Evening star., 1933-11-02

liam F. Guide. R. Lee Horton, William
E. Howard. Arthur J. May, John A.
Maxwell, Alfred Walford and Charles
W. Morrison, directors.
Mr. Norment has been chairman of
the board of the National Bank of
Washington for several years and was
formerly president of that institution.
Both building and loan associations
reported that business had been salts
factory during the past year.
Virginia Bank Is Absorbed.
Controller of the Currency j. F. T.
OConnor reports that voluntary Hqui-
dations in the week ended October %
comprised the First National Bank OF
Lowell. Ohio. capital, $4,000, which
has been absorbed by the Peoples Bank
ing & Trust Co. of Marietta Ohio; the
First National Bank of Paxton, H.,
capital $4,000, which has been sue
ceeded by First National Bank III Pax
ton: the Esmont National Bank, Es-
mont, Va, capital $4,000, which has
been absorbed by Peoples National
Bank of Charlottesville, Va, and the
First National Bank of Haviland, Kans,
capital $4,000, which has been sue
ceeded by the Haviland State Bank.
The controller also reports that
charters have been issued to national
banks in Harrisville, Pa; Canonsburg,
Pa, and Albuquerque, N. Mex. within
the past few days.
Broker Defends "Speculation."
w. Charming Burbank, one Of the
partners with George A. Garrett, in
Clark. Childs g. Keech, has come to
the defense of the manner in which
the word Speculation" is now used
The word is misunderstood, he says.
He claims there is nothing sinister
in the term On the contrary, the
results of speculat ation are manifest in
every walk of life. The dictionary
meaning of speculation Is intuition,
vision and reasoning. taking the form
OF prolonged and systematic ANALYSIS"
The success of every undertaking,
whether in business, finance, or social
life, is dependent upon the reflex action
of speculation, Mr.. Burbank thinks
He believes that everything starts as
speculation and quotes various exam
Piles to prove his claims, concluding
that speculation is the architect of
enterprise, and enterprise the untiring
builder of success"
He might have, added in the average
broker Office the word speculation is
used if a stock goes down. If it goes
up, it's an Investment"
Bonds Lead d. c. Exchange.
Bonds took the lead on the Wash
ington Stock Exchange today in
rather quiet session.
Capital Traction SIS opened with ST.
900 and $500 selling at So. Washing
ton Gas SIS, 1860, appeared on the
ington Gas IS, series B, came out at
1923. on a $500 turnover
In the stock division, two small sales
were recorded in Potomac Electric
Power 512 per cent preferred, at LOTS.
Slower Payments on Imports.
Slower payments on imports are in
dicated throughout Latin American
markets in the quarterly survey Of
credits and collections by the Foreign
Credit Interchange Bureau of the Ma
tional Association of Credit Men. Tight
ening of exchange restrictions and the
fall of the dollar both slowed collec-
tions, it was said.
The local affiliate of the national
association is the Washington Associa-
ton of Credit Men, whose president is
w. j. Tastet of the Fries, Beall g.
Sharp Co.
Credit conditions in 13 countries i'm
proved. In the other eight declines
were reported.
Heard in Financial District.
The brokerage firm name of Macku-
bin, Goodrich & Co. was changed
yesterday to Mackubin, Legg & Co., the
new name becoming effective on that
date. The partners are now George
Mackubin, John c. Legg, jr.; Awhile
Eager, Laurence M. Simmonds and
Howard E. Demuth While the head
office is in Baltimore. the firm has
maintained broker Office in Washing
ton for many years.
Standard Oil Co. New Jersey has
declared the regular semi-annual divi-
Gend of so cents, payable December Is
to stock of record November Is. The
company placed dividends on semi
annual basis with the payment Of so
cents on June IS this year. Previously
dividends were paid quarterly and were
reduced TO ST annual basis from 81
regular and 81 extra on February l.
The Federal Reserve Board states
that the Reserve Bank of Boston has
established a rediscount rate of 2h per
SWING TO ANNUITIES Barred.