Evening star., 1936-01-30

spoke on The ,, e.
Science ano Art '''"
OF Banking" Referring to the science
of banking he called attention to the
fact that every transaction is surround
ed by certain definite laws. Every
banker must be familiar with these
laws and know their application.
Bankers must also be thoroughly ac-
ouainted with accounting he said. this.
OF course, being one of the basic
elements in successful banking.
Another important factor which en-
ters into the science of banking is the
economic element. Economics play
tremendous part in successful banking
operations. he declared far more than
most people realize. Every law apply
ing to banking may be observed and all
loans be made on sound basis. but
economic conditions may change and
have a vital effect on continued
progress. The most successful bankers
have the best understanding of
economics and in this way can figure
out probable future trends and business
conditions
Public Relations Vital.
The art of banking applies to the
way banking is presented to the pubic,
the speaker said. It is difficult to lay
down definite rules covering this phase
OF banking, yet its Importance cannot
be overestimated. DR.. Stonier presented
many timely illustrations during his
address. AS former member OF the
faculty of the University of Southern
California. he has made banking ana
economics a lifelong study. Since be-
coming connected with the institute,
he has gained a Nationwide reputa-
ton as speaker on educational
topics.
Robert V. Fleming, president OF
Riggs. also spoke, restating many OF
the ideas presented in his recent ad-
dresses as president of the American
Bankers Association. He said that in
dealing with the public bankers should
be particularly careful to explain the
banks position in case certain services
cannot be rendered. If loan has to
be turned down, the reasons should be
understand the situation and feel that
he has had fair treatment.
George o. Vass, one of the vice presi-
sdents and cashier of the bank. presided
at the meeting which was followed by
q buffet supper
McKnew Adds Two Officers.
D. H. McKnew &, Co., Inc, invest
ment bankers, today announced the
association of ]. A. Moakley and w.
Bowen Fairfax as officers of the firm.
Mr.. Moakley, who is joining the firm
as a vice president, was formerly Dis
trict manager for Standard Statistics
Co., in which position he rendered
financial service to many OF the largest
investors and financial institutions In
this section of the country.
Mr.. Fairfax for may years held a re-
sponsible position in the Boston home
office of Hornblower g. Weeks. While
in that position he became closely as
sociated with many nationally prom
inent business men and financiers. He
is a graduate of Yale University and
Harvard School of Business Admins
tration.
Other officers of the company are
Donald H. McKnew, founder and pres
ident; Richard NJ Smith, vice pres
ident. and William M. Guthrie, treas
urer. Col. B. T. Merchant, U. S. A.,
retired, has also become affiliated with
the firm.
Due to the substantial increase in
the personnel of the firm, the COM
pany has moved into spacious new
Offices in the National Savings &
Trust Co. at 719 Fifteenth street.
Others who have recently become
associated with the company in sales
and other capacities are J. Philip
Pepper, Richard E. Bird. Gordon c.
Mcfarland, NJ Clark Helms, Edwin
D. Sampson. 1rle r. Mason, Clarence
A. Smith. Charles E. Shannon and
Lewis H. Estep.
Mutual Benefit Reports Gains.
H. Lawrence Choate, Washington
agent Of the Mutual Benefit Life In
surance Co. of New Jersey. reported
today that the company's ninety-first
annual statement shows assets of
$586,791, ,179 and contingency reserve
funds. or surplus, of $26,275.837 on
December 81, 1885. During the year
the assets were increased by SIG, ,353,-
452 and the contingency reserve by
S506,3O
Holdings of Government bonds were
increased during 1885 by over $780,
100000 to $59.527.279. and cash re-
.mained at about $4,000, 900, sub
stantially the same as at December
81, 1884.
During the year the company re-
ceived from policyholders in pre-
tniums $68 8,8O3,22 and paid to policy
holders or beneficiaries $62,160 065
Total receipts were S1O7 7,296 ,4O3 ano
exceeded by $16.284,73239 the total
disbursements of $9l,011,671
4 50 Voted on Railway Common.
Directors of the Washington Rail.
way g. Electric Co. have declared 6
dividend of 50 per share on the com.
mon stock, payable March to stock o.
record February II. The company
usually pays So quarterly DIVIDEND
at this time, this latest action really
amounting to a $6 extra. The reg
nlar quarterly dividend Of s1.25
share was declared on the preferred
stock, payable on the same date.
At the same meeting directors OF thu
Potomac Electric Power Co. declared
the regular quarterly dividend OF sl.5(
a share on the per cent preferred
stock and the usual quarterly DIVIDEND
of $1.37la per share on the 51a PEI
cent preferred, both payable March
TO stock on record February II.
Mergenthaler Hits New Peak.
Mergenthaler Linotype sold on th'
Washington Stock Exchange today a
48. another new high mark. 1
reached 49 in Boston yesterday
Closing bid here today was AZ, witt
48 asked The days sales totaled II
shares.
E&oIas, "A EN MfC IN 1Q35 nre.