service Net.
Virginia Public Service Co. and sub
salaries, operating unit ST National
Electric Power Co., reports gross op-
Grating revenues of S7,056,559 for the
IL months ended March 81, 1882, COM
pared with $6,627 296 for the CORE
spending period the year previous At
ter operating expenses, taxes and other
charges, the net available for retire
ment and dividends was $1935,316,
compared with 81 ,969 ,236 a year ago.
For the quarter ended March 81,
1882, gross operating revenues totaled
S1,776,l72, compared with 81 612, ,405 a
year ago. Net for retirement and divi-
oends was S488, 1872, as compared with
S463, ,942.
Acacia Plans for Expansion.
Following the passage of a bill by
Congress, the Acacia Mutual Life ASSo-
citation has changed its name to the
Acacia Mutual Life Insurance Co, and
under the lberaliZed charter will not
longer limit it's business to members of
the Masonic Fraternity only, but will
insure all men between the ages of 18
and IS who can pass the required ex-
aminations
Late yesterday the directors elected
J. P. Yort, formerly secretary and ac-
tuary, vice president of the company.
j. w. Apitz was elected treasurer; Sam
uel E. Mooers, secretary, and L. K. Grip
pen, actuary.
William Montgomery, who has been
directing head of the company for al
most 40 years, continues as president
DR.. J. B. Nichols is medical director :
H. w. Kacy, general counsel. and C. e
Baldwin, secretary to the board of di-
rectors.
President Montgomery told the board
that there are already indications that
expansion.
Insurance Directors Elected.
Thomas P. Morgan, Mutual Life;
Horace Winter, Travellers, and Clark
Smith Dow, Northwestern, were elected
to the board Of directors of the Dis
trict of Columbia Underwriters ASSo-
citation yesterday. Election of new men,
bers resulted as follows:
P. L. Rogers, Robert Z. Lee, jr.; D. NJ.
Crouch, Acacia Mutual; Maurice Solo
man, John A. Edwards, Oscar G. Rich
ter, Miss Katherine Wilhey, Mutual
Life of New York; E. N Wright, F. T
Kirk, Northwestern Mutual; Walter
Ogus, Equitable Life Assurance; c. B.
Balluff, Prudential; James O'Brien, d.
M. List, H. M. Thompson, Berkshire
Life; Walter c. Burke, E. E. Hender-
son, Pacific Mutual.
The guest speaker was Maj. Roger