Evening star., 1938-06-24

graduate of the
Roosevelt High School and the Ameri-
can Institute of Banking.
The new chairman has been with
the Second National "a years. serving
at the branch on Seventh street, which
was formerly the main office. He is
a member of the Washington Board
Of Trade and other organizations.
About 100 members of the auditors
section, their wives, officers of the
District Bankers Association and
other invited guests were present at
the annual meeting, the election being
preceded by a banquet. After the
business session, the financiers became
socially minded and danced the rest
OF the evening.
H. Norman Glasco, Union Trust Co..
was elected vice chairman of the sec
ton and William B. Mehler, jr., of
the City Bank was named secretary
for the coming year.
Louis E. Thomas. auditor of the
Liberty National Bank, was elected
the incoming member of the council.
Retiring Chairman Downey also goes
on the council. During the meeting
of the years work and was presented
a handsome suitcase as a reward
for his efforts while in office.
Excitement in Board Rooms.
Wild trading on the New York Stock
Exchange in the last few days has
caused rush to local board rooms
that has resulted in standing room
only in many of the offices. The
rapldity of the advance has caused
conservation
For weeks there had been only
few tape followers in the board rooms
at the daily openings many of these
remaining during the first hour, long
enough to see that the market was
still IN rut and workin., lower.
Suddenly the situation changed
completely. the tape speeded up until
It was more than five minutes behind
the market. Only the last figure was
sent on gh-priced stocks so that the
translux could keep up with the quota
ton changes. Prices began to soar.
News OF the upturn spread through
the financial district, and like 1929.
market followers rushed to the broker
age houses.
Whether the bear market has sud-
denly ended and turned into a bull
market is the vital question. Some
Wall Street services think the turn
has come; others advise caution.
At any rate, there is different
psychology among traders, and great
deal more optimism is heard Secre-
tary Roper's forecast of better business
in the fall came at an opportune mo-
ment as did slight upturns in several
important indexes
Brokers have been looking for re-
action for the consolidation of gains"
In the meantime the volume of trad
ing has brought relief in manv
quarters where special efforts were be-
ing made to keep up pay rolls. The
next few sessions should indicate
whether the upturn is to become a
trend, Fifteenth street brokers as
sert
Capital Transit Net Lower.
Co, in May totaled s4o,71O.36. against
s52,33l. 81 in May, 1887. a decrease of
sl1,62l.0l, according to the monthly
report filed this noon with the Public
Utilities Commission.
Operating revenues showed an in
crease, but operating expenses. taxes
and depreciation were also higher,
more than offsetting the operating
gains.
revenue passengers numbered 49,
9O2,l10. a decrease of 442.838. or a
drop of per cent, the report showed.
Washington Gas Light preferred
stock, which is now the most active
issue on the Washington Stock Ex-
change, sold at 80 again today on
three different transfers.
In the bond division, Washington
Railway & Electric As came out at
lo7l2 on $1,000 turnover.
1,150 Seek Insurance Degree.
One thousand one hundred and fifty
lie insurance men in the United
States have just completed the an
nual examinations for the chartered
life underwater designation granted
by the American College of Life Un-
derWriters, according to a statement
by Dwight T. Scott, president of the
local Chartered Life Underwater
Chapter. This exceeds by IS per cent
the largest number of applicants in
any past year Examinations were
held June 9, 10 and II at 78 COL
leges and universities.
The local examinations were Aan-
Quoted by Dean Kayser at GeVlge
Washington University, where IL
Washington underwriters are appli-
cants for the c. L. U. designation.
Air Traffic Up IS Per Cent.
United Air Lines had 35 per cent
increase in traffic the first four months
of this year out of Washington over
the same period of last year, D. Walter
Swan. district traffic manager of
United Air Lines stated today.
A major portion of the increase was
to Chicago, and passenger traffic to
California and Seattle showed a 20
per cent increase following Inaugural
ton Of additional sleeper plane service.
NAoi iAhu Ddlhh IN1CI&CT AIuCO.
The Federal Deposit Insurance Corp.
by making s1000,000 loan to the
Commercial Bank of Maryland Fred
erick, Md has paved the way for the
merger of that bank with Western
Maryland Trust Co., of the same city,
on July 2.
The deposits of the Commercial
Bank and its assets, other than those
pledged for the F. D. 1. c. loan. will
be assumed by Western Maryland
Trust Co., giving that bank more than
$2,000,000 of deposits and approx
mately S2.800,000 of resources.
Repayments far exceeded disburse-
ments of loans and investments by
the Reconstruction Finance Corp.
during May, as s39,807,546 was dis
bursed and $l42.128,l65 repaid.
Issuers Of new securities during May
planned to devote sl8,9Ol 900, or 36.9 9
per cent, Of the net proceeds for new
money" purposes, the Securities and
EyrI,onre ro,,e ee1on ~>~4~<s