Evening star., 1933-09-05

curing lIle past Il ulOiIIllS
The association OF American Bank
Women is also meeting in Chicago this
week, the presiding officer being Miss
Agnes M. Kenny, manager of the worn-
ems department First National Bank,
Milwaukee The aim of this association
is to bring together women bank execu-
tives for the mutual exchange of ideas
on practical subjects.
New Brokerage Offices Opened.
Hartman & Co. opened their new
brokerage offices at 815 Fifteenth street
when the translux started off this morn
ing after the three-day holiday on the
New York Stock Exchange. The new
Offices are one block above the old loca-
ton on Fifteenth street.
Mai. Ferry K. Heath, resident man
ager, received many hearty congratula-
tions on the appearance Of the new
headquarters. The new quarters are
very much larger than the old and
meet requirements of the brokerage
business in every way.
The board room is one of the largest
in the city, has exceptional light and
ventilation Several private Offices ad
join it, The moving was done during
Saturday, Sunday and Monday and
business went on as smoothly today as
if the company Offices had always been
in this location The Hartman move
extends the brokerage district little
farther north than it has previously
been. The office building is now known
as the Bowen Building.
New Interest Rules in Mail.
From Philadelphia comes the following
Associated Press news dispatch which
is of general interest to bankers and
bank depositors everywhere:
The PHILADELPHIA Federal Reserve
Bank today mailed to its members the
new regulations relating to the payment
of interest on deposits, adopted by the
Federal Reserve Board at Washington
last Tuesday.
One of the principal points provide
that no member bank shall pay rate
of interest in excess of per cent per
annum. compounded semi-annually, ION
any time deposit" This provision is
effective after October 81, 1888.
Time deposits include time certif-
Gates of deposit" time deposits. open
accounts" and postal savings deposits"
Washington bankers said today that
they have not yet received similar no.
tices from the Federal Reserve Bank of
Richmond. With SO many N. r. A.
codes in the limeight, this interest rate
ruling was more or less sidetracked:
Interest rates paid by practically all the
local banks are already within the pre-
scribed limits, it is stated.
After Labor Day-What?
Brokers, traders and investors in the
local financial district expressed keen
interest today in what is likely to
happen now that Labor day is passed.
The N. r. A. codes and problems
seem to have made predictions harder
than ever. The codes have caused
waiting attitude in many industries and
the question Of how to make profits
under present conditions looms large.
After all, profits determine the gen:
eral course of business and the stock
market.
Local brokers do not anticipate a
runaway market, at least In the near
future, but an increased volume of
stock trading is expected to develop
with the end of the vacation season.
IL usually does as big traders return
to Wall Street.
1t looks as If buying power would
tell the story. If new buying power
develops fast enough to offset increased
pr0ouctlon costs. the next real move
Will be upward. Imitation would do the
same, but imitation is at present far in
the background. Caution has en-
gulfed it.
Business on d. C. Exchange.
After the three-day holiday. the
Washington Stock Exchange opened
with two $1,000 sales in Washington
Gas Is, Series B, at 103, off "a from
the last previous SALE Washington Gas
5s, 1860, also appeared on the board,
$1,000 changing hands at 1861, an ad-
vance of y point from last week.
In the stock division Capital Traction
figured in the first sale, eight shares
moving at 7l2 against a sale of 80
shares last Friday at 75s. Potomac
Electric Power 51a per cent preferred
came out at 108A and four shares of
Mergenthaler Linotype sold at 25h,
same as last Fridays close. Another
small stock sale was In Washington
Railway & Electric preferred, which reg
iStered 86as.
The Guaranty Trust Co. review de-
clares that "in spite of the complexities
and irregularities of the situation, the
general impression is given that we are
moving ahead and that real progress
toward recovery is being made"
New York City bank stock market
was again slightly lower during the
past week. The aggregate value of the
is leading issues ended the week at ST.
493 1856, 600, compared with $1,531 1885,
900 at the close Of the previous week,
- I,orooea af 900 mn nor