Evening star., 1932-06-22

prices may be
higher.
General business John D. Howard.
conditions, reflect
ed by bank clearings and debts, show
slackening Of the early June rise and
building for the first half of June was
under seasonal levels. The Richmond
Bank reports the re-opening of a large
rayon factory and one of the largest
important recent industrial develop
important recent industrial develop
mentS.
Latest reports from the other
Federal Reserve districts are encourag-
ing. Business is displaying distinctly
more confidence. In several districts
bank clearings are improving. Auto
mobiles. furniture and store sales are
improving in several parts of the coun-
try. Dallas, Tex, notes a growing ten
dency among the banks to make loans
for needed improvements and industrial
expansion.
Atlanta reports department sales i'm
proving. due to price cuts. and substan-
tial gains in wholesale trade. Building
and construction work have also
picked up.
Bank Presidents Third Year.
John D. Howard has just started his
third year as president of the Seventh
Street Savings Bank, to which position
he was elected on June 10. 1890. In
the comparatively short time that he
has been at the wheel, the bank has en-
joyed high degree of prosperity.
Mr.. Howard is a native of Washing
ton. He was educated in the public
schools here and graduated from the
National Law School. In his younger
days he was in the real estate business
for a short time, being connected with
B. F. Saul & Co. Banking beckoned.
the young man securing a position as
runner with the Home Savings Bank,
now the Central Branch Of the Ameri-
can Security & Trust Co.
The bank messenger next became con-
nected with the Traders National Bank
as bookkeeper His ability soon brought
him promotion and he was made man.
lager of the savings department. The
Traders National was absorbed by the
Merchants & Mechanics Bank, which
.afterward became the United States
Trust Co. The trust company opened a
branch at goth street and Pennsylvania
avenue and John Howard was made
manager remaining there until July 8,
1912. when he was elected cashier c.
the Seventh street Savings Bank. He
was elected vice president in 1928 and
two years later took the presidency.
New Bond Office Opened Here.
A branch Office has just been opened
in the Southern Building by Ewart,
Adams & Bond, of So Wall street, New
York City, with Clarence Falk as local
manager. The company specializes in
public utility bond issues. The man.
ager of the Washington Office comes
here from New York, where he has
been in the financial district for the
past 20 years. He expressed the opin-
ion today that it is an excellent time
to open new Offices He believes the
long decline in bonds has brought about
bargains in sound securities that may
not be equaled or surpassed in many
years.
John P. Lynch, newly elected presi-
dent Of the District of Columbia Life
Underwriters Association, has ap-
pointed Dan J. Harrison of the local
Office of the Massachusetts, Mutual
the board Of trustees of the Better Busi-
ness Bureau for the fiscal year begin
ming July l. Mr.. Harrison will rep
resent the life underwriters group on
the directorate of the bureau.
Paul Pearson, president Of the Wash
ington Wholesale Drug Co.. was re-
elected to that Office for the twenty
third time at the annual meeting of
the company in Alexandria, Va, yes
terday. w. P Herbst was chosen first
vice president and F. B. Upton second
vice president. A. " Burdine was
elected secretary and N. D. Parker, as
sistant secretary. R. N. Harper became
treasurer. The board of directors is
composed Of r. A. Judd. F. T. Stone, l..
F. Bardley and w. T. Kerfoot
Storage Firm Votes Dividend.
At their monthly meeting the board
of directors Of the Security Storage
Co. declared the regular quarterly divi-
dend of SLIPS per share, payable July
II to stockholders of record at the
CLOSED between those dates.
Washington Gas IS, series A, sold at
98i2 on the Washington Stock Exchange
today Potomac Electric Power 5la
per cent preferred figured In a turn
over Of IS shares at 102, while 10 shares
of Potomac Electric Power per cent
preferred moved at 108A.
The annual election and dinner of
the auditors section of the District
Bankers Association will take place
at Clney Inn tomorrow evening 1t
is expected that nearly 300 members
Of the section and their wives will at
CtIQ. ArLnur y. Linn, chairman OF Ine
section, will preside.
The luncheon group of the District
Bankers Association held their weekly
meeting this noon at the Willard Mem
bers OF the auditors section of the
association were asked to be present,
prepared to answer any questions that
may have come up since the 2-cent
revenue tax on bank checks went into
effect.
Other Financial Notes.
The number of failures reported to
Bradstreets for the week ended June
16 increased very slightly rising from
SIS to 564. The gain, however, was
less than is normally expected at this
time. and Bradstreets index of weekly
failures again declined to 1888. This
compares with 1898 in the preceding
week, 1922 two weeks ago and 110.1
for the same week of 1881. The past
weeks total is considerably higher than
the 482 failures reported for the same
week last year.
For the five months ended May 81
the Chesapeake & Ohio Railway Co
shows gross revenues Of $39, 1889 q
decrease of ss,3l5,3o4. Operating ex.
penses were s23,510.160, a decrease OF
come was $l1,529,844, a decrease oi
s832,778. Net income after all charges
including sinking fund appropriation
is s7,750,256, q decrease Of 81 302, 72s
compared with same period in 1881.
For the ensuing fiscal year begin.
ming on September l., 1882, the board
of governors Of the Investment Bank
ers' Association of America at a recent
meeting reduced the annual dues from