Evening star., 1937-02-12
Steamboat Officers Reelected.

At the annual meeting of the stock
holders of the Norfolk and Washington
Steamboat Co., held yesterday, the
following directors were elected:
Messrs. H. N. Brawner, jr.: Wrisley
Brown, G. w. Forsberg, William D.
Hoover, c. F. Norment, ST.: c. F. Nor
ment. jr.; George P. Sacks, Odell S.
Smith and Corcoran Thorn.
The directors then elected the fol-
lowing officers: c. F. Norment, sr.,
chairman Of the board; c. F. Norment,
jr., president; G.. w. Forsberg, vice
president; Odell S. Smith. secretary
treasurer, and j. A. Riordon, general
manager.
The following members Of the staff
are continued in office: w. H. CAL
lahan, traffic manager; I. S. Walker,
general passenger agent; j. A. Max
we'll, auditor; G. E. Herring, purchas-
ing agent; D. Sawyer, experimenting
engineer; c. H. Ray, general agent.
Washington; P. G. Minter, general
agent, Norfolk; H. N. Larcombe. agent,
Alexandria, Va; C. s. Revell, joint
agent, Old Point Comfort. Va.
Crowley Against Bond Deals.
Chairman Leo T. Crowley of the
Federal Deposit Insurance Corp. op-
poses speculation in low-grade bonas
by banks. He says this has been
done by some banks in their efforts
to build up earnings during a period
Of low-interest rates.
In his semi-annual report Chair
man Crowley declared the practice
: Is unsound, especially If continued
over a long period. He says small
banks should be especially careful
on this point, as they are not in
position to have highly paid bond
experts as advisers to their staffs.
While opposing "in-and-out bond
trading" he does not ask for any
additional authority to lay down rules
on the type of bonds to be bought,
leaving that to the controller of the
currency. In his report, however, he
says he has instructed his examiners
to watch the type of low-grade bonds
in which any bank may be dealing
in trying to build up earnings.
Trust Code Is Suggested.
A code for the guidance of trust
officials was suggested at the trust
conference just held in New York.
The proposed code would stress rela-
tions of trust men with their GUS
toners, associates and rivals includ-
ing guide posts for the handling Of
trust accounts and obtaining of new
business.
Washington bankers, back today
from the conference, reported that
700 bank officials attended the three
day sessions and 1900 the annual
banquet last night. The forum dis
cussions conducted by Gilbert T. Ste
phenson, banker, and Austin w.
Scott, Harvard law professor, was of
unusual interest, they said.
John K. Mckee and M. S. Szym-
czak, members of the Federal Re-
serve Board, and L. E. Birdzen gen.
eral counsel of the Federal Deposit
Insurance Corp, attended the con-
ference, and Gov. Ronald Ransom
of the Reserve Board attended the
dinner. About 10 local bankers were
present.
Heard in Financial District.
A Boston dispatch states that In
ternational Linotype, Ltd, of London
owns 28,808 shares of Mergenthaler
Linotype Co. stock, or II per cent
Of the issue. Another wholly owned
subsidiary, the Melco Development
Co., held 1902 shares on September
30, 1886, the report added.
The Reconstruction Finance Corp.
announces appointment of John w.
Snyder as manager of the st. Louis
agency to succeed j. K. Vardaman,
jr, who has resigned to become presi-
dent and chairman of the Executive
Committee Of the Tower Grove Bank
& Trust Co. of St. Louis.
Arthur A. Ballantine, formerly Un-
dersecrtary of the Treasury and mem
ber Of the firm of Root, Clark, Buck
ner g. Ballantine, New York, has been
elected a trustee of the Bowery Saw
ings Bank.
Slauson, White g. Rowe, Inc,
Washington representatives of Inde-
pedence Fund, are arranging to
send IA managers and branch man
ayers in the District of Columbia and
Maryland to the home Office in New
York for a short course Of intensive
training.