The Washington times., 1934-02-02

UP and up.
YeSterd ay SaSS&
the crowds Dunbar Har"
watching the boards were larger
than at any time since 1880.
The brokers themselves think
the market is healthy and say
the new interest is curiosiy over
what effect the nations new
monetary policy will have.
G. F. Burton, executive vice
president of the washington
Mechanics Savings Bank, wrote
en interesting letter the other
day to Representative Mary T.
Norton CD) of New Jersey, chair
man Of the House District Com
raittee, in which he urged speedy
action on the bill to relieve stock
holders in local financial insti-
buttons from double liability pro-
visions.
Mr.. Burton said the approval
will stimulate the new bank
merger which will include Mt.
vernon Savings, Franklin Ma
tional and his own bank, which
has been operating unrestricted.
This merger will release approx
haately three million dollars dis
kributed among about fifty
Ghousand persons. That sum and
that many people are interested
In the future Of Mt. Vernon and
FRANKLIN, closed since the local
banking holiday.
In this connection, Mr.. Burton
wrote:
"This bank washington Me
Chanics) which is open and un'
restricted, is now in the process
Of absorbing the business OF
two closed banks with about
$4,000 depOsitOrs and nearly
SS,OOO,OOO to distribute, but 1t
is necessary that we raise our
capital accounts in order to pre-
serve q ratio Of at least 81 OF
capital and surplus to $40 OF
deposits, due to addition OF new
deposits"
He said the stock already was
subscribed but that nothing had
been done because the Would-oe
stockholders were leary OF the
double indemnity provisions OF tne
present District banking act.
Mrs. Burton also advised the
"woman mayor" Of washington
that as soon as the merger goes
through the merged" institution
will get a national bank or FED:
sral Reserve charter. He polnteSol
out, too, that many other small
banks in Washington, under the
act, will be enabled to increase
their capital accounts Tor the
same purpose, and insure deposits
Local investment bankers are
watching with interest the pro
sress being made on their code.
A meeting will be held February
10 and II at Chicago to thresn
out details. A number OF loca!
Investment bankers are expected
to attend.
Karl w. Corby, one Of the
big boys at w. B. Hibbs & Co..
and president Of the washington
Ticker Club, has issued one OF the
most original invitations ever put
out by a local financier.
This writer put Mr.. Corby on
the spot the other day, advising
him that the younger members OF
the club were insisting that he
give a party. TWO days later Mr..
Corby announced he would, come
through. His invitation has gone
over in a big way and it's clock"
that every member of the club
who can wangle night off will
be there, when festivities open
February 8 after 7:30 o'clock at
Burning Tree Country Club.
Frederick P. H. SiddonS, vice
president of the District Of CO.
lumbia Bankers Association, and
q number of associates are plan
ming to go to New York Saturday
night for the annual banquet Of
the New York chapter Of the
American Institute of Banking.
Those making tentative plans in
-clude H. j. HoSkinSon, vice presi-
dent Of Riggs National Bank; Will
mer j. Waller, vice president Of
Hamilton National Bank: James
A. Soper, vice president of Lincoln
National Bank; Richard A. Norris,
Of Lincoln National, and Miss Con-
stance Fogle, chairman Of the
women's committee of the Wash
ington chapter.
e. c. Baltz, secretary Of Per
petual Building and Loan and for
the third time president Of the
Chesapeake and Potomac Power
Boat Association, is "in dutch"
with two of his buddies who have
helped him stage the Presidents
Cup races.
Jack Anadale, treasurer of the
catching group, and L. Gordon
Leach, rear commodore, went UP
to New York over the weekend to
look over the boats in the New
York Boat Show, which is trying
to rival the New York and Wash
ington automobile shows. Mr.
Baltz was supposed to meet them
there, but so far he failed to put
in his appearance,