Evening star., 1936-03-25

The Lincoln S
Bank was first located at Ninth and
d streets, moving to the present site
in 1896. Mr.. Galley advanced rapidly
in his early days with the institution
and has been vice president for many
years. For IS years or longer he has
been one Of the leading flnanciers in
the city. One OF the founders of the
Bank of Commerce g. Savings, he is
now a director and member of the
Finance Committee.
The veteran Seventh street financier
appears to have a life job as treasurer
of the District Bankers Association.
That he is wonder on budgets Is re-
vealed each year in his annual re-
ports which always show generous
balance on hand. Only last week he
was treasurer of the fund in connec-
ton with the testimonial dinner
rendered Assessor Richards on his re-
tirement.
Mr.. Galley has witnessed great
changes in the banking district in the
past four decades. His own bank has
made steady progress. His chief hobby
is fishing and he has caught some big
ones in his time About two years
ago his brother, S. Prescott Galley.
turned banker and is now president of
the National Savings & Trust Co.
Wholesale Drugs Top Demand.
Wholesale drugs were in the best
fy-o los
the fifth Reserve district in February.
gaining 84 per cent over last year,
the Federal Reserve Bank of Rich
mond reported today. Groceries came
next with a 39 per cent gain. Hard
ware sales were down S per cent,
shoes 2 per cent and dry goods o.5
per cent.
In the first two months OF this
year grocery sales were 3 per cent
better than a year ago. Drugs were
slightly higher, as were shoe sales.
Dry goods sales we're practically the
same as last year, but hardware was
down 49 per cent.
Compared with February a year
ago, stocks on hand at the end OF
the month were II per cent higher in
shoes, IA per cent in hardware, down
0 per cent in groceries and of IA per
cent in dry goods.
OF bills on groceries due on Feb
ruary /, 1884 per cent were collected
during the month, 80 per cent on dry
goods, 40 per cent on shoes and 40
per cent on hardware, with 85.5 per
cent paid on drugs.
Bankers Plan Joint Meeting.
The auditors section and the fidu-
ciary section of the District of Colunl-
bia Bankers Association will hold a
Joint meeting tomorrow evening at
the Hamilton Hotel. preceded by din
ner at 6 o'clock. James D. Barrett,
auditor of the American Security &
Trust Co., is chairman of the audi
tors section and David Bornet, vice
president of the National Savings &
Trust Co., is chairman of the f1duci-
ary section. This is the second Of a
popular series of Joint meetings spon-
sored by the auditors section.
Following dinner. the group will be
addressed by Harold A. Kertz, assist
ant trust officer of the National Metro
politan Bank, representing the flduci-
ary section on "Obligations and Duties
of a Corporate Ffduciary." The audi
tors section will be represented by
Roger S. Quinn, auditor of the WASH
ington Loan g. Trust Co, whose sub
iect will be Audit and Control OF the
v--,,.x Dono ~ v,oont ~
The fourth Eastern regional con-
ference of bank auditor and con-
trollers will be held at Baltimore April
IL and l8. Harry L. Downey OF the
Washington Loan g. Trust Co., secre-
tary of the local conference, is ready
to make reservations for all those de-
string to attend.
ID. C. Accountants to Meet.
Harold c. Anderson, president o. the
District of Columbia Institute OF Certi-
fed Public Accountants, announced
today that the March meeting Will
be held tomorrow night at Hay-Adams
House, with dinner at $50.
The speakers will be Milton E. Car
ter. assistant to the commissioner OF
internal revenue; H. 3. Robinson,
head of the audit review division OF
the Bureau of Internal Revenue, and
DR.. George K. McCabe, head OF the
department of economics Of the Cath
ole University.
Mr.. Carter will speak on the ad-
ministrative problems of the bureau,
Mr.. Robinson will talk on the func-
tions of the audit review division and
DR.. McCabe will discuss the economic
aspects of proposed tax legislation.
Fleming OFF to Bank Meets.
Robert " Fleming, president OF the
American Bankers Association and
the Riggs National Bank, left here
Yesterday for three importani sectional
banking conferences, the first of which
opens tomorrow in Memphis The
A. B. A. chief will address all three
meetings. which are a part of a ma.
tional campaign to make banking oet-
ter understood by the public and also
for the better understanding OF the
new banking laws and problems among
bankers themselves.
washington bankers were greatly
impressed by the remarkable tribute
paid to George ]. Seay. retiring gov.
ernor of the Federal Reserve Bank oi
Richmond, at the testimonial dinnel
in the Virginia capital last night
Leading bankers from all over tn'
nth district were present to do hin
honor.
Trust Company Stock Higher.
Twenty shares of American Securit.
& Trust Co. stock sold at 2621a ol
the Washington Stock Exchange to
day, reaching another new high mark
Riggs National Bank common agail
sold at 276.
Washington Gas stock figured II
Q I5-share turnover today at 80.
jump of four full points to the highes
price Of the present year.
Potomac Electric Power per cen
preferred moved at l12, and $l,00