Evening star., 1935-05-08

CdSlllCI, INdOlO1ldA
Met r op o llean s,sh H. G. Hoskinson.
iect will be Bank Management;
George E. Hamilton, jr.. assistant
attorney, Union Trust Co., Some
Aspects of Trust Administration"
and Frank M. Perley, trust invest
ment officer of the American Secur-
ity g. Trust Co., whose subject will be
"Supervision of Trust Investments"
The subjects announ> d today are
of particular interest to all bankers
and trust executives, and the speakers
are ably qualified to present their
papers. AS is always the case 1T these
conventions, there will be speakers
of national reputation on the program.
further announcement along this line
to be made soon.
Lanier P. McLachlen, president Of
the McLachlen Banking Corp, is
chairman of the Program Committee
this year. AS former president OF
the association, he is especially well
fitted to prepare program OF great
value to the delegates and guests.
Since the Spring dinner at the Co.
lumbia Country Club, interest in the
coming meeting has grown rapidly.
At that time Chairman Hoskinson
outlined convention plans as far as
they had been developed.
The Homestead Hotel has sent
folder to bank officers and directors
here picturing the attractions offered
at the famous Virginia resort, the
booklet being of special appeal to
those who have not attended any of
the other seven conventions held
there by Washington bankers.
Proposed Bank Bill Scored.
Washington bankers were among
$4,000 members of the American
Bankers Association receiving letters
from President R. S. Hecht, criticizing
certain features of the banking act of
1885. The letter first presents objec-
tions to Title I. which provides for
Federal deposit insurance, a proposed
rate of assessment. Mr.. Hecht ex-
plains:
I'VE believe that in view of other
increased costs now imposed upon
banks and in view of low interest in
come and reduced earnings, the new
bill creates an excessive levy which
can not well be borne by banks with
out endangering their ability to build
up proper reserves to take care of in
dividual losses which are bound to
occur
Mr. Hecht takes up Title II, which
deals with the Federal Reserve Sys-
tenn. Some of the suggestions of the
A. B. A. have been partially adopted
but others have not been altered
Vesting authority over open-market
operations, discount rates and reserve
requirements in the Federal Reserve
Board is strongly opposed.
President Hecht declares that the
governors of the Federal Reserve banks
should serve not merely in an advisory
capacity, but should have an effective
vote with respect to open-market
operations, discount rates and reserve
requirements to maintain a voice in
these vital and important questions
Of policy.
The contents of the letter has the
full support of the other A. B. A. Of
ficers, Robert v. Fleming and Tom
K. Smith, and of the Executive Coun-
Gil. The opposition is being vigorously
pushed at the congressional hearings.
Investment Bankers Study Code.
Investment bankers having charge
Of code compliance in district 13,
which includes Washington, Mary
land, the Virginias and the Carolinas.
met at the office of Chairman Y. E.
Booker in the American Security
Building here yesterday afternoon.
Since the sharp pickup In refunding
bond issues there have been a number
OF new problems relating to invest
ment practices which have aroused
complaints between dealers. These
we're ironed out at the meeting. There
Is heavy demand for all new issues
and the methods of distribution are of
wide importance.
Members OF the Washington Asso-
citation of Credit Men have received
notice that the fortieth annual con-
ventlon OF the national association will
take place In Pittsburgh, beginning
June II. Several members expect to
attend.
vOhuS INVESTMENT counsel.
Aubrey l.. Romine, who has for
many years been reporting on develop-
ments in national affairs affecting
general business, has become associ-
ated with the Washington Office of
Edle-Davidson, Inc, investment coun-
sci and economic consultants. The
vice president of this firm is Winslow
3. Van Devanter, former president
OF the Washington Bond Club.
Councillor & Buchanan. certified
public accountants in the Tower
Building, have opened an office in
Greensboro, N. c., under the resident
management of Frank C. Sproul.
Robert c. Jones, president of the
investment firm by that name, has
been in New York for several days
on a business trip.
Bonds in Strong Demand.
Bonds were in excellent demand on
the Washington Stock Exchange today,
opening with Potomac Electric Power
IS selling at 108 and closing at 1071s.
washington Railway & Electric As
moved at 104%, while Washington
Gas IS, 1860, came out at 116
In the stock division Lanston Morio-
type recorded four-share sale at 81,
following the recent new high for the
year of 60. Capital Transit was in
better demand today. 1t opened at
10 nat and closed with two small lot
sales at 1879. Washington Railway &
Electric preferred appeared on the
board at 1855.
John Boyle, for many years a repre-
sentative of the Wall Street Journal
in Washington, visited the local ex-
change today and was accorded the
privilege Of the floor.
Financial District Notes.
Washington members have just been
Informed that M. p. Patterson, assist
ant controller Of the State-P Planters
Bank & Trust Co. Of Richmond, will
address the annual convention Of the
American Institute Of Banking In
June at q conference on audits and
accounting.
"a -