Evening star., 1933-03-29

Matters of direct interest and impor-
tance to brokers are discussed at the
meetings. In addition to the business
sessions during the past year. dinner
was held at the Chevy Chase Club
which was addressed by member OF
the New York Stock Exchange who
came here especially for the occasion.
Bank Status Here Unchanged.
Up to noon today the new ruling Is
sued yesterday by Secretary Woodin
giving conservators more powers had
made no change in the situation in the
washington banks which are now
closed
The new regulation under certain re-
strictions. would permit the payment to
depositors Of 10 or IS per cent Of their
funds, provided such payments are con-
sidered wise by the officials.
Conservators said today that they
had not had sufficient time to study the
new ruling to discuss 1t intelligently
Whatever payments that might be made
would have to be approved by the con-
troller Of the currency, they said. OBJ
tanning such approval would require
time.
The majority of closed Washington
banks want to reopen 100 per cent.
Some are now taking deposits under the
bailee plan and accepting payments on
notes, but they are anxious to get away
from all restrictions. They feel that
they cannot compete with other banks
unless allowed to perform all banking
functions.
Unless they are allowed to take in
deposits. the payments mentioned in
the new Treasury ruling would prove q
steady drain on their present resources,
1t was said today. Some bankers con-
sidered that the new ruling was in
tended to apply to dire. distress" and
give them the opportunity to act In such
relief cases. The hope was expressed
that the Treasury will at once make a
complete explanation of the aims of the
new order. 1t may relate only to banks
that are planning to liquidate, 1t was
said
South Reports Marked Gains.
Just now the South is reporting the
most favorable trade news of any Of
the IL Federal Reserve districts. The
Atlanta district reports the highest re-
tail sales in two years. Many small
industries have expanded activities
Bank clearings are the heaviest in
months. Business leaders are more
enthusiastic over the outlook.
In the local fifth Reserve district
business Is better than it was two
weeks ago, the Richmond Bank says.
New York says trade is holding steady.
Philadelphia notes slight advances in
many lines of industry.
New England reports definite, al
though moderate improvement. Chi
Easter approaches, including an unex-
pected demand for automobiles.
Steel output is better in the Cleve-
land district. Out in St. Louis there
has been a pickup in the shoe indus
try. Minneapolis finds retail sales sat-
1sfactory and Kansas City makes SINH
lar reports.
Bank clearings in Dallas, Tex, indi-
cate business revival. San Francisco
Is awaiting business improvement, sales
being slow but prices steady.
Potomac Bank DepOsitors Meet.
Depositors and others interested in
the future of the Potomac Savings
Bank held meeting last night at the
Ashton Heights Woman's Club House,
in Arlington County, Va. Much en-
thusiasm was shown in the campaign
to sell stock enough to raise $500, 900
ton national bank. The drive was
being pushed again today. officials re-
porting encouraging progress.
Lawrence M Proctor, manager OF the
Washington Office of Alexander Brown
g. Sons. foreign and domestic bankers,
announced today that the local offices,
located at 737 Fifteenth street, for
many years, would be moved tomorrow
to 734 Fifteenth street, directly across
the street. The new premises have
been remodeled for an up-to-date in
vestment banking Office.
washington Railway & Electric pre-
ral eta of ho Lo i,,0 a.
ton Stock Exchange today Potomac
Electric Power 5l2 per cent preferred
moved at 1857. In the unlisted de-
partment 81 600 Metropolitan Club 4l2s
changed hands at 81. Woodward &
Lothrop preferred and common stocks
are now being quoted ex-dividend in
preparation for the coming dividends.
Thomas B. Patton Expires.
Thomas B. Patton. for about Is years
general counsel of the American Bank
home in Forest Hills, N. Y, according
to information received here by E. E.
Mountjoy, Washington representative Of
Of the A. B. A.
Judge Patton died of heart trouble.
He had been in poor health for several
months, but had been at the associa-
tons New York Office quite regularly
and his close friends did not realize his
condition was serious. He was about
10 years of age.
He was personally known to many
Washington bankers. his work bringing
him here frequently to appear before
congressional committees. His interpre-
tations of banking law have been
studied almost like textbooks by bankers
all over the United States.
Prj11ioyt IN, Local brain y,nu,or Tudoo
Patton stood at the top in the estima-
tion Of the members of the A. B. A. His
place will be hard to fill. His last ad-
dress In Washington was some two years
ago, when he discussed legal matters
before the Fiduciaries Section Of the