Evening star., 1942-02-26
Bond Club Addressed
By Morgan Partner
On War Conditions
Interesting Talk Given
By Dean Joy, Veteran
Of Paris Office
BY EDWARD C. STONE.

clubs midwinter luncheon at the
Carlton Hotel this noon and hearc
an address by Dean Jay. senior
partner of Morgan & Co, wht
served In the Paris Office for Il years
Mr.. Jay spoke on Banking Under
War Conditions" He was in France
when Paris was taken over by tht
Germans. His remarks, which were
off the record" covered conditions
in the French capital and he also
spoke on the banking situation In
other parts OF Europe.
In addition to his banking service
in France, Mr.. Jay has been dele
cate of the American Red Cross and
has done great deal of work abroad
for this organization.
J. Clifford, president Of the club,
presided. Among the special guests
were Preston Delano, controller OF
the currency; Mariner S. Eccles,
chairman of the Federal Reserve
Board of Governors; Ernest G.
Draper, Federal Reserve Board gov
ernor: Charles B. Henderson. chair
man, r. F. c.; Ganson Jercell, chair
man of the Securities and Exchange
Commission, and Edward H. Foley,
general counsel, United States
Treasury.
Also at the head table were Joseph
Schribner, Pittsburgh broker, now a
volunteer in War Production; Evelyn
Daring of Barring Bros, London;
Eenry S. Morgan, formerly partner
Of J: P. Morgan & Co.; Eugene
Ilyer. publisher, Washington Post;
John S. Fleek. president, Investment
Bankers Association of America;
Wallace H. Fulton, director, National
association of Securities Dealers;
,1errold Bryce, New York broker, now
a volunteer in the Treasury's De-
fense bond campaign; Myles H.
Quail, Harold c. Patterson, Harvey
B. Gram and G. Fenton Kramer,
all bond club officers, Mr.. Quail
being chairman of the Committee of
Arrangements.
Bankers to Study Credit.
Speakers for the American Bank
ers' Associations credit clinic in
New York March 40 have just been
announced here. Among them will
be Norman J. Wall, Department Of
Agriculture, who will talk on "Agri-
cultural Goals and the Food-for-
Freedom Program" Giles H. Miller,
ir., Culpeper National Bank, - an
lyor SC W II NJ VnII1C
of the Virginia Polytechnic 1nsti-
tute, at Blacksburg
Abner H. Ferguson, Federal hous-
ing administrator, will consider
"Modernization Loans" and Ronald
Ransom, vice chairman of the Fed
e-al Reserve Board, will speak on
Regulation W." which has COM
r!etely revolutionized bank credit
policies.
Charles B. Henderson, chairman
Of the R. F. c.; A. L. M. Virgins,
second vice president of the A. B.
A.: J. Harvey Wilkinson and
Thomas C. Boushall of Richmond
sre also among the large number
Dl QUIET "llO Will GobN GIL
active part in the program.
Henry w. Koeneke, A. B. A. presl-
dent, says operations of banks under
wartime conditions will be. the big
theme at all sessions. The Wash
irgton delegation is now being
made up.
Garfinckel Dividends Voted.
Directors of Julius Garfinckel &
Co. have declared the regular quar-
serly dividend of 3712 cents per
share on the companys preferred
stock, payable March 81 to stock
holders of record March IA, it was
announced today.
The board has also declared the
regular quarterly dividend OF 171a
cents per share on the outstanding
common stock, payable March 81 to
shareholders of record March IA.
Directors of the Capital Transit
CO. today declared a dividend OF 80
cents per share on the outstanding
stock, payable April L to stockhold-
ers of record March IA, President
e. D. Merrill announced. At this
time a year ago Is cents was de-
clared.
Bank Loans on Increase.
Washington bank officials today
reported modest increases in loans
since the beginning of the year.
These reports are in line with the
latest Federal Reserve Board review
announcing that since January l
loans and investments at banks in
leading cities of the country have
Increased rejecting purchases OF
Government securities by city banks
eutside of New York and increases
IN commercial loans by banks in
l|ew York.
The same Reserve Board report
states that demand deposits and
currency in circulation have risen
sharply. Member bank reserves
Lave shown little change in recent
weeks, and excess reserves have
continued to $500, 100000.
The bank review adds that prices
of United States Government bonds
declined somewhat in the first half
CT February, following little change
in January, while prices of short
term securities, which had risen In
January, were steady.
Insurance Men Win Honors.
The Washington agency of the
Mutual Benefit Life of New Jersey
Las Just been awarded a plaque
Lecause it was in first place for
efficiency among the % middle
sized agencies in the company. The
award is based on volume of new
business, servicing of old business
end the type of agents who are
members of the organization, ac-
cording to General Agent H. Law
renee Choate.
Everey one of the eight local
field underwriters of the agency
qualified for the company's honor
roll. They are Harrison Brand, III;
George c. Campbell, Joseph w
Gibson, George T. Howard, Adslph
krechel, George L. Naramore,
Charles M. Schwab and Dwight T.
Scott.
Air Express Expands Sharply.