Evening star., 1937-10-06


motor and by
e. "ouh''os' boat, the steamer
trip having been
planned by the Virginia Bankers Asso-
clatlon, there already being more than
rs reservations for the water trip on
the steamship Berkshire of the Mer-
chants e. Miners Transportation Co.
The boat leaves Baltimore Friday and
Norfolk Saturday afternoon, the Vir-
ginia association having invited a
host OF nearby bankers to accompany
them on the cruise.
The Boston sessions open Monday
and close Thursday of next week. At
the same time the national convention
OF Bank Auditors and Controllers will
also be in progress in Boston. A
generous number of members of the
auditors section of the District
Bankers Association will attend these
meetings, one of the speakers being
Raymond G.. Marx, controller of the
Riggs National Bank, whose subject
Is "Budgetary Control" Arthur j.
Linn, controller of the Hamilton Ma
tional Bank, is slated to be national
president of the organization next
year.
Members of d. c. DELEGATION.
According to the latest announce
ment, the Washington delegation will
be made up of the following delegates.
including E. E. Mountjoy, who has
rpnrQSpnt in
for many years and is secretary of
the National Bank Division:
Thomas j. Groom, president. Dis
trlct OF Columbia Bankers Associa-
tlon and executive vice president,
Bank of Commerce & Savings; Rob-
ert V. Fleming, president, Riggs Ma
tional BanA and immediate past presi-
dent American Bankers Association:
George o. VaSs, vice president and
cashier, Riggs National and member
A. B. A. Executive Council; Sidney F.
Tallaferro, vice president and trust
officer, Riggs National, and member
OF the Committee on Federal Legisla-
tion of the trust division, A. B. A.;
Miss Catherine NJ Krieg, secretary to
MIR. Fleming of the Riggs National
Bank; r. G., Marx, controller, Riggs
National; Frederick p H. Siddons,
secretary, American Security g. Trust
Co.; T. Stanley Holland, trust officer,
American Security g. Trust Co.; James
D. Barrett, auditor, American Secur-
ity g. Trust Co.
F. G. Addison. jr.. president. Sc
curity Savings e. Commercial Bank;
Wilmer j. Waller. vice president and
cashier, Hamilton National Bank and
member of the A. B. A. Banking
Studies Committee; H. Prescott Cat
ley, president, National Savings g.
Trust Co.; Audley A. P. Savage. audi
tor, National Savings g. Trust Co.;
John A. Reilly, president, Second Ma
and trust officer, Second National;
Gerald E. Keene, assistant cashier,
Second National; Donald w. Larson,
secretary, District of Columbia Bank
ers' Association; George M Fisher,
vice president and treasurer, Washing
ton Loan & Trust Co.; James NJ Ma
son, assistant treasurer, Washington
Loan &, Trust Co.: Harry L. Downey,
auditor, Washington Loan g. Trust
Co., and chairman auditors section,
District of Columbia Bankers Asso-
citation.
E. E. Mountjoy, secretary, National
Bank Division, A. B. A., and Washing
ton representative of the A. B. A.; |
c. F. Burton, president, City Bank;
Joshua Evans, jr., vice president, Ham,
ilton National; M. F. Calnan, presi-
dent, Liberty National; Lanier P. Nc
Lachlen, president, McLachle Bank
ing Corp; James A. Messer, vice presi-
dent, Columbia National; S. William |
Miller, treasurer, Union Trust Co.; H. |
Norman Glasco, Union Trust Co., and |
secretary, auditors section, District of |
Columbia Bankers Association; Ar
thur j. Linn, controller, Hamilton |
National; Lewis E. Thomas, auditor, |
Liberty National; William M. Harris, |
auditor, Lincoln National, and James |
G. Elgin, partner in W. B. Hibbs & Co. |
Recession" Not Depression"
The recent erratic action of the |
New York stock market has turned |
interest more than ever to the business |
outlook. On the business situation. |
Mcleod e. Frey, Inc, make this fore
cast:
THE decline in business activity
has about run its course for this year. |
In May the Federal Reserve Board in
dex Of industrial production averaged
118. the recovery high. In September
it is estimated at 112. In October the
index will probably be one or two
points lower. In the latte part of
October moderate Fall recovery will
set in, carrying through the early
months of 1888. Industrial production
will average less in the first half of
1888 than in 1887. We are not at the
beginning of major business depres-
sion. We are passing through busi-
ness recession"
Exchange Offices Crowded.
New York Stock Exchange offices
In this city were crowded today long
before the opening of the market
The market was expecte to open
lower after yesterdays break and it
did. Before the translux started it
was announced that United States
NoNSA AAoA OFC41CA AOWSA Al lOAlN4Oll,
an important factor in causing the
lower price here.
The Chesapeake g. Potomac Tele-
phone Co. of Baltimore reports a net
gain of 1854 stations during Sep
tember, compared with gain of 2,546
In September, 1896, and a gain of
1909 in September, 1885. For the
first nine months of 1887 the Balti-
more company had net gain of
1889 stations, compared with 1880
In 1896 and 5,355 in 1885.
The largest sale on the Washington
Stock Exchange today was IS shares
Of the new Washington Gas Light
preferred stock, at 997s, unchanged.
Potomac Electric Power 5l2 per cent
preferred figured in two sales at 111A.
Capital Transit closed with 10 bid
and 1l12 asked The bid for Nor
gefthaler Linotype stood at 80 with