Evening star., 1934-04-09
BANKERS TOHO[D
IItD|NNER APRIL 25
Date for Pre- Convention
Event Is Announced by
George O. Vass.
BY EDWARD C. STONE.

citation, announced the date today for
the associations so-called pre-con-
vention get-together dinner. 1t will
be held on the evening Of April Is
and, as usual, will be at the Colum-
bia Country Club.
This always is one Of the most i'm
portant gatherings of bank officials
and bank directors held here during
the year. More than 200 financial
leaders generally attend the dinner
and it Is expected that such a mark
will be reached again.
Invitations always are sent to the
Secretary Of the Treasury, governor
of the Federal Reserve Board, con-
troller of the currency and many
other high Government officials.
Mr. Vass has asked Karl w. Corby,
secretary of the association and a
partner in W. B. Hibbs & Co.. to
serve as chairman Of the Committee
Of Arrangements.
While 1t is too soon to announce
the program, Thomas ]. Groom,
chairman of the General Convention
Committee, will outline In detail
plans for the White Sulphur conclave.
"Set speeches" will be barred.
Holds Corner Surely Turned.
Signs of business recovery are un-
mistakable. and they are multiplying
from day to day. Bank credit, long
reluctant to expand, seems now to
have joined in the advancing move
ment, asserts the April Bankers
Magazine. Whether this turn of the
tide is simply a reflex of the ebb. or
whether it is due to Government pro-
pulsion, or is natural recovery
brought about by the return of conf
dence-all this may be subject to
opinion. But as to the recovery it
self-or at least to the beginning of
it-there can be no question.
The stimulative efforts of the Gov
ernment have certainly played a part
In effecting a reversal of the tendency
o of the depression. It could not well
be otherwise, with such enormous
Whether or not this ''priming of the
pulllp WALL dAAO1a IA1C iAAo-
tive power to keep things going, is a
question as to which differences OF
opinion exist The one clear and graf
flying fact is that business is def
nitely on the upturn. and that the
outlook ahead is decidedly better than
for a long time past
At the conclusion Of the first year
of the Roosevelt administration 1t is
quite proper to take an estimate of
the policies inaugurated and carried
out by the President. The details Of
these policies will long be the subject
OF controversy. But their results in
effecting a large degree Of recovery,
and on d basis contributing to a res
toration of confidence, are now too
plain to be ignored, the magazine
adds.
Gas Company Votes Dividend.
Directors of the Washington Gas
Light Co. have declared the regular
quarterly dividend of 80 cents per
share, payable May l to stockholders
of record on April 16.
New York City bank stocks regis
tered further advance during the
past week, the aggregate value of the
16 leading issues, amounting to ST.
$685., 900 as of the close April 6.
This total compares with 81 1,495, ,744,-
900 at the close of the previous week,
an increase of SCI ,223, 900, or 400 per
cent.
Sales returns for March of the i'm
portant chain store and mail order
organizations demonstrate that the
month was a highly successful one
for this type of merchandising. The
combined volume of II of the most
important concerns which have so
far made public their business results
for last month ran 39.l per cent
ahead of the corresponding period OF
a year ago.
After slowing in February, the up
ward swing of building and engineer
ing activity was resumed In March,
according to a F. w. Dodge Corpora
ton report covering volume of con-
tracts awarded for both publicly and
privately financed building in 81
States east of the Rocky Mountains.
The publicly financed work in
March was five times that of the like
1888 month and nearly three times
the amount in March, 1882. The
s52,953, 900 of privately financed build
ing contracts in March was So per
cent greater than the March. 1888,
figure.
IS National Banks Reopened.
During March IS national banks,
with $34,739, 900 frozen and $3,480, 900
unrestricted deposits, were licensed
and opened or reopened, j. F. T.
O'Connor, controller of the currency,
reported. This compares with 63
banks, having $62 5000 frozen and
s6,568,0 unrestricted deposits, Ii
censed during February, and with SO
banks, having $68, 8,966, 900 frozen and
$6,983,000 unrestricted deposits, IL
censed during January.
BY March 81 the number OF un-
licensed national banks in the United
States had been reduced to 2l8, con-
trasted with 1,417 on March 16, 1888,
the first day after termination Of the
banking holiday.
Hobson g. Co., investment firm in
the Tower Building. announces that
Incorporated Investors added three
new stocks to its portfolio, eliminated
six and increased holdings in II dur
ing March. The investment trust now
has s07,l00 shares Of common stock
in So different companies. During re-
cent months about a third Of these
companies have increased their divi-
dends.
Trading on d. C. Exchange.
The weeks first sale on the WASH
ington Stock Exchange was in WASH
ington Gas IS, series B, $500 moving
at 1929.
Anacostia & Potomac IS registered
two $1,000 sales at 66, unchanged
from recent price levels.
Capital Traction SIS were also In de.
mand, $1,000 and $500 of these bonds
changing hands at 81.
Bid and asked prices closed at prac.
tically the same figures as prevailed
last week.
Sales of G. c. Murphy & Co. dur.
ling March, caused comment in the
financial district as showing retail
trends. They were up 709 per cent