Evening star., 1938-05-26

III q. Cries OF the
American Secur-
.-r Mad. ity g. Trust Co.
and Robert A.
Morgan of the McLachlen Banking
Corp.
All are energetic young bankers and
displayed lot of ability in their es-
says. Mr.. Meade, the winner, is in
charge of notes and collections in the
Lincoln branch He has worked in
Washington banks for II years, S with
the Lincoln
He graduated from the American
Institute of Banking in 1880, receiv-
ing both pre-standard and standard
certificates Educated in the public
schools of Virginia, he was born in
Holly, Mich.
Judges Are Senior Bankers.
Judges of the contest were Aubrey
o. Dooley, assistant trust officer. Ham,
1lton National Bank, chairman; H. H.
Mckee, president National Capital
Bank; c. H. Pope, vice president and
Roberts, assistant cashier Riggs Ma
tional, and James A. Soper. vice presi-
dent and cashier Lincoln National
The winner, Mr. Meade, will appear
on the program and read his essay at
the bankers convention. The pur-
pose of the contest is to encourage
among Junior bankers research in the
field of banking to the extent that
participants may develop and present
constructive suggestions for improv-
ing bank management and operation,
MIR. Groom said today.
The essay contest subject was The
Banker as an Economic and Social
Factor" or. restated, The Bankers
Place in the Community" The con-
test was open to all members of
Washington Chapter in good standing
on April /, 1888. and employees of
banks which are members of the Dis
trict Bankers Association, except
executive officers and individuals who
have won two previous contests.
April B. g. o. Earnings OFF.
Net railway operating income of the
Baltimore & Ohio Railroad in April
totaled S494, ,685, against $2.426,76 in
April, 1897, it was reported this noon.
This is a decrease of ST ,932, ,082.
April freight revenues amounted to
S3,441,522, against S13.256,995 in the
same period a year ago, drop of
$4,815,475. Passenger revenues STOOD
at 1882, ,453, off $67,7l7. Express to-
tailed S138,O55, in comparison with
s162.583 last year. The management
made substantial reductions in oper-
ating expenses, S8,245, sos, comparing
with S11,345,202 in April year ago,
q saving O. S3,099,597.
For the first four months of this
year the B. & o. reported net rail-
way operating income of 1921, TAT,
against $9,488,72l last year, drop of
$9196974. Freight revenues totaled
S34,413244, decrease of $17,219,953.
Railway operating expenses were cut
to S35, ,466, or S7,806,622 under last
years mark.
President Willard said today that
prospects of large corn and wheat
crops should have beneficial effect on
business in the near future.
Groom Entertains Council.
The final meeting for the year of
the Council of Administration OF the
District Bankers Association took
place at the Willard Hotel this noon,
when President Thomas j. Groom was
the luncheon host. The next session
comes after the annual convention.
The guests included Hilleary G.
Hoskinson, vice president, Riggs Ma
tional; Ord Preston, president Union
Trust Co.; A. NJ McLachlen, secre-
tary McLachlen Banking Corp; AL
bert S. Galley, vice president Lincoln
National Bank; Charles H. Doing, vice
president Washington Loan & Trust
Co.; George o. Vass, vice president
and cashier Riggs National; Wilmer
j. Waller, vice president and cashier
Hamilton National; Frederick P. H.
Siddons, secretary American Security
& Trust Co.; Francis G. Addison, jr.,
president Security Savings & Com
mercial Bank; A. Scott Offutt. vice
president City Bank, and Donald w.
Larson, secretary of the association
Mr.. Groom expressed deep appre-
citation of the splendid service rem
dered by the council during the ad-
ministrative year.
ID. c. Collections Lag.
The percentage of collections in
Washington department stores in
April was not quite as good as in the
rest of the fifth district, the Rich
mond Reserve Bank announced to-
day. OF the bills due on April the
receivables collected in April amount
ed to 27.2 per cent, against 28.8 per
cent for the whole district, 3l.4 per
cent in Richmond and 306 per cent
in Baltimore.
In the first four months of the
year stocks in Washington stores were
turned 1854 times, in the whole fifth
district 1887 times, in Baltimore 1886
times and in Richmond 1.247 times.
Thus Washington led the area in ac-
tiNty In the four months, and the
turnover record here in April was
also ahead of the reports from the
rest of the district.
Stocks on hand in the stores here
at the end of April were 9 per cent
lower than a year ago and 0.6 per
cent higher than at the end of March
this year. April trade, as already re-
ported, was 95 per cent ahead OF
last year and 1.8 per cent lower in the
y,orioi