Evening star., 1941-10-14
D. T.. Bank Auditors
Return Home From
Chicago Conc|ave
Permunency of Brood
Changes in Banking
Seen by Speakers
BY EDWARD c. STONE.

trlct BANKERS Association report
that the 18th annual convention Of
the Association of Bank Auditor,
and Controllers was the largest ever
held, there being $50 financiers pres
ent. The program was also one Of
the best ever.
One of the leading speakers was
c. z. Young, president of the Federal
Reserve Bank of Chicago. He ex-
pressed the belief that the sweeping
changes which have been taking
place in banking are here to stay.
The old days are gone for good and
banks that don't adopt new methods
are not going to find easy shedding
In the future. All the speakers ex-
pressed similar views.
J. Stanley Brown, personnel di-
rector of the Chemical Bank e.
Trust Co. of New York, told the
convention that it is mistake to
assume that only college graduates
can possibly benefit by bank train
ing program. He said high school
students can be developed into first
class bankers.
Charles G. Dawes, former Vice
President of the United States, and
now chairman of the board of a
Chicago bank, attended the annual
banquet. Gen. Dawes is still active
in finance and very wide-awake in
his thinking. He was accorded an
ovation
The Capital delegation was made
UP of Arthur j. Linn. Hamilton
National, a former president of the
national organization: Lewis E.
Thomas, Liberty National, who is
chairman of the auditors section of
the District Bankers Associa ton;
Raymond G. Marx, Riggs National;
James D. Barrett, American Secu-
rity & Trust Co, and H. Norman
Glasco, Union Trust Co.
u. c. Exchange Trading Heavy.
Business was lively on the Wash
tngton Stock Exchange today fol-
lowing the closing yesterday. WASH
ington Gas SIS opened trading with
q $1,000 transfer at 1881, un-
changed
Capital Transit was in demand
20 and 80 share lots selling at 1917
unchanged, and two shares at 1614
One share of Washington Railway
6 Electric preferred moved at 1857
and 10 shares of National Savings
Trust sold at 2O5.
Flremens Insurance Co. stock
registered three 10-share sales at
"a, up point. Capital Traction
IS came out at 104la and 1047s.
Fifty shares of Washington Gas
Light common sold ex dividend at
1872 and IS more moved at 1888.
Real Estate Bonds Up Sharply.
-Four Washington real estate bond
issues were among the first 10 in
the Amott-Baker summary. which
showed the largest gains in Septem-
Der among the 200 bonds in Eastern
cities which are used in the COM
pany's monthly price averages.
National Press Building adjust
ment income 4l2s, 1850, gained four
points in September. Washington
Properties general income Is moved
up four full points, Mayflower Hotel
first SIS gained 31a points and Ma
tional Press first 3-5s also advanced
3l2 points.
The present bid Tor National Press
4i2s is 35, with 80 asked. The bid
for Washington Properties rs stands
at 7412, with 1917 asked. Mayfower
Hotel IS are quoted at 1921, with
none offered, while National Press
Building first 3-5s are quoted at 92la
bid, with none offered.
For the 18th consecutive month
the 200 representative bonds showed
a price advance The advance was
per cent, bringing the gain for the
first nine months of l941 to ia per
cent. The average dollar price per
81 900 bond is now S313, compared
with 1921 on January /.
Apartment house bonds made the
best showing in September, the re-
view says.
Bankers Show Cooperation.
Walter Wyatt, general counsel of
New Hampshire bankers that banks,
finance companies, personal loan
companies and mail order houses
are all showing most cooperative
spirit in adapting their practices
under regulation w which restricts
tnstallment credit.
He said the Federal Reserve
Board Is trying to do two things:
restrict credit during the present
period and to help in offsetting a
postwar slump He added that the
boards responsibilities have been
extended to a much larger number
and to a much greater variety of
organizations than it has ever had
to deal with before. He estimated
the number at 100000.
Preston Delano, controller of the
currency. speaking at the same
conference. said the bankers of the
country have an opportunity to
make a profound contribution in
this crisis in regulating the flow
of credit in the proper channels,
helping to bolster initiative, and
rendering assistance to the small
industry and the small business
man.
The controllers Office is par
ticularly interested in preserving
the individuality and independence
of the small locally owned bank"
he declared.
Financial District Comment.
William L. Beale, vice president |
and real estate officer of the |
American Security e. Trust Co.,
will attend the Real Estate Mort
gage Clinic sponsored by the
American Bankers Association tod
be held in Philadelphia October 80 |
and 81. Mr.. Beale is a member of
the Committee on Arrangements.
Wilmer j. Waller, vice president !
and cashier of the Hamilton Ma
tional Bank. has just returned from
a weeks vacation following the A.
B. A. convention in Chicago. where
he served as chairman of the i'm
portant Nominating Committee.
c. Francis Cooke, president of the