Evening star., 1937-06-14

Committee, which
,u,,s go checked over his
annual report as
matter of form, made special men
ton of his brilliant service of more
than a quarter of a century. His fig
ures, of course, were found correct and
once again he reported a substantial
balance in the bankers treasury. He
seems to possess an almost uncanny
trait of knowing how to keep good
balances on hand at all times Even
at the bottom of the depression he
had no trouble in running the aSsocia-
tion's figures in such Al order that
no red ink was needed.
Mr. Galley has been with the Lin
coin Bank ever since it was founded,
the opening day. The Seventh street
banker has seen many sweeping
changes in the financial district dur
ing the period of several decades and
has had the satisfaction Of taking
very active part in his own institu-
tion's sound growth.
For many years Mr.. Galley has
been director in the Bank of Com
merce & Savings and has acted as sort
of financial advisor to several large
business concerns. He had much to
do with establishing the Lincolns
branch Office at Seventeenth and
H streets about 10 years ago In
cidentally, he has a brother in the
financial district, H. Prescott Galley,
president of the National Savings &
Trust Co.
He has one hobby No, not golf. but
fishing And he has caught some
"Whoppers" in his time.
Building LuIl Temporary.
The current tapering off in con-
struction activity is simply an inter-
mediate phase of the building cycle
rejecting a feeling of uncertainty
generated by rising costs, recent Sc
Curity market reactions and the pros
pect of some recession in business dur
ing the near term, says the United
Business Service in its current re-
port.
Residential building has the longest
of any of the major business cycles,
the complete swings lasting from l6
to % years. The last full cycle ended
in 1888. From this it is evident that
the present cycle has barely entered
the recovery phase, and while fur
ther minor setbacks will undoubtedly
be encountered the term trend
seems certain to continue upward.
Thirteen Bankers Register.
Thirteen Washington bankers are
registered in the Graduate School of
Banking at Rutgers University, ac-
cordlng to reports from headquarters
OF the American Bankers Associa-
ton. Attendance at the residence
session at New Brunswick opens June
q and ends on July 3. The Wash
angton registrantS include:
Andrew w. Lee, Charles T. Malone.
John c. Baumann, Lawrence H.
Jones and David M. Kennedy, all
connected with the Board of Gov
ernors OF the Federal Reserve Board:
Hubert T. Bisselle, Kenneth F.
Brooks, Daniel j. Callahan, jr., and
R. E. Haycock, Riggs National; Ralph
Endicott, George M Fisher and Vim
cent A. Sheehy, jr., Washington Loan
& Trust Co., and Walter L. Sanderson,
Hamilton National Bank.
Bankers Laud Convention,
washington bankers were back at
their desks today after attending the
national convention of the American
Institution Of Banking at st. Paul
They branded the sessions as excen-
tlonally interesting and instructive.
The delegation from here included.
William H. Laughlin, Joseph R.
Fitzpatrick, John M Christie, Paul
j. Seltzer, j. Earle McGeay, I. j.
Roberts, T. Hunton Leith, G. Elmer
Flather, Edward M. Blaiklock, George
Galleher, George M. Rowzee and
Ralph Endicott.
The address of Bishop James E.
freeman of Washington, at the clos
ing general session, was considered one
OF the best of the convention. The
new president is Frank R, Curda as
sstant vice president, City National
Bank & Trust Co., Chicago.
Insurance Leaders to Meet
Inc District Life Underwriters As
soclatlon will induct the new officers
at special buffet supper meeting at
the Willard next Thursday evening at
O'CLOCK, 1t was announced TODAY
Paul H. Primm succeeding Laurance n
Rlgges as president. The underwriters
are expecting many guests as it is an
open meeting.
Inc guest speaker will be D. Gordon
Hunter, vice president and agency
manager Of the Phoenix Mutual Life
insurance Co. He has made a bril-
liant record in all lines of insurance
according to John E. O'Brien, Bulletin
Committee chairman.
Air Passenger Traffic Scars.
United Air Lines flew 5,557225 mas.
senger miles during the first 20 DAYS
OF May to equal the total amount OF
passenger miles recorded during the
entire month of April, it was an
nounced here today by D. Walter
Swan, district traffic manager The
number of revenue passengers in
creased 40.2 per cent during the frs
20-day period last month, compared
with the corresponding part of April
Factors responsible for United.
sharp upturn, in addition to the sea.
sonal upward trend, include faster
coast-to-coast and intercity schedules
with new Douglas-built mainliners
along with lower rates which becam,
effective May l.
Washington Market Active.
Trading on the Washington Stool
Exchange today was active, with tn
opening sale in Capital Traction IS
$1,000 changing hands at 81. Tw,
$4,000 transfers in Potomac Electro
Power 3As took place at l02.
Mergenthaler Linotype came out a
46 today and Lanston Monotype wa
strong at 9214. Washington Railwa
g. Electric preferred registered 1101
and Potomac Electric Power 5l2 pc
cent preferred moved at Ill.
Only 46 per cent of the outstand