Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-10-02
DR.. HARVEY WILEY, AT 81, BEGINS
INSTITUTE INVESTMENT COURSE
Father of Pure Food Act Sets
Example for Younger
Bankers of City.
Declares No Student Gets
Too Old to Go to School
and Learn More.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Taking a seat in the front row In
the class In investments at Washing
ton Chapter. American Institute of
Banking, last evening, DR.. Harvey w.
Wiley, father Of the pure food act, as
we'll as farmer, lecturer, editor and
author, became one of the youngest
and at the same time perhaps the
oldest student in banking in the
United States.
DR.. Wiley will be 50 years old in a
few days He told his fellow students
last night that this Is the first OPP
portunity he has found in all his BUSY
life when he could set aside time for
the study of financial matters.
Y. E. Booker, instructor in invest
ments, opened his lecture by saying
that the subject of finance was so
broad that one could we'll spend
lifetime in its study. This years stu
dents at the institute include not only
bank clerks, but executives, men VINO
have been long in the banking bust
ness and yet feel the need OF further
knowledge of the subject. He then
asked 1.-The boy in front row II ne
would tell the class why he had de-
cided to take the course in invest
ments and add any other remarks
that he might care to make.
The food expert said he had been
bank director for 20 years and had
long wanted to study banking ques'
tions. DIR. Wiley declared that no
student ever gets too old to make
special efforts by which to increase
his knowledge. He proposes to attend
the class regularly except when be Is
out of the city giving lectures.
In conclusion DR.. Wiley, after
stating that he took part in the Civil
War, referred to the imitation that
took place following that struggle, IN
Guiding the issuance Of greenbacks
which had no gold behind them, and
contrasted those days with the 1nf1a'
ton period following the World war
when conditions became so serious
that Austria and Germany had to
repudiate their currency.
Richmond Reserve Ratio Higher.
The reserve ratio of the Richmond
Federal Reserve Bank increased to
6417 per cent on September 20 from
1884 per cent the week before. Total
bill holdings were $733,o00 higher at
1854 900, the principal increase
having been in bills discounted. Re
discounts alone stood at $46, 900
against S45.776,000. Member bank re-
serve deposits increased $2,154,O 900 IN
week
Rediscounts of the reserve system,
as a whole, showed a sharp increase
of $54,994,O00. Paper bought In the
omen market by the II banks COM
bined increased IS, 216,000. The com
bined reserve ratio was 72.6. against
1911 per cent a week previously.
Will Study Banking Forms.
Another important committee of
the District Bankers Associatlon-
one on standard banking forms-ls
ready to function for the coming
year all the members having signified
their willingness to serve. Edward
7. McOuade, vice president of the
Liberty National Bank, is chairman,
having made a splendid start IN the
work while heading the same COM
mittee last year.
The other members will include
John NJ Riordon. ]. Damn F'aber' Z.
r Jacobsen, Arthur J. Linn, Lanier
p. McLachlen, Lawrence A. Slaughter
and Edward E. Swan. 1t is the aim
of the committee to bring about the
use of uniform sized checks and all
other kinds of stationery used in the
local banks. Under such a plan,
handling of checks and drafts would
be done much more expeditiously. SO
much time would also be saved that
a marked saving in overhead would
be another result. Ease In filing IS
another argument.
The Washington Clearing House
Association is interested in the same
matter and the problem has been
Iico1,ccnd a. CoUarQl meetings.
The change to standard forms In
wolves considerable expense which
some banks are not yet ready to as
sumo. At Hot Springs last Spring
Mr.. McQuade presented report
which showed the most approved uni
form sizes for all bank paper. This
report will be the basis Of further
study and recommendation this year.
Loans Expanding Very Rapidly.
Moody's Weekly Review say in
part:
Bank loans are expanding more
rapidly than they normally should
upon the basis Of the present volume
of trade There is world Of differ
ence between the orderly activity OF
trade. on the one hand, and boom
on the other. Trade is not actually
booming, but loans are expanding as
rapidly as though it were.
IF this loan expansion should con-
tinue, it might result In credit int1a-
ton and warrant a pretty conserva-
tive view of the security markets. A
further rise of about per cent in
the typical ratios of loans to de-
posits might presumably. according
to past experience. constitute a sort
of a warning.
STOCK prices. however, are still
five to seven points below their theo-
retical ceiling In the past. booms
in the stock market have terminated
at that price level. where stocks
yielded about Il to II point less than
competing bonds; and we have not
yet reached such a level. This. then,