Evening star., 1938-04-13

ton Of H. E. Mer-
cier, who is taking a position with the
Washington Management Corp, in the
real estate management and insurance
department. Mr.. Pyles, the new as
for several years.
Frank w. Weaver, jr., who has been
in charge of the Office at Eighth and
@ streets Sc. for some time, was
elected manager of that branch and
Arthur NJ. Atkinson was elected man.
eger of the Office at Ninth and East
Capitol streets, taking the position left
by Mr.. MERCER.
At the annual meeting of the stock
holders held at Alexandria, as the
bank operates under Virginia char
ter, these directors were Reelected:
W. K Bachrach, c. F. Burton,
Frederick H. Cox, Fred Hewitt, Thom-
as P. Hickman w F. Kelly. Frank W.
Lee A. Scott Offutt, L. H. Phelps,
E F. Pickford, J. B. Prewitt and j. c.
Pyles.
Industry Needs Equity Money.
William O. Douglas. chairman of
the Securities and Exchange Commis-
sion, is quoted in the financial press
as stating that what industry needs
most is so-called equity money"
raised through the sale of stock rather
than bond issues.
We've already hit our saturation
point on corporate debt" he explained,
"and thered be no use in pillng addi-
tional debts onto corporations which
could never expect to pay the interest
charges regularly"
There is a need of approximately
$4,000 100000 or $1,000, 100000 of new
capital annually if employment is to
be maintained, he holds. In 1886 and
1887 only about 81, 500, 100000 in new
capital was forthcoming.
Chairman Douglas believes some
Government spending is going to be
required to start the ball a rolling.
Once the business pump is prlmed,
he said. prospects are good for sound
recovery from current economic set
back
Auditors to Hear Lingeback.
Cost Accounting in Banks will
be the subject of J. Stanley Linge-
back, auditor of the City Bank, who
will address the auditors section of
the District of Columbia Bankers
Association at the monthly meeting
at the Lafayette Hotel tomorrow at
6 pm. Harry L. DoWney, manager
of the accounting department of the
Washington Loan & Trust Co. and
chairman of the section. will preside.
Chairman Crowley of the F. D.
I. c. will ask Congress for authority
to extend loans for consolidation and
mergers of banks two years beyond
July next, the date on which the
corporations authority to extend the
loans will expire.
David Blum was recently made presi-
dent of the Valley Forge Distributing
Co. Inc. Mr. Blum has been sales
manager of the firm for the past
five years. He becomes general man
ager and will be the only active
stockholder. Offices are located in
the warehouse at 90l Seventh street
S.W.
EccIes Scores Patman Bill.
Chairman Mariner S, Eccles of the
Federal Reserve Board told the House
Banking and Currency Committee
that the Patman Federal Reserve
Bank Government ownership bill
would be a backward step. He con-
siders it impracticable and aimed to
correct non-eXistent evils.
The organization which the bill pro-
poses to establish would result in less
satisfactory service to the country, he
said He declared it would be harm
full move in the development of the
Federal Reserve System in the public
interest.
The views he expressed before the
committee are substantially those held
by the officials in the Federal Reserve
The proposed bill has been bitterly
opposed in American Bankers Asso-
citation circles for long time.
Noted EngIishman to Speak.
Executives of Washington's building
and loan associations will hear Sir
Harold Bellman, managing director of
London's largest building society and
president of the International Con-
ference of Building Societies, when
he addresses 500 savings and loaners
at the Eighth Annual Southeastern
Conference, to be held April 81 and
% at the Mayhower Hotel here.
Lowell j. ChaWner, Bureau of
Foreign and Domestic Commerce, will
speak on What Are the Business
Curves Affecting Savings and Loan
Activities?" and Carl j. Bergman,
treasurer of the Washington Perma-
nent Building Association, is another
of the many speakers on the program.
James H. Hammond, South Carolina,
is president of the conference.
Heard in Financial District.
What Government bonds may do
IN case there is a new period of
pump printing" is made the subject
of the latest bond review by J. S.
Bache g. Co.. which is being distributed
by the Washington Office. The prob
able attitude of commercial banks
toward Government obligations, yields
and prices to maturity are given
special consideration in the discussion
Daily average sales of variety stores
for March were about Is per cent
below March, 1887, the Commerce
Department reports. Total volume of
sales for the first quarter was down
about per cent, the late date of
Easter being a big factor in the slump,
the report says.
The Washington Stock Exchange
will be closed on Good Friday, it was
announced at today's session The
New York Stock Exchange and many
other big markets will also be quiet.
Potomac Electric Power per cent
preferred stock was strong again to-
Il L, L i>k