Evening star., 1937-03-12

- &38 esBB ~ o'oVeo
Pbi,inA A B.nson. Treasury before
the end of 1896
may be paying from q to / per cent
on loans maturing in less than a year.
The Treasury has recently been bor-
rowing for less than p of l per cent
and in 1885 borrowed for as little as
1920 Of ! per cent. Prof. Nadler,
however, assured the bankers that
there is little chance of any drastic
decline in Government or corporate
bonds unless the market should be sub
Jected to another attack of fear from
other causes than rising interest rates.
Signalling trend away from ex-
treme low interest rates, he said were
the recent moves by the Federal Re-
serve Board to reduce the supply Of
loanable funds. The remaining excess,
he said, would be further cut down
by expansion in business borrowing
and outstanding currency.
Philip A. Benson. vice president of
the A. B. A., welcomed the bankers at
the opening session, Andrew Mills, jr.,
president of the Savings Bank Associ-
alton of New York, being another
speaker. Several other prominent
bank officials were also on the pro-
gram.
Variety Store Sales Climb.
Daily average sales of variety stores
for February, 1887, were about 9l2
per cent higher than for February of
last year and were about per cent
higher than for the same month Of
1885, according to estimates of the
Bureau of Foreign and Domestic Com
merce.
Sales increased 14l2 per cent from
January to February or more than
the usual seasonal amount. The sea-
sonally adjusted index, therefore, rose
to 96l2 for February from 94l2 for
January.
The total value of sales for the first
two months of the year was about 3
per cent above that for the same
period of 1886.
James Cautious in Finance.
In the death Of George R. James,
49, former member of the Federal
Reserve Board, at Memphis the other
day, many Washington bankers lost
very highly esteemed friend. He
left the Capital a year ago after long
and most efficient service in the Fed
eral Reserve System. In Memphis
he was merchant, manufacturer
and banker, for many years presi-
dent of the State National Bank.
During the war he was a section
chief in the War Industries Bureau in
Washington and in 1919 member of
the Industrial Board of the Depart
ment of Commerce. While member
of the Federal Reserve Board he ac-
cepted an invitation to address the
Washington Bond Club, when Law
renee NJ Proctor was president. In his
address he laid down some very def
mite rules on the subject of borrow
ing money.
When you borrow money, make it
work for you just as you would hire
certain number of men to carry out
some particular job. And when the
work for which you hired the money
is finished, terminate the loan and pay
back every dollar of the borrowed
funds at once. Make borrowed money
serve you, but always keep it under
complete control" he admonished his
hearers.
Join Alexander Brown Staff.
Lawrence M. Proctor announces that
Frank Smith and Peter I. Hamilton
have joined the Washington Office of
Alexander Brown & Sons. For the
last 18 years Mr.. Smith has been with
the First Boston Corp. ohile Mr. Ham
ilton is returning to the Alexander
Brown organization, with which he
was associated from 1881 to 1884 Both
have had wide experience in the bond
business.
Concerted action by world sugar
producers to control the production
and marketing of sugar is highly prob
able as the result of the coming world
sugar conference, to be held in Lon
don April S. in the opinion of an anal
ysis Of THE World Sugar Situation"
prepared by Fenner & Beane, New
York Stock Exchange and commodity
firm.
William Miller, Washington manager
for Brown, Hartman g. Co., has lust
returned to the Capital from a tour Of
Florida, Georgia and Alabama and
visit to New Orleans. He reports that
business in the South is booming,
building being especially active
Y. E. Booker, head of the investment
firm bearing his name, has returned
from two weeks visit in Florida. He
spent some time at Miami Beach and
visited several other resorts by motor.
Company Completes Financing.
Charles Delmar, president of Lin
coin Service Corp. industrial bankers,
Washington. with chain of operating
offices in Maryland, Pennsylvania and
Virginia, announces that all of the
present issue of stock, consisting of
10000 shares Of per cent cumulative
preferred and 10000 shares of COM
mon. has been sold. The company
reports that earnings and volume of
business for January and February
Of this year show a substantial in
crease over the corresponding two
months Of 1886.
Bank clearings in Washington for
the week ending March 10 totaled
$25,146,8l1.76, gain Of 39.1 per cent
over the corresponding week in 1896.
While the national average was lower
than a year ago, Baltimore clearings
were up II per cent; Richmond, ~,
and Atlanta, 35
Members of Washington Chapter,
American Institute of Banking, are
making great plans for the annual
public speaking contest, set for Mon
day, April IL, President Paul j. Seltzer
reports. The subject will be "Is the
Decline in the Proportion of Com
mercial Loaps to Deposits Perma-
nent Condition, and Why?" The WIN
ner gets into region contest and, if
successful, enters the national con-
test, when four prizes totaling $1,10O
are distributed. The local chairman