The Washington times., 1928-03-20
HARVARD TAKES
Up BANKING
STUDY
BY RICHARD HATTON

-
According to an announcement
made in New York yesterday. the
american Bankers Association has
este 5lishod travelling fellowship in
the Graduate School of Business Ad-
ministration. Of Harvard. to further
Investigations into causes and RENE
uies for bank failures, An appropria-
ton has been made to defray the ex.
penses OF the work. On rccommen-
dation Of o. M. w. Sprague, acting
dean OF the school, William McKin-
ley Edens has been appointed to the
Fellowship and will begin the inves-
tigation in June.
The first part OF the investigation
win cover the Chicago Federal Re-
serve district, which comprises the
States Of Illinois, Wisconsin. Iowa,
Michigan and Indiana. It will be di.
rected toward conditions particularly
relating TO areas where there have
been numerous country bank fail
ures, and win seek to develop results
especially helpful to them.
Findings Endorsed
Edens viii be advised in the prose-
eutlcn OF his work by Acting Dean
Sprague, who last year conducted an
extensive investigation into bank
failures under direction Of the eco
ncmic policy commission OF the asso-
citation. The commissions recon-
mendations a. based on Sprague's
findings were presented to the ma.
tional convention Of the association
last fall ut Houston, Tex, and were
unanimously Endorsed in its general
resolutions.
The plan OF the following was
drawn up by q committee from the
board Of trustees, American Bankers
Association Educational Foundation,
composed Of Mr.. Puelicher. r. n.
Shepherd, executive manager of the
association; Harold Stonier, national
educational director, American In.
stitute Of Banking. and w. Espey
Albig. secretary OF the foundation
trustees. Their recommendation
were reviewed by President T. r.
Preston and First Vice President
Craig ,. Lakewood. of the associa.
ton.
Steel Report
Bethleiem steel Corporation has
mailed to stockholders its twenty.
third annual report covering opera.
lions during the year 1927. Gross
sales for the year amounted to 4271.
1881, ~ compared with 1904, $751;.
sos for 1926. After providing $13,-
O96, 1876 for depreciation ana deple-
tion. net income amounted to $16s.
s26.142, as compared with $2O,246,-
167 for the preceding year. Surplus
after preferred dividends OF $3.50
900 amounted to $9,036,142 equiva.
lent to 1902 per share on the COM
mon stock, as compared with $7.43
ins1S26. ~
The consolidated balance sheet as
OF December 81. 1927. shows current
assets OF $152 ,734 ,606. a. against cur
rent liabilities of $40, ,639. Cur
rent assets include $47.796,249 in
cash and United States Government
securities and $67,695,369 in In
yentories.
Untitled orders on December 81.
1927, amounted to $5S,6O9 .O06. as
compared with $49, 912 1876 at the end
Of the preceding year. The value Of
orders booked during the year aggre-
gated $3.50. 1s9. 101. as compared with
e2s3. 7o7,67s for the year 1925.
New GAVEn&S AHVeStM6HL
by virtue of the bills which have
passed the New York senate and
assembly, electric, gas and telephone
bonds, with q total par value of
ST $3.50, 736, 900, according to compi-
iation made by Stone & Webster and
RIodget. Inc, investment bankers,
viii become eligible as legal invest
1nents for savings banks in the State.
according to State superintendent
"a Banks Frank H. Warder, the saw
inga banks in New York State on
January ] had resources Of $4,730..
805. sol. Under the revised statute.
M TO 10 per cent of that amount for
each OF the two classes of securities.
or = total of $946 ISL ISL can be
available for investment in public
utility and telephone bonds which
fulfil certain stipulated require
ments.
President Robert v. Fleming, of
the Riggs National Bank; President
Harry ". Haynes. of the Farmers
and Mechanics National Bank: Vice
President Wilmer J. Waller, of the
Federal-American National Bank,
and Vice President Joshua Evans.
3P.. OF the DlSIEICL NaIlOHal BANK,
have returned from the convention
Of Reserve City Bankers at New Or
leans.
To Meet At Wardman
The n1id-year open meeting of
the washington Chapter. American
institute of Banking. will take place
IL the Wardman Park Theater, on
FRIDAY evening. There will be a
T,layiet and dancing following the
presentation of certificates.
Comptroller Of the Currency J. w.
mcintosh and Deputy Comptroller
n q. Await have returned from New
Orleans.
Vice President A. n. Nevius, of the
Riggs National Bank. is spending a
Sew DAYS looking over the Washing
ton baseball team at its Florida train.
Ing quarters. Mr.. Nevius Is an old
time athlete. well remembered as a
imgtv stroke oarsman in one of the
famous old Analostan Boat Clubs
sheIls. and Is a keen follower OF out
door sports.