Evening star., 1933-02-14

24,991.
Plans for the E1
annual event are
virtually complete, Frank N. Hau.
ccording to
Chairman James A. Soper of the Lincoln
National Bank. Mr.. Soper stated to-
day that this years function will be
and junior bankers and their guests,
as well as by many out-ofrtown finan-
ciers.
Members of Washington Chapter are
elated to have the national president
here for the dinner. He is a native of
New York State, moved to St. Louis
when boy, started his banking career
with the Mechanics American National
Bank and joined the staff of the Federal
Reserve Bank in 1915. He has held
every Office in the st. Louis Chapter
and is now a member of the faculty
OF the Missouri Institute Of Account
ancy and Law He was elected presi-
dent Of the Institute of Banking at the
last convention in Los Angeles. He Is
said to be very interesting speaker
The Decorations Committee under
the Craftsmanship of s. Winifred Bur-
well has provided picturesque setting
for the occasion. Working in conjunc-
tion with the Entertainment Committee
the decorations and stage settings will
be symbolical of "A Night in Old Spain"
The Spanish atmosphere of the ball
room will be accomplished through the
utilization of posters secured direct
from Spain and other appropriate
scenery, materials and costumes
Serving on the Reception Committee
are six presidents of Washington banks
and nine past presidents of the local
institute chapter. In order that the
Seating Committee may begin the task
Of assigning tables and places, Char
man Soper has urged all members to
have their reservations In the hands
of the treasurer, j. Earle McGeary Of
w. B. Hibbs & Co., during the day
Wednesday February Is, when reser-
yations close.
Washington Gas Officers Named.
Officers of the Washington Gas Light
Co. were reelected at the annual orga-
nization meeting held by the directors
president; Robert D. Weaver, vice
president; Everett j. Boothby, vice
president and general manager; George
B. Fraser. vice president; Edward T.
Stafford. secretary; Hazel G. Thomp-
son, assistant secretary; Robert c.
Owens, treasurer; A. Gray Dawson,
Frank r. Holt, assistant treasurers;
Richard A. Ennis controller; Wilton
]. Lambert, counsel; william e. Hor-
ton, assistant counsel.
Charles l.. Kattelmann was elected
president Of the Mutual Fire Insurance
Co. of the District Of Columbia at the
annual meeting of the board of man
ayers L. Pierce Boteler was reelected
secretary: Henry E. Bittinger, treasurer;
e. G. Brandenburg general counsel, and
William r. Macgill, assistant Treasurer.
Mr.. Boteler Is now serving his 36th
year as an officer Of the company, and
on February commenced his 38th
year in its employ. The company was
chartered by Congress in 1855, 78 years
ago.
President Kattelmann has been with
the concern "a years, being treasurer
for eight years before he was advanced
to the presidency to succeed the late
w. A. H. Church, in 1881.
Today's d. C. Exchange Trading.
Following the three-day holiday on
the Washington Stock Exchange, trad
ing opened with Potomac Electric
Power 51a per cent preferred selling
eX-dividend at 1861. Washington
Railway g. Electric preferred opened
with 10 shares selling at 3d. and closed
with 10 more moving at 88A. During
the session 20 shares of Capital Trac-
tiOii oIOCk ClldIlS6U IlduOS al ~, same dS
the last previous sale.
Capital Traction IS opened today
with 1000 selling at 513 and closed
with another 81 900 changing hands at
So. The new Washington Gas Light
IS figured in $1,000 transfer at "a,
while $1,000 Washington Railway &
Electric As came out on the board at 80.
Friday Favors Lower Interest.
Citing the fact that the fiscal year
1882, which covers the year ended
June 80 showed the National banks Of
the United States sustained a net av-
erage loss of 4.94 per cent on capital
and surplus combined Davis Friday,
In the current issue of Rand McNally
Bankers Monthly, says that bankers
must realize the fact that they have
been working for the depositors, much
more than for themselves and for their
stockholders.
This is true" Mr.. Friday writes.
mot only for 1882 but since 1929. For
during those three years, the national
banks OF this country paid their de-
positors the sum of $1,221 ,O00, 900.
Their profits during the same period,
after paying expenses and interest on
deposits, were Sl59 ,000, 900.
THE disparity between interest to
depositors and profits earned for stock
holders did not begin with our present
era of difficulties. 1t has needed cor
rectlon for the past decade. But 1t
had not reached the point yet where it
was painful, and as a result vain hopes
were substituted for a positive course
directed at remedying the trouble. "A
relatively small reduction in the interest
PAID over the last decade would have
covered all the abnormal losses which
nave occurred thus far in this depreS-
sion," Mr.. Friday says.
Heard in Financial District,
Sidney F. Taliaferro, trust officer of
the Riggs National Bank, is attending
the trust conference in New York which
opened today under the trust company
division Of the American Bankers AS
sociation. President Robert v. Fleming
OF the same bank, will leave here to-
morrow to attend the closing sessions
OF the conference.
The washington agency Of the
Equitable Life Insurance Co. of Iowa
was rendered victory banquet" last
evening at the Mayflower, as this ONCE
under the management of Joseph z.
Rice, led the entire country in insur-
ance sales last year. Among those
present were H. E. Aldrich, vice presi-
dent and secretary of agencies; and
Stephen A. SwiSher. assistant secretary
of agencies. Rev. George l.. Farnham
spoke
Karl w. Corby. partner in w. B.
Hibbs 81 Co., has left the city for q
brief sojourn at Florida resorts.
For the first time In four weeks,
wholesale commodity prices moved up
during the week ended February II,
according to the index of the National
Fertilizer Association, advancing 4
points
Local offices Of New York Stock Ex-
change firms were well filled with Gus
toners today after the double holiday.
The opening was not one to arouse
marked enthusiasm, however. some
local observers are predicting some kind