Evening star. [volume] (Washington, D.C.) 1854-1972, 1934-06-11

dent during the
last year. H r
Mr.. Pierce is y e
one of the lead Carrou Pierce,
ing bankers in
Northern Virginia and was at one
time mayor of Alexandria. Years ago,
when starting out as a banker, he was
especially interested in the work OF
the American Institute of Banking
and was a leader in Washington
Chapter.
The new president who succeeds
Samuel H. Plummer of Newport News,
was paid a high tribute by Mr.
Plummer for his activity and helpful
ness during the last year as vice
president.
Other Officers Elected.
J Sinclair Brown of Salem. speaker
of the House of Delegates, was elected
vice president; C. w. Beerbower OF
Roanoke, secretary. and Thomas D.
Neal, Richmond, treasurer, were re-
elected. and the Nominating Commit
tees recommendations for executive
council were unanimously approved.
The council, meeting at the end of
the regular session. reelected Miss
Lillian Kendall of Richmond as presi-
dent-secretary, and j. Randolph
Tucker of Richmond as counsel. Miss
Kendall was introduced by the presl-
dent and was given an ovation for
her previous service in behalf of the
association.
Julien H. Hill, president of the
State Planters Bank & Trust Co., of
Richmond, was extended congratula-
lions on his election as a director in
Association of Reserve City Bankers,
which held its annual meeting at
Skytop Pa, last week.
Higher Insurance Seen.
The address of Henry B. Steagall
aroused vice interest. He predicted
that the present insurance of bank
deposits will be raised to guarantee
full payment on deposits of $4,000
from $4,000. He told the Virginia
bankers that the collapse Of credit had
justified the Government in all that
had been done in the way of interven-
ton in private business. Lack OF
bank failures and the increase in bank
deposits prove that the Government
moves were wise, he said, adding that
under ordinary circumstances he
opposes Federal interference with
business.
Leaders of both branches of Con-
gress and President Roosevelt, he
stated, are committed to plan of
raising the present maximum limit on
insured accounts, although the present
law takes care of more than 81 per
cent of all the deposits in the Ma
tons financial institution.
Marshall Diggs executive assistant
to the controller of the currency, in
a short address sketched the benefits
accruing from new banking laws and
expressed a conviction that the Ma
ton is on the road to economic re-
covery
Bankers from nearby Virginia said
today that they considered the con-
vention one of the most important,
constructive and enjoyable held in
many years.
Today's Trading on Exchange.
When the weeks business on the
Washington Stock Exchange opened
today $1,000 Washington Gas SIS, 1860,
sold at l08. Washington Gas 6s series
B, came out at 1903.
Washington Railway & Electric As
we're the most active bonds. Two
$1,000 sales and one $500 transfer
were recorded at 95, unchanged from
other recent sales.
In the stock division Carpet
Corporation stock appeared again to-
day, Is shares moving at H. Poto-
mac Electric Power 512 per cent pre-
ferred was strong at 110A.
A. l. B. Delegates Arrive.
As noted elsewhere in today's Star,
the Washington hotels and many of
the banks were swarming today with
delegates to the thirty-second annual
convention of the American Institute
of Banking. general outpoITing of
bankers connected with local inStitu-
tons greeted the visitors, who arrived
at the Union Station aboard special
trains. The national public-speaking
contest tonight is the first big event
of the four-day sessions.
New York City ban,' stocks recov-
cred during the last week. The ag-
gregate value of the 16 leading issues,
according to records compiled by Holt.
Rose g. Troster, totaled S1,596 ,341 600
on June 8, as compared with 1882
100000 at the close of the previous
week, an increase of So, 342 900, or
Alb per cent.
What a difference an advance in
the New York Stock Market makes in
the atmosphere in the local broker
Offices! Last weeks gains certainly
frightened up views of brokers on the
outlook. also aroused the customers.
Both brokers and bond men report
substantial increase in inquiries about
investments. 1t is now expected that
trading will be considerably more
active during the Summer than had
been feared.
Heard in financial District.
Several Washington banks we're in
gala array today as very large signs
presented a welcome to the members
of the American Institute of Banking.
The Western Maryland Dairy Cor
poration has decl.reo the regular
quarterly dividend of $3.50 on the
preferred stock, payable July to stock
OF record June 20.
j. S. Bache of j. S. Bache q Co.,
New York Stock Exchange firm, has
sailed from New York for Europe
where he will spend the Summer.
Sales of 20 important chain stores
and mail order houses in May show
an average increase of Is per cent
above the May, 1888, record.
NuENKc 0M INNIVINIIhI