Evening star., 1938-11-07

speaker Will be Leo L. crowley,
chairman of the Federal Deposit
Insurance Corp.
Cecil w. Burton, auditor Of the
irving Trust Co, is on the program
to consider "Auditing AS Tool of
MANAGEMENT At the closing SeS-
sion George w. Porter, former audi
tor of the Philippine National Bank,
Manila, and J. Weldon Jones, flnan-
cial adviser to the United States
High Commissioner to the Philip
pine Islands. will make the addresses
The convention will be entertained
by Houston Chapter Bank Auditors
and Controllers. many social events
being booked between business ses-
sions, In addition to Mr.. Linn,
Washington banks will be repre-
sented by Gerald B. Keene. Second
National Bank, chairman of the
auditors section of the District
Bankers Association. and by Ralph
Endicott of the Washington Loan &
Trust Co. Other Washington bank
ers at the A. B. A Convention may
near some of the addresses.
Peoples Drug Sales Rise.
Net sales Of Peoples Drug Stores,
Inc. in October amounted to $780,
44597 compared with $1,000 ,76467,
gain of s35. .681 10 or 1877 per cent,
It was announced at the head Office
this noon.
Net sales IN the first 10 months
Of 1888 totaled sl7529 64602 against
Sl8,l67 ,84365 in the like period in
1887, a decrease of S656 1877 63 Or
361 per cent, according to the
summary.
Trust Conferences Resumed.
Conferences in connection with
trust research week we're resumed
today, with Gilbert T. Stephenson
carrying on the program. At 10
o'clock this forenoon he addressed
the senior and junior law classes at
Georgetown University. He was
scheduled to meet bank trust officers
this afternoon, and this evening will
address the American Institute of
Banking at the Willard Hotel. To-
morrow noon Mr. Stephenson will
speak at the luncheon meeting of
the District Life Underwriters Asso-
citation at the Willard Hotel
William H. Stead of Washington
associate director for Standards and
Research, United States Employment
Service, and w r. Williamson, actu-
arial consultant for the Social Secu-
rity Board, will be among the leading
speakers at meeting of business
analysts at Columbus, Ohio, later
III ,r,,
in automobile production, employ
ment and old-age reserves Will be
accorded special attention.
Further Gains Forecast.
Slauson. White & Rowe are dis
trlbuting the monthly review put out
by Independence Fund which says
that there is increasing evidence
that the recovery which began in
June will increase in magnitude
with the the passage of time"
The marked increase in activity
of the automotiVe industry and riS-
ing volume Of building construction,
particularly of residential structures.
favorable trend of the machine tool
industry which has been rising vir-
early sumner, Improvement in electric
output, important gains in railroad
Carloadlngs, reduction in excessive
inventories, prospective improve
nent in public utility expenditures
and the abundance of loanable funds
at most attractive rates with ade-
quate reserves to provide for an eX-
pansion of even unprecedented pro-
portions augur well for further eco
nomic recovery the review asserts
Bankers Luncheon Guests.
Washington bankers will be guests
of the District Life Underwriters
Association at tomorrow luncheon
at the Willard Hotel They will
include Sidney F. Taliaferro, chair
man of the Trust Week Committee,
and Hilleary G. Hoskinson from the
Riggs National Bank; A. M. Nc
Lachlen, McLachlen Banking Corp;
T. Stanley, American Security &
Trust Co.; Ord Preston. Union
Trust Co.; H. A. Kertz, National
Metropolitan.
Theodore CoggSWell, register of
wills; George M. Morris and f. c.
Elvord. attorneys; H. Cochran
Fisher chairman of the Banks and
Trusts Committee of the Life Under
writer's Association. and J. Eliot
Moran of the Bankers Association
Fiduciarles Section will also be
present, to hear Mr.. Stephenson s
address.
Heard in Financial District.
All Washington banks will be open
as usual tomorrow. Election Day, but
the Offices of the New York Stock
Exchange firms will have the day
of. The Washington Stock Ex-
change will follow the example of
the New York Stock Exchange and
omit trading
Eliot H. Thomson of the Wash
tngton Loan & Trust Co. was again
elected to the Advisory Council of
the National Financial Advertisers
Association at the Fort Worth con-
vention. Robert L. Flather, Ameri-
can Security & Trust Co., was made
chairman of the Business Research
Committee. Both delegates. back in
the financial district today. were
6nlQuSldSllC over llle COCVe0UlO0 dQ-
dresses.
Washington Gas Light preferred
stock opened the weeks trading on
the Washington Exchange with 10
shares selling at lois, up an Is.
Potomac Electric Power 6 per cent
preferred moved at ll57i and the
5l2 per cent preferred at 114l2, on
sales of one share each
Members of Washington Chapter,
American Institute of Banking, have
received word that the 1889 annual
convention will be held in Grand
Rapids, Mich. June to 9. 1t will
be the 37th meeting of the kind.