Evening star., 1936-03-19


toner and public relations, and enlist
bankers in 40 organized campaign to
promote wherever possible the return
to private agencies of many banking
functions now being performed by the
Government.
Many of the leading financiers in
the Southern section of the country
will address the conference. Francis
Marion Law of Houston, Tex. former
president of the American Bankers
Association. is on the program to dis
cuss Bank Earnings-PoSitive and
Negative Another speaker will be
Philip A. Benson. president. Dime
Savings Bank. Brooklyn, who has been
heard with great interest by Wash
ington flnanciers at other conferences.
Mr.. Fleming will give his address on
"A Nationwide Program Of Banking
Development"
From Memphis Mr. Fleming will
hasten to the twenty-fifth annual
Central States Conference of Bankers
Association Officers, at Excelsior
Springs, Mo-, March 20 to 81. With
him at this meeting will be Tom K.
Smith, first vice president of the A. B.
A; Orval W. Adams, second vice pres
ident; Frank w. Simmonds, secretary;
j. E. Baum, secretary A. B. A. Insur-
ance Committee; Harold Stonier. edu-
cational director of the A. I. B.; and
D. J. Needham general counsel of the
A. B. A.
Following adjournment, the presi-
dent of Riggs will rush to Chicago to
preside at the Middle West Conference
under A. B. A. sponsorship, on April
2 and 3.
Branch Bank in Flood Zone.
The Water Street Branch of the
National Bank of Washington. located
at 1l21 Water street, is the only bank
ing Office in the Capital in the threat
ened Potomac River food zone. Man.
ager E. H. Graham and his staff were
doing business as usual up to noon
today and expected to keep open until
the regular closing time at pm. II
the water rises no higher than it was
this morning, there will be no inter-
ruption to business.
This forenoon the water had come
UP to the farther side of Water street
directly across from the branch bank.
The street and sidewalks were clear
so that patrons had no difficulty in
getting to the bank. Business was
good Naturally the bank officers were
keeping one eye and sometimes two
on the water across the street. In
case it rose to the bank side, it was
held certain to put a temporary crimp
in banking service. Only patrons with
rubber boots could get about.
George L. Starkey, president of the
National Bank of Washington, was at
the branch this morning. Special ar
rangements were made to take care
of the records in case water should
get to the bank. In fact they were
taken to safety during the forenoon.
Delano Named Bank Chairman.
Frederic A. Delano, an uncle Of
President Roosevelt, has been appoint
ed by the Federal Reserve Board to
be chairman and agent of the Federal
Reserve Bank of Richmond. He was
member Of the Federal Reserve
Board here during the administration
Of President Wilson. He is 73 years
old. Under a recent ruling the Fed
eral Reserve governors have made the
craftsmanship of all the Reserve banks
an honorary position, without compen-
sation. Mr.. Delano has been acting
as chairman of the Richmond bank
since the death of w. w. Hoxton.
The House Ways and Means Sub
committee on Taxation late yester-
day announced a tentative agreement
on a plan TO exclude banks and cer-
tain classes of insurance companies
from the proposed tax on undistributed
corporate profits.
Under the tentative agreement, the
institutions exempted would remain
subject to existing tax laws and would
not be affected by the corporate tax
system revision recommended by Pres
ident Roosevelt.
Woman Joins Insurance Staff.
Mrs. Mary Battle Stoner, a native
OF Georgia, has become associated
with the John F. Cremen Agency of
the Massachusetts, Mutual Life Insur-
ence Co. in the women's department.
Her husband, Paul M. Stoner, is a
statistician in the Economic and
Statistics Division of the Federal
Housing Administration.
The Bank of Commerce e. Savings
Employees Club has elected officers for
the coming year by naming Mayo C..
NARROW. president; william Smith,
vice president, and Philip M. Grove,
secretary. The principal business at
the annual meeting was the inaugu-
ration of a program of customer rela-
tions, in line with that being carried
out by the American Bankers Asso-
citation.
Heard in Financial District.
Trading was extra heavy on the
Washington Stock Exchange today.
Riggs National Bank common sold up
to 276, a new high. Mergenthaler held
its recent gain at 43. Washington Gas
SIS, 1860, led the bond market with
seven consecutive $1,000 sales at 118
Other sales were at recent levels.
Operating revenues Of the Baltimore
g. Ohio Railroad in February are
understood to have shown gain OF
about 81 1,000,0 over February, 1885,
close to a gain Of 10 per cent. IL
January there was Is per cent gain.
It was predicted today that the
Pacific Gas & Electric Co. will bring
out its $90,000,000 bond issue next
Monday or Tuesday. 1t will closely
follow today's Consumers Power Co.
s55.s3o,00 31z per cent first mort
gage bonds.
The National City Bank of New
York earned 48 cents per share in the
first two months and four days OF
1886, according to an analysis put out
since the controllers cali last Mon
dag. A