Evening star., 1932-05-12

OreSSeQ the local 2# M
bankers convention
while he was hold Harry 7. Haas.
ing that high Office.
Two former District bankers conven-
tons were addressed by Rome c.
Stephenson, but this was previous to
last year, when he was head of the
A. B. A.
Local bankers will be intensely inter-
ested in hearing Mr.. Haas speak, as he
is one of the leading bankers in the
country. He will discuss Our Present
Day Problems" Since taking his present
Office he has travelled all over the
United States and from personal OBJ
servation knows just what those bank
ing problems are Furthermore, he has
been unusually active in the affairs of
the American Bankers Association for
years, has studied all the legislative and
other matters of greatest import to the
banking profession, and above all, has
aa extremely interesting way Of express
ing his views.
His presence will insure the success of
the coming Hot Springs meeting. He
has spent so much time in Washington
during the present session of Congress
that he is already well acquainted with
many local bankers. On the verandas
of The Homestead at the Virginia resort
u.
The committee sent out the second
"call" today. The attractive folder sup
plies much detailed information about
the gathering, hotel accommodations,
railroad fares etc. In a few days the
program will be completed and made
public. The convention opens June 9.
The second cali is sent out in the
form of an extra" and contains the
blanks for reservations. which are to
be returned to Frederick H. Cox, cashier
OF the Commercial National Bank who
is chairman of the Transportation Com
mittee. The clever extra makes
reference to all the leading features of
the convention.
Long Pull Curve Still Upward.
Theodore NJ. Knappen of this city,
writing in the Magazine of Wall Street,
refuses to admit that this is a new
kind of depression that is never going
to end. He urges those who think
otherwise to study the annual report of
Carroll D. Wright, first labor COM
missioner in the United States. made in
1886 Between 1873 and 1893 it was
hard to tell whether the country was
in or out of depression Generally it
was in depression. "The day of larger
profits is probably past" Wright as
serted, and the market for products will
continue low, no matter what the cost
of production may be-"
After reviewing many other business
and trade slumps, Mr.. Knappen declares
the supply of prosperity has not been
exhausted, drawing these conclusions:
We may be at the end of an epoch in
the sense that we are at the beginning
OF new, even a revolutionary epoch,
but that this crisis is the end of in
spring and eXhilarating economic
growth, perhaps the beginning of the
decay of civilization is a most unwar-
ranted idea. Every great economic crisis
has been followed by social improve
ment and economic advance. This Is no
exception, the curve is still upward. The
real danger is that with our improved
methods, facilities and capacity of pro-
duction We may rise to 'au-time' rec
ords so rapidly when we start again
that we may run prematurely into an
other crash Of even greater proportions
than the one in whose wreckage we are
now toiling"
Secure Ground Floor Offices.
Mackubin, Goodrich g. Co., members
OF the New York Stock Exchange and
the Baltimore Stock Exchange, an
nounce that they will move their Wash
ington Offices into the Woodward Build
ing on July /, where they will have a
large amount OF space on the street
floor. Three large rooms are now be-
ing Joined which will supply complete
brokerage facilities. The firm will have
a stock board, bond department and
wire service to all markets.
Ralph M. Wolfe, who is resident
manager of the local Office, was born
In Hagerstown, Md, and after studying
at Technical High School of this city
and taking special courses in local COL
leges, began his banking career as
runner for the former American Ma
tional Bank, later becoming associated
with the District National Bank.
On the absorption of the Citizens
Savings Bank by the former Merchants
Bank & Trust Co., he became auditor
for the merged institutions, serving in
that capacity until January, 1929, when
he was appointed manager of the bond
department of the local Office of
Mackubin, Goodrich & Co. In January,
1881, he assumed charge of both stock
and bond departments and was ap-
pointed resident manager
The personnel of the local Office in
cludes Charles B. Quarles, Harry
stock department and Richard H. Wood
and John H. Clarke in the bond de-
partment.
1OuayS 1rautng on EXcnange.
The leading transactions on the
Washington Stock Exchange today were
in Potomac Electric Consolidated SIS,
four $1,000 sales being recorded at 102
The rest Of the trading was confined
to stocks. The market opened with
three sales in Washington Railway &
Electric preferred selling at 83, the same
as other recent sales.
After call, interest was again mani
Tested in the same stock. Two 10-share
transfers were registered at 83, one To-
share lot moved at 1924, followed by
sales of 20, 10 and 20 shares at SO, the
opening price
Although no sales were recorded, the
asked price on Capital Traction stock
was raised from 16 to II today having
advanced from 13 during the week. The
Potomac Electric Power preferred stocks
were quoted eX dividend today
Anacostia Bank Elects OFFICERS.
Stockholders of Aneoostia Bank held
their annual meeting yesterday and re-
elected all officers and directors as fol-
lows: Maurice Otterback, president; S.
A. Manuel, first vice president; j. Frank
Campbell, second vice president; Charles
w Warden, third vice president; w. L.
KoontZ, cashier; Alfred ". Poll, assist
ant cashier; George c. Gertman, coun-
sci. Directors are: j. Frank Campbell,
Charles w. Warden, A. E. Guide, George
S. King, S. A. Manuel, Maurice Otter
back. L. w. Thompson, Robert Thomp-
son and w. L. Koontz.
The Treasury Department has offered
another issue of 91-day Treasury bills
amounting to about SIS, 900 900, to be
sold on a discount basis to the highest
bidders. Offers will be received at the
Federal Reserve hanks Or their branches
up to May l6 at o'clock The bills
will be dated May l8
Unfair to the smaller cities of the
Cnited States" the American Banker
calls the Statewide branch banking
provisions of the proposed Glass bank
ing act in letter today asking Con-
gressmen to oppose this revolutionary