Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-05-29
BANKERS TO LEAVE
FOR CONVENTION
Over 200 Members of D. c.
Association Will Board
Special Tonight.
BY EDWARD c. STONE.


More than 200 members of the
District Bankers Association and
their guests will leave Washington
at $50 this evening aboard Chesa-
peake e. Ohio Bankers Special for
Hot Springs, Va, where the seven
tenth annual convention will get
under way at the Homestead Hotel
tomorrow.
President F. P. H. Siddons will
preside at the opening session, the
program calling for his annual report,
greetings from the American Bankers
Association by First Vice President
Robert V. Fleming, an address on
Federal Housing Association Insured
Loans" by j. K Gllchrist special as
sistant to the Federal housing admin
istrator. and address on Trust Ad-
ministra ton" by George E. Hamilton.
ir., assistant attorney of the Union
Trust Co., and the annual report OF
the safe deposit section by Chairman
Richard z. Harris.
Committee appointments are sched-
uled and meetings of the national bank,
savings bank, State bank and trust
COMPANY sections of the A. B. A. are
also called for at the opening session.
The second session includes an ad-
dress on Supervision of Trust In
vestments" by Frank M Perley, an
address on Bank Management by
Horace F. Stokes. resume of activities
of Washington Chapter, American In
stitute of Banking, Walton l.. Sam
derson: annual report Of flduciarles
section by Chairman Sidney F.
Tallaferro report of auditors section
by Chairman r. Earle HayCoCk and
the annual report on commercial trade
activities, w. Frank D. Heron, chair
man.
The third DAYS session will be one
of the busiest of the convention, open
Ing with an address on Public Rela-
tons" by Raymond E. Jones, New
York banker. The winning institute
contest essay on customer Relations
will be read by E Harry Rider. Seven
standing committee reports will be pre-
sented. the annual election of District
Bankers Association officers and of
officers representing the District in
the American Bankers Association.
concluding the business session.
Credit Men Study Distribution.
Although the primary purpose of the
National Association of Credit Mems
fortieth annual convention and nth
Credit Congress of Industry, in Pitts
burgh. during the week beginning June
II. will be to discuss credit problems
and the elimination of credit abuses,
the underlying subject which will en-
sage the attention of the delegates will
be the ills of distribution, according
to Brace Bennitt, convention director.
'If it were not for the extraordinary
problems of distribution at this time,
our credit problems would be small"
Bennltt declares. The chaotic state
of the merchandising and distributing
field has produced most of the credit
evils about which our members are
concerned"
The membership of the National
Association of Credit Men comprises
some 10000 banking manufacturing
and Uholesaling blishments. or
ganized in 1896 on non-profit basis
for the promotion of wholesome bust
ness conditions through the develop
ment and maintenance of a sound
credit structure.
Chain store competition, INSTALL
ment selling, business reCeIvershlps,
commercial bankruptcy and the CO.
operation of wholesalers and manufac-
turers with individual retailers will
come in for full and thorough discus
sion at the convention"
Among Washington credit men
planning to attend the Pittsburgh
gathering are: w. R. Little, auditor
of The Washington Star; w. C. Bu-
ehanan Of Councillor & Buchanan.
who is a local as we'll as national
director of the association: w. H Mills,
auditor of the Times-Herald; E. J. ELL
Wanger, credit manager, Times Herald
and Edward Halloran, credit manager,
Washington Post.
Would Keep Investment Code.
Efforts by Rollin A. Wilbur, man.
aging director of the Investment Bank
ers' Association Code Committee, to
keep the investment code in force
until some agreement can be reached
among investment dealers for keeping
the benefits of the code operative after
June Is. He has notified Y. E. Booker.
chairman of the Code Committee in
this territory, of proposed action. In
a wire sent out today. he says:
1T is perfectly clear from the re-
cent decision of the Supreme Court
that our code is not binding as law.
However. the question of the contrac-
tural obligations of registered invest
r1ent bankers with each other under
their registration agreements until the
expiration thereof on June Is does not
seem to have been covered by the Su-
preme Court ruling. and a study Is
now being made by counsel on this
point
Pending conclusion of counsel and
study by the Code Committee of the
larger problem of whether we should
endeavor to continue the important
portions Of our fair trade practice pro-
visions after June 16 under a volun-
tary agreement, registered dealers are
requested to observe the principles
and rules of the code as a matter of
principle and fairness. BY so doing it
is believed that the benefits which
have resulted to our business and to
the public under our code and its adj
AiLAA1Acll neluIl Will NC tOllSGIN6Q DGUQlIlE
an endeavor to solve our problems
which must of necessity be the sub
1ect of careful thought and considera
ton.
ACTIVE negotiations and confer
ences are now going on, and any plar
which may be worked out will OF
course, be subject to approval by each
registered investment banker"
Transit Stock Turns Stronger.
Capital Transit Co. stock was
stronger on the Washington Stock
Exchange today, following yesterdays
monthly report showing net earnings
IN April of more than $4,000. Trad
ing was light, two 10-share lots
changing hands at 1872, up Is points
from yesterdays close The market
closed with the bid raised to 16l:
and the asked price advanced to 1712
Anacostia e. Potomac r. r. SIS sole
at 3d. for a $1,000 bond today anc