Evening star., 1932-04-10
tuesdays Spring Meeting
Will Draw Nearly $50 Finan-
ciers to Country Club.
JUNE CONVENTION PLANS
PUSHED BY CHAIRMEN
Delegation at Hot Springs to Settle
Details-Murphy Chairman of
Kreuger Committee.
BY EDWARD C. STONE.

More than 230 Washington bankers
and guests will attend the annual
Spring conclave and dinner at the Co
lumbia Country Club Tuesday evening
according to Lanier p. McLachlen, pres
ident of the McLachlen Bank and
chairman of the dinner committee. II
is believed this will be a record attend
ance for one of these Spring gather
ings of local flnanciers. Practically all
the senior bank officers and many
bank directors will be present. All the
invited guests but one have accepted
the summons. Another record.
Thomas w. Brahany, chairman of
the entertainment committee, has ar
ranged an unusually interesting pro-
gram. The guest speaker will be DR..
Robert Thompson of the National Edu-
cational Institute, New York, who is
an author, newspaper correspondent
and lecturer. Perhaps the record at
tendance has been drawn by his sub
ject, Looking Twelve Months Ahead. -
In addition to telling what is going to
happen in the next year, Dr. Thomp-
son will present word pictures of some
of the great men in finance whom he
has met
Chairman Brahany has also provided
other special features. The usual golf
tournament will take place during the
afternoon, with awarding of the prizes
during the dinner. Another program
feature will be a detailed announce
ment regarding plans for the coming
annual convention of the District
Bankers Association at Hot Springs,
Va, in June.
ID. c. Bankers at Hot Springs.
Claude H. Woodward, chairman of
the general committee arranging for
the 14th annral conclave of the Dis
trict Bankers Association, and other
local bankers are spending the week
end at The Homestead. Hot Springs,
IN order to make complete arrange
mentS for the many-sided activities for
the coming parley, expected to be one
of the most important yet held Pro-
visions are being made for tranSporta-
tion of the delegates, their housing, the
business sessions. entertainment, sports
and sightseeing trips.
Hot Springs was selected again this
year for the meeting place because OF
the resorts popularity among a major
ity OF local bankers, its seclusion. ideal
setting for the business session and
outdoor surroundings. which lend them
selves so well to the recreative side Of
the occasion.
Accompanying Mr.. Woodward are c.
H. Pope, acting president of the bankers
association and vice president Munsey
Trust Co.; George o. Vass, first vice
president Of the association and vice
president and cashier, Riggs Nationa
Bank; Frederick H. Cox, chairman
Transportation Committe and cashier
Commercial National Bank; Thomas j
Groom, chairman Hotel Committee anc
vice president, Bank of Commerce anc
Savings; Charles H. Doing, chairman
Eorr =
Washington Loan & Trust Co.; Barnun
L. Cotton. chairman Entertainment
Committee and trust officer, District
National Bank; Robert H. Lacey, vice
chairman Sports Committee and vice
president, Columbia National Bank; w
w Spaid of w. B. Hibbs g. Co. Robert
S. Stuntz, vice president. Park Savings
Bank; r. F. Garrity of the same bank
and Nathaniel Mountford, director
Munsey Trust Co.
Exchange Trading Quiet.
Stock of the Bank of Commerce &
Savings sold in a small amount on tbs
Washington Stock Exchange YESTERDAY
at 1925 a share, the same price as the
last previous sale.
In the bond division. Washington
Gas Light 6s, series A, figured in five
small transfers, all made at 997s
called off, the bid price on Nationa
Press Building first SIS was reduced
to 33, the bid on Chapin Sacks 8 pei
cent preferred stock was raised to l0I
and 30 was asked for Park Savings
Bank stock.
Capital Traction, which has beer
quite active during the past few days
in small-lot sales, closed yesterday al
1712 bid and 19 asked, but no sales
Several local corporations paid divi-
dends during the week.
Sales OF the Western Electric Co. in
1881 amounted to sZ2895 600 This
was 36.7 per cent less than the sales
for 1880. Earnings declined 234 pei
cent last year, as compared with the
previous year
Lost-time accidents were materially
reduced and thrift substantially in.
creased among the 44,613 employees Of
the company last year. Since 1924
President Edgar S. Bloom reports tc
stockholders accidents have been re-
duced from SO for each 1000 people
to less than four in 1881.
The Western Electric Co. is the sup
plier Of telephone equipment for the
Chesapeake & Potomac Telephone Co.
operating in Maryland. Virginia, West
Virginia and the District of Columbia
and other associated companies of the
Bell System
Thrift during the year increased with
13.5 per cent OF the cOmpany's pay
roll, or $l2,630,O0 applied to this pur-
pose as compared with ll9 per cent OF
the pay roll in 1880.
Heads Kreuger Committee.
Word was received at the local Office
yesterday that Grayson NJ P Murphy
head of the New York Stock Exchange
house by that name, mas been made
chairman Of the Kreuger & Toll Deben.
ture Protective Committee He wa.
urged TO take the Craftsmanship by sew.
eral Gotham bankers.
The committee faces a long and i'm
portant task in trying to untangle the
complicated financial status of the lat
Swedish match king and his immense
corporation, in order to save as much
as possible for the debenture holders
Following Kreuger's suicide in Paris, al
the Kreuger g. Toll bonds and stock
took sharp drop, because of the un
certain position Of the companys af
fairs.
Quite little of the stock was helt
In Washington at the time of Kreuger'
death and some holders are still carry
ing it. 1t was quoted on the LondoI
Exchange the other day at zero. On
the New York Stock Exchange yeSter
day the stock sold at II and y cent
a share.
1t Is the bond situation, however, u