Evening star., 1939-10-05
D. T.. Bankers Praise
A. B. A. Convention
On West Coast
Further Business
Advances Forecast
In Seattle Addresses
BY EDWARD C. STONE.

were back at their desks today, all
reporting that the sessions were un-
usually interesting, informative and
constructive. A few remained in the
far west for more extended sight
seeing on the return trip.
The present tornup condition of
world affairs, as well as banking,
economic and business conditions in
this country, made the discussions of
far more than ordinary value. Fore
casts and warnings by various speak
ers were given special consideration
as the flnanciers attempted to look
into the future.
A steady upward trend in domestic
business was stressed in several of
the reports and statements made
that these conditions should con-
tinue, in spite of any turn that
might take place in the European
war zones. Caution signals against
overproduction in some industries, in
advance of definite orders, were dis
played by some of the leading
speakers.
Loan Expansion Cited.
Other speakers pointed 60 the tact
OF recent expansion in commercial
loans all over the country and ex-
pressed the belief that bank earnings
are more likely to improve than re-
cede in the next few months. The
huge amount of idle funds in the
banks came in for discussion and
ways of putting more of this money
to work were considered in forum
sessions. In fact, every phase of
banking came in for attention at
one time or another during the
week.
Members of the Washington dele
cation included Robert V. Fleming,
George o. Vass and Sidney F. Talia-
ferro. Riggs National; j. Frank
White and Louis M. Denit, National
Bank of Washington; j. Frank
Campbell, Anacostia Bank; James C.
Dulln, Jr, American Security g.
Trust Co.; Wilmer j. Waller, Hamil-
ton National; John A. Reilly, Sec
ond National, and T. Howard
Duckett, Prince Georges Bank g.
Trust Co.
Also from the Capital were D. j.
Needham, general counsel, Amerl-
can Bankers Association and j. o.
Brott, assistant general counsel;
Preston Delano, controller of the
currency; Leo H. Paulger, chief,
division of examinations of the
Board OF Governors, Federal Reserve
system; and several other Govern
ment officials.
Deposit Gains Cause Surprise.
Many bankers expressed surprise
today over the new all-time peak
OF more than 1855 100000 in total
deposits in Washington banks, which
came to light following yester-
days bank call by the controller of
the currency.
The total had been expected to
exceed the previous high mark OF
S34l,7l9,357 announced after the call
last March, but the fact that
deposits climbed more than Sl3,OOO,-
600 above that amount caused
general surprise.
Eighteen of the % banking instltu-
tions reported higher deposits on
October than they had on June 30,
1889, the date of the last previous
cali. Riggs National reported the
largest gain in the three months. an
advance from S94,9oO,117 to s1O6, ,862,-
1888. Other banks experienced pro-
portionately large gains.
1t was said in the financial district
today that great deal of money is
still being held in the banks, await
ing permanent investment. Insur-
hnce OF accounts up to S. 900 has also
been a factor in lifting bank de-
posits. The call just after Govern
ment payday found bank vaults filled
with money, little of which had
been drawn out. Numerous other
reasons figured in the new deposit
peak which, bankers say, is largely
due to normal improvement which
has been going on for weeks.
Trust Company Dividend Voted. \
The 2 per cent quarterly dividend
voted by the directors of the WASH
ington Loan & Trust Co. yesterday,
made a total of 10 per cent in divi-
dends declared so far this year. It
was also the fourth payment de-
clared in 1899, an extra of 2 per
cent having been added to the dis
trlbution made on February /. The
latest disbursement will be made
November l to stock of record Octo-
Der 23
Investment bankers in the CAPITAL
are taking much interest in the an
nual convention of the Investment
Bankers Association, next week. at
Del Monte, Calf. An attendance of
ooO IS now expected, about the same
number as last year. The program,
already announced, covers all phases
OF investment banking, as we'll as
studies OF investment prospects.
Gibbs Lyons, former deputy con-
troller OF the currency, and more
recently chief national bank exam
liner in the sixth district. with head
quarters at Atlanta, has assumed his
new duties as chief examiner for the
New York Federal Reserve District.
He succeeds Luther K. Roberts.
transferred to Boston. Other chief
examiners who were shifted were
A. P. Leyburn. from Cleveland to
Philadelphia; F. D. Williams. from
Boston to Atlanta, and S. L, Newn-
ham, from Philadelphia to Cleve-
land.
To the end of September, the pres
ent year produced additions to the
Bell system of 528,179 telephones
During the same period last wear
only 245,900 stations were added con-
trasted with 300 in the first nine
months of 1887 and 6O2 900 in the
corresponding 1886 period.
Heard in Financial District.
The Garfinckel department store
property was transferred to the new
. corporation yesterday and the pre-
ferred and common stock certificates
are now being distributed to the re-