Evening star., 1938-04-20
Profits Called Recovery Key.


interest in the light of recent legls-
latlon bearing on trade practices.
Profits Called Recovery Key.
There Is one condition under which
a Federal spending program might
now contribute to bringing about a
lasting business recovery It was de-
clared by the Economic Policy Com
mission of the American Bankers As
sOciation at the annual spring meet
ing Of the Executive Council.
THAT condition." the report said
'is the creation by the Federal Gov
ernment of cooperative relations be-
tween itself and private enterprise
that Will create confidence in pros
poets for future profits"
The real issue Of recovery that Is
now before the American people is that
of eXerting every effort to make sure
that measures Of temporary relief
through Federal spending shall be
united with measures of permanent
relief through the encouragement of
private enterprise" the report as
serted.
Auditors Plan Conclaye Trip.
The auditors section of the District
Bankers Association will send record
delegation to the 9Th annual Eastern
Regional Conference of Bank Auditors
and Controllers, meeting in Philadel-
phia Friday and Saturday. The list,
as announced this noon, includes:
James D. Barrett and W. F. Orri-
son, jr, American Security g. Trust
Co.; Harold w. Denison and John E.
Monk. Bank of Commerce & Savings;
William B. Meller. jr., and J. S. Linge-
bach, City Bank; Arthur J. Linn and
Millard S. Yeatman, Hamilton Ma
tional; James C. Elgin, w B. Hibbs &
Co.; W. NJ. Harris and Laurence G.
Grimes, Lincoln National: Louis K
Lynne, Morris Plan Bank; Audley A.
P. Savage. National Savings g. Trust
Co.. Raymond G. Marx. Riggs Ma
tional; Gerald E. Keene, Second Ma
tional; Walter NJ. McCurdy and j.
Arthur Cromwell. Union Trust Co.;
Harry L. Downey and w NJ Ofutt
Washington Loan g. Trust Co.. Lewis
z. Thomas, Liberty National; also J.
Forbes Campbell, Federal Deposit In
suranCe Corp, and A. J. Walden, Ma
tlonal Cash Register Co.
Business Volume Improves.
The Lincoln Service Corp of Wash
ington reports an increase in the VOL
ume Of business done in the first quar-
ter Of this year of 83 per cent and
net earnings increase of 234 per cent
over the same period in 1887.
The Morris Plan Bankers National
Association will hold its 18th annual
convention at the Greenbrer. White
Sulphur Springs. w. Va, on October
10, II and II, Executive Secretary Jo-
seph E. Birnie announced here today.
Sales of American Stores Co. for
March totaled Sl0.8o1 924. a decrease
of IA per cent from March, 1897.
Sales for the first quarter amounted
to S27, ,665,72 a decrease of rs per
cent from the first three months of
1887. February sales showed a de-
crease of 3.9 per cent from a year ago.
Virginia Bank Loans Grow.
Resources of the 800 insured COM
fnercial banks in the State of Vir-
ginla totaled S6346160O0 on Decem-
ber 81, 1887, according to a survey
made public by the Federal Deposit
Insurance Corp.
Deposits in the insured banks were
listed as S546,348,00O Demand de-
posts amounted to S235 sos 900 and
time deposits totaled s25l335,000,
each exclusive of interbank deposits.
Loans and discounts of the reporting
banks amounted to S268965,O00, a
gain of S21 $4,000 over the December
81, 1886, total.
Heard in Financial District.
William D. Hoover. chairman of the
board of the National Savings g. Trust
Co. has returned to Washington from
an Easter visit with relatives in West
Virginia.
Washington Railway & Electric As
sold on the Washington Stock Ex-
change today at 108ls. a gain of a
point and half since the last previous
sale. A ST 600 bond changed hands.
Washington Gas Light preferred
stock came out on the board at 98l2,
off half point. Other bid and asked
prices were practically unchanged.