Evening star., 1938-11-05
Bank Leaders Attend
Opening Meeting Of
Trust Week Here
Nearly l5C Hear Address
By Gilbert Stephenson
At Willard Session
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Nearly $50 officers and directors
of Washington banks attended q
dinner meeting at the Willard Hotel
last night when Trust Research
Week" was officially opened. The
program calls for series of meet
ings which end next Wednesday
night with a session of the WASH
tngton Board of Trade.
Capital bankers heard Gilbert T..
Stephenson discuss trust problems
from a host of different angles, his
remarks being intended to be OF
special value to officers in the trust
departments of financial institu-
tions. A widely-known banker, Mr..
Stephenson has devoted almost all
his time for several years to trust
matters. His subject last evening
was Trust Business in Washington
City,
He is graduate of the Harvard
Law School and the academic de-
partment and has studied at close
range the trust systems of England,
France, Germany, Denmark, Nor
way and Sweden. A former presi-
dent Of the Trust Division of the
American Bankers Association, he Is
conducting the program here as
head of Trusts Faculty of the Grad
uate School of Banking at Rutgers.
Sidney F. Taliaferro, a vice presi-
dent and trust officer of the Riggs
National Bank, presided at last
nights meeting, as chairman of the
special committee which arranged
the program. The conference is
sponsored by the District Bankers
Association, Washington Clearing
House Association and the American
Institute of Banking.
On Monday evening Mr.. Stephen
son will address the American In
stitute of Banking on "Treadmill or
Stairway" and Tuesday noon will
be the guest speaker at the luncheon
of the District Underwriters Associa-
tion at the Willard, his topic being
Provisions of Wills and Trust
Agreements Relating to Life Insur-
ance."
Virginia Plan Spreading.
M. E. Bristow. Virginia State
Banking Commissioner. speaking
informally to the members of the
executive committee of the Bankers
Discount Conference of Virginia at
their meeting held in Richmond,
said that the work of the confer
ence in setting up sound safeguards
and limitations for the discounting
OF installment paper by Virginia
banks had received favorable COM
ment from all over the United
States.
The Bankers Discount Conference
is composed of Virginia banks, in
dustrial loan associations, and
finance companies discounting in
stallment paper.
Election Date Announced,
Notices have been sent out by the
Federal Reserve Bank OF Richmond
stating that votes for directors of
the bank must be received by No.
-vember Is as the ballots will be
opened at o'clock that afternoon.
L. E. johnson, chairman of the
board of the First National Bank,
Anderson, w. Va, has been nomi-
mated to succeed himself as a Glass
"A" director and Edwin Malloy,
president and treasurer, Cheraw
Cotton Mills, Cheraw, S. c., has been
named to succeed himself as
Glass "B" director. The candidates
are invited to be present at Rich
mond when the ballots are opened.
Everett Heads Advertisers.
George A. Everett, assistant vice
president, First Citizens Bank g.
Trust Co., Utica, N. Y, was elected
president of the Financial Advertis-
ers Association at the Fort Worth
convention, succeeding William H.
Neal, vice president. Wachovia Bank
& Trust Co., Winston-Salem.
Eliot H. Thomson, of the Wash
1ngton Loan & Trust Co., was one
OF the speakers at Thursdays meet
ing, Publicity" being his subject.
Robert L. Flather, American Sc
curity & Trust Co., also attended
the conclave which adjourned yes
terday.
Benson Talks on Railroads.
considering the difficulties with
the railroads and the present situa-
tion with respect to railroad earn
ings, there will be little institutional
money available for railroad bonds"
1t was asserted in Boston by Philip
A. Benson, first vice president OF
the American Bankers Association.
"1his may be different If conditions
change" Mr.. Benson said, "but the
railroads If their securities are to
be attractive have to be given more
OF chance than they have had in
the past"
Adding an optimistic note, how
ever, Mr.. Benson remarked. I'm order
not to appear too pessimistic, let
me say that there is definite trend
towards recovery. That is being
reflected by increased carloadings
and this means increased earnings.
What should be brought about for
the good OF this important indus
try" he continued, "is legislation
which will require fair basis of
rate making, elimination of unneces-
sary burdens, placing competing
agencies on an equal basis, abandon
ment OF unnecessary lines and con-
solidations of other lines where it
is economically desirable. If these
are obtained, we may yet have
great deal OF railroad mileage oper-
ated on profitable basis"
Heard in Financial District.
Bank clearings in Washington for
the week ended Wednesday totaled
$2l ,485 ,307 "A, off II per cent from
year ago. but 7.02 per cent higher
than the previous week.
An unusually large number of
bankers attended the funeral of
Earle M. Amick, vice president of
the Riggs National Bank, which was
held this forenoon.
Voters of 608 municipalities located
In 40 states during the month of