Evening star., 1936-02-26

In administrative
problems in credit Harold s'0ner'
expansion will be offered for the first
time. Enrolment is to be limited to
the first 400 applicants
Members of this years faculty will
include George P. Barse, general
counsel, Office of the controller of the
currency Washington; Austin w
Scott. professor of law at Harvard; /;
Gilbert T. Stephenson, Wilmington.
Del. banker and former president of
the American Bankers Association
trust division; Edward Stone of the
Resettlement Administration, United
States works program, Washington.
and o. Howard Wolfe, cashier, Phila-
delphia National Bank. Many promi-
nent members of the regular Rutgers
faculty will also help conduct these
special courses, while the Board of
Regents almost furnishes Who's
Who in Banking"
Lewis E. PierSon, chairman of the
board, Irving Trust Co., New York, is
chairman of the regents. The other
members of the board are: Walter j.
Cummings, chairman of the board,
Continental Illinois National Bank g.
Trust Co., Chicago; A. P Giannini
chairman of the board, Bank of Amer
ica National Trust & Savings Associa-
tlon, San Francisco; Harry j. Haas,
vice president, First National Bank,
Philadelphia; Francis Marion Law,
president, First National Bank. Hous-
ton, Tex; William McC. Martin, gov
ernor Federal Reserve Bank of St.
Louis; Lyman E. Wakefield, president,
First National Bank &, Trust Co.,
of Minneapolis; Edmund S. Wolfe,
First National Bank g. Trust Co.,
Bridgeport, Conn; DR.. Robert G.
Clothier, president of Rutgers Uni
sversity DR.. Ira B. Cross, professor of
economics at the University of Cali
fornia, and Richard W. Hill, Ameri-
can Institute of Banking, New York,
secretary. Robert v. Fleming, head of
the A. B. A., is an eX-oficio regent.
Warns Against Speculation.
James M. Lands, chairman of the
Securities Exchange Commission, in
an address before the Princeton
Alumni Association at Princeton,
warned against excessive speculation,
which he implied was present in the
markets. The cure for over market
indulgence can come only through
education of the public to desire for
orderly marketing in place of specula-
tive excesses and not through legis-
lative pressure" he said
One sees with concern, he said,
''the efforts Of traders to outguess
events, like court decisions, and the
increasing tendency subtly created to
induce people to pour their savings
Into the market with the same help
lessness as before"
Still too prevalent. as our month
ly reports show, is the tendency of
officers and directors to toy with the
stock of their own corporations at the
expense of their true responsibility of
tunctioning as executives.
These things are the ways of life
that we condemned in the early '3Os.
But to harry them out of existence by
legislative fiat is impossible he as
serted
Commercial Bank Busy Place.
The old Commercial National Bank
at Fourteenth and G streets is busy
place these days as another payment
Is being made to depoSitors and other
creditors. The payment started Mon
day and since that time Receiver Har-
dee and his aides have been more
than rushed. The present amount
being distributed is 100000.
Yesterday afternoons heavy selling
Tor time on the New York Stock
Exchange brought rush of specu-
lators and investors to the brokerage
houses for the opening today. The
exchange opened lower, but there was
no serious extension of the selling
wave. Overnight selling orders ap-
peared to be absorbed with compare
tive ease.
Many leading Washington bankers
were planning to attend the funeral of
Charles C. Glover, ST. this afternoon,
and pay final tribute to the memory
Of leader in financial affairs here
TOR more than so years. President
Charles H. Doing of the District
Bankers Association appointed a spe-
rial delegation to represent the as
sociation at the rites at Washington
Cathedral.
Transferred to Philadelphia.
Martin H. TittenhouSe, for over IL
gears sales agent of the National Cash
Register Co. in Washington, has been
appointed manager of the PHILADELPHIA
cfice and will assume his new duties
In March. it was stated in the finan-
eial district today. A native of Ger
mantown, Philadelphia, his new as
signment takes him back home, where
he first went to work for the company
In 1909.
William Prentiss, jr., who has just
been sworn in as deputy controller of
the currency in the place vacated by
r. G. Await. is well known in banking
quarters. He was in charge of the
insolvent banks in the Los Angeles
area and made an excellent record in
handling the situation.
Further reservations were reported
today for the annual dinner of the
District Of Columbia Building and
Loan League at the Mayflower tomor-
row evening. Most of the leaders in
the building and loan associations In
the city are expecting to attend.
b. & o. January Net Higher.
Net railway operating income of the
Baltimore & Ohio Railroad in Janu-
ary totaled $2,031 1924, against $1,783,-
439 in January, 1885, a substantial
gain of $247.83l, it was announced
this noon. Freight revenues showed a
gain Of 81, 1,308,858 and passenger reve-
nues were up $91.111. Operating ex-
penses were $1,1'7,816 higher than
last year.
Capital Transit stock sold at IA on
the Washington Stock Exchange today
on three small transfers. The remain
ing trading was in bonds, two $1,000
sales in City & Suburban SIS opening
the days business, priced at 81. Wash
ington Railway & Electric Is came
out on a 81 900 sale at 1861 and