Evening star., 1937-05-17

celebration was to be held in the
auditorium of the Department of
Commerce this afternoon, when it was
expected that about 900 business and
professional men, Government officials
and leaders in the life insurance field
would be present. Earnest G. Draper,
Assistant Secretary of Commerce. was
scheduled to make the opening ad-
dress.
George L. Hunt, chairman of the
National Insurance Week Committee,
selected Washington as the place to
visit on the opening day of the cam
palgn because of the special interest
shown by the Government in the
movement. He was on the program
TO respond to the address by Mr..
Draper, both addresses to be broad
cast.
An added feature of insurance week
this year is an elaborate exhibition
in room 1924 in the Commerce Build
ing, open daily. It is an exhibit of
industrial and graphic arts in the in
surance field prepared under the di-
rectlon of Guerra Everett of the Bu-
reau OF Foreign and Domestic Com
merce, and arranged by Suzanna
Mullett of the Corcoran School of
Art. The exhibit, open to the public,
aroused wide interest today.
Bankers Convention Echoes.
Holmes D. Baker, Citizens National
Bank, Frederick, was elected men,
Der OF the A. B. A. Executive Council
Tor Maryland by the Maryland Bank
ers' Association. The retiring pres
tdent, Howard S. Ruark, was named
vice president of the national organi-
cation for Maryland. and C. E. Little
of Laurel was placed on the Nomi-
mating Committee with Thaddeus
Jones of Hyattsv!lle selected as alter
nate.
Lionel D. Edie, economist, told the
Maryland bankers that there is a
feeling in Other countries that the
United States cannot go on perma-
nently buying gold at the present rate.
1t Is dangerous to try to guess what
the Treasury Department may do
about the gold situation, he said, add
ing that certain amount of common
sense may be applied to the question.
For instance, heavy planting of
cotton indicates large crop for 1887,
and this may bring a decline in the
price of that staple, If the gold price
is cut in the meantime, the Govern
ment would be blamed for the drop in
cotton. Thus it is logical to assume
that cut in gold this year is unlikely,
although it is sure to come eventually"
DR.. Edie thinks people are exag-
Eerating the Importance of the gold
question.
Dawes Forecast Discussed.
In the financial district this week
there has been good deal of dis
cussion OF the prediction of stock
market crash in 1889. made by former
Vice President Charles G. Dawes
in his new book, How Long Pros
perity?" Many brokers in the Capital
think his prediction of a high degree
OF prosperity until 1889 is more i'm
portant than his expectation of
market recession at that time. 1t is
easier to predict for the short term
than the long term. The short term
forecast is likely to be more accurate,
the long term more of a guess
He bases his predictions on past de-
presslons. In the tenth year after the
stock price collapse in 1873 and again
IN 1893 there was a minor business
recession. He looks for the same thing
to happen again. According to his
theory, the setback will come late in
1889, about two and half years from
now.
Section Chiefs to Report.
The auditors, fiduciaries and safe
deposit section of the District have
been especially active during the last
year and is planned to make the COM
prehenSlve annual reports one of the
features OF the program of the asso-
cations coming convention a, White
sulphur Spring, Charles H. Doing,
program chairman, announced today.
Inc auditors section will be repre-
Sented by Millard S. Yeatman, auditor
OF the Hamilton National Bank: fidu-
rlarles section by Chairman James A.
ooper, vice president and cashier, Lin
coin National Bank, while the safe
deposit section will be reported bv
acting Chairman Helen R. Sharpe,
Bank OF Commerce & Savings.
Peoples Drug Votes Dividends.
Directors of Peoples Drug Stores
Inc. have declared the regular 25-
cent quarterly dividend on the COM
mon stock, payable July to stock
holders of record June g. and the
Sl.6212 quarterly dividend on the pre-
ferred, payable June Is to stock of
record June l.
A refunding issue of 81, ,3el 900 Vir-
Elnlan Joint Stock Land Bank Of
Charleston, w. Va, per cent farm
loan bonds, due June l, 1912, optional
June l, 1899, is being offered by a
banking syndicate at 100 and interest
to yield 3 per cent.
Washington Railway g. Electric pre-
ferred and common and Potomac Elec-
trio Power preferred stocks are now
being quoted ex-dividend on the Wash
angton Exchange, preparatory to the
usual dividend payments due in few
days.
Heard in Financial District.
The Washington Office of Winthrop,
Mitchell g. Co. is distributing sur
vey which takes issues with those who
believe that medium grade bonds can
not advance unless high-grade issues
also rise. The survey, High Grade
Bonds VS.. Medium Grades" discusses
the factors accounting for present
price levels of fixed income securities
and also takes up probable future
trends
Despite the probability of letdown
IN industrial activity during the Sum-
mer months, the prospects for sea-
sonal consumer merchandise are very
favorable, and dollar sales volumes
should exceed those in the same period
last year, says the United Business
Service in its current report. Resort
areas can expect the best vacation
and tourist trade in several years,
and railroad and steamship companies