Evening star., 1932-02-28
Only Eight Institutions in
u. S. Were Closed During
Last Week.
REOPENINGS REPORTED
FROM SIX LOCALITIES
Glass-Steagall Legislation Is Ex-
pected to Prove Stabilizing
Influence.
BY EDWARD C. STONE.

sions throughout the United States
continued during the week just passed.
according to the American Banker,
which lists but eight cloSings during
that period. At the same time six
banks were re-opened. Furthermore,
no national bank failures have been re-
ported since February 10.
The declining trend in bank suSpen-
sions in February is reported as fol-
lows: For the week ending February 4
there were 66 failures, for that ending
on the 11th 80 were noted, for the week
ending the 18th there were 81 and for
the past week but 5.
Local bankers said yesterday that
they considered the change in trend in
bank suspensions as one of the most
vital developments in many months.
The sudden decrease in suspensions and
voluntary liquidations from the late
months of193l, and even in January of
this year, is most encouraging, as it
means a great deal less money is now
being tied up in banks with closed
doors.
The GlasS-Steagall legislation is GER
tain to mean a still further clarifying
of the atmosphere, in the opinion of
banking leaders in this city. Loans
from the Reconstruction Finance Cor
poration will thaw out assets and put
vast sums of money back into circula-
ton at time when it is most needed.
1t looks as If the bank panic" which
has swept other sections of the coun-
try so vigorously is practically ended,
District bankers asserted yesterday.
More ID. C. Convention Plans.
The prominent place that women are
taking in public affairs is again in evi-
oence in connection with the four
teenth annual convention of the Dis
t-ict of Columbia Bankers Association.
Each year shows an increased attend
ance of the wives and daughters of bank
officials, as well as of women engaged
in the banking business itself. Many of
them attend the business sessions Of
the convention, and of course, make
its social features an attractive part of
the general program.
Selection of Hot Springs, Va, this
year has been highly commended by
the feminine contingent and General
Chairman Claude H Woodward has
appointed women's committee to be
headed by Mrs. Christopher H. Pope,
wife OF the acting president of the asso-
oiation, as chairman. She will be as
sisted by Mrs. George o. VaSs as vice
chairman. The other members Of the
committee are Mrs. Frederick H. Cox,
Mrs. Charles H. Doing, Mrs. Albert S.
Galley, Mrs. Edward L. Hillyer, Mrs
Lanier P. McLachlen, Mrs. Frederick
P. T. Siddons, Mrs. Sidney F. Talia-
fe-ro, Mrs. Eliot H. Thomson and Mrs.
Claude H. Woodward.
Mrs. Pope Is sending her committee
notice of their appointment and inviting
them to meeting for planning a pro-
gram of interesting events to feature
their stay in the Virginia mountains
next June. Last year it included golf
tournaments, bridge parties, teas, SWIM
ming contests and automobile trips
through many of the beautiful noun
tain resorts, besides the usual dancing
after dinner.
Insurance Men Hold Conference.
The Crowley g. Mari agency of the
Penn Mutual Life Insurance Co. held
an an-day sales conference in this city
yesterday, conducted by E. Paul Hut
finger, manager cf the training depart
ment, and James E. Preston. both from
the home Office in PHILADELPHIA. Local
agents took an active part in the morn
ing program, after which the entire
organization went to the Shoreham
Hctel for luncheon. The afternoon pro-
gram was held in the hotel.
The Penn Mutual Is recognized as
having an unusually we'll organized
training department for the selling of
insurance. This fact is proved by the
increase in sales in recent years.
One of the interesting statements
made yesterday showed gains in new
business in the Washington agency in
both January and February as COM
pared with 1881.
Pennsy Dividend Held Uncertain.
Calling attention to the fact that net
income for 1891 was insufficient to pay
the years dividends, which aggregate
6i2 per cent, w. w. Atterbury, presi-
dent of the Pennsylvania Railroad, de-
clared in a message to stockholders yes
terday that quarterly dividends can
not be continued unless there is a ma
terial increase in the eompany's in
come"
The message accompanied a quarterly
dividend of SO cents per share, equal to
l per cent. This dividend brings the
total for the year to SO IS per share,
the greater portion of which was
charged against the surplus of previous
years" President Atterbury said.
Despite reduction in operating ex-
penses of s74,317 $50. or TIA per cent,
in 1881. the statement pointed out, the
railroads net income equaled only S19,-
545,l or 2.97 per cent, on the capital
stock. In 1880 the net income equaled
1885 per cent of the capital stock.
Gross revenues for 1881 decreased $l22,-
375,O8l, or 2l.5 per cent, compared
with 1880.
Notwithstanding the low level of
current business activity" President
Atterbury said, several important fac
tors are developing which give the flu
lure a more constructive and hopeful
perspective"
Trading Confined to Bonds.
Trading on the Washington Stock
Exchange yesterday was confined Ia
Washington Gas Light IS, series A. The
market opened with a small bond SELL
ing at 9934. Three more 81, 1000 trans
actions were recorded at 100, the same
quotation as noted on Friday. when
there were 10 separate $1,000 sales
These gas bonds have recently beer
more active than any other issue on the
exchange. After the regular trading
yesterday the unlisted securities were
called of, but no changes were noted
IN the quotations.
OF interest locally were two bank divi.
dends just declared in New York. The
Irving Trust Co. will pay 40 cents pei
share on April / and the Continenta
Bank d Trust Co. will pay 80 cents pei
share on March Is.
Loft, Inc, operator of restaurants anC
confectionery stores, one in Washing.
ton, yesterday reported that net operat.
4nO lorof1t for 1871 after i7terest de-