Evening star., 1935-06-13
Reserve City Bankers Adjourn.


Reserve City Bankers Adjourn.
Wilmer j. Waller. vice president and
cashier of the Hamilton National
Bank: Joshua Evans. ir.. vice preSi-
dent Of the same institution, and Sid
ney F. Taliaferro, trust officer of the
Riggs National Bank, were back at
their desks today after attending the
twenty fourth annual convention of
the Association of Reserve City
Bankers at Manchester. VT. All were
most enthusiastic over the program,
discussions and conclusions reached.
OF the 400 members, 280 we're present.
Charles E. Spencer. jr., vice presi-
dent, vice president of the First Ma
tional Bank, Boston, was elected presi-
dent, and Norman T. Hayes, vice presi-
dent Of the Philadelphia National
Bank, was named vice president for
the coming year. It was stated here
today that Mr. Evans made a new golf
course record for which he received a
valuable prize
One Of the most interesting reports
was made by Guy Emerson, chairman
of the Committee on Banking Law and
Practice. Robert " Fleming Of this
city Is a member of this committee.
Investors Are More Active.
Business is picking up everywhere
and investors are gradually creeping
out Of the shadows, Dan V. Stephens
Of Nebraska told the American In
stitute Of Banking Convention at
Omaha yesterday. He declared that
all the savings and investment funds
now available at low rates will find
q demand on large scale at the end
of the depression. The low rates of
interest are not to be deplored. he
said, because they will stimulate busi-
ness and bring the country back to
prosperity.
Joseph E. Parker of Tulsa. Okla,
told the deposit functions conference
that banks and banking generally
should be in better repute today than
at any time in the history of this
country because the upheavals of the
past few years have eliminated the
dishonest and incompetent banker
from the picture, leaving only those
who are competent and trustworthy
in the position of management of our
banks
Maynard W. E. Park of the Kansas
City Federal Reserve Bank was nomi-
mated for president of the institute
and Henry Verdelin of Minneapolis
for vice president Randolph Nuc-
kolsy of Richmond, Va, was elected
to the national executive council of
the institute.
Bonds in Lively Demand.
Washington Railway & Electric As
were in very lively demand on the
Washington Stock Exchange today
Six consecutive 81 900 sales were made
at los, followed by two $500 transfers
at the same price.
It was one o. the best bond sessions
in weeks. Washington Gas Light 6s.
series B, came out in 81 900 transac-
tions at 104, while $500 Washington
Gas SIS, 1860. moved at the recently
established high price of 11712
Stocks were quiet. Washington Rail
way g. Electric preferred moved at
1852 In two small-lot sales. Amer
lean Telephone & Telegraph was
quoted ex-dividend today. The bid
On NdPltd1 4IdESIb IC111a4I4Cu al 1Vs
with 2114 asked, same as yesterday.
Considerable comment was heard in
the financial district today over Chair
man Kennedy's announcement that
the Securities and Exchange CommiS-
sion will ask the next Congress for
some important changes in the Sc
curities act. These changes will be
asked In the light of past experience,
Chairman Kennedy said.
For the first five months of the
present year sales of the American
Stores Co. totaled sac, 7G4.180, against
$49, 9,154,S16 in the like period year
ago, q gain OF $549,364 or IL per cent.
Sales were up / per cent during the
past five weeks, the total as reported
yesterday being $l1,349,3 ,389. Sales for
the previous four weeks showed an in
crease of 27 per cent as compared
with the corresponding period in the
previous year.