Evening star., 1921-07-21
Recognition GIVEN
>T0GEORGE ALLEN
Educational Director of A. !.
B. Given $40, 900 on Retire.
ment-0ther News.
BYL A. FLEMING.

At yesterdays session Of the Amer
ican Institute of Banking, held II
Minneapolis. George E. Allen, who mas
faithfully served the organization a.
its educational director for many
years. presented his resignation ane
It was accepted with many express
sions of regret and tributes to his
work in the interest Of education.
At the same time the institute pre-
sented to Mr.. Allen $4,000, in recog'
milton of his twenty years of service
This was totally unexpected by the
recipient, and the presentation ad
dress and feeling response by Mr. Al
len were Enthusiastically applauded.
E. j. McQuade, cashier of the Lib.
erty National Bank, was named as the
local representative on the specia
committee appointed to name a sue
cessor ito the retiring educational d.
rector.
George E. Allen is we'll known in
Washington and. In fact. all over the
country, among bankers. In his work
he has visited every section of the
country. and many of the leading
bankers of today are unquestionabl5
greatly indebted to his educational
efforts for their banking knowledge.
Local Securities Slow.
uuliueSS III 40 iHOSI Pio
nounced form has hit the local stock
exchange. Today's record was the sale
Of a lone $1,000 Gas s per cent bond
at 76%. The usual bid and asked quo
tationS were manufactured without
arousing the slightest interest.
- A Big Deficit.
As further indicating the character
OF the slump of the iron and steel bus
mess during the year to date comes
the semi-annual showing of the Re-
public Iron and Steel Company. with
a deficit of $779.O62 for the first six
months of the current year.
This compares with a surplus Of $4,-
0S7,S17 for the preceding half year.
equivalent. after preferred dividends
to s10.69 a share on the common
stock.
= For the first three months of the
current year the net profits were s104.-
611, but the second quarter brought
a deficit of $SS3.s74. These figures
we're before dividend payments.
There Is still a surplus equal to
SHIFTS a share on the common stock.
statement that the reduced prices for
steel are bringing in many new
orders.
FIJI q Vacancy.
b E. Saul, vice president Of the
American Security and Trust Com
pany. has been elected a director OF
the Security Storage Comany. to fill
a. vacancy caused by the death of
Daniel Fraser.
Lowering Discount Rate.
Local bankers are anxiously wait
ing action by the Richmond Federal
Reserve Bank in line with the rate
reductions made yesterday from to
51e per cent on rediscounts by the
Boston, New York. Philadelphia and
San Francisco regional banks.
As the demand for money Is not
especially urgent at this time, the
banks would be the chief beneflciaries
Of a cut
Money 10 in liberal supply and the
demand Is not especially active. A
5h per cent rate would offer a favor
able opportunity for rediscounting
Treasury certificates and short-term
notes on which rates are a little
II Cannot He Done.
buy stocks and avoid all chances of
losing in doing so by paying cash
therefor" Is reported.
There are tens Of thousands of in
vestors who have bought securities
outright for cash and have actual and
practical knowledge of the fact that
no one can guarantee against loss in
security transactions through this
method.
The only way to avoid loss in Sc
curfty transactions is to adopt the
advice OF an old Wall street saRR:
Buy 'em low and sell 'em high"
Rare Judgment Is not enough.
. - Bank CIeaFings.
Bank clearings are steadily decreas-
ing, indicating that the turn for the
better Is delayed. New York city
showed loss Of s232,os1. 900 yester-
day; Chicago. s45,o00,O00 loss; Phila-
delphia, $16.000.o00, and Boston, $18,-
000, 900 decrease.