Evening star., 1938-06-16
VIRGINIA BANKERS
0PENCONVENT|ON
Creation of Industries USING
Farm Crops Urged as
Employment Aid.
By EDWARD STONE.

By EDWARD C. STONE.
Addressing the 45th annual conven-
ton of the Virginia Bankers Asso-
citation at Hot Springs today, Carl B.
Fritsche, consulting engineer, of De-
troit urged the creation of new indus
tries using farm crops for raw mate
rails as a means to remedy unemploy-
ment, according to the Associated
Press.
The chemical industry making pus-
sible such new industries, he said, is
headed South because the Southland
possesses that rare combination of
youth, power and raw materials which
is irresistible, provided the new tools
which modern science affords are util-
ized."
The speaker said chemurgic research
applicable to the cultivation of suit
able crops indigenous to Southern
States and the industrial use of the
raw materials thus provided has pro-
gressed to the point where little delay
is justified in launching an industrial
farm program in the South which
aPoll lVo SOlll plCUlOll SllOulu
an output of new crops and crop
products having an annual value of
$1,000, 900 900"
Today's session was called to order
at $50 by A. F. Ryland, a Richmond
banker, who is president of the asso-
citation. The convention is unusually
we'll attended. C. L. Robey of Purcell
tttrn ,e Il H.
advanced to the presidency at the
annual election Saturday. Virginia
banks near Washington were well rep
resented at the opening session this
forenoon
A host of group and committee re-
ports featured today's program.
Exchange Officers Elected
At special meeting of the Wash
1ngton Stock Exchange held this noon
two vacancies caused by the death of
w. w. Spaid were filled. Mr.. Spaid
was vice president of the exchange
and a member of the Board of Gov
ernors.
William w. Mackall. jr., who has
been secretary was elected vice presi-
dent. George M. Ferris, who has been
serving the exchange as trasurer was
made secretary, and Edison B. Olds,
jr., was elected treasurer. James
Parker Nolan was chosen to fill the
vacancy on the Board of Governors
The complete Board of Governors
now consists of Y E. Booker, chair
man: James M. Johnston. who is
president of the exchange; Mr. Mack
all, Mr.. Ferris, Harold c. Patterson.
Mr. Olds and Mr.. Nolan.
On the exchange today so shares of
Capital Transit sold at 8l2 and so
more at 8l4. Washington Gas Light
preferred figured in three consecutive
sales at 80, one at 9824 and two more
at 80.
d. C. Store Stocks Lower.
The Federal Reserve Bank of Rich
mond reported this noon that depart
ment store stocks in Washington were
SIS per cent lower on May 81 of this
year than year ago. Stocks were
down "A per cent for the whole fifth
district. Compared with the end of
ShPlAi, Spotho WClC pldCllldlIy
changed in Washington stores.
In the first five months of this year
stocks in the stores here were turned
It'll times, against 1604 for the whole
district. In May stocks here were
turned .33l times, against 1923 for the
district. During May 269 per cent
Of bills due were paid, compared with
285 per cent for the fifth district,
80 per cent in Baltimore and 80 per
cent in Richmond.
As already noted, department store
sales in Washington in the first five
months of this year were off only 3.9
per cent from the like 1887 period.
In May sales were down l05 per cent,
compared with May, 1887.
Sections to Elect Officers
The annual meeting of the safe de-
post section OF the District Bankers
Association will be held in the board
room of the American Security &
Trust Co. tomorrow evening at
O'Clock. The Executive Council will
be elected at this time, promising a
large attendance. Mrs. Helen R.
Sharpe, Bank of Commerce & Saw
lngs, has been chairman of the sec
tion during the past year, the first
woman to hold this Office.
The annual meeting of the auditors
section of the District Bankers Asso-
citation will take place at the Ward
man Park Hotel next Thursday, begin
ming with dinner at o'clock Harry
L. Downey, Washington Loan & Trust
Co., has been chairman of the sec
tion this year. Both these sections,
as we'll as the auditors section, were
unusually active during the year.
Burton Wins National Fame.
Clarence F. Burton, president of the
City Bank, has won the acclaim of
bankers all over the United States by
his carefully prepared and most COM
prehensive blast" against critics of
the banking fraternity who have been
denouncing the financiers for not
making more loans.
His reasons why bankers are obliged
to limit their lending were published
in The Star on June 10, his open
letter haVlng been reprinted in full in
a recent issue of the American Bank
er. He presented very clear and con-
vincing reasons why banks can't loan
their depositors' money unless repay
ment in due time is assured.
Banks are making just as many
sound loans as possible and only wish
they could make great many more,
Mr.. Burton says. Other banks in the
financial district agree with him fully
and appreciate the amount of time he
put into his vigorous statement.
Semi-Annual Dividend Voted.
Directors of the Second National
Bank declared the regular semi-an-
nual dividend of 2 per cent at their
meeting yesterday afternoon, Presi-
dent John A. Reilly announced to-
day 1t will be paid on June 80 to
stockholders of record June 20.
Atlantic Coast Line Railroad re-
ports for four months ended April
80, 1888, net income of s1,5e5,152
after taxes and charges. equal after