Evening star., 1937-02-19
DELANO PRAISED
F0RBANK SERVICE
Reserve Board Bulletin Cites
Extended Connection
With System.
BY EDWARD c. STONE.

BANK OF ttlcQnOQQ, Is receiving many
congratulations from bankers in the
NTH reserve district on his long and
valuable service. The February Fed
eral Reserve Board Bulletin had this
to say about his work and extended
connection with the reserve system:
"Mr Delano has had close con-
tact with the Federal Reserve System
from the date of its origin. He was
appointed q member of the original
Federal Reserve Board, which took
Office on August 10, 1914, and served
in that capacity until July %. 1918.
On July /, 1921, he was appointed
class c director of the Federal Re-
serve Bank of Richmond, and on jan
uary !, 1928, he was appointed dep
uty chairman of the bank, which
Office he held until March II, 1896,
when he was designated chairman and
Federal Reserve agent at the bank" +"
Trade Gains in All States.
Improvement in retail trade that
raised last years sales total to level
almost IA per cent above the previous
year was shared by all sections of
the country, study of final state
ments for 1896 from all the principal
reporting agencies made by the Amer
scan Retail Federation reveals.
States north of the Ohio River and
In the South and Southwest show tie
largest gains. Ohio, with an increase
OF approximately 20 per cent, shows
the best percentage improvement,
North Dakota the smallest gain.
Retail business in Alabama, Georgia
and Florida showed gains in 1896 over
1885 well above the average for the
United States. Stores reporting to the
Atlanta Federal Reserve Bar had
sales in 1885 which averaged better
than IA per cent over the preceding
year. In Richmond anL the South
Atlantic States the advance was about
a. per cent over 1885.
Four Stocks Unusually Popular.
Chrysler, General Motors, Interna-
tional Nickel and Kennecott Copper
were the four most popular stocks
with IS investment companies which
last month reported their portfolios
Rs of December 81, 1886.
Blocks Of Chrysler amounted to
from 800 shares to $4,000, General
Motors from 400 to $500, Interna-
tional Nickel from 500 to 10000, and
Kennecott from 500 to $4,000.
Aggregate holdings Of international
Nickel were largest, totaling 172,600
shares. Those of Chrysler totaled
a6O,5O0, Kennecott, 157,80O; General
Motors, 133,900.
The reporting companies showed
more general interest at the end of
last year in public utility stocks than
q year earlier; likewise in certain rail-
roads, such as New York Central and
Great Northern. Tobacco stocks were
somewhat less popular, the Wall Street
journal says.
Loan Group Elects Officers.
At the annual meeting of the
Northwestern Savings & Loan Asso-
citation, held at the Office of the asso-
citation in Takoma Park, the following
officers and directors were elected for
1887:
Edgar v. Crittenden, president; w.
8. Dewhirst, first vice president; r. L.
Houston Jones, second vice president;
Howard s. Gott, Secretary-treasurer,
and William Copenhaver, attorney.
Directors-William Copenhaver, DR..
j. w. Chappell, DR.. G. F. Coulon, e.
". Crittenden, w. S. Dewhirst, How
ard S. Gott, r. L. Houston Jones,
Frederick L. Lewton, Jesse H. Powell,
DR.. w. w. Stockberger, w. r. Tucker
man.
The assets of the association at the
close of 1885 were $2,242,642.
Firm Reports Steady Growth.
L. H. Bowens, manager of the WASH
tngton office, has received the annual
report of the United States Fidelity &
Guaranty Co., Baltimore, which states
that premium income for 1896 was
S32, $50 ,280, substantial increase. Net
ancome from earned premiums, invest
ments and rents amounted to $34,-
O41 ,696. Surplus showed an increase
OF $55,753 during the year. During
the year 100000 shares of cumulative
preferred stock were retired. Losses
were abnormally low in 1885, The in
crease in surety business reflected the
great governmental projects now un-
der way, President E. A. Davis stated.
Hemphill, Noyes & Co., participated
In the public offering made yesterday
of $4,000 shares Of Carpenter Steel Co.
common stock. The stock carries IS
par value and was priced at $28.50 a
share.
While bank clearings for the week
ending February II in the whole
United States were down IL per cent,
Washington clearings were 80 per cent
ahead Of last year and also substan-
italy above the previous week. Balti-
more reported a 10 per cent gain and
Richmond Is per cent.
Heard in Financial District.
An expectation that long-term in
terest rates will be stabilized, which
would mean stabilizing high-graGe
bond prices, was revealed by Mariner
8. Eccles, chairman of the Federal Re-
serve Board, as one Of the reasons be-
hind the boards order increasing
member bank Reserve requirements
to the maximum.
"I expect that the long-term rate Is
hot likely to 60 up in the immediate
future, and as far as can see, in the
Indefinite future" Mr.. Eccles said. II
am in favor Of long-term low interest
rates."
House Banking and Currency Com.
mittee has favorably reported the ad-
ministration bill to extend the au-
thority for the issuance Of Federal
Reserve notes against obligations Of
the Government. The bill has already
passed the Senate.
In 1886 more than 10000 house.
hold electric refrigerators were sold
and installed, another new record and
making q total of household electric
refrigerators in use at this time of ap-
proximately 100000, national sur
yey shows.
IhTn0I MkPKET nIIIET