Evening star., 1938-03-01


nooh' Frank J. F. Thiel.
Reeside, who was Westheimer g. Co. s
manager here. was among those be-
coming associated with the Bache Of
fce. He has been in the brokerage
business for II years, his first busi-
ness experience being with Redmond
& Co. Until 1928, when the pressure
Of other duties forced him to resign
his membership, he was one of the
youngest flnanciers having seat on
the Washington Stock Exchange and
was active in the organization for four
years.
Mr.. Resides father, Howard S.
Reside, was formerly president of the
Washington Gas Light Co. and vice
president of the American Security g.
Trust Co. The young man entered
finance shortly after completing his
work at the United States Naval Acad-
erny at Annapolis.
Miss Bessie Shoor who has served
Westheimers organization for IS
years, is one of the few women in
Washington rated as customers man"
by the New York Stock Exchange.
John H. Clarke. another member, was
manager for Iglehart g. Co. in this city
before joining the Westheimer Office,
where he has been for the past five
years.
This new acquisition by j. S. Bache
& Co. is in line with the firms policy
of expansion. The firm now has 43
Offices in leading cities, including
Paris and Alexandria, Egypt, and holds
memberships on the more important
exchanges here and in Canada.
Along with other changes, James A.
Hennessy has been added to the COM
modify staff He has been associated
with the Bache Office here since 1882,
serving prior to that time with other
Washington brokerage houses.
Frank ]. F. Thiel, the manager, is
q former Assistant Treasurer of the
United States. Leon Brubaker is as
sistant manager The other members
of the staff are John T. Pelton, E.
Frank Bastable and Philip P. Fried
lander.
d. c. Bill Payments Lag.
Collections by Washington depart
nent stores in January were slower
than in some of the other fifth dis
trict cities, the Reserve Bank of Rich
mond reports. OF the bills due at
the beginning of the month. 27.6 per
cent were collected, against 33 per
cent in Richmond, 331 per cent in
Baltimore. 29.8 per cent in group of
other cities and 30.2 per cent as the
average for the whole area.
Turnover in store stocks, however,
was better here than in other sections
Of the fifth district, in the first month
of this year, compared with January.
1887, the report adds. Stocks were
turned .307 times in the Capital, .274
in Richmond and 295 times in Balti-
more. The average for the fifth dis
trict was .292 times.
Stocks on hand on January 81, 1888
IN Washington were "a per cent lower
than on the same date year ago.
while the average for the entire dis
trict was off 40 per cent.
Increases in Investments.
The Federal Reserve Boards latest
review states that during the first three
weeks of February excess reserves of
member banks were little changed
from the level of 81, ,400, 900, 900 reached
at the end of January following the
post-holiday return OF currency from
circulation.
During January there were sub
stantial reductions in commercial loans
and brokers' loans and moderate in
creases in investments at reporting
member banks in 1ol leading cities.
Rates on Treasury bills and yields
on Treasury notes and bonds con-
tinued in February at the low levels
reached in the latter part of January.
Savings Experts to Confer.
The Spring Savings Conference held
under the Savings Division of the
American Bankers Association, takes
place in New York on Thursday and
Friday Of this week and will be at
tended by bankers from all over the
Eastern section of the United States,
The program calls for very interesting
discussions OF savings bank problems
by leaders in this phase of finance.
The presidents of the Federal Re-
serve Banks have been holding a con.
ference with the Reserve Board gov
ernors here, various technical matters
having taken up their attention yes
terday. Hugh Leach is president Of
the Federal Reserve Bank of Rich
mond, which serves the banks in this
territory.
Heard in Financial District.
Donald w. Larson, secretary of the
District Bankers Association, will at
tend the second days sessions of the
Savings Conference in New York.
The North American Co. has de-
cleared 3O-cent dividend on COM
mon stock, payable April / to stock
of record March Is and the quarterly
dividend of IS cents on the preferred,
payable on the same date.
The Commerce Department reports
that average daily sales of chain
drug stores in January were 7 per
cent lower than in January last year.
Baltimore clearings for February
totaled $243,245,477, against $27o,-
939,6l6 in February, 1887. The Jan
uary and February total was also under
last year.
Today's Trading on Exchange.
The feature of today's session OF
the Washington Stock Exchange wa
the sale Of 100 shares of Mergenthaler
Linotype at 211a, OF from the last
previous sale at %. The stock closed
with 21h bid and 22A asked. To-
days 100-share transfer was the
largest in several weeks. So far this
year 444 shares have changed owner
ship.
Washington Gas IS, 1860, appeared
on the board again today at 116, same
as the last previous sale.
Holders Of American Telephone b
Telegraph stock In the Capital were
generally pleased with the annual re-
vHoYt ehouyi,o co IA v,Ar shs~> A. r,,n II