Evening star., 1935-07-19

- = @sasssaa asA ity 81 Trust. and
Joseph Sanders,
Sank of Commerce &, Savings
This committees work will deal
with the type and qualifications for
employment of men and women in
the local banking institutions, and. in
view of legislation regarding retire
ment allowances, the problems in
Nolved make the committee one of
the most important in the associa-
ton.
With Chairman Thomson on the
Publicity Committee will be Aubrey
o. Dooley Hamilton National Bank.
vice chairman: Wilmer j. Waller, also
Ct the Hamilton; Robert L. Flather.
American Security e. Trust Co., and
Barnum L. Cotton. National Savings
g. Trust Co
The Auditing Committee does not
require such large membership. Chair
man Heron will be ably assisted by
j. Damn Faber. auditor of the Amer
lcan Security g. Trust Co.. and
Arthur j. Linn. controller of the
Hamilton National
Most of these bankers have already
rendered valuable service to the assc-
citation, two being former presidents
All have had wide experience In
banking.
Lynchburg Bonds Taken Here
Yesterday the local investment flrm
of Brown, Goodwin & Co. was a
member of the syndicate headed by
the Chase National Bank of New
York, which was successful in buying
S235,00 City of Lynchburg, Va. IL
per cent bonds maturing from six
months to five years. The bonds we're
Immediately reoffered at prices to
yield from y per cent to l34 per
cent, and it is understood that they
were Immediately sold.
The total amount of this issue was
s500,000 and the city awarded the
bonds in two separate lots. The syndi-
cate in which Brown, Goodwin & Co.
participated obtained s235,000 of the
bonds as 112s at 100.027. Another
group bought S265,00 of the bonds
Que from 1941 to 1945 at 100.925
as Is.
The interest cost to the city for the
E500,00G is Its per cent, which is
probably the lowest rate of interest
at which money has ever been bor-
rowed for this length of time by any
Virginia municipality. The credit of
the City of Lynchburg is considered
unusually strong and the price at
which its bonds sold is clear evidence
of this fact.
American Stores Sales Gain.
Sales of the American Stores Co.
for the four weeks ended June 20
totaled $9,072,179, against S8,848,73
in the comparative. period year ago,
an increase of 1928, ,448, or 2.5 per cent.
The company also reported sales for
the first six months of this year as
compared with the first half of 1884,
8,776, 800 against $58,003,54 an in
crease of s772.812, or per cent.
Sales for the five weeks ended June
showed an increase of per cent as
compared with the corresponding Pc
riod in the previous year. The reuort
is in line with other recent chain store
returns
Bond Issue Oyersubscribed.
The Richmond Reserve Bank today
notified banks that the Offering of
S100.000,000 rs Treasury bonds
brought out tenders for $50, 958.000
face amount of the bonds, $101, ,967 900
being accepted. The yield is about
2.77 per cent to the first call date.
March Is. 1855. and about 278 per
cent to maturity, March Is, 1860.
The Reconstructio Finance Corp.
holds $1,000. 42nGo4 in preferred
stock. capital no5es and debantures,
and in loans secur'd by preferred
stock. of 6.468 banks OF the cMlntry.
jesse H. Jones, Il. c. cha a'rman.
has indicated tnat tt" r F. c. policy
of recapitalizing the Nations oarking
structure is about ccmplete.
Interest and div.Gends on the r F.
c. investment ii: the Nations banking
system are being paid regularly on IS
per cent of the advA,a tments. actord-
ing to Chairman ,ltnts
Brown, Hartman X Co. were the
successful bidders for $160,000 Mon
roe County, Ind advancement fund
bonds, offering a p.einium of $l.36l
for 2As. Brice & 20. were second
high bidders.
Capital Traction Advances
Capital Transit STOCK was strong on
the Washington Stock Exchange to-
day, opening with small lot selling
at 20A and closing at 203s, new
high on the present move. The final
bid was 20, with ?0.;, asked.
Potomac Electric Pcwei 6 Der cent
stock sold up 60 l.i3a, high for the
year. while Washington Railway &
Electric preferred n'cNeo at io515.
National Bank of Washington stock
appeared on the board again today
II shares changing Eandr at l041a
washington Gas ss series 3 fig
ured in 10 consecutive sales n baby
bonds at 103. The market closed
with Capital Iracti,n SIS selling to
the extent of Sl00G at 98%. II was
a strong market. buyers having to