Evening star., 1936-08-20

second u a
convent ion at
San Francisco,
September 21-24. ~
The convention p...-. r,..,,,-
program, he said.
will call into "our councils speakers
from various lines of business to give
us their viewpoints and advice" BY
emphasizing the importance Of CO.
operation and mutual exchange OF
views among bankers and others, the
A, B. A. president, who also Is preSi-
dent of the Riggs National Bank of
Washington. again sounded what has
been the keynote of his distinguished
work for the association, even before
he was called to the presidency. In
bank practices, legislation and in pub
lie relations this policy has had an
important effect on the entire bank
ing system through the difficult de-
preston period.
1T is my earnest conviction" MIR.
Fleming continued, that such public
understanding of banking is not only
an essential defense against attacks
from whatever source, but also is
requisite to re-estab ablishing it upon a
firm and satisfactory basis of profit
able operations These considerations
have been among the controlling fac
tors in our plans for the convention. :"
Convention List Grows.
Addition of Frederick p H. Siddons,
secretary of the American Security g.
Trust Co., and Fred Mckee, vice presi-
dent OF the Security Savings & Com
mercial Bank, has increased the Dis
trict of Columbia convention group to
26. and several more are expected to
register.
Only a month ago it was believed the
San Francisco representation might
include no number more than half a
dozen.
Siddons is past president Of the
District Bankers Association, is a
member of the important Insurance
Committee of the A. B. A. and also
member of the Taxation Committee
of the Trust Division.
Bank Change Announced.
Washington bankers today were
much interested in the announcement
at Wilmington, Del, that Gilbert T.
Stephenson, vice president in charge
Of the trust department of the Equit-
able Trust Co. there, had resigned,
effective January /, 1887, and James
w. Allison, vice president and trust
officer of the First & Merchants Ma
tional Bank at Richmond, Va, had
been elected to take his place, eftec-
tive October /. Both executives are
very well known here and in Virginia.
Mr.. Stephenson, a former vice
chairman of the trust company divi-
sion of the American Bankers ASso-
citation and State chairman of the
A. B. A. legislative council for Della
ware. stated that he would have TO
sever his active connection with Equit-
able Trust by the end of the year
because of the increasing pressure OF
personal affairs in North Carolina and
Virginia and of his work with the
A. 1. E. Graduate School Of Banking.
He will remain on the banks board
of directors, however.
Mr.. Allison has been active in the
trust division of the American Bank
ers' Association since 1880, as men,
ber of the committees on trust ac-
counting, trust education and trust
policies, and is now member OF its
Executive Committee. He, was chair
man of the Virginia Bankers ASsocia-
tion's Committee on Trusts last year.
and is prominent in civic activities
in Richmond.
U. S. Trains Fastest.
The United States not only has the
fastest trains for distances of 800 miles
or more but has greater number
of trains with scheduled runs of go
miles per hour or more than any other
country in the world, j. j. Pelley,
president of the Association OF Amer
lean Railroads, announced today.
"The increase in this country In
the past five years in the speed OF
trains operating on fast schedule is
without parallel" said Mr.. Pelley.
More than 400 trains covering in
excess of 10000 miles at the begin
ming of this year operated on sched-
uled runs timed at 60 miles an hour
or better, compared with 80 regular
runs operating for a total distance OF
1,1O0 miles in 1880. The fact that
many of these trains operate daily
over long distances and with very few
failures to maintain their schedules,
constitutes for the railroads of this
country one of the greatest achieve
ments of recent years.
n;Sk~sc<
c. H. Pope, vice president of the
Munsey Trust Co., has returned from
rest at his Summer home in Goshen,
N. Y. P. j. Mcmahon. vice president
of the same company has gone to At
lantic City for several weeks vaca-
ton.
B. F. Goodrich Co., in an amend
ment filed with the Securities and
Exchange Commission, states that the
date of proposed public Offering Of its
S2S,O00,O0O AZ per cent first mort
gage bonds, series A of 1860, has been
changed to September Z.
A special meeting Of stockholders
of the Insurance Co. Of State Of Penn.
sylvania will be held at Philadelphis
September II to vote on proposal tc
change the present 10000 shares o1
capital stock, par 500, into 100000
shares, par SO, stockholders to re.
ceive 10 shares Of new stock in ex'
change for each one share now held
The Department Of Commerce re.
ports that payments on open credit
accounts receivable Of department
stores were made at q higher rate
during June than for any month since
January, 1884, the first month covered
by the report. Collection figures or
open accounts receivable were 47.e
per cent for June, compared with 45.t