Evening star., 1935-09-24

safe deposit de- A Eixh.r
partments in all
the city's banks will be discussed at
the initial Fall session. The new
committees include:
Committee on Standardization Of
Safe Deposit Practices - Chairman,
John NJ Boteler, National Savings
& Trust Co.: c. NJ Ashton, Mum
sey Trust Co.; Mrs. Florence P.
Warner, Riggs National Bank; James
E. Woltz. National Metropolitan
Bank; William H. Harper, Wash
ington Loan q Trust Co. and juy
D. Cowl, McLachlen Banking Corp.
Committee on Standardized Safe
Deposit Forms - Chairman, Charles
w. Haas, Union Trust Co.; Samuel
r. Baulsir, Security Savings & Com
mercial Bank; Arthur P Miller, Lib
erty National sank; Nelson Stokes.
Lincoln National Bank; Mrs. Marshall
Smith, AnacoStia Rank, and Mrs. Doris
N. De Lozier, Second National Bank.
Educational and Publicity Commit
tee-Chairman, Miss Mary J. Pearce,
Columbia National Bank; Jesse S.
Cheyney, American Security & Trust
Co.; T. E. Elgin, the City Bank; w.
Clarence Miller, National Bank of
Washington; Mrs. Allene Weatherly,
Bank o. Commerce d Savings, and
Mrs. Marion Evans, Hamilton Ma
tional Bank.
Election of Landis Praised.
Election of James M. Lands as
change Commission, succeeding
Joseph P. Kennedy, resigned, was
lauded by leading brokers in Wash
ington's financial district today. Sew
eral quoted the views Of President
Charles r. Ray of the New York
Stock Exchange, who expressed pleas
ure over the selection, said that the
attitude of Mr. Lands toward the ad-
ministration of the securities eX-
change act has always been construc-
tive and most helpful to the Exchange
in its own difficult task of adjusting
itself to the requirements of the new
legislation.
The new chairman was the closest
of any member Of the commission to
Mr.. Kennedy and his choice for the
post. AS Mr.. Lands has been with
he is familiar with every step that
has been taken to carry out the aims
of the securities exchange act for
the better protection Of investors.
The statement by Chairman Lands
that there will be no change in policy
of administration pleased brokers
here. He will have more RESPONSE
the new public utility act comes I'M
der the Securities Commission. He
takes the Craftsmanship at a time
when there is no more alarm over the
work of the commission, although a
good many brokers and other fnan-
ciers still object to the cost involved
in supplying so many special reports.
Institute Gets Good Start.
Enrolment in Washington Chap
ter, American Institute of Banking,
started last night at headquarters in
the Bond Building. Glass work in
the banking courses for the first half
year also got under way.
The number of students signing up
for various courses was ahead of last
year, officials reported today. There
is every reason to believe there will
be an increase of 10 per cent Or more
in the number of students.
There were 225 junior bankers in
the institute last Fall. It is now ex-
pected that there will be $50 and per-
haps 275 this Fall. The next few
days will show the exact number.
Changes in Bond Issues.
This weeks Bond Review being dis
tributed by J. C. Bache g. Co.. in the
Washington Hotel, says
Pacific Lighting has filed a regis
tration statement for 412s of 1945 to
redeem the Southern California Gas
SIS of 1887, while Central Maine Power
has filed an issue of Az S of 1860 The
new issues of Illinois Bell Telephone
is expected to bear a 3l2 per cent
coupon.
Actual calls of the last week in
cluded Columbus Railway, Power &
Light 512s of 1912, Philadelphia Sub
urban Water Co. SIS of 1855 and 4l2s
of 1867, Washington Water Power SIS
of 1889 and one-fourth of the out
standing Crucible Steel SIS of 194O."
Further Advance Forecast.
Ralph M. Wolfe, manager of the
Washington Office of Mackubin, Legg
& Co., in the Woodward Building was
back at his desk today after an ex-
tended vacation spent motoring
through the White Mountains. On
his return he stopped off in Wall
Street where he found many brokers
predicting further climb for the New
York Stock Market Temporary set
backs are to be expected but it is
probable that stocks will work higher
rather than lower during the next
few months, Mr.. Wolfe said. His own
views on the outlook are the same as
he heard in New York.
Continued improvement in the
building situation in the fifth district
Is the high spot in the latest report
from the Reserve Bank of Richmond.
Retail trade is recovering from the
early September slump largely caused
by bad weather The pace Of whole
sale trade, however, is slower. Textile
and coal outputs are improving.
Today's Trading on Exchange.
Mergenthaler Linotype appeared on
the board again today on the WASH
ington Stock Exchange, eight shares
selling at 275s. of 2s from yesterdays
close. Recent transactions have re-
vived interest in this issue, which has
been so quiet for several weeks. The
annual meeting takes place before
long, when the financial results of the
years operations will be announced.
Last years report revealed very marked
progress over the previous year.
Washington Gas 6, series B, figured
In a small transaction on the ex-
change today, selling at 101A. Only
one other sale was recorded during the