Evening star., 1932-05-22
Collins, Former Treasury Ex-
pert, Added to List of Con-
vention Speakers.
ATTENDANCE EXPECTED
TO EQUAL 1851 MARK
Peoples Drug and Safeway Stores
Vote Dividends-Potomac Bank
20 Years Old.
BY EDWARD c. STONE.

BY EDWARD L. SIONE.
Charles w. Collins, authority on the
Federal Reserve act, former adviser to
the Bureau of the Budget, lawyer and
author Of many books on finance, will
be one of the leading speakers at the
convention of the District Bankers As
sociation at Hot Springs, General
Chairman Claude H Woodward an
nounced yesterday.
Mr. Collins will discuss Recent
Legislation and Its Effect on Business"
He will be one of the three special
guest speakers, the others being Harry
j. Haas, president of the American
Bankers Association. and Merle Thorpe,
editor of Nations Business
Very active in Government service
for years. Mr.. Collins had much to do
with drafting the original Federal Re-
Eerve act. He was legal adviser to Sen
ate and House Committees on Revising
the Budget, drafted the McFadden-
Pepper national bank bill in 1924 and
is generally recognized as an authority
on branch banking.
Among his books are The Four
teenth Amendment and the States"
''The National Budget System" The
British Budget System" and "The
Branch Banking Question" former
deputy collector of the currency he is
now practicing law, with his Office in
Washington. He is a member of the
National Press Club. University Club
National Metropolitan and Riding and
Hunt Clubs.
Convention Plans Pushed.
The Importance of local bank officers
and directors attending this years con-
clave was stressed at the meeting of
all committee chairmen Friday with C.
H. Pope, association president. The
chairmen present included Charles H.
Doing, Program; Thomas J. Groom,
HOTEL Barnum L. Cotton, Entertain
ment; Sidney F. Taliaferro, Sports:
Frederick H. Cox, Transportation, and
Eliot H. Thomson, Press
All the officers of the association
were also present as were Robert "
Fleming and Thomas W. Brahany ex-
perts, respectively, on programs and en-
tertainments. The opinion was eX-
pressed that this years meeting will be
of exceptional value on account of pre-
vailing banking and business problems.
Much will be said of vital import
1t is intended to make the discus
sion cover suggestions that can be ap-
piled directly to local banks. While
the outing features will be given their
usual attention, the morning tsessions
are expected to hold the financiers to
business for three hours each day
The committee chairmen were in
formed that special efforts are to be
made during the coming week to assem-
BILE all the requests for reservations
1t is believed the attendance will be
normal. that is, about the same as
last year.
Reviews Savings Banks Growth.
Howard Biddulph, president of the
National Association of Mutual Savings
Banks, said at the recent convention:
THE organized efforts of this associa-
tion and of its close allies, the State
associations during the past II years
have greatly increased the effectiveness
of mutual savings banks. At the time
of our first meeting in Boston in 1920,
the savings bank movement had been
under way in America more than 100
years. Aggregate deposits then amount
ed to about 5,000,000,000. Since that
time this sum has increased to $40, 0,000,-
100000. Yet the average savings per
individual and the number of depoSi-
tors in our banks are still far less than
will assure financial security to those
whose livelihood depends upon their
daily wages.
Throughout this depression the value
at par and SO long as savings banks
maintain their present ideals of finan-
cial strength and liquidity, they will
furnish dependable depository which
the masses of wage earners may and
will continue to patronize."
Cleaned in Financial District.
Directors of Peoples Drug Stores, Inc,
have declared the regular quarterly divi-
dend Of 25 cents share on the COM
mon stock, payable July / to stock of
record June g. and the usual quarterly
dividend Of 81 1929 on the preferred.
payable June IS to holders of record
June !.
Safeway Stores Inc. with which the
Sanitary and Piggy Wiggly stores are
affiliated, has declared the regular quar-
terly dividend of SIPS on the common,
SITS on the z per cent preferred and
$3.50 on the per cent preferred, all
payable July l TO stock of record
June IT.
Employees in local broker Offices are
much interested in the petition circu-
lated in New York to declare a holiday
On the New York Stock Exchange on
Saturday, May %, preceding Memorial
day. 1t has already been signed by 321
members of the exchange
The Potomac Savings Bank ended 90
years successful service on May 10, the
officials receiving many congratulations
on that day. Henry w. Offutt Is presi-
dent of the institution.
United Business Service Boston,
names four fundamental developments
as prerequisites Of recovery-"further
reduction in finished goods prices, cut
in Government expenses, reduction in
tariff barriers and a solution of the
international debt dilemma"
Wholesale Prices Lower.
For the eighth successive week Brad
streets weekly index of wholesale prices
registered another new low, falling to
Sl65 during the week ended May IT.
Since the normal expectation is that
prices should remain stable at this time
this decline Of IL per cent from the
previous week brings Bradstreet's ad-
1usted index of food prices down to 52.7
per cent of the 1928-30 average as COM
pared with 533 last week, 53.4 two
weeks ago and 70.6 for the same week
year ago.
Foreign Selling
NEW YORK, May 2l (SpeciaD -