Evening star., 1935-11-01
DENT IS ELECTED
COUNSEL FOR BANK
Fills Brandenberg Vacancy
e at National Bank of
Washington.
BY EDWARD C. STONE.

DIeClOIS VI OIlC ANoltOlIoA ANAAN ~
Washington have elected Louis M.
Denit, a Washington attorney, trust
officer and general counsel of the
bank. President George L. Starkey
announced today. He succeeds the
late E. C. Brandenberg who rendered
most valuable service to the inStitu-
ton over long period Of years.
Associated in law partnership and
practice with Mr.. Brandenberg, Mr..
Denit took charge of his legal work at
the bank during the latter's long
illness.
A native of Washington, the banks
new counsel is a graduate of the
George Washington Law School and
is a member of the District bar. He
also has a degree of doctor OF laws
from American University.
He is a member of the Board of
Trade and has served on many i'm
portant committees, including men,
bership He is a member of the
University and other clubs.
District Review Optimistic.
Healthy signs Of revival in con-
struction work, employment gains.
decrease in business failures and a
satisfactory farm outlook were among
the high spots in the Richmond Re
serve Banks monthly review, out to-
day
Fall trade opened up well and ex-
ceeded the volume of business in the
same period last year. Valuation fig
ureS for construction work were prac-
tically double thosS for September,
1884 and all forms of tobacco manu-
featuring exceeded September, 1884,
figures Activity increased in the tex
tile field and live stock prices were
much higher.
"On the whole" the report said,
aggregate income in 1885 derived
from farm products in the fifth dis
trict appears likely to be at least as
high as the 1884 income"
Commercial failures in September
we're the fewest for any month this
year with one exception and liabilities
were the lowest in IS years with the
exception of April and June figures
this year.
Time deposits in % reporting mem
ber banks and aggregate deposits in
IL mutual savings banks totaled $685.
1893, ,958 at the end of September, 1885,
O higher figure than either $337,8l7.-
OFT, reported at the end of August this
year. or S327,052, 500 at the end Of
September, 1884.
Reduction in relief rolls, a jump
from over So 2,oO0, 900 to over S5,000,000
in building permits. an increase in
sales in most wholesale lines and the
phenomenal increase in retail trade Of
264 per cent in Washington were
among other highlights in the report.
A. B. A. Committee to Meet.
Intensive discussions of banking
and association policies and final prep
aration of reports for consideration at
the general and divisional sessions of
the American Bankers Association
Convention at New Orleans, November
lila, will be provided for in sched-
ule of committee and commission as
signments announced in New York
today.
These meetings, which will be held
at the convention headquarters, the
Roosevelt Hotel, will cover such
kuUJeGGS do CuCI al 1CSLc4oL4Oll' wv
nomic policy, convention resolutions
and many association administrative
matters.
On call of the chairmen the follow
ing committee meetings will be held:
Protective Committee. Savings Division
Executive Committee, State Bank Di-
vision Executive Committee, Admins
trative Committee. Resolutions Com
mittee, Bankruptcy Committee, FL
nance Committee and Special COM
mittee on section 5219, United States
revised statutes.
Chicago Meeting Praised.
W. w. Spaid president of the Asso-
ciated Stock Exchanges; Eugene E.
Thompson, vice president and secre-
tary, and James M Johnston, who
represented the Washington Stock
Exchange, have returned from Chi
cago where they attended meeting
of the heads of practically all the
stock exchanges in the country. For
two days round-table discussions were
held, with leaders in the Securities
Exchange Commission present, in
Guiding Chairman Lands. AS pre-
yiously stated. the broker-dealer issue
was the big problem under considera-
tion.
Both brokers and Government Off
cials expressed wide satisfaction at the
conclusion of the sessions over the
practical results. Mr. Johnston rep
resented the Washington Exchange, as
President Y. E. Booker was at White
Sulphur with the investment bankers.
The broker-dealer problem is of
special Importance to exchanges the
size of the one here. where the buSi-
ness is so limited that the brokers
must also be dealers. The same sit
uation prevails on all the other small
er exchanges.
Today's Trading on Exchange.
On the Washington Stock Exchange
today Capital Traction SIS were in the
best demand, opening with a $500
bond selling at 9614. up 4 from yes
terday. Three $1,000 transfers were
then recorded at 96. Anacostia &
Potomac Railroad SIS appeared on
the board again today, $1,000 selling
at 9012.
Stocks were neglected. No sales
followed Capital Transit's monthly
report, the stock closing with 1724
bid and 1872 asked. Mergenthaler
Linotype was also quiet today, closing
with 341s bid and 351a asked. with
no sales 1t is expected that the
Washington Exchange will be closed
next Tuesday when the New York
Stock Exchange will be closed on &C
count of elections.
The Committee on Public Relations
of the Eastern Railroads has just
issued its annual Yearbook of Rail-
road Information" which contains a
host of most interesting and authori-
tative facts relating to the railroad
industry. 1t is pocket size and un-
usually complete.