Evening star., 1936-06-20

ueICy during yes M rNs SSs$%W A
terdayS session
10 succeed j. Sim
clair Brown. jesse T. "0Ou'
The Associated Press reports that
Milton r. Morgan of Eagle Rock was
nominated vice president, thereby
being in line for election as president
next year in accordance with the
custom Of the association.
c. w. Beerbower of Roanoke was
nominated for reelection as secretary
and Thomas B. Neal of Richmond
Tor reelection as treasurer.
The assistant secretary and the
attorney are TO be named by the
Executive Council Miss Lillian A.
Kendall and J. Randolph Tucker, both
Of Richmond, are expected to be
named again to those offices.
Nominated as new members of the
Executive Council are: G. w. Num-
ford of Onancock, R. r. Savage of
williamsburg O. c. White of Rich
nond. G. c. Dickerson of Amelia,
H. H. Cooley of Round Hill Harold It.
Brown of Winchester, r. b Jarrett of
Clifton Forge, E. S. Shields of Farm
Fille, F. L. Elkins of Fries, A. E. An
1erson of Bristol, w. G. Waring Of
West Point and John T. Duval of
Gloucester.
Jesse F. Wood, vice president of the
State Planters Bank & Trust Co.. was
one of the leading speakers yesterday,
MS subject being Public and Gus
toner Relations Begin at Home"
Much of the conventions attention
has been turned to public relations.
Mr.. Woods remarks proving very
timely.
Speakers at last nights annual
banquet included Rev. Roland Wagner,
Norfolk clergyman, and Winder r
Harris, managing editor of the Norfolk
Virginian-Pilot and formerly of Wash
lngton. He is at present state chair
man of the Virginia Associated Press
Members Association. The more than
500 delegates declared today that the
convention had been one of the most
constructive in years.
Bonus Funds Are Reinvested.
report that some of the bonus funds
are being reinvested in stocks and
bonds. The amount so far has not
been large, however. All the first
checks we're for than $50 Now the
bonds are being paid at the Treasury
and the checks sent to the holders.
These larger checks are the ones that
are being reinvested by holders who
hope to get larger yield than the
Government is paying.
These larger checks are now reach
ing the local banks in large numbers
and being cashed as soon as identiflca-
ton has been completed. Some of this
money is being left at the banks, most
Iy in checking accounts. There has
been very little Wasteful or careless
spending of the money, so far as
bankers have heard. The thrift dis
played by the veterans has proved a
surprise.
The expenditures by the veterans are
expected to be shown most clearly in
retail trade, and next probably in the
automobile industry. These mass
funds" as they are called, are certain
to lift retail trade to still higher levels.
Harrison Talks on Rail Status.
Following the issuing of the annual
report of the Southern Railway for
1885. President Fairfax Harrison sent
letter to stockholders regarding the
present status Of the road. In it he
pointed out that 1885 was the fifth
successive year in which the carrier
had an income deficit, and that the
ability to live under such deficits is
explained in large part by the fact that
expenses included in 1885 an aggregate
of S3.116.5 $50 in book charges for de-
probation
Southern's main lines have con-
tinued satisfactorily productive; the
budget problem has been to control ex-
penses on local and branch lines, he
said. Now the margin between loss
and self-support is being narrowed on
most of these poor relations" ne
added.
The need of additions to the supply
of rolling stock is now apparent In the
growth of hire of equipment in inter-
change" he continued. The remedy
for this condition waits on the avail
ability of new capital"
Heard in Financial District.
The West Virginia Water Service
Co. has filed a registration statement
with the S. E. c. under the securities
act of 1888 for S., 5,6OO0O0 of 4 per cent
first mortgage bonds due 1861. Pro-
ceeds are to be used for refunding
purposes.
The Baltimore Transit Co. has de-
clared a semi-annual interest payment
of l per cent on the company'S series
"a" per cent debentureS and IA
per cent on the series "A" S per cent
debentures, payable July l to holders
of record June 20.
Rudolph S. Hecht, past president of
the American Bankers Association,
will represent the United States at
the International Chamber of Com
merce meeting in Paris, June 26 and
27. He will speak on the Effect of
the Economic Depression On the
American Banking System"
The Atlantic Coast Line reports
sl.59 a share earned on common stock
in the first four months of 1896,
against 90 cents per share in the like