Evening star., 1934-06-09

visitor. a mighty
task for him and Robert H. Lacey.
his committee.
T. Hunton Leith, assistant cashier
Security Savings g. Commercial Bank
and general convention chairman,
stated today that representatives OF
the Washington chaptre would leave
here tomorrow and meet the five spe-
cial trains at Philadelphia, Richmond,
Cumberland, Danville and other
points for the purpose of distributing
hotel reservations and assisting the
committee in facilitating the detraln-
ing and registration of delegates.
J. Earle McGeary of w. B. Hibbs &
Co. and first vice president of Wash
ington Chapter, A. I. B., is chairman
of the committee which will handle
the registration of the visiting bank
ers. Over two hundred and twenty
five institute chapters will be repre-
sented at the convention.
Upon registering at the headquar-
ters hotel each delegate will receive
a kit containing complete conven-
ton guide, including the program,
badge and tickets of admission to the
various activities during the four days
of the convention. On Monday eve
ming the delegates will attend the A.
P. Giannini public speaking contest
in the main ball room OF the Willard
Hotel, where nine finaliSts Will COM
pete for Sl.l0O in cash prizes. speak
ing on the subject constructive Gus
toner Relations" The opening gen.
eral convention session will be held
TUESDAY morning in the National
Theater. when DR.. Francis P. Gaines,
president of Washington and Lee
University, will be the principal
speaker.
The Information Committee, under
the Craftsmanship of Norman E. Tow
son, assistant treasurer Washington
Loan g. Trust Co., is prepared 10
supply wealth of information which
it will be called upon to furnish the
delegates. Through special telephone
communications connecting the four
convention hotels and voluminous
file alphabetically and numerically in
dexed this committee will have I'M
mediately available answers to null
titude of questions which will be pro-
pounded by the visitors.
Institute and departmental confer
ences will be held from Tuesday after
noon to Thursday morning, inclusive,
and the closing convention session Will
be held in the National Theater
Thursday afternoon, with o. Howard
Wolfe, cashier of the Philadelphia Ma
tional Bank, as principal speaker.
Crowley Explains Steagall Bill.
A statement intended to clarity a
general misunderstanding" as to the
pending Steagall bill, made by Leo T.
Crowley chairman of the Federal De-
post Insurance Corporation. says the
bill ''in no way involves the assess
ment collected from the banks dur
ing the temporary period.
There is specifically provided the
power of issuing debentures for the
purpose of carrying out this act, and
the retirement of these debentures
must be provided from the funds col
lected from the assets purchased.
These debentures are, according to the
bill, guaranteed by the Government,
and entirely retirable from a separate
fund" said Mr.. Crowley.
Prior to his departure for a motor
tour through England, Scotland and
Ireland, William Montgomery. presi-
dent of the Acacia Mutual Life Insur-
ance Co., announced IS per cent in
crease in the company's net produc-
tion for the first five months of 1884,
as compared with the same period last
year. President Montgomery further
pointed out that total new business tor
the period amounted to approximately
s17.500. .0O0. and that lapses on first
and second year new business were
reduced by IS per cent.
Change in Deposit Trend.
One result of the deposit insurance
scheme already has been to diminish
the volume of deposits in correspond
ent banks. A great deal of talk is
now heard along the line that all
banks be required to deposit their re-
serves with the Federal Reserve and
that the whole system Of correspond
ent banks be eliminated. says Sphere.
1t is emphasized that President
Hoover. in explaining the Government
rescue of the Dawes Bank in Chicago,
insisted that the action was requisite
because so many other banks carried
deposits in the Dawes institution and
would be ruined if it failed. The les
son to be learned by that, it is de-
clared, is to abolish the system under
which such a condition arose.
Nothing is likely to be done at this
Congress, but it is subject which will
arise in the early days of the next
Congress. 1t is one of the devices
proposed to strengthen the Federal
Reserve System, the financial maga-
zine adds.
Heard in Financial District.
Soviet Ambassador Alexander Troy
anovsky will extend a farewell message
to a group of American business men
and engineers, who will make a good
will and trade promotion tour Of
Russia this Summer, in a broadcast
over the WABC-Columbia network
wednesday, June 20, from l0:45 to
II am. The Ambassador will speak
from the Russian embassy.
International Business Machines
Corporation, which has an Office in
washington, has separated the posi-
tions of treasurer and controller of the
company, w. F. Batten, treasurer since
1922. continuing in that capacity
while H. E. PIN has been appointed
controller. Thomas j. Watson, presi-
dent of the company, announced.
Prosperity, such as no human civil
ization has yet been able to visualize.
is ahead of us, due to the business
revolution set in motion by the N. r. A.
This is the opinion expressed by
Edward A. Filene in an article entitled
'"The Present Status of Recovery" to
appear in Mill and Factory Magazine
State and municipal financing dur
ing May totaled SIS. .773 ,229. including
$9l,0 900 of P. w. A. loans, as compared
with $113,690,703 during April in-
cluding $7,875,701 P. w. A. loans)
according to the Daily Bond Buyer of
New York. The total for May, 1898
was $53,925. .276. including s11,544, ,5s8
of r. F. c. loans.