Evening star., 1933-07-14

ident has served
on the Institutes National Council,
been a leader in the annual conven-
tions for several years, and is splen-
didly fitted to assume the duties as
signed to him.
President Lacey and CHAIRMAN
Ieith will name the Sub-commit' eeS at
an early date and take up otl pre-
lir1inary matters in connection with the
big convention The governors last
night unanimously approved the plan
of bringing the next annual session 70
the National Capital. 1t Will be tne
first time the American Institute OF
Banking has ever met here.
The Board of Governors also dis
cussed the Fall educational dinner at
last nights meeting. This is an an
nual event, which starts of the local
scholastic program and is attended by
members of the faculty, the institute
officers and the consuls. An outstand-
ing speaker is always secured for the
occasion.
Early this week the Council of Ad-
ministration of the District Bankers
Association not only approved Wash
ington Chapters plan to bring the A.
/ B. Convention here next year, put
also issued an invitation to the Amer
ican Bankers Association, asking that
to Washington in 1884. 1t is under
stod the invitation will be accepted and
that about 5000 bankers and their
friends will be here The institute con-
vention will bring about 1000 to the
Capital.
Bright Last Half Year Seen.
indications now point decisively to
broad-scale industrial expansion during
the last half of 1855" says Standard
Statistics This prospect is conol-
toned primarily on the basis of natu-
raj recovery after the several years OF
abncrmally severe d9f1atiOn. In addl-
ton. however considerable promise in
heres in the program contemplated
under the industrial recovery and pubic
works act to expand greatly the latent
purchasing power Of consumers. BY TINS
means the present formidable amount
of unemployment should be reduced at
q more rapid rate than would be possible
along strictly normal lines.
"A continuation of the upward trend
is therefore probable during the re-
mainder of the year. The usual Mid
summer recession will be greatly mod
Grated or entirely eliminated in many
lines because of accrued and belated
buying. BY the close of the year busl-
ness volumes in most of the essential
industries undoubtedly will compare
favcrably with levels witnessed in the
early stages CT depression.
Cotton Ticker Installed Here.
Because of the growing interest in
the cotton market, Fenner, Beane q
Ungerleider members OF the New YORK
Stock Exchange. have installed ticker
devoted exclusively to cotton quotations.
The ticker gives the washington office
continuous quotations direct from the
New York Cotton Exchange as well as
from the New Orleans Cotton Exchange.
Manager John D. Mothershed reports
that Washington is evincing increased
interest in the commodity markets and
adds that the new service will keep up
with the cotton market at all times.
Fenner & B3ane, now Ferner, Beane
e. UrgerleiGer, was originally cotton
house and has correspondents through
out the cotton belt. The washington
Office has recently been expanded in
both personnel and floor space.
Peoples Drug Store Stocks Gain.
Peoples Drug Stores common stock
appeared during yesterdays wild trad
ing on the New York Stock Exchange,
advancing 31a points over the last pre-
vious sale 1t closed at 80 after turn
over of 400 shares.
Peoples Drug preferred stock is also
listed on the big board" and has re-
Gently shown more activity. On Wednes-
Gay a small lot appeared on the New
York Exchange at 81, jump of points
since the last previous transfer.
This 6l2 per cent preferred stock has
been listed on the Washington Stock
Exchange for years and at times is one
OF the leaders. Recently it has been
rather inactive. The last local sale was
made at 30.
Commercial National Assets Shown.
Great interest is being manifested by
the $4,000 depositors in the Commercial
National Banks statement of assets. as
announced yesterday by Receiver Rob-
ert c. Baldwin. The June 80 report
shows cash collected from assets and
stock assessments as $3786, ,479.86.
The document lists the book value OF
the banks assets at date OF suspension
as s14,754,67756 and that of additional
assets acquired since suspension as
S1,40o29. A 100 per cent stock assess
ment for 81 O00000 is next listed, result
ing in Sl5,75627785 as total assets to
be accounted for.
S3.697. .646.32 and that collected from
additional assets is S49S.96. Cash col
lected from stock assessment agreement
aggregates $3333458. resulting in the
foregoing total. Offsets allowed OIL
assets amount to S267,718.50.
OF the remaining assets, $40, $780,
326.07 are uncollected assets; S68. un-
collected additional assets, and $9l1,-
G65.42. uncollected stock assessment,
making total of S1l ,702, ,079.49 remain
ing uncollected assets and S15,756,-
277.85 total assets accounted for.
Indications now point to the hrSt
payment to the depositors as being
likely around October l. That date is
not definite and the receiver can not
tell yet what the amount will be. The
report, however, shows good progress.
Today's Trading on Exchange.
Today's trading on the Washington
Stock Exchange was confined to only
two issues. There was turnover OF
$50 shares of Merchants Transfer &
Storage preferred at 80, price un-
changed from the last sale. In the
S. 1860, figured in a. $500 transfer at
1C41A.
Local bankers today received word
that the Mercantile Bank of Baltimore,
which has been operating on re-
stricted withdrawal basis since the
bank holiday, has reopened on a 10n
per cent basis, under the name of the
Carrollton Bank of Baltimore, follow
ing completion of the reorganization
plan.
The plan provided for an issue o.
$500 COO in debentures, reduction Of the
par value Of capital stock to $40 from
$25, and the offering of certificates OF
beneficial interest to depositors for SC
per cent of their deposits. The other
SO per cent of deposits is Immediately
available to depositors in cash.