Evening star., 1935-09-13


Director Stonier called attention to
the sweeping legal changes in the
business of banking which have forced
changes in the thought and attitude
of all banking leaders. whole new
system has been added to the coun-
try's banking structure. bringing with
1t many new and difficult problems.
The new savings problem is one
Of the most important. People must
be educated to get back to savings
and thrift, each individual being
made to realize that he must work
out his own economic future. The
old 1929 idea that great prosperity
can be brought about by wild gam
bling in stocks has been discarded,
the speaker said.
There are new problems in credit,
in investments, in trust funds and
in real estate. All these and many
others enter into the new picture.
After the 1929 crash businessmen
and bankers sat back for two or
three years and bemoaned the fact
that things were not like the days
Of the boom Such comparisons were
useless. Business made no progress
by looking backward. It became
necessary to forget 1929. That has
been done. Business now looks to the
future and real progress is being
made.
Bankers Held in New Light.
In the new era the banker is being
held in new light, DR.. Stonier de-
clared. His advice is still desired.
He may not always be popular, but
his sound views will be respected.
He must and will help guide mil
lions along the road of economic
sanity.
In conclusion, the speaker urged
Washingtons younger bankers to study
banking as never before The students
of today will soon have their part in
the new banking leadership, he as
serted. Education and initiative will
count, the best positions going to the
best equipped. The days when every
body was rich and all rode in Cadillac
ears seem to have passed forever.
Bankers who may have been unap-
proachable in the boom days are now
ready and anxious to listen to every
sound proposition from associates or
customers" said DR.. Stonier.
Oficers and committee chairmen
urged enrolment in the institute
courses.
Edward M. Blaichlock Washington
Loan g. Trust Co., chairman of the
Educational Committee. presided at
the banquet and outlined the educa-
tional program for the coming year
Bruce B. Frantz, American Security g.
Trust Co., spoke for the Board of
Consuls. and Robert H. Sisson, Ham,
ilton National Bank, for the Member
ship Committee.
Future Called Bright.
Paul J. Seltzer, American Security
& Trust Co.. announced general plans
for the chapter program. j. Earl Nc
Geary. w. B. Hibbs & Co., president
of Washington Chapter, urged all
those present to stress the policy and
advantages of the school to the EN-
ployes Of the banks. and expressed the
belief that prospects for the young
banker are becoming brighter all the
time, particularly for those who pre-
pare themselves for banking work.
Charles H. Doing president of the
District Bankers Association, and
Karl w. Corby, first vice president,
represented the association. Members
of the faculty, other officers of the
chapter, and several special guests
were introduced. Dean Raymond B.
Dickey spoke briefly. DR.. Stonier in
troduced his personal friend, Emery
E. Olson, new professor Of public af-
fairs at American University. and Mrs.
Olson. The attendance was the largest
in years, including six past presi-
dents Of the chapter.
Faster Service on Checks.
United Air Lines reports a suhstan-
tial increase in the volume of airmail
and express following the speeding up
of its overnight coast-to-coast service,
with an hour earlier arrival on the
Pacific Coast, so that Cancelled checks
can go through clearing houses at the
opening of the business day in cities
$500 miles distant from Washington.
United's hour faster service permits
the transportation of airmail and air
express as well as passengers from
Washington Airport at 3:45 pm. to
reach San Francisco at 7:27 an. and
Portland, Tacoma and Seattle before
the opening Of the business day.
United now links every city Of 100,-
900 population In California, Oregon
and Washington, and Vancouver. Brit
ish Columbia, with overnight service
from Washington.
Lincoln Elects Director.
Directors of the Lincoln National
Bank have elected George I. Berger
to membership on the board, it was
announced today by President Floyd
e. Davis. Mr.. Berger has been ac-
lively engaged in the real estate busi-
ness In Washington for the past 80
years. He was connected with the
late James F. Shea for many years
and has succeeded to the business
since the death Of Mr.. Shea about six
months ago. He is a member Of the
District of Columbia bar and a di-
rector in the Enterprise Serial Build
. ing Association.
Today's Trading on Exchange.
Washington Railway & Electric Is
opened trading on the Washington
Stock Exchange yesterday with 1000
selling at 1854. Today Capital Trac-
ton SIS came out in two 81 600 trans
fers at 81, unchanged from yesterday.
city g. Suburban IS also appeared on
the board today. $1,000 moving at 90.
In the stock division, small lot OF
Potomac Electric Power 5l2 per cent
preferred brought 1131z and Is shares
Of Capital Transit stock changed
hands at 17h. =
Financial District Notes.
The attendance was very large In
the local board rooms again today as
the New York market opened with
rush and at higher prices.
The First Boston Corp, as syndicate
manager, has announced tnat tne
$4,000, 900 issue Of Chesapeake q ONO