Evening star., 1923-05-17
GOV. CR|SS|NGER TO
ADDRESS BANKERS
At Local Reception May "a,
Using Credit Information.
Other News.
BY i. A. FLEMING.

BY l. A. FLEMING.
D. r. Crissinger, governor of the
Federal Reserve Board, has accepted
an assignment from the District
Bankers Association to speak on
The Advantages Of the Full Utiliza-
ton of All Local Channels Open to
Banks for the Exchange of Credit
Information" at the reception to ba
rendered by. the association at the
Racquet Club May "a to Gov. Girls
singer and Controller Dawes
rms subject. coupled with the re-
ceptlon TO the former controller and
tne present occupant Of the Office,
should bring out a large attendance
or banking men.
Following the address, a buffet sup
per will be served
BANKERS intending to be present
should notify the officers of the asso-
cation, through F. G. Addison, jr.,
secretary, care Of the Security Saw
lngs and Commercial Bank, on or be-
1ore Monday Of next week.
invitations also will be extended 10
otner members OF the Federal Re-
serve Board and officials of the CON
troller's Office
Ask Every Bank to Join.
The administrative committee of
the National Association of Credi,
| Men mas passed a resolution urging
a pank not In the Federal Re
serve Association to join as soon as
possible. The resolution says:
! a close scrutiny of bank failures
| IN the past twelve months would
snow conclusfvely that the independ-
et' g.. pahking unit isn't strong enough
| at times TO render the service needed
Dy lis customers without imperiling
! lts abilities to survive. While some
sacrlf1ces may be entailed in this pro
sresslVe step. yet the increased pow
| ers Tor service to business "a a Who'll.
and to our growing productive ca
paclty should lead the banking insti-
| tutions not now members Of the fed
! eral reserve system and yet eligible
Tor membership to take their places
problems Of the future. Aside from
the benefits to, be derived by the
| banks themselves, the nation az a
"hole Is In safer position and bet
! cial opportunities when there are
! gathered together the credit powers
or all the banks that are so organ
ized as to meet the requirements OF
the federal reserve act"
Inc committee declares that, re-
viewing the course of our business
! In the past six years, we must
acknowledge the increase in our pro
! ductive and financial powers through
| the good offices of the federal reserve
| and saving that dissipation Of our
! resources in serious emergencies such
| as heretofore has marked our COM
| mercial career. AT the present time
| the nations credit facilities were
never larger They were never sus-
! reason that the federal reserve banks.
| acting as reservoirs, are used to con-
troll the ebb and flow of credit"
| To Meet Exigencies.
The Clearing House Association
Will hold meeting within a few
| days TO take action on the selection
\ or temporary meeting place for the
daily clearings during the Shrine
| week, when the present quarters I'm
| the National Metropolitan Bank will
| be almost inaccessible
Either the rooms of the District
Bankers Association in fsoT Masonic
Temple will be chosen or the offices
street near I.
Personal Mention.
President Drury of the Merchants
Bank and Trust Company returned
| this morning from Atlantic City.
E. ]. Mcouade. cashier of the Liberty
National Bank, has returned after
few days absence, being called to New
England by illness in the family.
Local Securities.
! The market for local securities was
; rather uninteresting other than the
noting of a flrmer tone in Mergen-
thaler and recovery to 151a1o1 h.
Lanston has been stabilized the last
few weeks at or close to so, with
Washington Gas, so; Capital
Traction. 9Sa4 Railway preferred, "a.
| Potomac &c, 10612, and Railway
| As, Il.
| business Holds Well.
The Credit Clearing House reports
continuance of the active purcha sing
! to the recovery of the very slight
decrease recorded last week. For
| the consecutive week the eastern
chasing. From all sections the re-
ports are encouraging, with the New
England States slightly less and with
fair collections in all sections.
! The Cities Service In April.
The statement of earnings of Cities
Service Company for the twelve
| months ended April 80. 1928, showed
gross earnings amounting to $16.O03.-
54s. which compared with $12.Sss,s0S,
Net earnings were s15.52S.247, as COM
pared with s12.22s,ss4. and net to
| stock was s12.sSs,007. as compared
! with $10.0s6.102.
1 Vet 10 common STOCK anu reserves
amounted to $s,050.8S1. as compared
| with s5.205.591. in the preceding
twelve months. In the twelve-m month
period the preferred dividend was
earned 2.63 times. as compared with
2.07 times in the twelve months ended
with April 80, 1922, while the percent
age earned on the average amount OF
common stock outstanding was 17.2S
as against 11.20.
Net to common stock and reserves
for the month Of April, 1928. was ST.
043,426. which compared with $751;
462 earned in April, 1922.