Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-01
COMMITTEE NAMED
ON UN|F FORM. HOURS
Messrs. Bell, Larner, White,
Mckee, Cooper and Bowles
Are Appointed.

company rneInpGTS, wv Afohh AiS ''S@
tionai banks, and two from the saw
ings banks. as authorized by the
meeting of the association last We'd
resday night. for the consideration
of the uniform hours for the open
ing and closing Of the banks OF the
District
This committee. which consists of
Charles J. Bell, chairman, and John
B. Larner. for trust companies;
George w. White and H H. Mckee,
for the national banks; 3. A Bowies
banks. will endeavor to or1ng aoout
a compromise on opening and closing
hours that will meet the views OF
local bankers.
The committee is to report to the
District Bankers Association on the
evening of October Is.
1T is reported that the government
will enter the market for the pur-
chase of STE. 1000 900 liberty bonds after
the first of the year. using Tor the
purpose part of the profits Of the re-
gional banks of the federal reserve
system.
1t is a fact that these banks have
been making money very fast, espe-
cially during the period or hlgn re-
discount rates, their prohts reaching
well into the millions, the greater
part of which, according to the re-
serve act, must be paid into the
Treasury.
In time, with several refunding OPP
erations, the profits from the feoerai
reserve system would go far toward
paying off the entire issue. while the
purchases for the sinking fund from
time to time will have the desired sta
bilizfng effect on the bonds.
90 Profits of the system VIII oe ysry
year and for the governments fiscal
year, and will continue heavy for
years to come at least until the res
toration of pre-war rates generally.
If the government carries out the
proposed project of buying Liberties
in January it will lead to the with
drawaf of many offerings in antici-
patton of higher prices.
Prices for the various Liberty is
sues showed decided improvement
this morning. all scoring advances,
showing a turn from the weakness
OF the, last few days, which may be
traceable to the belief that the. gov
eminent will soon be in the market
again. ~
Loeal Stock Market.
Potomac Electric consolidated So
made a new low on todays session OF
the local stock exchange. selling on
10 -. At the same time the deben-
proved fracffonally to SS. : Capital
Traction SIS were steady at 81 -
Washingtun Gas showed a little
better strength with an advance to
41N and later to AZ.
Capital Traction shares sold at sc;
These were the only securities on
the local list in which there were
transactions.
The typesetters were nominal with
f27H bid for Mergenthaler and 70 for
Lanston, holders asking better fig
ures.
Railway preferred was held at 51h.
with 51M bid. e.s ->-,c,>>r
Personal Mention - '<ss-~- .
william D. Hoover. president Of the
National SAVINGS and Trust Company
has returned from Maine, where he
spent the better part OF month.
Corcoran Thorn, vice president OF
the American Security and Trust
Company, has returned from hong
vacation in the White mouutains.
In New York city Mr.. Thorn visited
ifs the financial" district and formed
the opinion that money would be
mUresplentifuI this fall, but that there
Wosald be sufficient demand to keep
rates high. $500
Bu.inesD AHnOuee1nent.
C Carroll Morgan and Robert <.
Williams, late with Moorhead Il Ell
more. specializing in bonds, have
formed a partnership for the conduct
OF investment D6uhiuS. Duyiue 0Hu
selling high grade bonds and invest
ment securities. ..
They viii ONCE with Lind1ey' & Co,
members of the New York Stock Ex-
change, in the Southern building.
c. Carroll Morgan is the son of the
late, Dr.. J. Dudley Morgan of this
city. and is a member of the Chevy
Chase and Racquet clubs. ,.t-.
RI. K Williams was for some years
in the consular service of the. United
Lot Cd writ he
bond department Of the Guaranty
Trust Company of New York.
A. ". MENUS, assistant cashier OF
the Riggs National Bank, is back at
his desk, after several weeks absence.
800. c.. 4. Morse On Situation.
An interesting letter. dated October
i, received by private wire from New
York. from C. A. Morse. has the fol-
lowing to say on the railroad and in
dustrial situation: -;
The aggressive movement in the
railroad department Of the market
this week has been the salvation of
the situation; enabling an,orderly re-
adjustment in the industrial. share
throes- of severe but logical and rpec1
essary marking down of commodity
prices. Full portent of the new con-
ditions and prospects of the railroads
has not yet been realized by the Wall
street community especially in re-
spect to tina. phase which promises
to most of our systems an. ability to
rebuild their enfeebled physical props
critics through THE operating expense
account, instead Of turning. over to
the government any great possible
excess of income over the legal rate
Of net return on valuation of prop
erty, to which proposition our letter of
Wednesday morning gave more de-
tailed consideration
There is already a big gap with
most railroads between their excess
of income under the new rate condi-
tions. over fixed charges or accus-
toned dividends and their surplus
accounts. but this gap is to be closed
up by physical establishment of
railroad property and equipment.
which should absorb for the ultimate
security of the bondholders and stock
holders an amount of real equity
which will increase from month to
month as the readjustment of COM
modify prices leads with thu help. of
moye efficient labor to lower operating
.While the wave of. commodity
pricc-cufting may have serious as ,
poets for certain industrial interests
that. have seen their securities mark
ed up to high figures with the now
fast receding wave of war imitation.
the menace to owners is not universal
by any means. The rule OF the sur
yiyal of the fttest will be applied.
and it is likely to be found that a
great majority of Industrial concerns.
of which United States Steel is a con-
spieuous example, have not yielded
to the demand of speculative markets
to dissipate their surplus earnings in
dividends to the extent of bringing
them into the money market as Dor
rowers on inflated inventories"
.NNNC