Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-06
BIG ATTENDANCE
AT THE CONVENTION
Chairman Evans Predicts
5000 to $500 Guests.
Treasury Calls Cash.
BY I. A. FLEMING.

committee on hotels. for the annual
convention of the American Bankers
Association, expressed the opinion
this morning that there would be
5000 to $500 guests in the city during
the week of october 1922 for the con-
vention.
Reservations have been made for
5000 guests. with applications coming
in freely every day.
Mr. Evans believes that the higher
railroad fares have been responsible
for the. decision Of many Harvest and
southern bankers not to attend the
convention, although California will
send about 100 delegates. Oklahoma
will have about 200 representatives of
the banking industry. Chicago and
the middle west will be largely rep
resented and the eastern delegation
will be very large. The southern
states will not be largely represented,
judging from reservations made.
Richard S; Halves, president of the
American Bankers Association, will
arrive in the city early next week
and win probably attend the confer
ence between the Federal Reserve
Board and the representatives of the
twelve regional banks of the system.
which will be held on the last three
days of next week.
Treasury Calls Cash.
The Secretary of the Treasury has
called upon national banks having
proceeds of the sale of the September
Is Treasury certificates to pay into
the Treasury per cent of the ball
ance on hand of the September IL
certificate sale.
This Is the third call on this fund.
The first was for per cent, and each
of the other calls were for per
cent of the balance, so that the Treas
of the issue to it's credit with the
banks.
European Rail Securities.
Announcement is made of the first
sale of European rail bonds in this
country. New York syndicate
having taken approximately S3.250.O00
of the bonds of the Midi Railroad
Company (the Compagnie Chemins de
Fer du Midi. of France, on the basis
of the road. These bonds will be
placed on the market during the cur
rent week.
The steel Situation.
Dow. Jones & Co. New York publish
ers and market students. have this to
say today on the steel situation over
private wire:
"Steel and equipment companies are
in stronger position both financially
and physically than at any time in their
history. In recent break in industrial
securities steel stocks were under pres
sure on reports of large inventories and
belief that steel prices would have to
come down.
Independent companies have been
securing heavy premiums on steel for
past year or more. Steel Corporation
has booked approximately 1l.00O, 900 tons
OF business at prices far below those
Of the Independents.
''Steers unified bookings represent a
full years operations. providing buyers
specify against the. tonnage they have
contracted for. In view Of the fact that
Steel Corporation sold its future product
at quotations far below independents its
customers are not likely to repudiate
their contracts.
There will be a great shortage Of
steel all over the world. Exports in
July were at rate of over 1000, 000, 900
tons annually. In only one year up
to time Of the war did steel corpora
tons gross business exceed 100000
TT is estimated railroads will need
between. 100000 and 100000 cars over
next three years. This should mean
big business for equipment companies
ana in turn large orders for steel
companies. A continuation Of export
demand. together with a resumption
OF buying by railroads. would mean
full operations for steel and equip
ment companies.
United States Steel, since 1914, has
added to value of common stock cal
culated on a basis Of final surplus
after all charges. including dividends,
$S0.36 a share and there will be a
further substantial addition this year.
bethlehem. Republic. Lackawanna
and sMidvale Steel all show great, ad-
.ditions to value Of their respective
stocks.
Mine equipment companies on jan
uary last carried inventories valued
at less than $77.000,00O. reduction of
nearly $66,000,0O0 in 1919.
Five steel companies in five years
ended January I last showed COM
bined increase of over $3.50, 1000, 900 in
working capital. while inventories in
creased S15S,000. 900, but of this in
crease in inventories $5S.000,000 can
be traced to Bethlehem Steel.
For a five-year period Baldwin
shows an addition OF $119.46 to value
of common stock; American Car and
5000; Railway Steel Spring, $56.2S,
and Pressed Steel Car, $3.50"
Local Securities.
There was scarcely anything doing
on today's session Of the local stock
exchange, buyers and sellers being
apart in their views SO widely that
The only sales made were of Wash
ington Gas SIS at n and small lot
of Washington Mechanics Savings
Bank shares, an unusual sale, at 20,
sears-Roebuck Financing.
1t is understood that a New York
syndicate is financing issues of $780,
100000 one, two and three year notes
of Sears, Roebuck & Co.
The Guaranty COmu0ny.