Evening star., 1935-06-05

at headquarters, $A
The work will non,Id n Larson
now be similar 10
that of the secretaries of the various
State associations The plan was de-
veloped largely by last years preSl-
dent Frederick P H SiddonS. and
Thomas j. Groom. secretary. during
the same period,
Mr.. Larson is now acting as assist
ant secretary, but will be appointed
secretary at the first meeting of the
new Council of Administration, which
takes place very soon. To make this
change, the title of one association
officer also had to be changed. The
official known in the past as the sec
retary will have the title of third vice
president. Hilleary G. HoSkinSon be-
ing the first incumbent. He will have
general supervision over the work at
headquarters.
The new office executive is a native
Of Minnesota. where he was educated
in the schools at ST. Cloud and in
Minneapolis. Young in years, alert
and experienced in Secretarial work,
ne is already familiar with Washing
ton and is rapidly becoming acoualnt-
ed with its banking institutions.
1t is the purpose nf the association
officials to keep in closer touch with
the State associations in the future,
That will mean a lot more work at
headquarters IN the Bond Building.
Bank Bill Testimony Ended.
With the opinions of NJ. S. Sym
czak, member. Federal Reserve Board,
and j. J. Thomas, vice governor.
the Glass Subcommittee on Banking
yesterday concluded its hearings on
the proposed banking act of 1885.
Mr. SZymcZak failed to agree en-
tirely with the bill now before the Sen
ate Banking Committee saying that
bank powers of the boards of direc-
tors of the Il Federal Reserve banks
should be retained and in some re-
Epects. increased and extended. at least
by regulation of the Federal Reserve
Board
Mr. Szyrcazk Indicated that nc
favored the retention Of the offices of
Federal Reserve agent and governor
the latter being named by the banks,
the former by the board in Washing
ton.
AS to the appointment of Federal
Reserve Board members. he would re-
tain appointment by the President for
the governor and vice governor, but
would not have the term as a board
member expire with the expiration OF
his term as governor
The controller of the currency and
the Secretary of the Treasury would
be retained on the board as ex-officio
members but with no vote in the Open
Market Committee.
Vice Governor J. !. Thomas testified
briefly. saying that he was in favor of
the oblectives" Of the bill and that
he agreed with Charles Hamlin that
the time to patch the roof was be-
fore it started raining"
Controllers to Hear MoNair.
Controllers of Washington depart
ment stores who are members of the
Baltimore group of controllers affili-
ated with National Retail Dry Goods
Association, are planning to visit the
Monument City tomorrow evening to
hear an address at the Emerson Hotel
by Malcolm P. McNair. professor of
marketing IN Harvard University, on
the Future of Retailing as Disclosed
by Harvard Bureau Research Studies -
These Joint meetings have been very
profitable during the past year and
this is the last session until Fall. The
Harvard School of Business Admins
tration has done some remarkable
work in retail research and Prof. Nc
Nair has been leader in the progress
made. He is on his way to the ma
tional convention in Chicago The
dinner will begin at $50. J. K. Al
thaus of Frank R. Jelleff. Inc. is in
charge Of the Washington contingent
The annual meeting of the auditors
section of the District of Columbia
Bankers Association will be- held at
the Olney Inn tomorrow evening at
o'clock At this meeting the mem
bers of the executive council of this
section will be elected. which council
will select the officers for the coming
year. Wives of the members and a
few specially invited guests will attend,
Capital Traction Bonds Firm.
Capital Traction SIS led trading on
the Washington Exchange today,
opening at 9634 and closing at 81.
Washington Gas 5S, 1860. came out at
HE, while Potomac Electric Power
IS moved at 107. Anacostia & Potomac
r. r. IS changed ownership at SO. and
City L. Suburban SIS sold at the same
flgure. In the stock division there
were two 100 share transfers in Real
Estate Mortgage & Guaranty preferred
ct 4.
While officials of the American
Bankers Association have sent out no
ofhcial announcement. it is understood
that the banking code will continue in
operation at present under a gentle
mems agreement The Investment
Bankers Association is already max
ing special efforts to keep its fair
practice code in force.
James NJ. Lands. member of the
Securities g. Exchange Commission,
and Wendell L. Willkie, president of
the Commonwealth & Southern Corp,
will be the principal speakers at the
annual meeting of Harvard Business
School Alumni the last of the week.
Financial District Notes.
Norman E. ToWSon. assistant treas
urer and manager of the foreign de-
partment of the Washington Loan &
Trust Co. sailed yesterday from New
York for a trip to Mexico City. He
will be away three weeks.
Chairman Jesse H. Jones. chairman
of the Reconstruction Finance Corp.
left Washington Yesterday for TO-
day fishing trip in Canada.
The Commonwealth & Southern
Corp, in the heart of the T. V. A
territory, led all the utilities in the
United States during 1884 in mer'
chandising of appliances and electrical
equipment for the home and farm
the Wall Street Journal says.
The export import banks set up by
the administration to assist in ex-
pansion of foreign trade are wholly
indenen6ent 0f the r A and will