Evening star., 1923-09-28
BANKERS COUNCIL !
DELAYS MEETING
Budget First Matter Await.
ing Action-LocaI Stock
Trading-Notes.

The initial meeting of the council
of administration of the District
Bankers Association, called for this
afternoon, has been postponed in
definitely, subject to the call and
return to the city of President Harry,
v. Haynes, it was announced this
morning by Howard Moran, secretary
of the association. 1t was expected
the original call for the meeting
would find Mr.. Haynes already res
turned.
Statutes of the association proyids
for a series of meetings of the coun-
Gil during the winter months. While
no momentouS problems are sched
uled to come up. II is more than like
ly that the budget for the ensuing
year will be worked out at the pend
ing meeting. No major variations
from last years assessments are con-
templated as necessary to provide for
the work to be carried on by the
bankers body.
Trading on Local Exchange.
Bonds were entirely neglected on
the Washington Stock Exchange to-
day, a few favorite stock issues at
hrm prices representing the only ac-
tiYity.
Riggs National Bank rights enjoy
ed sales of eight certificates at 98
tthese being cash sales), and Mergen-
thaler was strong at 155. Railway
preferred stock was traded in at
71as, and ten shares of Commercial
National Bank stock brought 141 -.
Eugene L. Thompson, president of
the Washington Stock Exchange, is
in New York for the day on business.
Moody Reviews Business.
Moody's Weekly Review of Finans
cial Conditions. in it's current issue
says, in part:
The FrancoGerman news is the
| best yet received and appears to fore
| shadow an actual agreement at no
dlstant date. Our security markets
do not respond. but it is an old habit
Tor them to ignore good news at
| times when investment sentiment is
| not optimistic. Presumably the rs<,
| sponSe VIII come later after the
| stock and bond markets themselves
nave worked into a stronger tech
nical position.
Political prospects within the past
| rev months are mostly unchanged
| me special election in the fifth con-
gresslonal district of Washington. en-
bracing Seattle, shows moderate gains
| lot Inc radical element. Taxation of
corporations and of big business gen
| eraily promises to go on unabated for
! at least year or two, and railroad
I
Jected to powerful downward pressure
stock market tipsters are talking
very low prices, but thus far there is
no evident reason to expect that any
| pear movement which may occur will
De comparable in extent with the
[ great bear movements of the mast
! Either financial or commercial
| panic or else war scare. has al
ways been the normal causes for the
! greatest downward swings of stocks:
1 n hlC ic
| Hence any such movement should he
minor rather than major.
Domestic bond prices are sagginc or
| stationery, and the outlook still is
| that they may generally continue so
| into next spring or summer Yet
| prospects are not threatening enough
| 10 warrant general selling of bonds
at this level, unless one has other
| and better uses for the capital rep
| resented.
North Americans Earnings.
TIE report of the North American
Company and subsidiaries for tweIte
months ended August 81, 1929. shows
a surplus of S1a.701,7l9. after taxes
interest and preferred dividends, but
before depreciation. This is euufya-
lent 70 S565 a share (par 500 earned
| ON 2,426.464 shares of common stock
| outstanding, and compares with S. .
205,010 or s4.61 a share on 1.7S1.275
! shares computed on the present $40
par basis) outstanding in the pre-
| vious year.
| On August 81 the total of electric
| customers served reached 556,494, an
| increase of over 90 per cent in twelve
months, and electrical output amount
ed to nearly 2,000.00OO0O kiIowatt
| hours, an increase of Ga per cent.
| Local Bankers Speak.
| The board of governors, officers and
| other executives of the Washington
| Chapter, American Institute of Bank
! ing, gathered at an informal dinner
at the Madrillon last night, where in
spirational talks by local bankers
were heard.