Evening star., 1939-07-07
Ten Capital Bankers
Expect 10 Attend
A. B. A. ConcIave
Delegation at Seattle
Will Be Headed by
Robert V. Fleming
BY EDWARD C. STONE.

Ten prominent Washington bank
ers are expecting to attend the an
nual convention of the American
Bankers Associate in Seattle Sep
tember IS to %, it was learned in
the financial district today. Two or
three other bankers are also hop
ing to take the trip but have not
yet made definite arrangements.
The Washington delegation will
be headed by Robert v. Fleming.
president of the Riggs National
Bank, former president of the A.
B. A., member of the Executive
Council and several important COM
mittees.
George o, Vass, vice president
and cashier of the same bank, who
is also a member of the A. B. A.
Executive Council, is also planning
to attend the sessions, as is Sidney
F. Taliaferro, another vice presi-
dent and trust officer at Riggs, who
is chairman of the Committee on
Federal Legislation in the trust di-
vision of the A. B. A.
L. P. McLachlen, president of the
McLachlen Banking Corp, was one
of the first flnanciers in the city to
make convention reservations. He
is former president of the District
Bankers Association.
John A. Reilly, president of the
Second National Bank and third
vice president of the District Bank
ers' Association, plans to attend the
fall meeting on the West Coast.
Wilmer j. Waller, vice president
and cashier of the Hamilton Ma
tional Bank and a member of the
A. B, A. Executive Council, will rep
resent the District Bankers Asso-
citation at the meeting He is also
a member of several national bank
division committees.
Francis G. Addison, jr., president
OF the Security Savings & Com
mercial Bank, who is former men,
Der of the Executive Council and
former president of the District
Bankers Association, is also on the
list.
Latest additions to the convention
list include James E. Dulin. ir.,
treasurer of the American Security
& Trust Co., and Clarence F. Burton,
president of the City Bank.
D. j. Needham, general counsel
OF the A. B. A, always attends the
conventions. and several high Gov
eminent officials are booked to ap-
pear on the program. The dele
gates from here are planning many
side trips before and after the con-
ventlon, it was said today.
New Legal Investment List.
The new list of legal investments
for trust funds in the District of
Columbia issued as of July |, 1899.
by Theodore Cogswell, register of
wills, who is charged with the duty
of maintaining the list. contains some
deletlons in the list of railroad Sc
curlties available for legal invest
ments.
Among the bonds removed from
the legal list were the entire issues
OF the Chicago, Burlington & Quin-
cy Railroad, the Duluth, Missabe &
Iron Range Railroad, the Louisville
g. Nashville Railroad Co., Reading
Co., Texas & Pacific Railway Co.
and the Western Maryland Rail-
way.
These bonds were removed be-
cause of diminished earnings during
the last year, the roads having
Jailed to meet the requirement of
the rule for investment of trust
funds (civil rule No. 48 of the rules
OF the District Court of the United
States for the District of Columbia)
that such earnings must have been
not less than one and one-half
times the fixed charges of railroad
during the last fiscal year.
The county obligatio of Balti-
more County were also removed
from the list. However. issues of
the Consolidated Gas, Electric Light
d Power Co. of Baltimore and 10
other public utilities were added to
the new list. SiXty-seven counties,
cities, towns and other municipal
SUBDIVISIONS also qualified, and their
obligations were added to the list.
The list is changed twice yearly, as
OF January and July /.
Mr.. Cogswell stated that printed
copies OF the new list would be
available for distribution on July 20.
Banks Will Remain Open Here.
Ord Preston, president of the Dis
trlct Bankers Association, said to-
day that there has been no move
to bring about the closing of Wash
ington banks on Saturdays in July
and August. No action is now pos
slble, even If majority of the
banks were favorable to closing, as
the matter requires congressional
action.
Several more banks in New York
and New Jersey are planning to
start the Saturday closing plan next
Saturday to run through August.
Here in Washington the situation
in New York and New Jersey will
be followed closely during the sum-
mer, So far, according to the New
York financial press, there have
been no serious objections from
bank patrons.
Peoples Drug Sales Mount.
Net sales of Peoples Drug Stores,
Inc, in June totaled S1,80O,825.73 in
comparison with $1,706,057.68 in
June, 1888. an increase of S94,768 O5,
or SIS per cent, it was announced
at headquarters of the big chain
system here today.
Sales in the first six months of
this year, the report added, amount
ed to s10.896, ,45391, against s1O.392.-
714.13 in the first half of 1885,, an
increase of $5O3, 1878, or 4.S4 per
cent.
Sales in June we're slightly under
the record for May, when a gain of
8,15 per cent was registered over
May. 1888.
Heard in Financial District.
T. Hunton Leith, vice president
and cashier of the Security Savings
and Commercial Bank, who has been
confined to Mount Alto Hospital
with illness, is improving steadily
and will soon be back at the bank.