Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-23


credit. which al -
though 100000 RoI,,n A. Wilbur.
600 lower on June
than a month earlier, rebounded TO
new high level in July.
Comparison of the banking posi-
ton at the close of the fiscal year 1872;
with that of about year ago. a com
parison that is customary in the mid
Summer review" the board said
brings out the fact that between tn
middle of May. 1927, when this coun'
try's gold holdings were at their peak
and the end of June of this year there
was a decrease in the gold stock O
about $3.50 900 600 and an increase il
reserve credit outstanding of about
| $500 900 900.
Demand for reserve bank credit
arising from currency needs OF th'
country declined by si20,000,00O during
the period. while member bank re-
serves increased by about S600oO.0oo
Gold movements, changes In currency
/ demand and in reserve requirements
of member banks are the three prin'
cipal channels through which change:
in the business and credit situation II
the country are reflected in the posi-
ton of the reserve banks.
win Head Investment Bankers.
According to a special dispatch Il
The Star today from Chicago, Rollm A
Wilbur. vice president of the Herricl
Co. of Cleveland. has been nominated
TO head the Investment Bankers AS
ISOLATION of America next year. Thu
nomination is tantamount TO election
He is one of the comparatively few bont
men who prefers hoe to a golf club
as his hobby is gardening.
His nomination came largely as a re-
suit of service on the associations boarc
of governors and his demand fol
scunder principles in industrial flnanc'
ing. His report on non-voting common
stocks, opposing their general issuance
was adopted as the association policy
in 1926. when that subject was causing
many heated discussions.
Born in Ohio, where he was also
educated, he got his first financial ex'
perience in a savings bank. then studied
law and vas admitted to the Ohio bar
He married the daughter of a Boston
banker. His religious affiliations have
made him chairman of the board oI
trustees of the Paramount Presbyterian
Church. Cleveland. Election to his new
Office will take place at the coming con-
yention at Atlantic City.
Check Payments Reveal Gain.
Measured by the volume of checks
passing through the banks for payment
trade during the week ended July Il
was greater than year ago. but some
what smaller than in the previous week
according to the Department Of Com
MERGE Operating activity OF stee
plants, although showing a decline from
the preceding week. was greater thar
wear ago. The value of building con-
tracts was greater than In the previou;
week but showed a decline from thu
corresponding week Of last year.
Washington Gas Works Higher.
washington Gas Light stock sold III
10 81 on the local exchange today ate
closing last week at 96is. Capital Trac
ton moved at los. Lanston at ll2i5
Mergenthaier at io05s and Railway 8
Electric preferred at 99i3.
Potomac Electric Power 8 per cen
preferred came out at Ill. Peoples
Drug registered i07is, Sanitary Grocer
ward & Lothrop preferred sold at ITO
The largest bond sales were In Capt.
| tai Traction SIS at 1902 Washington Ga
| SIS sold at io5 Other bond issues wer,
neglected. But one bank stock appeared
on the board during the session. De
| partmental stock, in the unlisted de
| partment. selling at 8.
Washington Gas. National Savings &
| Trust and Washington Loan a. Trus
are the only local issues now selling ex
| dividend.
Lower c. g. 0. June SuIpIus Likely.
w. J. Harahan. president of tn
| Chesapeake a. Ohio, estimates June sur
| plus after charges will be about 100000
| less than in June, 1927. The move
| ment Of lake cargo traffic this year ha
| been retarded by the rate situation. bu
| is expected 10 be relatively heavy tn
rest of the lake season. Coal loading
| for the first Is days Of July decrease
1875 per cent, compared with the sam
! period last year.
Bankers Council 10 Meet.
The council Of administration Of tn
| District Bankers Association will l1ol
/ the regular July meeting this afternoo
! at headquarters, President Robert \
| Fleming in the chair Only routin
/ matters are expected 10 rome up. Plar
| for the associations work during I'll
| coming year will soon be outlined no
| that the standing committees have bee
| completed and appointed
Value OF Building Permits Up.
The value Of building permits in tn
| So leading Canadian cities for the frs
! half of 1923 exceeded the first half {
any previous year. S. w Straus 81 G.
| reported today. The SIX months tot;
| was si0i SOC 1873. gain Of 25.7 per cen
over last year Permits issued in Jun
were % per cent greater than In 1872
Cleaned In Financial District,
Lawrence A. Slaughter, vice presi
| dent Of the Commercial National Banl
was back al his desk today after hi
| vacation passed Saranac Lake, ~. Y.
Richard Hatton, financial editor {
| the Washington Herald, Is now on
| two-Week vacation and is enjoying IN
cooling breezes Of Epping Forest, nea
Annapolis.
Harry v. Hayes, president Of tn
Farmers IL Mechanics National Banl
IN Georgetown. has gone TO Ne
Jersey coast resort for two~week va
cation.
Frank OWings, cashier OF the Ban
Of Commerce H. Savings. Is taking u
boat trip ~ Jacksonville, Fla, as vi
beginning Of his annual vacation. II
viii pass the latter part OF IL al n
cottage on Chesapeake Bay
Harry w Finney has returned 10 III
Office ri Y. H. Booker H. Co. follDWin
his annual vacation
Frederick n Cox cashier Of the Con
nlercial National Bank. nov on his va
cation. will visit piney Point sewers
days this week
The regular Lsngton Monotype quar-
terry dividend Of II per cent viii !
paid on August 81 10 stock Of recoF
August II.