Evening star., 1937-05-12
GROUP T0ATTEND
RUTGERS COURSE
At Least Nine From Capital
Banks Will Receive A, B. A.
Training.
BY EDWARD C. STONE.

At least nine Washington bankers
will be among the nearly 600 students
enrolling in the American Bankers
Associations Graduate School of
Banking which opens at Rutgers
University on June 2. it was learned
In the financial district today.
Hubert T. Bisselle, assistant CASH
Ter, and R. Earle Haycock, auditor
OF the Riggs National Bank, will re-
turn to the school and complete their
courses at the coming semester. Ken
meth F. Brooks, trust officer in the
same bank, will enroll for his sec
ond semester and graduate in the
class of 1888.
Daniel j. Callahan, jr., an assist
ant cashier at Riggs, and Charles T.
Akre, assistant to the trust officer in
the same institution. will enter the
school for the first time. Other
Washington bank officers, either en-
tering or returning to the school, in
clude Walston L. Sanderson, assistant
cashier, Hamilton National Bank;
George M. Fisher, vice president and
treasurer, Washington Loan g. Trust
Co.; Ralph Endicott assistant treas
urer, and Vincent A. Sheehy, jr., as
sistant trust officer, both connected
with the Washington Loan & Trust
Co., have enrolled for the coming ses-
sion.
AS enrollments for the years work
do not close until May co. it is pos
sible other Capital bankers may also
sign for the course. AS the list now
stands, the city will have the largest
representation to date.
London Methods Outlined.
settlement days" on the London
Stock Exchange have recently aroused
great interest among traders in all
American markets, brokerage Offices
in the Capital having been swamped
with questions regarding the wide
difference in methods of trading here
and abroad. The Washington Office
OF Laidlaw &, Co., G. Bowie Chapman,
manager, has been distributing a brief
description, prepared in London Of
the methods by which security trans
actions are settled on the British
exchange.
During the year, there are "a trad
ing or account periods on the Lon
don Stock Exchange. Twenty of
these periods cover two weeks each
and four of them cover three weeks
each. Settlements are fixed for alter
nate Thursdays nearest the middle
and end of each month.
Each settlement lasts four days of
which the first day, called "contango'
or makeup" day, is devoted to the
preparation of accounts. BY this day
buyers and sellers must notify their
brokers whether or not they wish to
complete their transactions by accept
ing and paying for the securities that
have been bought and delivering the
securities that have been sold.
Markets Position Revealed.
II, however, short sellers are in a
majority and the demand for shares is
keen, the sellers may be forced to pay
premium known as "backwardation"
that accrues to those who are willing
to lend their stock
"Contango day" is generally said
to reveal the technical position of the
market, since it shows whether the
long or short interest predominates
The second and third days of the
settlement are ticket days" when.
with the aid of the Stock Exchange
Settlement Department, often referred
to as the Stock Exchange Clearing
House, the mechanical details of the
clearance are arranged. Tickets are
passed from broker to broker until the
ultimate seller and buyer are estab-
lished.
The fourth day. Thursday, is "ac-
count day." or settlement day." when
all differences must be paid. Imme-
dlate settlement is required, and if a
member is unable to meet his obliga-
tions he is at once considered in de-
fault.
Hunt to Open Drive Here.
The chairman Of the National Life
Insurance Week Committee, George L.
Hunt, has been secured by Earle w.
Sapp as the chief speaker at the
breakfast of the District Life Under
writer's Association, next Monday
morning at the Willard Hotel, when
the insurance week" campaign is
launched. This is great distinc-
ton, as the head of the national drive
was urgently sought in several other
important cities. He is vice president
Of the New England Mutual Life In
surance Co. and former president of
the Hartford Underwriters Associa-
ton and the Connecticut State Un-
derWriters Association, as we'll as
former official in the national associa-
ton. He is said to be an unusually
fine speaker.
Bank Notes 9th Anniversary.
The Anacostia Bank has just cele-
brated the twenty y-seventh anniversary
of its organization. The institution
was organized on May TO- 1910, with
the late George o. Watson as its first
president. He was succeeded by the
late Maurice Otterback, who was head
of the institution for many years. On
his death, in 1884, j. Frank Campbell
came to the presidency, which posi-
ton he now holds. When the bank
was organized it had $4,000 capital
stock. That has since been doubled.
Deposits are now well more than
$l,800,00O.
Heard in Financial District.
Y. E. Booker, head of the invest
ment firm bearing his name, and
member of the board of governors of
the Investment Bankers Association,
returned today from attending the
Spring meeting of the board at Hot
Springs, Va. More than 300 men,
bers Of the board, association officers
and their wives attended the sessions,
which were devoted to a study of
present investment conditions and the
outlook.
A single share of Mergenthaler Limo
type stock sold at As on the Washing
ton Stock Exchange today. Real Estate
Yv,e cf~ 81,