Evening star., 1937-02-01

sales in 1886 aggregating s1O4 9l4,2s8,
compared with S9582l 1861 in 1885 and
$l04,93l, 1861 in 1929 Textile mills
used 3,368,329 bales last year, as
against 2,629,282 in 1885 and $685.
1884 in 1929. The 1886 consumption
was the highest level on record
Debts to individual accounts, total
ing S14,137,0560 1000. increased 1873 per
cent over 1885. but lacked 1872 per
cent of equaling the figures of eight
year ago.
Commercial failures last year to-
tailed only 458, involving liabilities of
$7975000, as against 496 and $780,
557 in 1885 and 1920 and S24.705,-
654 in 1929.
Although building permits we're
issued for 81 per cent more work than
in 1885. they fell short of 1929 per-
NIT valuation by 1873 per cent. The
1886 total was S81, $685. ,598.
The bank found that wholesale sales
last year by SIS firms in five lines to-
tailed II per cent more than in 1885.
but were still more than S4,000000
under the s63 287 .820 of 1929. Btu
minous coal production rose by II per
cent in the United States, with the
fifth district supplying nearly third.
O'Brien Joins FOlger, Nolan.
Announcement was MADE today
that Robert Lee O'Brien, jr, formerly
connected with A. S. Pratt g. Sons
has become associated with the in
vestment banking firm of Folger,
Nolan g. Co., American Security
Building.
Mr. O'Brien is native Of Washing
ton, being the son of Robert Lee
O'Brien, real estate mortgage banker
The younger O'Brien was graduated
from Central High School in 1928
and took his university training at
the College of Business AdmlnlStra-
ton, Lehigh University. from which
institution he was graduated il 1882
After graduation Mr.. OBrien was
connected with the investment de-
partment of the National Savings d
Trust Co. Most recently he has been
connected with the investment counsel
division of A. S. Pratt & Sons, of
which II. Rozier Dulany, jr., is presi-
dent. He assumed his new duties
today.
New Partnership Formed.
C. Benjamin Mitchell, jr.; Edward
j. Murphy and Philip w, Howard
have formed the partnership of
Mitchell. Murphy & Howard. Baltl-
more, with offices in the Munsey
Building there, to conduct business
as brokers for dealers. banks, lnst-
tutions and other brokers, and dealers
in inactive issues. The new firm will
maintain direct wires to New York
and Washington.
Mr.. Mitchell, already we'll known
IN Washington's financial district anc
a member of the Baltimore Stock
Exchange, was formerly manager OF
the real estate bond department OF
Gillet g. Co.. Inc. and Mr.. Howard
was associated with the same CON-
pany. Mr.. Murphy was previously
manager of the trading department
of Frank B. Calm & Co.
Investment Firm Expands Name.
The name of the investment flrm Oh
Brown. Goodwin & Co. was changeo |
TODAY to Brown, Goodwin & OldS
to include Edison B. Olds. lr. Mr..
Olds has been a member OF the nrm' |
but this fact has not been previously
shown in the firms name.
A registration statement including
a plan for employe stock investment
has been filed with the Securities ana |
Exchange Commission, G. F. swift, |
nresident of Swift & Co., announces. |
Under this plan an employe may pur-
chase from one to 100 shares OF STOCK
at the market price and pay for it in
installments. First payment Will
leave not more than $40 owing for
each share and will amount to not |
less than 20 per cent OF cost. AS a
shareholder on the books of the COM
pany the employe will receive dlvi-
dends paid
Reserve Increase Ordered.
Washington banks received word to-
day from the Federal Reserve Bank of
Richmond announcing that the gov
ernors of the Federal Reserve System
have increased reserve requirements of
member banks by 3312 per cent. For
the purpose of affording member banks
ample time for orderly adjustment to
the changed requirements, one-half of
the increase will become affective on
March / and the remaining half be
due May /. The action is taken to
prevent possible injurious credit ex-
pansion." In the financial district to-
day it was stated that the banks would
have no difficulty in meeting the new
requirements.
Interest Defining Delayed.
Another important announcement
from Richmond today stated that the
Federal Reserve Systems definition of
Interest" which was to go into effect
February in connection with regula-
ton o." had been postponed to May
!. The board feels that the new defini-
tion is needed but the matter is to be
given attention in Congress, the post
ponement being granted on request of
the Banking and Currency Committees.
Heard in Financial District.
Bankers here today agreed with the
National City Banks assertion that
the higher reserve requirements will
bring a slight advance in short-term
money rates. They expect a very
mild rise, however, as there is still
an ample supply of funds for all credit |
purposes.
Washington Railway & Electric pre-
ferred stock sold at 11212 on the
Washington Stock Exchange today.
The Washington Office announces
that a semi-annual dividend Of 81 |
a share has been declared by Swift |
International, payable March /.
Washington Chapter, American In
stitute of Banking, will visit the Gov |
eminent Printing Office on Wednesday, |
February 10.