Evening star., 1925-09-25
FENTON APPOINTED
|. B. A. EXECUTIVE
Investment Bankers Secre-
tary to Direct Organization
Between Meetings.
BY CHAS. p. SHAEFFER.

BY CHAS. =. SHAEFFER.
Frederick r. Fenton, secretary and
one of the founders Of the Investment
Bankers Association of America, has
been appointed executive secretary of
that organization by the associations
board Of governors. Announcement Of
the appointment was made today by
Thomas n. Dysart, president.
Mr.. Fenton has been In the nond$
business more than % years ane for
the last six years has been president
Of the investment banking house OF
Fenton, Davis & Boyle. He has
been secretary of the Investment
Bankers Association of America since
it's organization in 1912 and will re-
tain that position in addition to his
new duties as executive secretary.
The total amount of annual capital
issues-stock and bonds-in this coun-
try was about $4,000, 900, 900 13 years
ago, when the Investment Bankers As
sociation of America was formed. Now
more than $4,000, 600, 900 of new capital
issues are sold yearly In the United
States. BY far the greater part of
these securities are handled by the
| member houses of the Investment
! Bankers Association. It's activities
are chiefly concerned with the ascer-
| tanning and application of soundest
principles and practices in financing f..
the business and civil enterprises of
| the country.
Difficult Problems Studied
| This work is carried on by the board
| OF governors and by nineteen standing
| committees that continually study the
| problems and needs in the various
| major fields of finance. While the
business of the members has in
| creased, there has been a correspond
| ing increase in the activities of the
| organization. Because of this increase
there was need for a resident axecu-
| tive to direct the affairs of the asso-
citation between meetings and to exc
| cute the plans and program which
| concern the interests Of the dealers
| and the investing public. Heretofore
| this work has been carried on by vol
| untary committees assisted by the
| local groups of the national organiZa-
| ton. The appointment of Mr.. F'enton
| as executive secretary will not super
| Sede the work of these voluntary Off
Gals, but rather will push the work
| OF the association TO a more vigorous.
| conclusion.
Bank Directors Reelected.
Annual stockholders meeting of th=
! Bank Of Commerce and Savings was
! held in Alexandria yesterdav-Alex-
| andrla, because the institution wa
chartered under the laws of Virginia
| AT the conclusion Of the meeting the
| following directors were reelected
for the ensuing year: Maurice D. Ro.
senberg. Joseph Sanders. William a
| bennett, Irving Owens, Joseph IL
Milans, DR.. Clarence a. Weaver, Alex.
| ander Wolf. John NJ. Riordan, r. +
| Andrews, Louis Bush, A Brylawski
| Floyd f. Davis, r L. Elliott. FL.
| Sheets. c. L. Edwards. A. S. Cattle,
G. A. kneessi, NJ. a. Leese, Henry !
Mayer and J. F. Maury
The organization meeting of the
/ stitution will be held next month
Local Bank Stocks Active.
| Bank stocks again featured trad:
| on the Washington Stock Exchans
| today. Riggs National Bank. whi,
| has been prominent the last fe,-
weeks, scored another 2-point gain L
new high level at 412, while NationaI
| Capital Bank stocks rose 10 points /,
23U, which is another new high rec
| ord. Trading IN both issues was re
stricted to odd-lot sales.
Other active issues were uniformh
quiet. Capital Traction stock brough,
| fractionally more than SO. and one
| share OF Railway common sold at
| l6S. Railway preferred was unchanged
| at S612, as was National Mortgage
| and Investment preferred at SIS.
| Bonds continued firm.
Rate Remains Unchanged.
Maintenance of the New York Fed
| eral Reserve rediScount rate at 3'2 ,
per cent came as relief to Specula-
| tive Wall Street, which had shown
| uncommon nervousness over reports
| that a change was due. Interest in
| the action was so general that one
| banker was moved to comment that
| the rate seemed to have been raised
| by every one but the banks directors.
Weakness of the stock market yes
| terday was attributed in a large
measure to uncertainty over the re
discount policy.
Reserve Ratio Higher.
Due chiefly to an increase in cash
reserves from SS5,081, 900 to S92,05S,
600, the reserve ratio of the Rich
mond Rederal Reserve Bank moved
up last week from 1852 to 63.40 per
cent.
Federal reserve notes in circulation
in the fifth district, as shown in the
statement of condition as of Septem-
ber %, totaled s16,700,o00. as against
! $15, ,667 900 the previous week.
Discounted bills on hand at the
Richmond institution indicated some .
decrease in member bank borrowing.
Emigrant Bank Celebrates.
The Emigrant Industrial Savings
Bank of New York City, which is the
largest savings bank in America, viii
celebrate it's seventy-fifth or diamond
anniversary by a dinner next Wednes-
day night at the Biltnore Hotel.
With less than $4,000 in working
capital, the Emigrant Bank-an out
growth of the Irish Emigrant Society ,
first opened its doors for business
| on September so, 1850. The inter.
vening three quarters of a century
has not only witnessed the un-
paralleled growth OF the institution
with resources now exceeding $780, Z
600 900. but has brought to its board. :.
Of trustees many of the most promis
| nent men identified with the upbuild