Evening star., 1937-05-21

the association members being anxious
to get the views of some one of their
own circle on the business and eco
nomic outlook. DR.. Mcclellan was for
merly connected with the Wharton
School of Finance and has long been
close student of economics.
Vandoren Addresses Bankers.
W. T. Vandoren, vice president and
cashier of the Liberty National Bank,
addressed the joint session of the
Auditors and Ffduciaries Sections of
the District Bankers at the Lafayette
Hotel last night. His talk was of
equal Importance to both sections.
He declare that maintenance of
proper records is essential to the ef-
flcient operation of a banks trust
department. He advised bank auditors
that trust department audits should be
conucted for the purpose Of determin-
Ing the true condition of the depart
ment; to see that all trust assets are
properly accounted for, and to ascer-
tain as far as possible whether the
governing rules, regulat tions and laws
are being complied with properly.
A forum discussion followed his re-
marks. About 100 bankers we're pres
ent, Millard S. Yeatman presiding.
Stock Being Offered Here.
A new issue of $4,000 shares of
cumulative prior preferred stock of
the North American Finance Corp,
q personal finance company with
headquarters In Richmond, Va, is
being offered today by a group which
includes Hertz & Co., Inc, Southern
Building. The stock carries warrants
for the purchase of class A common
stock. The company operates 20
Offices in different States, including
Virginia, starting in Richmond in
1923. Net income in 1886 amounted
to S95,442.
Secretary Morgenthau announced
Treasury offering of S10O 100000 in
bills to be sold between now and
Monday. thus continuing the regular
Treasury bill financing which has been
carried on for the past six weeks,
The Richmond Reserve Bank notified
washington banks of the offering
today.
Morgan Stanley & Co., Inc, and
associates will be the underwriters of
the s24,000,000 Buffalo Niagara Elec-
trio Corp. bonds and notes. The
Offering may be along late in June.
Heard in Financial District.
Securities on the Washington Stock
Exchange turned more active yester-
day, catching the spirit of the New
York exchange. Capital Transit fig
ured in the largest turnover in a
long time, eight different sales taking
place, all at los. It was the first
exchange session after the announce
ment that Congress proposed to in
vestigate the transit company's af-
fairs and possibly limit fares to 7
cents. Other sales included trans
fers in Lincoln Service preferred
stock, recently listed, at 40. Bonds
were also in better demand.
The Washington Office of Fenner &
Beane Is distributing review of the
petroleum industry which states that
present conditions are highly favor.
able and adds a prediction that this
years earnings will be well aheac
of 1886
E. A. Pierce, senior member of E. A
Pierce g. Co., has been elected presi-
dent Of the New York Association o1
stock Exchange Firms, succeeding
Frank r. Pope of Paine Webber &
Co.. who Is now on the Stock Exchange
governing board.
Mergenthaler Linotype sold at 46 on
the Washington Stock Exchange to-
day, Riggs National Bank common
stock came out at ITO and Lanston
Monotype was in good demand at "a
There was also fair bond turnover.
Bank clearings in Washington fol
the week ended May 19 totaled $685..
04,20329, an increase of 1924 pei
cent over the same week last year anc
l4.35 per cent over the previous weeL
this year.