Evening star., 1938-05-19
BANKERS PREDICT
RECORD TURNOUT
Attendance at Hot Springs
May Break Previous
Convention Marks.
By EDWARD c. STONE.

Reservations 1Or tIle IoCh nAiiooi
convention of the District Bankers
Association at Hot Springs, Va. June
e-12 are coming in so rapidly that this
years attendance may eclipse all
previous records, according to General
Chairman T. Stanley Holland and
President Thomas j. Groom.
The Asheville convention was the
largest that the association ever held
out of the CITY, There are about 26O
bankers and guests at the Grove Park
Inn and surrounding hotels and cot
tages. 1t looks now as If at least 25O
financiers would be at the Homestead
for the four days and the number may
pass the old 26O mark when the
bankers special" leaves the Union
Station.
The first out-of-town convention
was held at Deer Park, Md, and since
that time the association has selected
many different places. Twice the
bankers went to Montauk Point, Long
Island. At another time the conven-
ton was held on one of the Norfolk
e. Washington steamboats, during a
three-day cruise. In the long run,
however, Hot Springs and White
Sulphur have received the call more
than any other resort.
Thomas ]. Groom. executive vice
president of the Bank OF Commerce
e. Savings. will complete his duties as
head of the association, his service
having been much longer than the
usual term on account Of the death
of Karl w. Corby only short time
after his election to the presidency.
Slated to succeed Mr.. Groom is Hill
leary G. Hoskinson, one OF the vice
presidents of the Riggs National Bank.
Ord Preston, president of the Union
Trust Co., will become first vice
president, and A. M. McLachlen, sec
retary of the McLachlen Banking
Corp. will step into the second vice
presidency According to precedent
Mr.. Holland will become third vice
president as a reward for the arduous
duties of being general convention
chairman.
The program of speakers. in charge
of F. P. H. Siddons, secretary, Amerl-
can Security g. Trust Co., is practl-
cally completed.
Summer Lull Talk Discounted.
Leading brokers in Washlngtons
financial district are discountlng the
talk about activity in the stock market
being affected by the coming summer
lull." The summer lull has been IN
operation for several weeks. they say,
and if things get much slower, the
market will practically stop. The
same market observers don't see no"
things can be much different IN mlo-
summer than they are now.
The tone in the financial district IS
a little more cheerful. Anticipating
better business in the fall. there are
predictions that the stock market will
begin to anticipate better conoltlons
in August. Reports are also current
that some stock is being purchased at
present levels for the long pull.
Brokers, however, don't look for any
active upward movement just now.
CORPORATION earnings reports are too
unfavorable, they say. In the long
run earnings are largely what fix the |
values of stocks. 1t seems to be any, |
bodvs guess when the next real move |
will come. 1t will be when the busl-
ness index scores definite upturn
and earnings reveal a corresponding
upsWing which is expected to be
lasting.
Three Dividends Declared.
At a meeting of the Board OF Dlrec-
tors of the Lincoln Service Corpora
ton yesterday the regular quarterly
dividend of l34 per cent was declared
on the 7 per cent cumulative prior
preferred stock of the corporation and
q quarterly dividend of 25 cents was
declared on the company's common
stock. Both dividends are payable
June 13 to stockholders of record as
Of May 81.
The regular quarterly dividend was
also declared payable June 13 on the
per cent cumulative participating
stockholders of record as of May 81.
Armistice Day Bill Signed.
President Roosevelt has signed the
bill passed by Congress making Armi-
stice Day in November national holi-
day. This gives the banks in Washing
ton and all over the country another
legal holiday. Heretofore Armistlce
Day has been widely observed but the
banks have carried on their business as
usual. From now on, everybody in the
financial district will get full day
off. Furthermore signing OF the oil
means two holidays in November, the
other being Thanksgiving Day.
Gas Issue Hearing Arranged.
The Securities and Exchange Com
mission has set June 2 as the date
for the hearing of the application OF
the Washington Gas Light Co. for eX-
emption from the requirements for tll-
ing declaration with respect To the
issue and sale of 15600 shares Of $3.50
no par cumulative convertible prefer
addition to the preferred stock issue
already outstanding and the. company
considers that the facts on file in
regard to the original issue should be
sufficient for the commission
The price at which the new stock
will be offered the public has not yet
been announced. 1t is expected that
1t will be handled by local underwrit-
ers. The price of the old stock has re-
manned steady and strong since the
announcement that the gas company
proposed to place 15,600 more shares