Evening star., 1936-06-09

Other speakers on the list today in
cluded William A. Ten Eick, assistant
cashier Of the Chase National Bank,
New York, his subject being United
States Bonds as Investments" and
Robert J. Farr, Of the Philadelphia
National Bank.
According to dispatches, the con-
vention was to be officially called to
order this forenoon by Maynard W. E.
Park, of the Federal Reserve Bank Of
Kansas City, who is president of the
institute. Fred N. Shepherd, execu-
tive manager of the A B. A; DR.. Har-
old Stonier, educational director OF
the institute, and Lyman E. Wakefield,
noted Minneapolis banker, were the
other morning speakers at the general
session.
Roberts Finds Banks Active.
l.. J. Roberts told the Bank Manage
ment Conference. according to news
dispatches that activities of Govern
ment lending agencies have had prac-
tically no effect in management
methods in city banks, the statement
the subject through contacts with
bankers in all sections of the country
The agencies of the Farm Credit
Administration, however, have seriously
affected country banks" he continued.
"by reducing available loans and max
ing it necessary to find an outlet for
their funds in investments, particu-
larly Government securities. This has
so reduced the income OF many OF
the smaller banks that many of them
could not exist if it were not for the
charges they are now compelled to
collect for services rendered free to
customers in the past
The principal effect the Govern
ment lending agencies on the policies
of banks in general is to make them
more aggressive in seeking new fields
for credit and in trying to render a
greater variety of services to their
communities Information brought
out at the recent conferences or bank
ing service conducted by the Amer
lean Bankers Association indicates
that there is a large volume of de-
sirable loans available to banks which
are willing TO go after the business
vigorously and to adjust their interest
rates 10 level in keeping with exist
ing conditions" Mr.. Roberts asserted.
Auditors TO Elect Officers.
The auditors section of the District
of Columbia Bankers Association will
hold the final meeting of the year at
Pheasant Farms Inn, near ColeSville,
Md, on Thursday evening, preceded
by dinner at $50. Following dinner.
a special business session will be called
at which time new executive coun-
Gil for the year of 1867 will be
chosen. James D. Barrett, retiring
chairman, will preside.
The nominating committee headed
by Albert E. Yeatman, assistant cashier
of the Columbia National Bank, has
placed before the section the names
of the following members. five Of
whom will be elected: James D. Bar
rett, American Security g. Trust Co.;
p. v. A. Cook. National Metropolitan
Bank; T. P. Cowgirl. Riggs National;
Harry L. Downey, Washington Loan g.
Trust Co.; H. Norman Glasco, Union
Trust Co.; Gerald E. Keene, Second
National; William B. Mehler, jr., City
Bank; Lewis B. Thomas, Liberty Ma
tional; Will R. Swetnam. Bank of
Commerce g. Savings and NJ S. Yeat-
nam. Hamilton National
Continental Loses Action.
1t is reported from Warrenton that
a petition to quash the attachment of
the Loudoun National Bank of Lees
burg against the Continental Trust
Co. of Washington for $4,000 has
been dismissed by Judge ]. r. H.
Alexander of the Fauquier Circuit
Court.
Receivers of the former Washington
trust company presented the petition.
The case, which originated in War
renton in 1888, was carried to the
United States Supreme Court after
the Virginia Supreme Court had re-
versed the lower court opinion in favor
of the Continental Trust Co.
The high court refused to take
Jurisdiction and the case was sent
back to the Fauquier Circuit Court.
Pepco Files S. E. c. Statement.
The Potomac Electric Power Co.
has filed the required statement with
the Securities and Exchange CommiS-
sion regarding issuance of 100000
first mortgage 3A per cent bonds due
July l, 1866. Proceeds would be used
chiefly to retire s7lS6,s0o of out
standing bonds and the balance for
improvements or general corporate
purposes.
The securities to be retired are S.
922, 900 of per cent consolidated
mortgage gold bonds, maturing on
July /, and s3,264, 900 of per cent
general and refunding bonds, series
3, to be redeemed on or before Octo-
Der /. The statement gave los as the
maximum proposed offering price for
the new issue. names of underwriters
to be supplied in an amended state
ment
Lively Trading on Exchange.
Trading was unusually heavy on the
Washington Stock Exchange today,
with first sales in Potomac Electric
Power Consolidated IS, which moved
at 100. Later Capital Traction IS ap-
peared on the board, several transfers
taking place at 89&.
American Security & Trust Co. stock
was in demand in small lots at 258, un-
changed One hundred shares Of
Woodward & Lothrop sold at So and
Potomac Electric Power per cent pre-
ferred registered lI0A.
There was active trading in Mergen-
thaler at 421a and 42A. Sales of 50,
as and shares of Capital Transit were
recorded at 1915. Washington Rail-
way g. Electric preferred sold at Ill.
Addressograph- -Multigraph Corp
Common share earnings 4 months |