Evening star., 1951-09-12

GERS, faculty = - -
and advisory '''en"Of''
committee at a Kenwood Country
Club dinner last night, Mr.. Nit
tendorff outlined plans for intro
duction of the course, which is
entitled you and Banking"
Glasses will be held during bank
ing hours from 9 to 1920 a m. two
mornings a week for four weeks.
New bank employees of which
there is a growing number as a
result of current conditions, will
be quickly acquainted with the
background and basic problems
of banking. District bankers are
expected to give the course strong
support.
Lloyd S. Carey, first vice presi-
dent of the chapter and chairman
of the education committee, out
lined plans for the chapters reg
ular courses this year.
Loan Expansion Slows Down.
Loans made by 13,451 insured
commercial banks scared more
than $40 billion in the first year
of the Korean war. to a new rec
ord of $55 billion on June 80, the
Federal Deposit Insurance Corp.
reported today.
But the rate of increase slack
ened sharply the last half of this
year. indicating at least partial
success in the Governments ef-
forts to curb credit as part of
the war against imitation.
The Voluntary Credit Restraint
Committee. organized by the Fed
eral Reserve Board to encourage
voluntary brakes on lending. noted
in another report the recent lev
elling g-off trend and said its pro-
gram is achieving Significant re-
suits"
The committee, organized last
spring, said "a substantial VOL
ume" of inflationary loans have
been Cancelled or postponed VOL
unfairly by business institutions.
1t said the program has made
IAN important contribution to the
recent easing of inflationary pres
sures.'
Social Security in Brief.
The wide ramiflcationS of social
security are discussed in the cur
rent issue of American Economic
Security, publication of the United
States Chamber of Commerce.
The magazine reports that in
April this year, one person was
drawing unemployment compen-
sation for every 78 persons en-
ployed. One person was receiving
old-age or disability benefits for
every II persons employed. One
person was receiving survivors
benefits for every 25 persons en-
ployed. One person was receiving
public assistance payments for
every 13 persons employed.
Bonds Find Good Market.
Response of investors to the
World Banks $100 million offering
of 30-year 3A per cent bonds to-
day was very favorable, early re-
ports indicated. A number of
Washington offices reported they
were out of bonds by noon.
The issue was marketed by
group of 80 sponsor banks and Sc
curities dealers, headed jointly by
the First National Bank of Chi
cago and Halsey, Stuart g. Co.
The bonds were priced at par
($100) and will have the benefit of
a sinking fund under which they
will be purchased and retired or
redeemed.
Freeport Sulphur, Mccormick g.
Co., Drewry'S, Ltd, U. S. A., Inc,
Vanadium Corp. and Climax Mo-
lybdenum are reviewed by the cur
rent Investors Reader from Mer-
rill Lynch, Pierce, Fenner & Beane.'
Ferris & Co. has issued a review
of Towmotor Corp. Auchincloss,
Parker g. Redpath reviews Ameri-
can Chain & Gable Co. in it's BIZ
weekly letter.
Maryland banks were closed to-
day in observance of Defenders
Day.
Dinner For Scientists.
Some $50 top metal scientists
and government officials from Is
nations will attend luncheon at
the Mayflower Hotel on Friday,
September 81, as guests of the
American Society For Metals.
The visitors will visit the Capt.
tai as part of their tour of 127
leading metal industries and re-
search laboratories preceding their
attendance at the World Metal
lurgical Congress in Detroit Octo-
ber 1919.
"The welcome to the Nations
Capital" luncheon will start at
1880 pm.
Aetna Plans Agency Meeting.
Aetna Casualty and Surety Co.
will hold its biennial agency meet
ing for representatives of this
area on october 2 at Columbia
Country Club.
Around a hundred leading rep
resentatives of the company are
expected to attend. The meeting
will start with noon luncheon
An instructive program will last
most Of the afternoon and will be
followed by a social hour.
William A. Boone is manager Of
the Washington Office.