Evening star., 1933-02-03

cludes long list
of trust experts
from all over the
United States. M
The conference is I&&#
q national affair
and draws trust Charles E. Bright.
men from all parts
of the country. with an attendance in
past years of upward of 900. The pro-
gram deals with the practical problems
OF trust experience and administration,
questions OF principles and policies, re-
lations with customers and conserva-
tive investment methods in connection
with trust assets.
In the past several representatives
from the trust departments Of the local
banks have attended these bank meet
ings 1t is too early to say who will
attend this years sessions.
Bright Holds Unusual Records.
Charles E. Bright. who was recently
feappointed manager of the Washing
ton Clearing House Association for the
coming year, was first assigned to this
position in 1915, which means he has
had charge of the records and kept the
operating wheels of the association run
ming along smoothly for 18 years.
That's long term of service, but he
has another record far more unusual.
He is an assistant cashier Of the Ma
ticnal Metropolitan Bank. with which
institution he has been connected con-
tinuously for At years. or will have been
on March a. On that date in 1885
he entered the employ of the bank,
starting as mcst everybody did in those
DAYS, as messenger.
The young man soon graduated from
IS l. md Ct % ri
ed up the banking ladder. He was
given positions of more and more i'm
portance, until in 1917 he was elected
an assistant cashier AS the Clearing
House Association is located in the Met
ropolitan Bank Building. it is only nat
ural that an official of the Metropolitan
Bank should be the manager.
A native of washington, Mr.. Bright
received his education in the public
schools in this city. For many years
he was one of the most active members
of Washington Chapter, American In
stitute of Banking, serving several
terms as treasurer.
Payne Elected to Directorate.
William N Payne. jr.. secretary Of
the Eastern Building & Loan Associa-
ton, has been elected to the board of
directors, succeeding the late William
H. Harmer. The other directors and
officers we're reelected at yesterdays
annual meeting as follows:
Maurice Otterback, president: Clar-
ence F. Donohoe, vice president; Will
liam N. Payne, jr. secretary; George R.
Repetti, treasurer; Walter H. NARROW,
attornev. The directors are Charles A.
Garry. Clarence F. Donohoe, William H.
Harrison, James j. Hayes. Walter H.
Marlow, Maurice Otterback. George R.
Repetti and John NJ. Riordon.
Mr.. Otterback was elected to the
presidency OF the association in 1929,
succeeding the late Alexander Nc
KenZie At that time Mr. Donohoe
succeeded Mr.. Otterback as vice presi-
dent and John III. Riordon, executive
vice president, Bank of Commerce g.
Savings. who had been an auditor of
the association fer 90 years, was added
to the board, succeeding Mr.. Mckenzie.
Insurance Stocks Improve.
Insurance stocks in the New York
City market followed the general trend
of security prices during January and
closed the month at slightly higher
levels The Holt, Rose & Troster
weighted average of 20 of the leading
stocks appreciated from the months
low of 1885 on January 3 to the
months high of 1888 on January 10.
The average closed January 81 at 24.67
for net gain on the month OF ap-
proXimately per cent.
New York City Bank stock prices
moved within a narrow range during
January, but closed the month at
slightly higher levels. The weighted
average of II of the leading issues
opened January 3 at $685. which
proved 10 be the low for the month.
After reaching the months high OF
62.l9 on January 10, the list f1uctuated
narrowly, finally closing January at
59.99.
Bonds Again Exchange Leaders.
One of the largest sales recorded on
the Washington Stock Exchange in
many sessions took place today when
Sl1,5OO new Washington Gas Light IS,
1858, changed hands at 94l4, price un-
changed from all other recent trans
actions.
Washington Railway g. Electric 4s
opened with 1000 sale at 913s and
closed with another $1,000 transfer at
91as. The remaining trading was in
stocks. the first sale being so shares OF
Capital Traction at 10, followed by
10-share lot at the same price. Six
shares of Potomac Electric Power 5l2
per cent preferred came out at 10712:.
Quotations on stocks and bonds in the
unlisted department were given their
usual Friday attention, no change being
made in quotations.
Loans to Railroads Reported.
According to the monthly report OF
the Railroad Credit Corporation, filed
today with the Interstate Commerce
Commission, that corporation had at
January 81, 1893, either actually made
or authorized loans to railroads to meet
their fixed interest obligations totaling
$53.259,9l8. OF that amount, SAB .163,-
O52 represented loans actually outstand-
ing, S1,236647 had been repaid. leaving
q balance of $3860,2l9 to which the
corporation is committed.
Dividends and Other Notes.
May Department Stores Co. has de-
clared the regular quarterly dividend
of Is cents on the common stock, pay
able March l to stock of record Feb
Tuary Is.
United Stores Corporation has de-
clared the regularly quarterly dividend
of 81K4 cents share on the preferred
stock, payable March Is to stockholders
of record February "a.
Metro-Goldwyn Pictures Corporation
has declared the regular quarterly divl-
dend of 47L4 cents share, payable
March Is to shareholders of record
February a.
The New York Stock Exchange mem
bership of George N. Hersey has been
transferred to Herbert R. Hastings Of
Fenner Beane & Ungerleider, accord
ing to the firms Washington Office.