Evening star., 1933-11-22

nave already Iellu- E$$ 43$$$t,y $3%J
cred valued service ES <SS$$%:*3
to the Richmond EX :.::*.3
Reserve Bank and
are well known John H. Hanna
among Washington
bankers Mr. Reimer is not only one OF
the leading financiers in Baltimore, but
is a dealer throughout Maryland to
whom many outside bank officials look
for advice.
John H. Hanna, president of the Cap
ital Traction Co., in this city, is now
being voted upon as class "B" director
in the Fifth Federal Reserve Bank. to
succeed Edwin C. Graham, now presl-
dent of the Hamilton National Bank
here.
Mr.. Hanna is the only candidate.
90 his election is assured. Regardless
OF that fact, he is an unusually Slrong
candidate. having had the broadest KIND
of business experience. Mr. Hanna had
been interested in banking for many
years, and is at present director IN
the Union Trust Co., a position he Will
have to give up when he assumes MS
Richmond Reserve Bank connection.
The voting by the member banks OF
the Richmond institution ends on NO
vember 27 His election will then be
announced
Greenback Fears Exaggerated.
In discussing the possibility that in
fationists in Congress may force the
President to use the powers granted
him last Spring for the Issuance OF up
to s3Oo0Oo0,00o in fiat money the
Standard Statistics Co. points out that
this issuance of greenbacks might be an
inflationary gesture, but that in
country such as this. doing probably 81
per cent of its business on a cheek
basis. rather than a currency basis,
ereenback issues would have little ell
feet, one way or the other.
It is further set forth that the present
program is one of imitation through the
use of Government credit, with the pos
sibility of later devaluation Of the dol
lar.
Expressing the belief that the prevail
Ing fear of greenbacks is causing un-
due concern, the survey argues that de-
valuation would itself augment the
total gold reserve Gin dollars and pro-
vide the usual gold backing for large
additional issue of secured currency,
thus obviating greenbacks.
Important Dividends Declared.
The Chesapeake & Ohio Railway has
declared the regular quarterly dlVldend
of 10 cents on the common stock, pay
able January to stock of record De-
cember 8.
The Chesapeake Corporation has de-
clared a quarterly dividend OF 63 cents
On the capital stock. payable January
to stock of record December 8. PreVl-
GUS dividends have been so cents quar-
terly since the July l. 1882, payment,
when the dividend was reduced from
rs cents Stock is now on $3.50 an
nual basis.
Consolidated Gas. Electric Light &
Power Co. of Baltimore has declared
the regular quarterly dividends OF 80
cents on the common; S1.25 on the
per cent preferred A stock: S1.50 on
the preferred D stock, and Sl.3712 on
the 51a per cent preferred E stock,
all payable January to stock OF record
December Is.
S. S. Kresge Co. has declared
dividend of 20 cents on the common
stock and the regular quarterly divl-
dend of SITS on the preferred both
payable January 2 to stock OF record
December II. A similar dividend was
paid on the common stock three months
ago.
TowsOn Talks on Imitation"
Norman E. Towson of the Washing
should sSa id'n imitation uIS Come beiore the @
Young Womens Club of the First Con-
gregational Church last night. He said
the President may do three things:
First, buy in the open market up
to s3,0OO,O0O00O worth Of Government
bonds: or issue an equal amount OF
unsecured United States notes-com-
monty called greenbacks; or he may
Lo nf tho dn11or
diminished by as much as SO per
cent.
Imitation is as old as history and has
figured in ours as far back as 1880,
when. as a result corn sold in Boston
at $3.50 q buShel and butter for Sl2 a
pound
Mr.. Towson said that the subject of
imitation should be considered very
calmly, since so high a percentage Of
the country's business is transacted
with checks and not with currency.
AS long as this deposit currency cir
culates freely, confidence is maintained
and velocity of circulation, more than
any other factor. distinguishes pros
perity from depression, he said.
d. c. Securities in Demand.
Washington Gas Light bonds were in
change today Washington Gas 5s,
1858, recorded three $1,000 transactions,
all made at IT.
The market opened with a small sale
In Potomac Electric Power per cent
preferred. moving at 1882. Mergen-
thaler Linotype then came to the front
with sale of 80 shares at 2412. This
was the first large sale since the annual
report was made public, which showed
poor years business. but also noted
improvement in the last quarter and
stressed the better outlook.
Washington Railway & Electric pre-
ferred figured in a 110-Share turnover
at 81. This was one of the largest sales
in this issue in long time. The days
only other business was in Capital Trac-
tion, 10 and 5 share lots selling at 49,
Vital need for long-range planning,
on an international as well as national
scale, was stressed in a radio address
by Secretary OF Commerce Daniel Roper.
In this connection he termed the recog-
milton of Soviet Russia as a step in the
direction of further understanding be-
tween nations, with the object of in
creasing the flow of trade.
I'VE must learn that agencies and
conditions which disrupt or embarrass
the flow of trade must be better con-
trolled in the interests Of all concerned,
both at home and abroad the Secre-
tary said.
Heard in Financial District.
The November forum dinner of WASH
ington Chapter American Institute of
Banking takes place this evening at
the Hay-Adams House at $50 o'clock
President Cloyd Il. Marvin Of George
Washington University is the guest
speaker
The South Atlantic section made one
Of the best records in new insurance in
october OF any part of the country.
New life insurance business was only 8
per cent under last year As business
for the first 10 months Of 1888 was 16
per cent under 1882. 1t can be easily
seen what improvement has recently