Evening star., 1933-05-12


without opposition
j. Earle McGeary,
w. B. Hibbs & Co., Richard A. Norris
eaSurer, was
elected to the second vice presidency
Paul j. Seltzer, American Security g.
Trust Co., who has been chief consul
of the chapter, was named treasurer.
Mrs. Gertrude c. Wicks was elected
secretary; Miss Katherine w. Mccall
mont. assistant secretary, and William
H. Laughlin, chief consul.
Kenneth F. Brooks. Riggs National
Bank: James c. Dulin, il, American
Security & Trust Co.; G Elmer Flather.
Union Trust Co.: T. Hunton Leith,
Security Savings & Commercial Bank,
were elected to the board Of governors.
Robert H. Lacey, the new president,
Is a native of Washington. He en-
tered the banking field as an employe
of the old American National Bank. and
went to the Columbia as bookkeeper
in 1923. He was elected cashier OF
that institution in 1880. He Is
world War veteran. having taken part
in all the major engagements in Whlch
the American Army participated IN
France, and was wounded in the sec
ond battle of the Marne and again
in the Argonne Forest action.
He has been active in affairs OF the
chapter for the past eight years. He
is a standard certificate holder IN
the Institutes courses, and mas helo
the Offices of assistant secretary, treas,
urer, second vice president ana
has served on the chapters board OF
governors. He was chairman Oh ti,e
chapter's Membership Committee IN
1e29-3O and chairman of its Publicity
Committee in 1882. He was a dele
gate to the national convention OF the
institute at Pittsburgh IN 1881.
Morgan Heads Life Underwriters.
Thomas P. Morgan, ir., manager OF
the Washington office of the Mutual
life Insurance Co. of New York, was
elected president of the District Of Co
lumbia Underwriters Association at the
annual meeting held yesterday alteI
noon at the Washington HOTEL succseu-
ing John P. Lynch. who has just con-
cluded very successful year at Tue
head of this organization.
Horace Winter was elected first vice
president: F. George Clendanlel, second
vice president: Loren L. Cluster secre-
tary, and Herbert o. Mclean, treasurer.
Three new directors also were chosen
George T. Black, Sun Life Assurance;
F. George Clendaniel, Northwestern Mu-
tual; P. L. Rodgers, Acacia Mutual. Ihe
retiring directors were John P. Lynch,
president; John l.. McElfresh, wee pres
ident, and Paul D. Sleeper.
Mr. Morgan will name his committee
chairman and will then call board OF
directors meeting to secure the ap-
proval of the nominations.
A. b. A. to Meet in Chicago.
The 1ifty-ninth annual convention OF
the American Bankers Association VIII
be held at the Stevens Hotel, Chicago.
September 1 to 7, inclusive, it was an
nounced today by F. N. Shepherd, eX-
ecutive manager of the association.
THE entire proceedings, consisting
of committee meetings, division meet
ings and general sessions will be held
at the Hotel Stevens which, with its
5000 rooms, is adequate to house all
delegates" Mr.. Shepherd said. In
accordance with the specific request OF
the association, the Chicago Clearing
House Association will provide no en-
tertainment features in connection with
the convention. Arrangements Will be
made for golf privileges at some OF
Chicago's clubs for those who wish to
plav golf, and a tournament will be
held on Friday. September 8, after the
close of the convention in order tnat
the association trophies may be played
for by members.
In the Century of Progress Exposl-
tion the citizens of Chicago have al
ready provided an entertainment which
is an opportunity of lifetime. There
has been nothing in this country COM
parable to it since the Worlds Fair IN
Chicago 40 years ago.
The association has previously met
In Chicago five times. in September,
1885; October, 1898, which was the time
of previous Worlds Fair there; Septem-
ber, 1909: September, 1918, and Sep
tember, 1924.
Today's d. c. Exchange Trading.
Washington Gas Light 6s. series B,
opened trading on the Washington
Stock Exchange today when 500 sold
at 1O312.
The remaining transactions were in
stocks. Washington Railway & Elec-
trio preferred sold at o2, same as the
last previous sale.
Potomac Electric Power 5la per cent
preferred came out in several small lot
transactions at 1O6, while five shares
of the corporations 6 per cent pre-
ferred stock moved at 1904.
Capital Traction stock moved in
three small sales at 7l2 which was an
advance of half point over the last
previous sale in this issue.
Other Bank Moves Expected.
In the financial district today it was
reported that further progress is eX-
pected shortly in connection with the
move to merge several of the local
closed banks into one new institution.
AS the situation stood this forenoon,
five banks had virtually entered the
drive for a consolidation into central
bank-the District National Bank,
Washington Savings Bank, United
States Savings Bank, Potomac Savings
Bank and Neutrality-suspicious. Savings
g. Commercial Bank.
Officials of these banks expect others
to go along with them in an effort to
get their institutions reorganlzed into
a single going institution which will
take over all their quick assets. Con-
ferences being held today were expected
to bring about early results of a fav-
orable nature.
Cleaned in Financial District.
A total of 80 per cent of deposits of
the Mercantile Savings Bank, Balti-
more, will be made available to its de-
positorS May 20, State Bank Commis-
sioner John J. Ghinger says. The bank
has been operating on a per cent re-
Stricted basis since the banking holiday.
An amendment to the Constitution
empowering the Federal Congress to
regulate the business or commerce of
insurance throughout the United States
was proposed in the Senate by Senate
Robinson of Indiana.
Western Auto Supply Co. has declared
the regular quarterly dividends of Is
cents each on the class common and
class B common stocks, both payable