Evening star., 1935-03-27
HEADS COMMITTEE
FOR BANK SESSION
William v. Simmons Named
Chairman of Hotel Ar
rangements Group.
BY EDWARD C. STONE.

has been appointed chairman OF the
Hotel Committee to arrange for the
coming annual convention of the Dis
trict Bankers Association, according
to announcement by President Fred
erick P H. Siddons.
Mr.. Simmons has been connected
with the Liberty National for the past
three years and previous to joining
the staff was with the American Sc
curity e. Trust Co. for eight years.
A native of Mississippi, he came to
Washington in 1917, completed his
education here and entered the bank
ing business. He is graduate OF
George Washington University, hav-
ing a degree of A. B. from the lit
erary department and another from
the law school, and is a member OF
the District bar.
The Hotel Committee is one of
the most important connected with
the convention. The other members
named by President Siddons include
Archibald McLachlen, secretary and
assistant treasurer of the McLachlen
Banking Corp, vice chairman; Bruce
Baird. vice president and trust officer
of the National Savings e. Trust Co.;
C. F. Jacobson. cashier of the Ma
tional Metropolitan Bank: A. H. Law
son, vice president and real estate Off
Ger of the Washington Loan & Trust
Co., and ]. Frank White, vice presi-
dent and cashier of the National Bank
of Washington.
Bank Women Elect Officers.
Miss Alice H. Whitton has been
elected president of the Bank Wo-
mems Club of Washington, the an
nual election having been held at
the final meeting of the year at the
Women's City Club. The complete
slate follows:
Miss Alice H. Whitton, assistant to
the trust officer, First National Bank,
Alexandria, president: Miss Eleanor
L. Dankmeyer, Security Savings d
Commercial Bank, vice president;
Mrs. Laila M Sloat. National Metro
politan Bank, recording secretary;
Mrs. Gertrude c. Wick, Liberty Ma
tional Bank, corresponding secretary;
Mrs. Etheline E. Parker, Security
Savings g. Commercial Bank, treas
urer, and Miss Mary Craven, Hamll-
ton National Bank, historian.
The Board of Governors includes
Miss Anne Crawford, McLachlen
Banking Corp; Miss Constance Fogle,
Riggs National Bank: Mrs. Virginia
Harrison, Mrs. Marion Sebastian, Ma
tional Metropolitan Bank, and Miss
Eleanor c. Watkins, First National
Bank. Alexandria.
Miss LOIS M. White OF the Hamll-
ton National Bank served the club as
publicity chairman during the past
year. She is former president and
charter member of the organization.
Bankruptcy Act Studied.
Treasury officials are considering
asking new legislation to facilitate
proceedings under the bankruptcy act
of 1884 and to protect the Govern
ment creditor interest in private
corporations.
Approval of the Secretary OF the
Treasury is required by law If the Gov
ernment has any interest, through un-
paid taxes, loans, contract defaults,
etc, in corporations which seek to
reorganize, with approval of the Fed
eral courts and after hearing of cred
itors, under sections and 77-B of the
bankruptcy act of 1884.
There is now no provision for formal
notification of the Government when
plans are submitted to the courts. The
Treasury would like to correct two diff
ficulties: First, to provide for formal
notification of the Government, and
second, to give the Government a
hearing before the court approves the
plan under question.
The Government, through the Bu-
reau of Internal Revenue, has adopted
q lenient attitude in reorganizations
with regard to modification of its
creditor claims. 1t is felt that busi-
ness with sound prospects should be
aided as much as possible.
Financial District Comment.
n. Prescott Galley, president Of the
National Savings & Trust Co., re-
ceived many hearty congratulations
today on the occasion of his 6Oth
birthday anniversary. He was elected
to his present position on May l, 1884,
when William D. Hoover was elected
chairman of the board. Mr.. Galley
practiced law here many years before
becoming active in banking.
Investors in Washington were much
interested in the action taken by the
directors of the Norfolk & Western
Railroad in calling for redemption on
July ! at los and accrued interest
the S35, 100000 general mortgage 4 per
cent bonds due July l, 1914. A good
many Of these bonds are held here.
No new securities will be issued in
the transaction. This railroad is one
of the few that has been reducing its
funded debt for years.
Halsey, Stuart & Co, bidding alone,
were awarded the Danville, Va, $246,-
500 1921 (average) 4 per cent school
bonds yesterday on a bid of 109.794.
The bonds are being reoffered to yield
/ per cent to 3.25 per cent, according
to maturity. Brown Hartman & Co.
and Miller & Patterson bid 1085l34,
while E. B. Smith & Co. and Scott &
Stringfellow of Richmond bid 107.79.
Telegraphic information was re-
ceived today by C. J. Gockeler an
nouncing the death in Pasadena,
Calf. of Louis w. Morrison, men,
Der of the Washington Stock Ex-
change for rs years or longer. The
Exchange adjourned earlier than
usual out of respect to his memory,
and President Y. E. Booker was in
structed to send telegram of SYM
pathy to members of the family. In
recent years Mr.. Morrison had been
away from Washington much of the
time but had retained his seat on
the Exchange.
Bank Employees Form Club.
The employees of the Bank of Com.
merce e. Savings have organized 6
club which is to be known as thu
Bank of Commerce g. Savings EN-.
ployes' Club" At the organization
meeting which has just been helc
the following were elected as officer
for the ensuing year:
w. w. Silver, jr., president; Thomas
J. Norris, vice president; Philip M
Grove, secretary.
The activities of the club will b.
devoted principally to customer rela
tions. with an occasional social func'