Evening star., 1935-06-07
CLEARING HOUSE
tsW|LL MAKE SHIFT
Business to Be Conducted
sat Riggs Bank During
Shrine Convention.
By EDWARD G. STONE.

on during the Shrine Convention 1t
the Riggs National Bank, instead of
at headquarters. In the National
Metropolitan Bank Building. On ac-
count Of parades and the great influx
OF visitors, 1t was decided that there
would be times when the messengers
from the banks could not all get to
the daily sessions on account of the
expected jam on Fifteenth street.
Riggs Bank can be reached from
an alley In the rear, should the crowds
be too great at the front entrance.
Arrangements have already been COM
pleted for space on the third floor,
where the daily handling of checks
will take place. Clearing house Of
Acials have been most forehanded in
their plans to keep this important
routine work up to the minute.
The exchange Of checks between
the local banks has grown steadily
during the present year, as evidenced
by an increase of $70,043,274.86 In the
hrst five months of 1885 over 1884
and a $16,295.87647 gain in May
total clearings over May year ago.
H. H. Mckee, president of the Ma
tional Capital Bank, Is chairman of
the washington Clearing House Asso-
citation, while Charles e. Bright, as
sistant cashier Of the National Metro
politan Bank, Is manager. Members
Of the Executive Committee include
Frank J. Stryker. president of the
Columbia National Bank; George L.
6tarkey, president Of the National
Bank Of Washington: Robert v. Flem-
ing, president Of Riggs National. and
9. F. Jacobsen. cashier, National
Metropolitan.
Victor B. Deyber, president of the
Second National Bank, has been Sec
fetary OF the Clearing House Associa-
tion for many years.
Barrett New Section Chairman.
James D. Barrett, chief clerk al the
American Security e. Trust Co, was
elected chairman Of the auditors Sec
tion Of the District Bankers Asoscia-
tion, at the annual meeting held at
Olney Inn last evening. He succeeds
r. Earle Haycock.
Millard s. Yeatman, auditor of the
Hamilton National Bank, was elected
vice chairman, and Harry L. Downey,
chief clerk Of the Washington Loan a.
Trust Co., was chosen secretary and
treasurer.
These officers and two other mem
bers constitute the Executive Council,
the new members being Mr.. Haycock,
retiring chairman. and Gerald e.
Keene, assistant cashier, Second Ma
ttonal Bank.
More than 40 members and guests
were present, including two officers of
the District Bankers Association, First
Vice President Karl w. Corby and
Second Vice President Thomas j.
Groom. In representing the parent
association, Mr.. Corby outlined some
Of the work which he hoped the Sec
ton would do this year.
3 The retiring chairman, Mr.. Hay
cock, made his annual report, the same
statement that was read to the bankers
at Hot Springs, and revealing unusu-
ally successful year. ..s
Oriental Officers Elected. =
y Charles H. Bauman was reelected
president OF the Oriental Building
Association at the annual meeting late
yesterday. Other officers reelected
are: Henry e. Deckman, secretary,
and Charles w. Schafer, treasurer.
The association also reelected the
following directors: Carl Haneke,
Charles w. Schafer, G. H. Schultze,
John j. Kolb, William r. Oschenreiter,
August G. Hermann, Chaplin B.
Bauman and Thomas B. Young. One
new director was elected, Louis G.
Dismer, who succeeds the late Ben
5amin n. Parker.
Resources Of the association, now
In excess of $500 900, are the high
est in the history Of the organization,
according to the report Of the
secretary.
The Oriental was established In
1851 by q group Of substantial
0erman-Americans.
Warns Of Too Many Banks.
Phillips L. 0oldsborough, director
n the Federal Deposit Insurance
Corp, warned against the opening Of
too many new banks with insufficient
capital structure, ir an adduess before
the West Virginia Bankers Associa-
tion, at White Sulphur Springs today.
The former Republican Governor
Of Maryland said the banking struc-
ture Of the Nation has improved and
the people have regained confidence
In the financial institutions.
IF we are to avoid a recurrence
Of bank failures" he said, I'VE must
be careful that the country is not
over-banked; for while in times of
rising prices and economic recovery,
an over-banked situation may stand
up, the effect Of economic reverses
exposes the weakness Of the situation
and tears down not only the ill-con-
ceived banks, but others with it.
Independent Of the Federal de-
posit insurance fund, this situation
must not be allowed to occur again
and 1t Is most vital to the insurance
fund and to every bank now q part
thereof that 1t does not occur again."
Peoples Drug Sales Jump.
Sales of Peoples Drug Stores, Inc,
for May. totaled 81 ,561 ,O23, compared
with $1,336,054, an increase Of S224.-
o60 over May. 1884, or q gain Of 1873
PSA SSk4s, Az W0o 6414lOQlICCu at tLlG
head ONCE here today. For the first
1ive months Of this year Peoples sales
amounted to $7,5s2.0s4 as compared
with $6,6s3, ,264 in the like period .
year ago. This Is dollar volume
gain Of $s6s.S20 or 13 per cent. The
substantial gain In May Is Just q little
better than the showing In the
previous month. the April being Isl
per cent better than year ago.
News reached the financial district
today that the Irving Trust Co.. New
York, has declared quarterly divi-
dend Of Is cents o share In the place
OF the previous IS cent quarterly,
placing the dividend on 60-cent
annual basis. The stock is widely
held Ia Washington.
The advance of American Tele-
phone d Telegraph stock this year
from e8I to 1277s has caused 3 great
deal Of favorable comment among