Evening star., 1938-11-19

and the Harvard #saa
School of Busi-
ness Admins k{$
tration. ,o..,, NJ u.,.
Mr.. HaneS
served overseas in the artillery dur
ing the World War, being discharg-
ed with the rank of major. His
first business position was with an
ice company. Joining the staff of the
trust company after leaving the
Army. his rise was rapid. He soon
became vice president and shortly
afterward was elected president.
The A. B. A. official is director
In the Southern Railway, the P. H.
Hanes Knitting Co., Hanes Dye &
Finishing Co.. Security Life g.
Trust Co.. Atlantic Joint Stock
Land Bank, Greensboro Joint Stock
Land Bank, State Capital Life In
surance Co.. and the Indera Mills
Co., of which he is vice president.
Mr.. Hanes has served as president
of the Winston-Salem Chamber of
Commerce, in both branches of the
North Carolina General Assembly,
and is a director of the North Caro-
lima Sanatorium He is also men,
ber of the Federal Advisory Council
Of the Fifth Federal Reserve Dis
trict.
In the A. B. A. he has been a
member of the Executive Council,
vice president of the State Bank
Division and chairman of its COM
mittee on Federal legislation. A
past president of the North Caro-
lima Bankers Association, he is a
Democrat, married and belongs to
several clubs in his home city.
New Directors Announced.
Robert Lassiter, chairman of the
board of the Federal Reserve Bank
of Richmond, reports that l.. E.
johnson, chairman of the board OF
the First National Bank at Alder
son, w. Va, has been elected by the
banks In Group as a Class A di-
rector in the Richmond Bank. He
succeeds himself.
The report states that Edwin Mall
10y, president and treasurer of the
Cheraw Cotton Mills, Inc, Cheraw,
S. c., was elected by the banks in
Group 2 as Class B director in the
Richmond Bank He also succeeds
himself. Each director was elected
for q term of three years, expiring
December 81, 1941.
Freeman Scores Intolerance.
Addressing the American Bank
ers' Association at Houston, Bishop
James E. Freeman of this city de-
clared that the growing spirit of
hate and intolerance is an ominous
and portentous phase of present-day
life.
There is nothing in life said
Bishop Freeman, more precious
than freedom to live our own lives
and exercise ourselves within the
law, to register our judgments
through a free ballot and to wor-
ship God according to dictates of
conscience. Take these things away
and we become vassals of the state
and lapse into slavery.
Democratic government and
democratic institutions should not
be forfeited at any price" he de-
clared.
More Switching Into Stock.
Action of Washington Gas Light
preferred stock during the week in
dicates that many holders of the
$500 900 issue of Washington Gas
Lights SIS, 1858, which have been
called for redemption, are continu-
ing to shift their funds into the pre-
ferred ISSUE Without waiting for
January to arrive, many holders
are turning in their bonds and re-
ceiving 10412, with full interest to
the call date.
The demand for the AZ per cent
preferred stock has become much
larger than the supply. From around
100, the stock has gradually climb
ed to los, four new peaks for 1888
having been reached in the past few
days. At l0412, the stock yield is
just AZ per cent. Now it returns a
little less than that.
Holders of the Gas bonds, noting
the scarcity of bonds yielding 5 per
cent, are contenting themselves by
going after the preferred stock. At
least that is the answer members
Of the exchange give for the recent
rise.
Heard in Financial District.
Seattle was selected for the 1899
convention of the American Bank
ers' Association by the Executive
Council. Atlantic City is already
after the 1910 session.
Joseph w. Sener of Baltimore
was elected to the Executive Council
of the National Security Traders
Association at Coral Gables. Fla,
yesterday. The new president is
Willis M. Summers of New York.
Thomas w. Brahany, manager of
the Washington Office of E. A. Pierce
IL Co., was a recent visitor in Wall
street.
On account of the new wages and
hours law, some Washington banks
which have been opening at $50
am. for the benefit of Government
workers are considering the advis-
ability of moving up the opening