Evening star., 1923-09-20
LULL TEMPORARY,
MELLON DECLARES
Treasury Head Expects
Wave of Business Prosper
ity to Continue Advance.

Despite Iulls that have become
| manifest in some lines of industry
| in the last few weeks. Secretary
I Mellon sees no reason to believe that
the wave of business prosperity will
be slackened more than temporarily
The Secretary declared today that
seasonal and temporary reductions in
business activities are to be expected
In all lines and that such conditions
VIII continue to show on the bust
ness horizon in the future. But he
said he did not regard them as serf-
| Gus or as indicative of a permanent
slackening in commerce and in in
dustry.
Institute Seeks Members
AS a part of its membership cam
pa1gn' the Washington chapter,
american Institute of Banking is cir
cularizing Informative data on the
| follow:
| 1t is the educational section of the
american Bankers Association. 1t
mas over $4,000 members greater
enrolment than Harvard. Yale and
columbia universities combined 1t
means wide and valuable acuuaint-
fhces FORMED locally as well as at
Aational conventions. 1t offers every
Dahk man and woman, even the low
Hest bank messenger. chance 10
learn things that will help in his or
ner immediate job and an opportunity
70 advance by study to a position of
high rank.
Washington Chapter numbers 753
members, with possibilities of further
growth since there are approximately
di1oo bank employees. officers and
ulreetors i.,sG In the District of Columbia.
| Ihree courses of study are con
| quoted, elementary, standard and ad-
vanced. Glasses will be conducted as
toIloWs: Elementary. commercial law
and negotiable instruments, standard
banking and economies together with
new course in credits
Federal Reserve banking Topic
1t is estimated that more than 1000
bankers. including those from the
District. will attend the annual con
vention of the American Bankers
Association, which convenes next
Monday at Atlantic City, Advance
registrations indicate that the largest
gathering in the history of the or
| ganizatfon Will be on hand to- thrash
out many problems pertinent TO
members of the business
In view Of the fact that there has
been much criticism lately of the
Federal Reserve System, one of the
features of the convention program
VIII be the discussion of the merits
and defects of the system Craig p
| HaZelwood. vice president OF the
Union Trust Company, Chicago. and
president of the Association of Re
serve Citye Bankers, will lead the dis
cussion on the merits of the system.
while the defects will be stressed by
George H. Bell. cashier of the Plant
! ers' Bank and Trust Company of
Nashville. Ark. Each speaker will be
allowed fifteen minutes.
Another attractive feature of the
program win be the address by James
NJ. Beck. solicitor general OF the
United States, who will be the prin-
cipal speaker at the Thursday morn
ing session. Mr.. Beck will deal with
the maintenance of established Amer
lean Institutions from a constitu-
tional viewpoint.
Omeers and Directors Named.
At the annual stockholders meet
ing of the District Guaranty Corpora
tion Yesterday selection of the board
of directors was made and immediate
ly following these officers were chos-
en- to serve for the ensuing year:
William h. Westlake. president:
John Loughran. vice president: Hugh
H. Hanger. treasurer: E. L. Stauder-
man, secretary. Rumor had it, how
ever. that Mr.. Westlake was soon TO
retire from the presidency. The usual
| 2 per cent quarterly dividend on the
preferred stock was declared in add.
tion TO 81 a share on the common
stock.
Southern Hallway Efficiency.
Southern railway systems operat-
ing records continue to furnish ex-
PLANTATION of the impressive net earn
ingS of Southern railway proper and
the other constituent roads. .
In August car-miles per day on the
system were 301, against 30.2 in July
This showing is remarkable inasmuch
being moved. and refrigerator cars
! in through trains ran up long mile
ages a day August, on the other
hand, is an interim month in the
south. save for lumber movement.
Spring and summer interchange OF
products with other sections is over
land the fall trade has not begun. with
| the result that the south does bust
ness pretty well within its own bor-
ders.
AS usual. the roads comprising the
Queen and Crescent route between
Cincinnati and New Orleans had
longer car-mileages per day than the
Southern proper with its numerous
branches.
In August, cars loaded and received
from connections totaled 208,415,
against 14S,1S2 in August. 1922. and
l197,932 last July. The system moved
daily average OF 433 freight trains
containing 27,191 cars. During the
tmonth the system moved 22713 freight
trains. containing s42,915 cars.
Canadian Bonds ON Sale.
Fifty millions Dominion of Canada
refund loan of 1928 5 per cent bonds
were placed on the New York market
today The bonds are payable in five
and in twenty years. The twenty
year bonds are 93h hand the f1ve-year
bonds are 80.
The SprincipaI and semi annual in
terest are payable in Canadian money
| in Canada.