Evening star., 1936-06-19

IIlc 1OIGy
annual gather
ing have rejected a proposed amend
mend to the constitution which IA
vored creation of trust section. The
amendment had been approved by
the Executive Council and recon-
mended for adoption, President Brown
reported, but the two-thirds required
vote was not forthcoming. The op-
ponents to the amendment felt that
the creation of trust section would
menace the unity of the association.
Higher Trust Fees Urged.
Merrel P. Galloway, president Of
Bankers Association, urged the for
nation of such a section in an ad-
dress shortly before the matter was
put to vote. He also recommended
that the trust departments in banks
be given greater attention and praised
the Federal Reserve rule that an
executive officer qualified to admins
ter trusts be placed in charge Of trust
departments. Since the quality Of
the service cannot be reduced, he said,
the banks must ask higher compen-
sation.
Secretary c. w. Beerbower of Roa-
noke reported that the association
has 393 members. James M. Ball of
Richmond, chairman of the Commit
tee on Bank Protection and Insurance,
reported five hold-ups during the
year resulting in losses totaling S8,400.
The bankers were urged to keep up
their vigilance against check fash
ers" and other forgers the Associated
Press reports.
]. Randolph Tucker of Richmond,
association attorney, gave detailed
discussion of bank legislation enacted
by the 1886 Legislature, particularly
the amended banking code on which
he and members of the Legislative
Committee advised a subcommittee of
Gov. Peery's Advisory Council before
its submission to the General As
sembly.
Group Reports Presented.
You should know" Tucker said,
that every measure actively advo-
Gated by the association was enacted
into law and that in every instance
in which proposed bill was actively
opposed by representatives of the as
sociation, it failed of passage"
Groups reports were heard from G.
w. Mumford, Onancock; S. y. Bar
row, Blackstone; H. H. Cooley, Round
Hill; z. S. Shields. Farmville; w. A.
Jones, Appalachie and r, Q, Norris,
jr., Lively.
Lewis F. Gordon, Atlanta banker,
speaking today on Public Relations"
stressed the value of newspaper ad-
vertising to banks, stating that if he
had to choose a single medium for
bank advertising he would chose the
local newspapers.
Banking is no longer in the hands
of class opinion, but rather mass
opinion. Mass opinion is a terrific
force which must be shaped and di-
rected into sane, reasoning and con-
structive channels" he said.
Banks and bank men have suf-
fered terrifically from unfair mass
opinion. The sins of few have been
publicized and ballyhooed until an
uninformed public has come to be-
lieve that all banks and bankers are
tarred with the same brush"
Wholesale Trade Mounts.
The Federal Reserve Bank of Rich
fnond reported today that dry goods
led sales increases in five leading
wholesale lines in this territory in
May, compared, with May, 1885, with
a jump of % per cent.
All five lines also showed improve
ment for the first five months of 1886,
as compared with the same cumu-
lative period of 1885.
The gains for May over the cor
responding month year ago were:
Groceries, 81 per cent; dry goods,
23.1; shoes, 146; hardware, IA, and
drugs. 2. Gains for the cumulative
period were: Groceries, 5 per cent;
dry goods. 10; shoes, %; hardware,
5.3 and drugs, 4.3
May sales as compared with April,
1895, sales were: Groceries, minus 26;
dry goods, plus O.9; shoes, minus 146;
hardware, plus 0.4, and drugs plus 0.2.
Another Bank Votes Dividend.
Directors of the American Security
& Trust Co. at the regular monthly
meeting. declared a quarterly dividend
of per cent on the capital stock of
the company. 1t is payable July 10
to stockholders of record at the close
Of business June 80, it was an
nounced today.
Bank clearings in Washington for
the week ending June IT reached the
sum of $26, ,186,54881, which was an
increase of 20 per cent over the cor
responding week year ago 1t is
little too soon to tell what the vet
erans' bonus will mean to clearingS,
but some increase is practically GER
tain.
1t is reported in the banks today
that the veterans are not preparing
to cash their bonds nearly as rapidly
as nad Deen expected III some quar-
tiers. While great many bonds are
being cashed, the veterans appear to
have developed a thrift complex in
the past 16 or II years and are now
anxious to save as many o. their
bonus bonds as possible. One banker
guessed only about half Of them are
being cashed. That means 100000
instead of $l4,0O0,000 being out into
circulation at this time.
Today's Trading on Exchange.
Washington Gas IS, 1858, opened
trading on the Washington Stock
Exchange today with $1,000 sale at
1864. There was also $1,000 transfer
in Chesapeake g. Potomac Telephone
of Virginia IS at 10434. In the stock
division a small sale of American Sc
curity & Trust Co. stock took place
at 258 and 100-share block of Cap
ital Transit moved at II.
Lincoln National Bank Of Bethesda
and Bank of Commerce & Savings