Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-05
INSTITUTE PLANS
EDUCATIONAL WORK
Dinner to Mark Launching OF
New Year for Classes
in Banking.

Plans virtually have been completes
for launching the educational program
of the Washington Chapter, American
Institute of Banking, for the COMING
year, according to A. E. Henze, vic
president of the chapter and chairman
of the committee on education.
What is known as the "educationa
dinner" will be held Thursday, Sep
TENDER IS, at the Raleigh Hotel, wher,
the complete group of instructors, who's,
selection was being completed today
will be the guests of the committee
and large number Of members vii
attend. MIR. Hence will preside.
The opening meeting of the chapter
will be held on Wednesday, September
10. in the form of rally at 1918 +
! street, the headquarters of the chapter
and classes will start on September "a
| The American Institute OF Banking
with its 10000 student members scat
! tered throughout the country. is recog-
ni2ed as one of the largest adult edu-
| cation groups in the world. The Dis
! trict of Columbia Bankers Association
/ always takes keen interest in the &C
| tivities of the chapter and has pride in
| its accomplishments.
President John Poole of the Fed
| eral- American Co. reported today $780,
i02o3 net operating profits for the
eight months ending August 81. eouiva-
lent to five times the entire preferred
stock requirement. Total resources OF
the company are listed at S2.203, 357.75.
The total capital stock now is 81 ,260, 900
C,,>;Sl, Eoraz-
The Washington sales force of the
F. H. Smith Co. held a banquet last
night at the Club ST. Marks, in cele-
bration of making August bigger
month than July in point of bond sales
volume, and the best August in the
history OF the institution over period
of SIS years.
Representatives from some of the
branch offices of the company in New
York, Boston. Albany, Buffalo, Cam
den. Richmond and other cities were
present as guests.
B. F. Dawes. vice president in charge
OF sales, and G. S. SCHNEIDER. general
sales manager, made the principal adj
dresses. complimenting Frank c. Casey,
washington sales manager. and the en-
tire Washington sales force on the ex-
cellent record they made during Au-
gust.
Roma Flake. special representative of
the company In Virginia, acted as toast
master.
Federal Reserve Business.
Business in the Fifth Federal Reserve
District, including this city, in July was
seasonally in less volume than in June.
according TO the monthly review of
conditions trr fl,a To-.
at Richmond. On the whole. the report
said. business seems to have been
somewhat below the volume of business
transacted in July a year ago. At the
end of August conditions are quite
spotted, with both favorable and I'M
favorable factors in evidence. The
credit facilities of the Fifth district are
being used much more extensively now
than was the case year ago, but there
was less expansion in credit demand
IN July and the first half of August
than occurs in most years
Reserve bank credit outstanding in
the Fifth district declined slightly be-
tween July Is and August Is this year"
said the Reserve Bank. although the
opening Of South Carolina and some
North Carolina tobacco markets and
the marketing of other early argricultu-
raj products generally increases the de-
mand for accommodation at the Re-
serve Bank.
Rediscounts Decrease
THE banks in agricultural sections
actually increased their borrowing dur
ing the month. but decline in redis-
counts for the large city banks resulted
in a net decrease in rediscounts held
by the Federal Reserve Bank of Rich
mond from S56,678.000, on July Is, to
$50, Az, 900, on August Is. Total earn
ing assets of the Richmond bank de-
clined by about the same amount, fall
ing from s67.30l 900 to s64.5ll 900 be-
tween the two dates under review. The
circulation Of Federal reserve notes re-
manned practically the same, totaling
$53.626,000 on July Is and S53.544. 900
on August Is. Member banks increased
their reserve deposits during the month
from S6487l 900 TO ST., $4,000 The
several changes enumerated raised the
cash reserve OF the Federal Reserve
Bank Of Richmond from S6O.O55 600
on July Is to $64 ,743, 900 on August Is,
and increased the ratio OF cash reserves
TO note and deposit liabilities combined
from 5o.49 per cent to $3.50 per cent"
Big Day on Exchange.
The Washington Stock Exchange
broke into heavy Fall activity today
with one of the biggest days in weeks.
Trading was principally in public
utilities. although the list was gener-
ally represented, with Mergenthaler,
Sanitary Grocery, Riggs National Bank
participating. Prices generally we're
firm to stronger, though there were a
few small recessions.
EaI -s~f~ IL
gest increase. sales rising from the
prior price OF los TO 1862, lot and
l071a.
Crane. Paris g. Co, the oldest in
vestment house in Washington, today
formally opened its new home at 82l
Fifteenth street, next door To the old
location. Eugene z. Thompson, senior
partner and his associates were busy
receiving congratulations of their many
friends and acquaintance in the imam
cial section, and numerous baskets OF
flowers came from other institutions on
the street The firm occupies the first
floor and mezzannine and has installed
new equipment of the latest design.
Heard In Financial District.
George E. Fleming, vice president OF
the Union Trust Co, left Washington
today for New York, where he will sail
tomorrow for a tour Of Europe.
George Bowie Chapman, resident part
ner OF Hartman 81 Co. has returned
from a l0~week trip TO Europe.
Baker Robinson of the National City
Co. has returned from a vacation al
Eaglesmere, Pa.
Corcoran Thorn, president Of the
American Security 81 Trust Co, is ex-
! pected 10 return Monday from a va
cation at his camp In New Hampshire
/ Miss Grace NJ Bromley, assistant Sec
/ rotary OF the District OF Columbia
Eankers' Association Will leave tnrr1nr.