Evening star., 1933-09-07
D. c. BANKERS HAIL
FLEMING ELECTION
Took Active Part in Naming
Second Vice President
of A. B. A.
BY EDWARD C. STONE.

VI ~ Us rs
BY EDWARD C. STONE.
Washington bankers expressed keen
satisfaction today over the election OF
Robert v. Fleming. president Of the
Riggs National Bank, as second vice
president Of the American Bankers
Association at the convention just
ended in Chicago.
Members of the District Bankers
Association have been active in help
ing to gain national recognition for
the local banker and at the last annual
convention went on record as urging
his selection as second vice president
of the American Bankers Association
at this years meeting, claims for this
honor being based en- service to the
parent organization.
Mr.. Fleming will be first vice presi-
dent next year and will be president
of the American Bankers Association
in 1885. He will be the first WASH
ington banker to head :. the national
organization. Born in Washington on
November 8, 1890, he will also be one
of the youngest American Bankers As
sociation leaders. Entering Riggs as
messenger in 1905, he has always been
connected with the same institution.
It was understood here today that
he has already been asked to serve
another year as chairman of the Amer
ican Bankers Associations National
Committee On Federal Legislation. It
was his work on this committee during
the past two years that brought him
so suddenly into national prominence.
At yesterdays election in Chicago
Francis M. Law was elected president
of the American Bankers Association
for the coming year and Rudolf S.
Hecht was advanced to the vice presi-
dency. The nine delegates attending
the convention from Washington are
expected home tomorrow or Saturday.
Telephone Earnings Higher.
The hundreds of local holders of
American Telephone g. Telegraph Co.
stock will be happy to learn that tele-
phone operations conducted directly by
the company in July produced higher
revenues than a year ago by 191 per
cent, comparing with gain OF 6.3
per cent in June.
These were the first months to show
increases over the year before since
July, 1880, with the single exception OF
September 1880. Whereas revenues
declined $4,000 from June to July,
1882, there was an unSeasonal gain OF
$4,000 from June to July, 1888. Net
operating income, after expenses taxes
and depreciation, was 300 per cent
greater than a year ago for July, COM
pairing with 3,400 per cent increase
in June and " per cent gain in May.
Earlier months this year showed losses.
For the seven months, the net income
was 178 per cent higher than in that
part of 1888
Banks of the country which comprise
the largest single beneficiary OF Recon-
strlction Finance Corporation loans
have repaid As per cent of their bor-
rowing up to August 20, official figures
show. According to Reconstruction
Finance Corporation reports loans ag-
gregating s1,531 ,909 .522 were authorized
to 6,298 banks. OF this amount 81 ,277,-
OIL ,021 in cash was disbursed, $780,
420. .304. or As per cent has been repaid,
S191 ,069, ,494 was cancelled or Withdrawn
and S63, sos, ,006 remained uncalled for.
Cash advances made by the Federal
Government through the Reconstruc-
ton Finance Corporation now total
S2,958,841, ,679, against which payments
amounting to $779,787,619 have been
received.
Loans made to aid in organization
or reorganization of banks and trust
companies through purchase OF pre-
ferred stock total s47,753,000.
Institute Meeting Planned.
The annual Fall dinner meeting Of
the Educational Committee, faculty.
officers, Governors, committee chairmen
and consuls of Washington Chapter,
=. American Institute of Banking, will
take place at the Raleigh Hotel next
Tuesday evening, beginning at $50.
This is the first meeting of the kind in
connection with the coming school
year.
DR.. Harold Stonier, national educa-
tional director of the institute, will be
the principal speaker. He has been
intensely interesting.
Announcement of the dinner Is made
by Walton L. Sanderson, the local
chapters first vice president and newly
appointed chairman Of the Educational
Committee This years president Is
Robert H. Lacey. The other officers
include:
J. Earle McGeory. second vice presi-
dent w. B. Hibbs & Co.; Gertrude c.
Wick, secretary Liberty National Bank;
Paul j. Seltzer, treasurer American
Security & Trust Co.; Katharine w.
McCalmont assistant secretary w. B.
chief counsel Washington Loan &
Trust Co.
Although no longer an active banker
in the local financial district, many
expressions of regret were heard today
over the passing Of Joseph Gales Moore,
for 81 years connected with the Ma
tional Metropolitan Bank. He died
yesterday at 83.
Starting at the bottom of the ladder
as a messenger, he worked his way
upward and for many years served the
bank most capably as cashier. During
the latter part Of his career he served
ago.
The Metropolitan's president, George
w. White. paid him a glowing tribute
today. noting his marked ability and
exceptionally long service. For some
years while connected with the bank
he was also manager of the Washington
Clearing House Association, which has
its headquarters in the same building.
When he started his banking career
the Clearing House had not even been
established. During six decades he
in banking.
Many Banks Paying Dividends.
New York banks. in which there Is
much interest locally. seem to be in a
dividend paying mood this week. Some
declarations:
Central Hanover Bank & Trust Co.
has declared the regular quarterly divi-
dend of $3.50 payable october 2 to
stock of record September 49,
Irving Trust Co. has declared the
regular quarterly dividend Of Is cents.
payable October to stock OF record
September IL.
Guaranty Trust Co. declared regular
quarterly dividend of IS, payable Sep
tember 80 to stock Of record Septem-
Der 8.
Continental Bank & Trust Co. de-
clared regular quarterly dividend of 20
cents payahle October to stock OF