Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-14
Will CONFER WITH
RESERVE BOARD
Representatives of Twelve
Regional Banks Here for
Three-Day Session.

IHTee-Udy session.
BY l. A. FLEMING.
one OF the most important finan-
cfal conferences is now under way at
| the Treasury building between the
Feoeral Reserve Board and the gov
ernors of the twelve regional banks'
OF the system These governors bring
! to the heads Of the currency sys-
tom the very latest information con-
corning credit conditions in their re-
spective localities. and. will also be
able to give the board their views on
| the important matters now under
consideration. especially with regard
TO extending additional credit to agri-
| culturists.
| some interests are expecting an Of
noial announcement at the end of this
| conference on Saturday. for 1t will
pc three -day session, but there has
peeh nothing in the action OF the
BOARD or in the expressions of Gov.
Harding to indicate that the reserve
oGasa would In any way aid In the
w1thholding of crops from the mar
ket or disturbing the natural laws Of
| supply and demand.
| Credit conditions, while materially
| easier, are still taut and will be for
| some time, with much doubt as to the
erect OF the large financial operations
OF tomorrow. involving as they do the
payment Of the Anglo French $500, 0o0,-
600 loan and millions of government
financing as well.
I Gov. Harding has expressed his
views in no uncertain terms on the
matter of Withholding crops from
market.
1t is probable that some of the mem.
6ers OF the advisory council Of thd
| Federal Reserve Board will be In the
| city for the A B. A. convention. be.
! fore the close Of the conferences, and
that they will be invited to sit in and
discuss conditions
Lanston Stock Very Active.
Lanston Monotype shares were very
active on today's session Of the local
stock exchange. In all zoo shares
changed hands. That it was we'll taken ,
is evidenced from the fact that tho op-
ening and closing price was S2x and
S2h, with the latter bid for mora This
is a recession of " point from ysster-
days high.
Mergenthaler remained steady At 40.
Railway preferred sold at So to SIN
and Union Trust Company shares. at
1854
Capital Traction IS were the only
bonds in which there were any trans
actions. sales being made at ssh.
Southern Railway.
The Southern railway, which re-
fused to accept the extended guaran-
tee of standard return provided In the
transportation act. earned in the first
six months following the termination
Of federal operation $642.07S IN excesS
of the amount which would have been
its standard return, according to fig-
ures presented to stockholders by
President Fairfax Harrison in the PAM
phlet report of the company for 1913.
He said:
"In the event this adventure in self
reliance was justified, the board be-
lieves that the indirect effect of stimu-
lation of the staff is, and will continue
to be, Of value. but even in the account
tof Immediate income there was successy
The results of railway operating in
come. for the system for the six
months ended August 81. 1920. were:
| ,t Below Above
! guar. guar.
| Southern .$IlZ,4Sl .......
c.. N. o. and T. P.......... S3sS. 2so
\. 9. and n. E ............. ....... ass.o4s
Excess above the guar
| antee for the system. 1890. $64zo1S
| 'If by reason of the addition to its
Iexpenses for four months of the pc
iriod of approximately $4.195,o00 in IN
creased wages under the award OF the
Railroad Labor Board on July 20.
1920, without a contemporary COM
ern proper failed to secure the equiva-
lent of the full guarantee in the pc
riod, nevertheless its railway operat-
ing income was $3,449.734 greater
than that from the government OPP
responding months of 1919. and. more
over, the Southern earned its pre-
ferred stock dividend for the period
by its own operations. Comparing
like with like. the result of operation
of the Southern was thus more than
81 100000 better than the government
operation.
at is futile to attempt at this time
| a prediction of future net income I'M
wages. Only experience under the
new order of things can determine
what will be the effect upon the d.
Visible income. but we face the future
with courage and with confidence.
Uniform Hours Considered.
Local bankers at a meeting Of the
District Bankers Association held last
!evening. voted to request the Washing
ton Clearing House Association to
modify its proposed banking hours BY
making the hours from am. to 3 pm.
There seemed no unanimity OF action on
the part OF the dSSOCldlion, VniAO1ui
hours being apparently one thing that
livery many members of the association
did not urgently desire. 4,
A. b. A. Convention.
Tomorrow the committee having
charge of the decoration Of the city for
A 3. A. convention will start putting
eight flags on each lampost on the Ave-
nue. from about 4th street to 18th. and
18th and 14th between the Avenue and
lG street, with large decorations at
lKeith's Theater. All banks will deco.
rate exteriors and interiors. A great hood
of light will be thrown on the Treasury
building from searchlghts located on
the Washington Hotel, National Metro
politan Bank building and the Home In
surance building.
| Among the principal addresses 1t
| the general meetings. which will be
held in Keiths Theater. are the fol-
| lowing:
Banking and Agriculture" a very
| important subject at this time. when
| such pressure is being exerted on tho
Federal Reserve Board to extend more
liberal credits to the agricultural
community. to be discussed by Sec
rotary Meredith: The Country Bank
ers Problems' win be handled BY
George Woodruff of Joliet III. ,
Fred I. Kent. ono OF the best known
exchange students in the country, will
speak on international Relations"
| Sol wexler of ]. S. Bache & Co. will
talk on Underwriting and Financing
Big Business" and H. NJ Robinoon Of
San Francisco will discuss "Commod-
ity Financing" -.