Evening star., 1933-06-05

Resolutions COM
mittee, always an H. H. Mckee.
important commit
tee. Mr.. Mckee is chairman of the
Washington Clearing House Association
and is constantly in the closest touch
with banking matters in the National
Capital.
Black VIII Speak.
Karl w. Corby, chairman of the
General Committee of Arrangements
announced today that reservations are
coming in very rapidly and that the
attendance bids fair to be highly salts
factory. MANY high Government off,
cials have been extended invitations to
be present and no doubt will be guests
at the annual banquet in the evening
On this occasion the principal speaker
will be Gov. Eugene r. Black, head OF
the Federal Reserve System, and Frank
j. Hogan, counsel of the Bankers As
sociation, will be toastmaster.
The officers will be elected and in
stalled at the end of the business ses-
sion in the forenoon. After the noon
luncheon, the delegates from the vari-
Gus banks win use the afternoon as
they see fit, the majority OF them play
ing golf. During the business session,
in addition to the reports Of the com.
rnittee chairmen, President Pope will
sum I'D the progress made during the
last year.
Convention Delegates Return.
A. M. Nevius, vice president of the
Riggs National Bank, and sidney r.
Taliaferro, trust officer of the same IN
stitution, have returned from the an
nual convention OF the Reserve Clty
Bankers Association, both reporting
sx.A, cocctnyrc af EYcelS10T
Springs.
The association discussed very wide
range of banking matters. Heading the
list was the guaranteeing OF banking
deposits as now included IN the Glass
bill. The association is strongly op-
posed to any guaranty plan.
Removal OF interest on demand de-
posits and limitation Of interest on
time deposits was freely discussed and
much time was given to the new secu-
rites bill Afiliates got considerable
attention, as did private banking ana
correspondent relations.
Limitation Of the number OF bank
directors and requirements as to direc-
tors ownership of stock, postal savings.
imitation and the gold standard ana
unified banking supplied subjects Tor
other live discussions. The question
of commercial banks accepting savings
deposits and the separation Of trust
business from commercial banks were
two other vital topics that received spe-
John II. Hogan of Chicago was elect-
ed president for next year. Robert "
Fleming of this city completed his term
ON the board of governors. Offered one
Of the highest offices in the association,
he was obliged to decline because OF
pressure of other work He was given
unstinted praise, however, for the ex-
ceptional work he has done IN connec-
ton with proposed Federal banking
legislation during the past year.
Donoghue Heads Loan Firm.
Harry J. Donoghue, who has been
cashier of the branch Office of the Fed
eral-American National Bank g. Trust
Co, at 18th and n streets northwest,
has given up his position, having been
elected president Of the Washington
Industrial Loan Co., new organlza-
tica starting in business in the Tower
Bun ng at 14th and K streets.
r. Dcnoghue has been engaged IN
acas7e banking In Washington for the
last II years. He was treasurer Of the
old Merchants Bank & Trust Co. at
the time it was absorbed by the Federal
American, joining the, staff of the new
institution and remaining in the same
Office IN the Southern Building.
The Washington Industrial Loan Co.
is affiliated with Southern Industrial
Bankers, Inc, an organization which
was founded three years ago and Is
financially interested in seven different
subsidiary companies.
McLachIen University Trustee.
Lanier P. McLachlen, president Of
the McLachlen Banking Corporation,
has been elected member of the board
of trustees Of American University. He
was chosen at the annual meeting of
the board held Saturday, announce
ment being made by DR.. Arthur G..
Christie. His election is considered a
high compliment.
Mr.. McLachlen is former president
of the District Bankers Association and
has served several terms as a member
of the council Of administration. This
year he is serving as president of the
Columbia Country Club.
E. C. Graham, who is to be president
of the new Hamilton National Bank, was
back in the financial district today after
a weeks trip to Florida. He started at
ing of new capital required for making
the new bank merger operative.
Maryland Banks Allowed to Open.
State Bank Commissioner of Mary
land John j. Ghingher, has authorized
the Westminster Deposit & Trust Co.,
Westminster, and the Calvin B. Taylor
Banking Co., Berlin, Md, to reopen on
an unrestricted basis.
The weeks trading on the Washing
ton Stock Exchange opened with small
lots Of Washington Railway & Electric
preferred changing hands at 861a. Small
sales in Mergenthaler Linotype were
recorded again today at 22h.
After call two $500 sales in Wash
ington Gas Light IS, 1860, were regis
tered at 1924 Potomac Electric Power
6s moved at 107la on a $1,000 trans
action and 81 900 Anacostia g. Potomac
Railroad IS came out on the board al
42As.
Bank Stocks Slightly Lower.
The New York City bank stock mar
ket reacted slightly during the last
week, the aggregate market value o.
the Is leading issues, as compiled BY
Holt, Rose & Troster, ending the weei
at $l.483, ,12l 900, compared with 81,
SOC, $40, 900 at the close of the previou,
week, a decrease of 23,499, 900, or IL
per cent. This compares with the 1893:
low of $1,065, ,746, 600 established OF
April and with the low point for tn,
depression. recorded on May 81, 1882
of 1929 1895, 900.