Evening star., 1937-03-30

ers here today
for the results
attained under his administration
The reserve banks head was born
in Richmond on September "a, 1894,
received his B. A. degree from the
University of Virginia in 1916 and an
M. A degree in 1917. when he was
president of his class. He was stu
dent instructor at the university, a
member of the Pi Kappa Alpha and
Phi Beta Kappa Fraternltles.
He started his business career as an
Office manager and accountant in
New York, served in the World War,
then went to Richmond, secured a
c. P. A. certificate and taught night
courses in accountancy in Richmond
Chapter, American Institute of Bank
ing. He was also connected for time
with the Old Dominion Trust Co. in
the Virginia capital
Mr.. Leach entered the employ of
the Federal Reserve Bank of Rich
mond in 1920 and was auditor when
sent to organize the Charlotte branch
On December /, 1927. He was man
aging director at Charlotte until Oc-
tober Is 1881, when he was elected
managing director of the Baltimore
branch of the Federal Reserve Bank
of Richmond On February 2, 1882,
Mr.. Leach was granted temporary
leave of absence to assist in the Or
ganization OF the Reconstruction
Finance Corp. and become the cor
porations first treasurer
He became first vice president Of
the Federal Reserve Bank of Rich
mond on March /, 1886, and was
elected president on March IL, to re-
place former Gov. George j. Seay,
whose presidency was rejected by the
Board of Governors of the Federal
Reserve System on the grounds OF
being beyond the retirement age limit.
Bankers Elected to Council.
Charles K. West, manager of the K
street branch of the Security Savings
e. Commercial Bank, and Charles w.
Haas of the Union Trust Co. were
elected members OF the Executive
Council of the Safe Deposit Section of
the District Bankers Association at a
meeting last night in the American
Security & Trust Building. They are
to fill uneXpired terms due to reSigna-
tions. Further plans for the coming
national safe deposit convention to
be held here were also discussed.
Directors of the National Metropoli-
tan Bank have declared the regular 3
per cent semi-annual dividend on the
capital stock, payable April is to
stockholders of record April 4, Presi-
dent George w. White announces.
Books will be closed from April to
April 15 inclusive.
Lumbermen's Has Big Year.
The Lumbermen's Mutual Casualty
Co. of Chicago reports gains in all
departments for the tWenty-fourth
consecutive year, according to Albert R.
Peters president of the Mutual In
surance Agency, local representative.
Earnings increased to a new high
record of s5,248,372 from S4,003,437
for the previous year, gain of Sl,244,-
934 Assets increased to s26,630,20
on December 81, 1886, gain of S4,-
O18,905 over the 1885 total.
Premium income reached new
high record in 1886, totaling S22,2l9,-
GA as compared with $40, ,343,475 for
1885, a gain of 81 ,876,139.
Bond improvement Forecast.
A substantial recovery in bond prices
is likely before very long, says the
United Business Service in its current
report. The reaction in the bond mar
ket in the past several weeks has been
unexpectedly severe, but there are as
vet no indications that prolonged de-
cline has begun. 1t is logical to look for
continued nervousness and uncertainty
until the final increase in member bank
reserve requirements becomes effective
on May |, but a further wide open
break in prices is not considered likely
in the near future.
Superficial forces have the upper
hand in the bond market at present,
but these ought to give way in time,
the United Service concludes, to the
basic influence tending toward greater
price stability, the forecast concludes.
Financial District Notes.
Howard Moran, vice president of the
American Security g. Trust Co., has
returned to his desk from an Easter
vacation passed at Atlantic City.
Robert c. Jones, head of the invest
ment firm of Robert c. Jones g. Co.,
has returned to his Office after va
cation spent in Florida and Nassau.
He reports a fine trip, adding that
Florida is now winding up an unusu-
ally successful Winter season.
Bond yields, which until recently
had been near the extreme low point
reached last December. advanced by
Il and p per cent and on March "a
were at about the levels prevailing
early in 1886, the Federal Reserve
Boards March Review states.
Retail sales of new passenger auto
mobiles in February we're "a per cent
higher than in February, 1887, and
81 per cent greater than in 1885, the
Commerce Department announces.
The aggregate value of all building
for which permits were issued in Feb
ruary showed an increase Of 63 per
cent over February, 1886, the Labor
Department has just reported.
Today's Trading on Exchange.
Capital Traction SIS were in the best
demand of any issue on the Washing
ton Stock Exchange today, five $1,000
transfers being recorded at 9212.
In the stock division Washington
Railway & Electric preferred led the
days transactions with 10 and share
lots changing hands at 100. Potomac
Electric Power 512 per cent preferred
stock sold at 113.
Other bid and asked prices were
practically unchanged. The bid on
Washington Railway & Electric CON-
mon remained at 725 with IT'S asked.
FAILURES TOTAL DOWN.