Evening star., 1937-10-14

honor comes 10 Es nm iM
him after long .r,hv- IL,
ervice in that - '''
organization. Attending several ma
ional conventions, he has always
played leadAg part in the associ-
ition's deliberations.
Another Washington banker who
took part in this years convention was
raymond G.. Marx, controller of Riggs
National. who addressed the assembly
IN "Budgetary Control"
A. b. A. Convention Flashes.
w. Gordon Brown. executive manager
Vt the New York State Bankers As
ociation, was elected president Of the
State secretaries section of the A. B. A.
=. W. Beerbower. secretary OF the
Virginia Bankers Association, was
,lected first vice president and c. C.
Wattam. secretary of the North
Dakota Bankers Association, became
second vice president
According to figures included in the
annual address of Tom K. Smith, pres
ident of the American Bankers Associ-
alton, more than 10 New England
banks have passed the century mark.
Hundreds of others not so old as
these have stood the test of time and
circumstance. These institutions bear
witness to the service and stability
Of American banking" he said.
President Hugh Leach of the Fifth
District Reserve Bank and the heads
ofsthe other IL reserve banks are
attending the Boston convention, along
with Mariner S. Eccles, chairman of
the whole system and John K. Mckee,
a governor. Reserve officials wish to
keep in close touch with the member
banks in the future.
Marshall r. Diggs. assistant to
Controller of the Currency j. F. T.
O'Connor, and C. c. Upham, from
Secretary Morgenthaus office; W. P.
Folger, chief national bank examiner,
and William Prentiss deputy con-
troller. are also attending the Boston
sessions. While not on the program,
they have kept in close touch with
the proceedings.
Dema nds Balanced Budget.
Orval w. Adams, newly elected
president. today demanded balanced
Federal budget ard called upon bank
ers OF the Nation to make "all people
deficit conscious" according to the
Associated Press. He proposed two
steps toward balancing the budget:
''First, a substantial decrease in
Government expenses. Second. an in
crease in taxes more eQuitably dis
tributed over much broader base
He addressed the A. B. A. conven-
ton after Leonard P. Ayres, interna-
tionlly known ece nomist, had declared
there is at present no set of conditions
which could result in a credit col
lapse like that of the great depression.
The president-elect expressed him.
elf as strongly opposed to branch
banking. across State lines.
Fleming's Committee Reports.
The Resolutions Committee, Robert
Y. Fleming, chairman, urged bankers
10 oppose branch banking beyond State
lines. directly or indirectly" and re-
ported large and consistent gains for
industry, commerce and agriculture
during 1887" Banking has also made
steady progress, the committee found.
The bankers touched on the stock
market slump, declaring it appeared
to be a reaction from the exception
ally rapid advances of last year and
the early months of 1887" The COM
n 'ttee called for the elimination of
duplicate taxation and greater GER
tainty in administration and stand
ardizat ton Of tax laws"
Wesley With Page Laundry.
Edwin F. Wesley. formerly vice pres
ident and general manager of the
Manhattan Laundry, has become as
sociated with the Page Laundry e.
Dry Cleaning Co., as secretary and
treasurer, it was reported today. A
native of Holyoke. Mass, he is a grad
uate of Syracuse University. He was
industrial adviser for the laundry in
dustry during the N. r. A. and was
president of the American Laundry
Institute last year.
Banker Talks to Underwriters.
The October meeting of the District
OF Columbia Chapter of Chartered
Life Underwriters was addressed last
night by Bernard Amiss, assistant
trust officer Of the Washington Loan
& Trust Co., who discussed ways anc
means Of corporation between under.
writers and trust departments in plan.
ming testamentary and life insurance
trusts. Mr.. Amiss pointed out thu
very definite ways in which client.
can best be served. After his addres!
. forum discussion was held, helping
to clarity many of the practices O
trust service and the cooperation
with underwriters. The occasion wa.
the monthly dinner held at the Cosmo
Club.
Exchange Trading Light.
In light trading on the Washington
Stock Exchange today Washington
Railway & Electric preferred stool
sold at ITO and Potomac Electric Powe
per cent preferred stock change,
ownership at l13. Bonds were ne
elected.
The Atlantic Coast Line r. r. toda,
IN the f1rSt eight months of this yea
Of $3.22 a share on the common stock
against $l.38 on common in 1896, il
the same period.