Evening star., 1941-08-12

experience in the stuart l.. Brown.
.Tational Exchange Bank at Roa-
t,ioke, going to the National Bank of
Commerce in 1915. For 10 years he
was in the brokerage business, later
becoming senior examiner for the
Board of Governors of the Federal
Reserve System.
He gave up that post in 1888 to
60 to Marlboro, where he is active
In the Lions Club, Red Cross and
other organizations.
Banks Watch Credit Moves.
Conversation in all Washington
banks today centered in the Presi-
dents order assigning control of
credit to the Federal Reserve Sys-
tenn.
The coming regulations on in
fallment buying are being awaited
With particular interest. especially
by the banks which feature auto
mobile installment loans.
. It is believed here that the new
credit controls will be applied in a
manner to cause as few dislocations
ss possible. Bankers were not sur
prised that the control orders were
Issued.
To prevent serious initiation, some
sort of credit control has been sought
by Chairman Mariner S. Eccles of
the Federal Reserve System for
long time. The matter was freely
discussed at the annual convention
of the District Bankers ASsocia
ton last June. Recently Secretary
Morgenthau has been strongly ad-
vocating such move.
The opinion seems to be quite gen.
eral in banking circles here that
some sort of credit control is needed
in order to maintain price stability
and that the Federal Reserve Sys-
tenn, through the II Reserve banks
end "a branches, is in the best pos
sible position to exercise such con-
trolls.
BOwser Sales Show Gains.
Sales of S. F. Bowser & Co. of
Fort Wayne, Ind, for the first six
months of 1941, excluding defense
contracts, were IS per cent ahead of
last year, according to reports reach
ing this city, where the stock is
quite extensively held.
Net income, before provision for
income taxes, totaled s72, ,567, against
s1,793 in the first half of 1910, Presi-
dent r. Hoskin Damon reports. De-
fense contracts now held by the
company total more than IS 900, 900,
he says.
The Bowser company has just ac-
tuired all of the outstanding stock
of the Fostoria Screw Co. of FoS-
toria, Ohio, which has manufactured
screw products for the automobile
industry for the past 26 years.
Redman Athletic Chairman.
Samuel c. Redman, jr., Lincoln
National Bank, has been appointed
chairman of the Athletic Commit.
tee of Washington Chapter, Amer
lean Institute of Banking, it was
announced today by John M. Chris
tie, president. Mr.. Redman is one
of the youngest bank officers o.
Washington, having been elected
an assistant cashier of the Lincolr
National early this year. He ha:
served on many institute commit.
tees.
Serving with him on the commit
tee will be Lyle Gundy, American
Security & Trust Co.; Robert E
Kendrick, jr., Bank of Commerce &
Savings; Bernard M. Grant, Cit,
Bank; James A. Bruen, w. B. Hibb!
& Co.; William Fry, Hamilton Ma
tional; James F. Bridges, Riggs Ma
tional; Frank Guest, Second Ma
tional and William S. Smoot, Wash
ington Loan & Trust Co.
Heard in Financial District.
William NICK Martin, jr.. formel
president of the New York Stool
Exchange. who resigned his $4,000
a-year job when called to Arm,
service, began tour of duty at tn,
Army War College here today. HI
came here from an Army camp il
South Carolina after having 10 days
leave at his old home in st. Louis
william E. Howard, assistan
cashier of the National Bank o
Washington, is passing a thre
weeks vacation at Ocean City, Md
his favorite summer resort.
John D. Marsh, Washington gen
eral agent of the Lincoln Life In
surance Co, won national honor
in July by standing 18th among al
the company's agents in paid pro
duction, the third time he has bee
one of the monthly leaders thi
.eor