Evening star., 1940-07-19

March 1,166,232 1O57,540
April --- 1,222,119 1904, ,598
May 1,199,79l 1,078, ,526
June ---- 1,188027 1901 ,089
Low Interest to Continue.
Prediction that interest rates will
remain low, or even go lower. is
made by Harlan H. Allen in new
book published by Harper e. Bros,
untitled whittier Interest Rates?"
He cites three chief reasons why he
believes that the balance of factors
will continue to lie on the side of low
or lower capital yield:
probable expansion of the self
service, f-containment, principle
In corporate financing-expansio
both intensively and extensively.
Probable increase in large-scale
effort to provide individual security
through personal insurance, thus in
creasing the totals of insurance
company assets available for invest
ment.'
Probable broadening of efforts to
immunize specific loans from the
ravages of obsolescence-thus insur-
ing for protracted period the re-
turning of such funds in larger pro-
portions and at shortening inter-
walls to the capital reservoir for re-
lending"
While the writer says interest
rates may turn upward some time in
the future, he is convinced the
downward tendency will continue for
considerable period" His views
appear much the same as those of
the country's leading bankers. @
Commercial Loans Increase.
Total loans and investments at
reporting member banks in 101 lead
ing cities increased during the five
weeks ending July 10, chiefly as a
result OF increases in holdings of
short-term United States Govern
ment obligations and in commercial
loans, says the latest Federal Re-
serve Bulletin. Holdings of United
States Government bonds and loans
to security brokers and dealers de-
clined.
The monetary gold stock increased
by 1885 100000 in this fve-week
period, the largest gold acquisition
for any corresponding period on
record. This inflow of gold was re-
f1ected in a growth of $310,000,0O
In foreign bank balances with the
Federal Reserve Banks and in in
creased deposits and reserves OF
member banks. On July 10, excess
reserves of member banks amounted
to s6,833, 100000, the report says.
Preston Paid High Tribute.
Ord Preston, president of the Dis
trict Bankers Association last year,
was paid a high tribute by mem
bers of the luncheon group of
bankers at the Willard Hotel this
noon.
Robert v. Fleming, president of
the Riggs National, speaking for the
group, presented the head of the
Union Trust Co. with a handsome
framed set of resolutions which
formed testimonial of apprecia-
ton for the fine work he did for the
organization last Year. The resolu-
tions lauded Mr. Preston's conduct
OF association affairs, his Judgment
and conservatism in meeting new
problems and his deep interest in all
matters presented for association
action.
The testimonial was signed by an
unusually large number of the Dis
trlct bankers. Mr.. Preston accepted
the gift with sincere appreciation.
Will Attend Chicago Meet.
James Parker Nolan of Folger,
Nolan & Co. and B. Howell Girls
void, jr, of Alexander Brown g.
Sons, Baltimore, will represent Dis
trict No. IL of the National Asso-
citation Of Securities Dealers at a
meeting of the Board of Governors
and Advisory Council in Chicago
Monday and Tuesday, it was an
nounced here today.
Wallace H. Fulton, executive di-
rector at the national headquarters
here, and Murray Hanson, associa-
ton counsel, will also attend the
meeting. Matters of both national
and local important will be discussed
and acted upon. District IL includes
the District of Columbia, Maryland,
the Virginias and North Carolina.
D. c. Accountants Elected.
The Washington certified public
accountants who have Just been
elected to the American Institute of
Accountants are Clarkson Hill of
Harris, Kerr. Foster & Co., Bertram
r. Abramson, partner in S. w.
Levitan & Co., and Leo F. Mckinley,
member of the staff of John B. Nc
Ginley.
The Washingtonians are included
in list of so new members of as
sociates of the institute, which now
has membership of 5,420. OF this
number 143 are in the District of
Columbia.
Air Express Shipments Up.
Air express shipments for May in
the Nationwide service of Railway
Express Agency increased rs per
cent over May, 1899, to total of
88,676, the air express division of
the agency reported today. Gross
revenue for the month was up 28
per cent. the report said.