Evening star., 1924-08-01
FLEMING TOHEAD y.
BANK TRADE BODY
Deyber Names Two Commit
tee Chairmen-Lanston
Hits New High Mark.
BY CHAs. p. sHAEFFER.


Robert v. Fleming has again been
selected to head the committee on
commercial trade activities of the
district of Columbia Bankers Asso-
ciation during 1s24-25, Victor B. Dey-
Der, president of the association, an
nounced this morning.
inis committee, while relatively
new, Is destined to become one of the
most important cogs in District bank
ing machinery, local officials aver.
Its members completely survey from
time to time business conditions. To-
cally, and thus establish an excellent
credit basis. The body was found of
material aid last year, and when de-
Veloped and expanded, it is believed,
VIII be found indispensable.
MIR. Fleming will select his aides.
VINO will then be appointed by Mr..
Deyber.
Francis G. Addison, jr., has been
renamed chairman of the COMMITTEES
on standardized banking insurance. AZ
the June convention of the local as
sociation he submitted a lengthy re.
port of every known insurance for
banks, and gave to many of the in
stitutions their first insight as to the
importance of this banking phase.
Mr. Deyber has yet to name chair.
men Of the audit, fraudulent securi-
ties, legislative, public education and
relations with the Treasury commit
tees. He leaves Sunday for a months
vacation in the Adirondacks, and
upon his return will call togethe1.
| the council of administration and Sc.
Iect officials for the vacant posts,
\ .fafT
functioning in earnest.
First InstaIlment Due.
Today the first installment of SO
share was due on subscriptions to
the S150.000,000 American Telephone
and Telegraph issue. The warrants
with subscriptions indorsed on them
must accompany the first payment.
There will be another installment.
due December /, of $40, and the final
installment of $40. less $3.50. the de-
duction being interest on the first two
lnstallments at the rate Of per cenG
Will be due April /, 1925, making
total payment of $3.50.
Subscribers are permitted to antici-
pate the 1nstallment payments and to
pay the full amount today provided
in such case they pay s2.75 share in
addition to the par value of the
date $10275 share. The s2.75
share is added in order that the net
rate paid on the money by the com
pany until April l, 1925. will, in the
case OF subscribers availing them
selves of this privilege. be per cent,
the rate allowed on installment pay
ments.
Bank Deposits Increase.
Deposits of banks throughout the
country reporting to the Federal Re-
serve Board expended $3.50, 000, 900
between March l and July Is, accord
nnF mi 10 low
Federal Reserve Bank of New York
The volume of gold importation,
which amounted to s25,1S1,oo0 in
June, bringing the total for the first
half of the year to s222,3S7,ooO was
considered a major influence in bank
credit expansion.
Railroad Valuation Fixed.
A tentative valuation of s11,ss4,7oo
was fixed today by the Interstate
Commerce Commission on the prop
erty owned and used by the Rich
mond, Fredericksburg and Potomac
Railway Company. The 234 miles of
track included in the system is owned
jointly by southern railroads.
The corporations books showed is
sues OF stocks and bonds to a total
Of $685., 400, while it's capital invest
ment was placed at SS,e20,65S.
Lnnston Highest in Years.
Lanston Monotype touched its high
est figure in years on the local board
today, when 10 shares changed hands
at so. Prior to this transaction 10
shares sold at 79k. At the higher
figure the issue yields to the investor
7.50 per cent
Washington Gas stock was in very
good demand. a total of 134 shares
selling at 49h upward. to 49%. Rail-
way preferred was unchanged at IS,
as was Riggs Bank, at 291. Mergen-
thaler brought 1863 and Washing
ton Market, so. Traction stock was
off at the opening, but subsequently
recovered to 95.
Further Prod uction Gains.
The North American Company and
subsidiaries report further gains in
electric light and power production
for the twelve months ended June 80,
during which period electric output
amounted to 2,2S1, ,104,253 kilowat
hours, an increase of 1921 per cent
over the preceding twelve months.
Electric customers also increased
from 557,927 to 624,921, or 1901 per
cent, during the year.
About so per cent of net income OF
the North American Company from
operation of subsidiaries is derived
from electric light and power busi-
ness, principally in Cleveland, Mil
waukee, st. Louis and surrounding
territory.