Evening star., 1923-10-29
DISTRICT BANKERS
WELCOME GUESTS
Trading on Exchange Quiet
Today-Convention Plans
for TomorroW-Notes.

Inc current convention Of the In
Vestment Bankers Association being
heId at the New willard Hotel over
shadowed the Washington Stock Fx-
change this morning where only a
minimum amount of trading was con
sumated. In fact, the entire local
iihahciai situation was dormant, the
various committees, assignments, etc.
Tor the convenience OF visiting dele
gates claiming the attention of prac-
tfcally every Washington banker.
Commercial National Bank stock
~as slightly off to 141. at which
" shares, changed hands. Riggs
Bank stock closed Az points lower
at 295,, this issue declining by dc
grees from 299. its opening quota
ton. This drop, however, means
nothing as the stock is new and has
not yet found it's trading level
Washington Gas 6s of 1888 were firm
at 1909 and 100, and the Potoma"
Electric general and refunding 6s a!sc
sold at par.
North Americans Earnings.
The North American Company and
subsidiaries consolidated incone
stateme ent for the twelve months end
ed September 80, 1923, shows tn"
largest gross and net earnings in tn
company's history, with balance for
common stock amounting TO $3.50 Pc
share.
Gross earnings are s7o,787s4O. ar
increase of 45 per cent over last yea
The electric output shows an increas,
of 81 per cent and the number Of
electric customers increased "a PEI
cent. Its principal light and powe
subsidiaries III Cleveland, st. Loui-
and Milwaukee are rapidly expand
ing their facilities to meet the DE-
mands for electric service.
The September statement show
an increase of so per cent in balance
for common stock over last year
Despite the issue of 531.6S4 additional
shares to common stockholders dur
ing the year, this balance equals So -
per share outstanding. compared
with S4.53 per share one year ago.
Convention to Hear Reports.
The second business session of tirc
Investment Bankers Association q,
America Will get under way toner
row morning at $50 o'clock. when
J. r. Edwards, chairman of the gov
ernment BOND committee, tenders his
report. This will be followed by :,
report of the Public Service Securities
committee, led by Henry r. HAYES
chairman. A discussion on What
are the desirable safeguards TO h"
embodied in state law to make
public utility bonds legal invest
ments?' and one OF the electric rail
way situation will follow.
David +. Houston, president of tba
Bell Telephone Securities Companv
Will make the principal address Of
the morning, and reports Of the irri-
cation securities committee and Of
the foreign securities committee win
follow.
DR.. L. S. Rowe, director Of the Pan
American Union, will conclude the
days business session with an ad-
dress.
The afternoon will be given oyef
to entertainment. At / o'clock the
golf tournament will be run off at
Congressional Country Club, and al
80 delegates will be taken to For
Myer To military drill, and to the
tomb Of the Unknown Soldier al
Arlington. At 1880 a stag" banuuet
will be held at the Willard, Will
woman delegates will be entertained
at a theater party.
Heads Thrift Committee.
Howard Moran. secretary of the Dis
trict Bankers Association, has been
named to head the bankers commit
tee on thrift
The local association is unanimously
behind this movement, and will aid
both morally and financially in its
teachings during the week that has
been set aside for a thrift campaign
Definite plans of action have not beer
formulated as yet.