Evening star., 1933-06-28

ciers.
Mr.. Vass, the
members of this George O. vass
years council in
clude all the other officers, Frederick P.
H. Siddons, secretary of the American
Security & Trust Co., who is first vice
president; Charles H. Doing, vice presl-
dent. Washington Loan g. Trust Co.,
second vice president; Albert S. Galley,
vice president, Lincoln National Bank,
treasurer and Karl w. Corby, partner
in w. B. Hibbs & Co., secretary.
Other members are c. H. Pope, vice
president of the Munsey Trust Co, who
has Just retired as president OF the as
sociation; Robert w. Fleming, president
of Riggs National Bank, who is mem
Der of the council because Of his mem
bership on the Executive Council OF the
American Bankers Association, and the
chairman Of the four divisions repre-
Aenting the local organization IN the
American Bankers Association.
They are Victor B. Deyber, president
Second National Bank. chairman Ma
tional Bank Division: Lanier P. Nc
Iachlen. president McLachlen Banking
Corporation, State Bank Division; Ord
Preston, president Union Trust Co.,
Trust Company Division, and Francis
G. Addison, jr., Savings Bank Division.
Banking Improvement Seen.
Routine business will probably take
I'D most of the time at tomorrows
meeting. One of the most vital prob
lens before Washington bankers right
now, as well as to all other bankers, Is
the question Of interest. This issue,
however, is more matter for the
washington Clearing House to consider
than for the Bankers Association. 1t
will get no official attention at the
council session.
The local association is starting of
the new year with the expectation that
the next IL months will see great i'm
provement in the banking situation In
the Capital. At present there is every
indication that the Hamilton National
Bank will soon get under way and make
so per cent of the deposits, some S1O,-
900, 900, in eight different closed banks,
available for any uses desired by de-
positors. The Franklin National is also
expected to reopen soon, while the
Chevy Chase Savings Bank has already
resumed complete banking operations
rs a branch of the Riggs National Bank.
This means that the officers of the
District Bankers Association will soon
know just what banks will be included
in the membership this year. Certainty
as to personnel in these closed banks
will also replace uncertainty.
The weekly luncheons OF the local
association are to be held this year on
Wednesday instead of Thursday, at the
Willard. 1t has been found that
Wednesday is a more convenient day
for the majority Of bankers.
Faith in President.
While President Roosevelt has ex-
pressed a readiness to resort to the
powers conferred upon him If necessary
to raise commodity prices to the extent
he considers essential "to correct
wrong and not to create another wrong
In an opposite direction" it is not be-
lieved by the Bankers Magazine that he
will find this course necessary. Ger
tainly no one can believe that he will
deliberately plunge the country into the
whirling maelstrom of imitation from
which escape would be impossible with
out incurring the ruinous effects COM
mon to all countries that have resorted
to this desperate expedierlt.
The initiating powers which Congress
has delegated to the President comprise,
the magazine adds, about all known
monetary heresies-adding $4,000, 900 900
to Federal Reserve purchase of Govern
xlent obligations, issue of $4,000, ,000, 900
OF greenbacks, free coinage Of silver
and coin clipping (devaluation of the
gold content of the dollar) And while
il would have been heartening had the
President felt able sternly to reject all
these heresies, it may be pointed out
that these extraordinary powers are not
mandatory, but discretionary.
That the President will employ the
powers conferred upon him with great
discretion and only to the extent that
he considers necessary for the protec-
tion of the American people is the gen.
eral hope, as it is the confident faith, of
the Bankers Magazine.
Lively Trading on Exchange.
Business on the Washington Stock
Exchange opened today with $500
Washington Gas SIS, 1858, selling at 81.
Later Capital Traction 5s saw a $500
sale at 46 and $500 and 81 900 sales al
A..
City Suburban SIS came out in 81 900
transfer at Al 4, while 81 500 Washing
ton Gas Light IS, 1860 moved at l04l4
up fractionally from the last previous
sale.
In the stock division Capital Trac-
ton opened at 10 and closed at on
the smallest possible sales. Potomac
Electric Power 6 per cent preferred ap-
peared on the board in small lot sales
at 11012.
Merchants Transfer g. Storage pre-
ferred came out today, five l0-share
lots selling at 80. Merganthaler Limo
type opened at % and advanced to
29lz, the days turnover reaching SO
shares.
U,,,o.,oots proxoo cal,or ond
Woodward g. Lothrop common and pre-
ferred stocks are now being quoted ex-
dividend, pending payment Of dividends
already declared
Heard in Financial District.
Directors of the National Bank of
Washington today declared the regular
semi-annual dividend of 4 per cent, pay
able July to shareholders Of record
on June 80.
Norfolk & Western Railway reports
for five months ended May 81, 1888
net income Of $5,165,l52 after taxes
and charges, equivalent after dividend
requirements on 4 per cent preferred
stock, to s3.40 share on ,406, ,483
shares of common stock. This COM
pares with s4293. .7o4 or s2.78 a COM
mon share in first five months Of 1882
Dean G. Acheson, acting Secretary OF
Treasury, announces applications total
ing S20S ,956, 900 were received on ten
ders of SITS 5000 900 of 9l-day Treas
ury bills offered June %. and thai
S75 ,697 900 were accepted at an aver
age rate Of OPT per cent year on q
bank discount basis.
The annual meeting Of the Washing
ton Association of Credit Men will bt
held Tuesday, July II. immediatel.
following the regular luncheon, at IL 81
pm, at the Hamilton Hotel.
A 500, 900 900 issue of 9l-day bills
the first Treasury financing Of the nev
fiscal year, was announc. last nigh
by Secretary Woodin. The 1888
fiscal year starts July l, and the bill
will be dated July 5.
Directors of Norfolk e. Western Rail
way TODAY declared q REGULAR quarterly