Evening star., 1934-06-04
H|BBS TO CLOSE
BANKING BUSINESS
45.Year Service Will End
June is in Conformity
With 1888 Act.
BY EDWARD c. STONE.

New York and other principal stock
exchanges. in conformity with the
banking act of 1888 will on June l6
discontinue their banking department,
according to announcement made In
the financial district today
During the long period that the
firm has conducted a banking de-
partment the service has been entirely
separate from the brokerage business
and has been provided solely for the
convnience of customers.
The present action is in line with
that being taken by other private
banking houses and in no way af-
fects the firms brokerage activities,
which will continue as heretofore,
memberships and complete trading
facilities being maintained in the New
York Stock Exchange and other eX-
changes
w. B. HibbS & Co. is the Oldest
brokerage firm in Washington. The
partners are w. B. HibbS, who or
ganized the concern; w. w. Spald.
Karl w Corby and J. Thilman Hen
driCk
Separation of private banking from
the brokerage business is definitely
required in the banking act Of 1888.
During the last few days announce
ments have been coming thick and
fast from leading financial firms all
over the country stating which line
of business was to be abandoned.
One of the last statements came
from Kidder, Peabody Co. The firm
will give up deposit banking and con-
centrate on the securities business
after June Is. Announcement is
expected daily from J. P. Morgan
e. Co., one of me largest banking
and brokerage houses in the United
States.
Additional A. l. B. Speakers.
James A Soper vice president and
cashier Lincoln National Bank and
chairman of the Departmental Con-
ference Committee of the American
Institute of Banking, today announced
additional subjects and speakers for
the conferences 10 be held during the
thirty-Second annual convention OF
the institute beginning next Monday.
The session on trust functions will
be lead by A. Key Foster, assistant
trust officer, Birmingham Trust &
Savings Co., under the following
program: "Commingled TruStS-A
Necessity for the Future" Gilbert T.
Stephenson, vice president, Equitable
Trust Co., Wilmington. Del; Trust
Investment Principles as Influenced
by the Depression and the New Deal"
Henry E. Sargent, secretary trust di-
vision, American Bankers Associa-
ton: Taxes as Affecting Trusts and
Trust Estates" Paul P. Pullen, man
ager, business development Chicago
Title g. Trust Co.
The conference on savings banking
is to be led by Robert F. Nutting,
assistant treasurer, Home Savings
Bank, Boston, and the speakers and
subjects selected are: What Con-
stitutes a Savings Deposit" Orrin c.
Lester, vice president, the Bowery
Savings Bank, New York; How Re-
cent Federal Legislation Has Affected
Savings Banking Mai. Fred N
Oliver, counsel. National Association
of Mutual Savings Banks, Washing
ton; The Investment of Savings De-
posts Today" Wendall C. Goddard,
investment manager, Detroit Savings
Bank
Special Talks on Credit.
The credits meeting will be con-
Quoted by George T. Newell, assistant
vice president. Manufacturers Trust
Co. of New York, and the subjects
and speakers are:
Practical Operation of the Credit
Department" Donald Falconer. assist
ant cashier, Bank of America National
Trust g. Savings Association, San
Francisco.
Mutual Interests of the Account
ant and the Banker" F. Lee Major
vice president, Boatman National
Bank. ST. Louis.
Proper Budgeting-Its Increasing
Value" E. A Camman, C. P. A. Part
ner, Peat, Warwick, Mitchell g. Co.
New York
Government and Our Credit Struc-
ture," Melville M. Parker. vice pre5i-
dent and treasurer, Real Estate Trust
Co, Philadelphia.
Audits and accounting conference.
Following subjects and speakers:
Branch Auditing - City-Wide -
Statewide" George A. Stanley, as
sistant cashier, Bank of America Ma
tional Trust & Savings Association
San Jose. Calf
Should the Auditing Department
Undertake Asset Valuation and Direct
Veriication With Customers?' w. A
Harman, auditor, National City Bank
Cleveland.
The Auditors Part in Directors
Examinations. Arthur J. Linn, con-
troller, Hamilton National Bank
Washington.
Exchange in Lively Session.
The weeks business on the WASH
ingtOn Stock Exchange started off in
lively fashion. Washington Railway
e. Electric As were the market lead
ers, five $4,000 transactions taking
place at 9434.
Capital Traction SIS opened at 1914
and closed up an eighth. Washing
ton Gas Light IS. 1860, we're very
strong at 1903 The remaining trad
ing was in stocks, Capital Traction
selling at 24l4, Potomac Electric
Power 5l2 per cent preferred at ITO
and Mergenthaler Linotype at %.
Robert Fleming, Avon NJ. NeviuS
and Sidney F. Taliaferro of the Riggs
National Bank are attending the an
maui convention of the Association OF
Reserve City Bankers, being held at
Skytop Inn. Skytop. Pa. Mr.. Flem-
ing is on the program to review the
national legislative situation SO far as
1t pertains TO banking and finance.
New Treasury Offerings.
An offering of s3OO,OOO,OOO 12-14-
year per cent bonds and S500,000.-
600, 5-year 21s per cent Treasury
notes is announced by Secretary Nor
genthau The bonds will be dated
June Is, 1884. The notes will be
given the same date and will not be
called for redemption before they
mature on June Is. 1899.
Much comment was aroused here
over the report that member banks
of the Baltimore Clearing House will
reduce interest on savings deposits to
2l2 per cent from per cent on the
first $4,000, to IL per cent from