Evening star., 1934-06-07

tasks.
T. Hunton Leith. general conven-
ton chairman presided Brief talks
were made by F. P. H. SiddonS, newly
elected president of the District
Bankers Association, and by Victor
3. Deyber, who spoke for the Wash
lngton Clearing House Association.
The chief speaker of the evening was
Richard w. Hill, national director Of
the American Institute of Banking,
who has been here several days in
advance of the convention to confer
with Capital sponsors of the yearly
meeting.
Every committee chairman reported
A great deal of the advance informa-
ton regarding the sessions has been
given out by Aubrey o. Dooley. as
sistant trust officer of the Hamilton
National Bank. chairman of the Pub
licity Committee Mr. Dooley is a
former president of Washington
Chapter.
Savings Bank Trustees Named.
Stockholders of the East washing
ton Savings Bank held their annual
meeting at the bank. 3l2 Pennsylvania
avenue southeast. and elected the fol-
lowing Is trustees for the ensuing
year
John C. w. Beall, T. Earle Bourne,
Charles A. Garry, James A. Donohoe,
Gratz E. Dunkum, Lewis Flemer, John
Ford. w. P. C. Hazen, Francis j..
Kane. Morris E NARROW. Walter H.
NARROW, jr.; Henry H. Mckee, Will
liam N. Payne, .jr; Samuel H. Walker
and John c. Yost.
Ofhcers will be elected at the first
meeting of the new board TueSday'
June u. The present officers are
John C. Yost, president; Gratz E.
Dunkum. vice president; Lewis File
mer. second vice president, and S.
Wilson EarshaW, SeCretary-treasurer.
Mr.. Yost has been at the head OF
the savings bank for more than two
decades.
Deposit Gains Are Surprise.
Announcement at the White Sui
phur Springs Bankers Convention
that aggregate deposits in Washing
ton banks on May %. 1884, were
s246, 5000, 900 against S2l4,000,oo0 on
May %, 1888. has caused much sur
prise and interest in the city among
both bankers and depositors. That
is a gain of s32,OO0,OO0 during the
year. 1t is probably around what the
total figure will be on the controllers
cali for June 80 deposits, it being
expected that the usual condition
request will be made at the end OF
the Governments fiscal year.
Among the resolutions adopted by
District of Columbia bankers last
week was one praising the work OF
Miss Gwladys NJ. Keer assistant Sec
retary of the association, and Miss
Clara McGrath, manager of the Credit
Bureau, for the unusual capabillty
and efficiency displayed in the carry
ing on of their duties during the year.
Association headquarters are in the
Bond Building.
Firms Offer New Stock.
James NJ. Johnston g. Co., invest
ment firm in the Southern Building
Is sending out prospectus to all
clients, announcing an offering OF
convertible preferred stock of the
Northampton Brewery Corporation
This firm. jointly with Clokey &
Miller. New York is offering 279,400
shares.
The required registration statement
has been filed with the Federal Trade
Commission and the stock has been
listed on the New York Produce Ex-
change. The corporations plant is
located in Pennsylvania. The pros
pectus contains Is printed pages OF
information about the company, its
financial position, nature of its bus
ness, stock authorized and outstand-
Ing and a host of other facts.
1t is an excellent example Of what
the new deal has meant in the pre-
senting of new issues. The announce
sAent states frankly that the offer
ing is a speculation. a fact that prob
ably never would have been printed
in the old days. In other words, in
the new investment era, the buyer
is to be told more nearly just what
he is getting.
Control Bill Discussed.
Announcement that President Roose-
welt had signed the Stock Exchange
control bill was received calmly in
the financial district During the
past few days the tickers have been
crowded with suggestions as to prob
able appointments to the control
commission. The President says he
will not name the commission until
after Congress adjourns.
It is said that the President has
between so and 100 names in a folder
ready to be considered. James M.
Lands, Federal trade commissioner,
Is the only person Washington brokers
consider certain of appointment. His
name is mentioned at the top of the
list whenever the matter is discussed.
He helped frame the control legisla-
ton and was frequently consulted
while the bill was before Congress.
The commission will be one OF
the most important in the Govern
ment. II the market is allowed rea-
sonable freedom brokers look for an
expansion in trading and a great in
crease in public confidence. When
the public is convinced that new safe
guards have been provided a great
deal of so-called idle money may
flow into investment channels. pro-
vided, of course, that the business
outlook is favorable.
Gives Opinion on Balances.
]. S. Bache g. Co., brokerage firm
which maintains a local Office in the
Washington Hotel, in charge of Frank
j. F. Thiel, resident partner, is send
ing to all member firms of the New
York Stock Exchange an opinion pre-
pared by the concerns counsel with
reference to the effect of section 81
of the banking act of 1888 upon Gus
toners credit balances held by stock
brokerage firms.
The gist of the opinion is that
bona fide customers credit balances
held by stock brokerage houses as an
incident of the brokerage business are
not subject to the provisions of sec
tion 81 of the banking act of 1888 and
do not constitute deposits within the
meaning of the section.