Evening star., 1936-07-07

dicates most ~
clearly that busi- A St.y.r.on
ness progress here
is not being made by spurts, but Is
constant.
June kept up the record scored
every month this year in larger postal
receipts than .. in the corresponding
months in 1885, total receipts reach
ing the sum of 1888 ,522.95.
This figure compares with total
S5O3,643 in June year ago, a signal
gain this year of S79,87995, one Of
the best comparative advances in
many months. At the same time
June postal receipts were almost $1l,-
900 higher, $40 ,8S995 to be exact, than
In May of this year.
The s583522 figure is also ahead Of
the June 1884 total of S458,163 and of
the S444198 report for June 1928,
which was considered as normal
figure up to the time of the 1929
crash, as we'll as since that memorable
period.
Stevenson Well Known Here.
John A. Stevenson, just elected ex-
ecutive vice president of the Penn
Mutual Life Insurance Co., with head
quarters in Philadelphia, is we'll known
among insurance men in Washington
because of his deep interest in in
surance education. He was director
in the first school of life insurance
salesmanship at Carnegie Institute,
where several local underwriters took
special courses.
He became second vice president of
the Equitable Life Assurance Society,
in charge of training activities among
10000 statesmen. He resigned from
the Equitable to take charge of the
Penn Mutuals Philadelphia agency.
He Is a director in the American
College of Life Underwriters and has
written several books on life insurance
matters.
He has been directing the Penn
Mutuars national advertising program
for some time and will continue with
this work.
Discounts Drop at Richmond.
Discounts held by the Federal Re-
serve Bank of Richmond rose by s77,-
600 between the middle Of May and
the middle of June, but on June IS
this year totaled $527,000 less than
discounts held on the corresponding
date last year. The portfolio of open
market paper declined by S71,000
during the last month, and at the
~sailIln 1f TYn cn 0F
$4,000 in comparison with holdings
of open market paper year earlier.
Loans made direct to industry for
working capital also declined be-
tween May IS and June IS, by $40,-
900, and on the latter date lacked
S268,000 Of equaling industrial ad-
vances outstanding on June IS, 1885.
These changes resulted in a net de-
cline Of $4,000 in total earning assets
last month, and decrease of S849, 900
during the past year.
The ratio of reserves to note and
deposit liabilities combined on June
Is, 1886, was LOS points higher than
the ratio on May Is. and showed a
rise of 1861 points in comparison with
the ratio on June Is, 1885, the Rich
mond Reserve Bank reports in the
latest monthly review.
Bankers Back From Rutgers.
Washington delegation of II finan-
ciers, who have been taking two weeks
intensive study at the Graduate
School of Banking at Rutgers College,
we're back in the financial district to-
day. They are now up against a long
stretch Of home work.
The bankers from here included r. |
Earle Haycock, Kenneth F. Brooks |
and H. T. BiSselle, Riggs National
Bank. George NJ Fisher and Ralph |
Endicott, Washington Loan g. Trust |
Co.; Richard A. Norris and j. Frank |
Rice, Lincoln National Bank; Walton
L. Sanderson, Hamilton National, and |
three members Of the staff of the |
Federal Reserve Board, Charles T. |
Malone, Andrew w. Lee and John c. |
Baumann.
The Graduate School course covers
two-year period, with three two
week resident sessions, and takes in
very advanced work in the field of
banking. The faculty of 16 is re-
cruited from the Office of the con-
troler of the currency, universities
and banking institutions, 400 students
being registered for this years ses- |
sion. The school was organized
through the efforts of the Public Edu-
cation Committee of the A. B. A. and |
the Executive Council of the Ameri-
can Institute of Banking.
MergenthaIer Leads Market.
Interest in Mergenthaler Linotype
stock was at high pitch on the Wash.
ington Stock Exchange today the stock
reaching high for the year at 471S,
but selling off later
The market opened with seven shares
selling at 47la, followed by two 10
share transfers at 471a. 1t then drop
ped to ASA and recorded several more
sales at 46. The days turnover involved
100 shares on nine different trans
actions.
Capital Traction IS sold up to 90
today at the opening and then went
on up to 9214. against 9134 at the end
of last week. The bonds closed with
90 bid and 921a asked.
Potomac Electric Power 51a per cent
preferred stock came at Ills on a |
small lot sale. Other bid and asked
prices remained unchanged.
Security Storage and Carpet Corp. |
stocks have been added to the List now
quoted ex dividend