Evening star., 1934-01-19

session of Congress FPu siddons
and took up the
actual operation of many of these new
laws
Mr. Siddons recommended that all
the larger banks have one central point
of information and Interpretation Of
all the new laws. In other words, he
would have one official in each banking
institution give great deal OF time and
thought to each problem as IT arises
and be in a position to answer any
questions presented by any Of the en-
ployes in the bank. In this way every
bank will be up to date in its operations
and also be in position to give patrons
accurate information on every phase
OF banking.
Other Rulings Discussed.
From experience in his own bank,
Mr.. Siddons announced that this plan
had proved most satisfactory. The
association official touched on many
very important rulings that have come
from the Treasury and the controller
since some of the new laws were passed.
The question of just what constitutes
a thrift account is arising constantly.
Since interest can no longer be paid
on demand deposits. a great deal OF
money has been transferred to time
deposits Some of these funds can
hardly be cIaSsed as savings. A careful
distinction has to be made, based on
recent Government interpretations.
The new insurance of deposits law.
legal problems in the trust departments
and a score of other equally important
subjects were mentioned by the speaker.
At the conclusion of Mr.. Siddons' re-
marks, many questions were asked and
the meeting took on the nature OF a
banking forum for time.
Work Of Sections Covered.
T. Stanley Holland, chairman of the
fduciarieS section, made a report OF
special interest covering the work of
this section Albert S. Galley presented
his report as treasurer Eliot H. Thom-
son reported as chairman of the Ad-
vertising Committee, while Thomas NJ
Groom, chairman of the Protective
Committee. reviewed the recent work of
that committee.
c. F. jacobsen reported as chairman
of the Credit Bureau and Francis G..
Addison, jr., chairman of the Law and
Legislation Committee, presented the
next report. S. w. Miller, chairman Of
the committee on standardized forms:
Albert E. Yeatman, chairman of the
chairman of the safe deposit section,
also made important reports.
Chairman Thomson of the Advertis-
ing Committee reported on the results
of the recent Christmas Savings Club
campaign for the 1884 clubs. The total
number of enrolled members is 55,307
and the amount subscribed about
s4.5oO,O0o.
This. of course. is falling off from
last year, largely because there were 10
fewer banks conducting clubs this year.
There we're % last year and l8 this
year that entered the cooperative
advertising campaign carried out by the
Bankers Association.
The fact that over $4,000 Washington
people enrolled this year, however, is
considered highly satisfactory. For
years the Capital has been a remarkable
Christmas Savings Club city. Last year
the average for the whole United States
was S4260 per club member, while in
Washington the individual member sub
scription was about $50.
New Security Storage Director.
H. L. Rust, jr., has been elected a
member of the board of directors of the
Security Storage Co.
The other directors elected at the
annual meeting of the stockholders
include C. A. Aspinwall w. S. Corby,
w, j. F1ather, c. F. Norment, Corcoran
Thorn and Lloyd B. Wilson.
The board of directors elected the
following officers: President, c. A.
Aspinwall; vice president and treasurer,
G. w. Pimper; secretary, Charles P.
Ravenburg; assistant secretary, Paul
Alvey and assistant treasurer Helen
Howison.
West Coast Office Opened.
The Washington Office of G.. Mp.
Murphy & Co. has been advised of an
extension of its wire system to the
Pacific Coast through a connection with
Schwabacher & Co., with offices in San
Francisco Los Angeles, Oakland, Fresno
and Santa Barbara.
This connection extends the contracts
of G. Mp, Murphy & Co. considerably.
1t will enable the firm to secure quota
tions on many securities listed on the
San Francisco Stock Exchange and San
Francisco Curb Exchange, and makes
1t possible to deal through the California
markets for two and one-half hours
after the close of the New York ex-
changes.
Today's Trading on Exchange.
Capital Traction IS sold at 62 on the
Washington Stock Exchange today.
Two 1000 sales in Anacostia & Po-
tomac R. R. IS we're recorded at 5012.
Potomac Electric Power 5l2 per cent
preferred moved at LOT and Capital
Traction stock registered sales at Is
and 14ai.
EmerSon's Bromo Seltzer and Carpet
Corporation are both being quoted ex
dividend on the Washington Exchange,
following the recent dividend declara-
tionS.
Emersons Bromo Setzer, Inc, has
declared the regular quarterly dividends
of so cents each on the class A and B
common stocks, both payable February
/ to stock of record January o.
National Power & Light Co. has de-
clared a dividend of 20 cents on the
common stock, payable March l to
stock of record February TO- Company
previously paid 25 cents quarterly.
All Washington banks have been
notified of an indefinite extension of
time in connection with the sur
redering of gold to the Treasury. Some
gold was brought to the local banks
again TODAY. but the flood is recedipg.