Evening star., 1939-09-07

other appointees - M
were w. R. Bur- xa
CESS, vice chair E#sM &|gs
man of the Ma
tional City Bank, Tom X. Smith.
and Earl Bailie, chairman of the
Tri-Continental Corp. and a men,
ber of j. w. Seligman & Co.
All three financiers have taken
leave of their present business asso-
Citations and will begin their new
duties in the Capital at once. Mr..
Smith will act as adviser to the
Treasury on national, State and
savings banks; Mr.. Burgess on Gov
ernment financing, and Mr. Bailie
on the movement of international
capital, Secretary Morganthau ex-
planned.
Early in the present administra-
ton Tom Smith was an Assistant
Secretary of the Treasury. as was
Mr. Bailie, while Mr.. Burgess was
vice chairman of the Federal Re-
serve Bank of New York and man.
ager of the Open Market Committee.
which functioned as the Treasury's
and market operations.
While living in Washington Mr.
Smith made host of friends in
banking circles here He followed
Robert V. Fleming as president of
the American Bankers Association
and during his term of Office at
tanned a national reputation as
sound, conservative banker with ex-
ceptional judgment on meeting new
banking policies and problems. Cap
ital bankers feel that his service to
the Treasury will be of great value
while the European situation is so
critical.
Born in Missouri in 1882, he grad
uated from the University of Mis-
souri,, his college record being so
brilliant that he was made men,
Der of the Phi Beta Kappa Scholar
ship Fraternity. His subsequent
record in finance has been equally
enviable.
Exchange Trading Picks Up.
There was a sharp increase in
trading on the Washington Stock
Exchange today. The largest sale
was so shares of Mergenthaler Limo
type at II.
Washington Gas Light preferred
stock came out at 1862 and a tiny
sale in Lanston Monotype stock was
registered at 44s4.
Riggs National Bank common
stock recorded a single share sale at
265 The market closed with sales
in Washington Railway e. Electric
preferred at HIS and 1T.
Official announcement was made
that the exchange will resume fall
sessions next Saturday.
Financial District Comment.
Ezra Gould, for several years a
Washington bank president and
later engaged in the brokerage
business, was greeting friends in
the financial district today. Mr..
Gould has been engaged in busi-
ness outside of the Capital for
about a year and a half but has
now returned to the city perma-
nently.
J. Frank White, president of the
National Bank of Washington, is
making plans to attend the annual
convention of the American Bank
ers' Association at Seattle later this
month. He will be accompanied on
the trip by Louis M. Denit, general
counsel and trust officer of the bank.
H. H. Mckee, president of the Ma
tional Capital Bank, received flood
of personal congratulation in con-
nection with the banks golden jubi-
lee and his own completion of so
years with the institution.
The fall educational dinner of
Washington Chapter, American In
stitute of Banking, will be held at
Columbia Country Club next Tues
day night, it was announced today.
The educational plans for the COM
ing year will be outlined in full,
making the dinner meeting one of
the most important of the year.
Lincoln Services Big Month.
Charles Delmar president of the
Lincoln Service Corp, an industrial
banking firm, reported today that
August was the third best business
month in the history of the organi-
cation, topped only by December
1887, and December, 1888.
AS August is vacation month,
business is apt to be rather slow.
For that reason the results just an
nounced are considered extraordi-
nary by the management, Mr.. Del
mar stated.
The first eight months of 1899
show an increase of 1921 ,374.25, or
1914 per cent in amount loaned as
compared with the same period OF
1888 and an increase of $401 ,07951
or Al per cent for like period of 1887
the report said.
Market Interest Unabated.
The same intense interest in the
New York stock market was mani
tested in the brokerage houses here
today, although trading in the early
part of the session was little more
calm. Many traders express the be-
lief that the embargo on war muni-
tions should be lifted at once. They
declare that under present condi-
tions the United States is helping
Hitler win his war. Market followers
are far from neutral in their persona
views on the war.
State and municipal financing fol
August totaled $74,173. .799 as com.
pared with S67,202,310 in August
1888, according to the Daily Bono
Buyer. For the first eight month.
of this year bond sales totaled $821,-
01,310 as compared with $846, ,867,.
619 for the same period last year.
Special Bank Loans Offered.
The Federal Reserve System re.
Gently announced that the Reserve
Banks are prepared to make ad.
vances, in view of current develop
speptc in tho iptorpo tiono1 Sit11a.