Evening star., 1926-04-28
BANK CONVENTION
CALL IS SENT OUT
Heads of Committees Predict
Largest Attendance Yet
Obtained.
BY EDWARD c. STONE.

- was plctICtcu tOudS ny HeduS OF
the committees working on plans for ,
the eighth annual convention of the
District Bankcra' Association. to be
held at Hot Springs, Va, June II, is.
~ and 20, that the attendance will be
the largest yet. The first official call
was received by the members today.
the document being signed by W. W.
Spaid, general committee chairman
Members were urged to make their
reservations at once by notifying II.
+. Hoskinson, chairman of the trans.
portation committee. at the Riggs
National Bank.
The announcement also stated that
many important banking problems
Will be considered and that the bust :
ness sessions will be ended early
enough each day to allow the dele.
gates to ENJOY afternoons and even
inSs in recreation. The resort offers
every kind of sport and delegates TAX
ing their families and friends will find
ample amusement for them. The spe-
cial train leaving Washington on
Wednesday evening. June 16. Will a.
rive at Hot Springs in time for break
fast. The committee has obtained
special railroad and hotel rates.
The program committee is hustIn-
to obtain the best possible speakers
for the occasion and the complete pro.
gram will be announced in short
time.
Local Trading Restricted.
Trading on the Washington Stock
Exchange today was restricted TO
comparatively few issues Washing
ton Gas Light stock was again in the
limelight selling at 681s on TWO very
small transactions. Capital Traction
dropped to 1886 from yesterdays
price of 103l2. Only eight shares
changed hands at that figure. 10
other shares bringing 1884 There
was turnover Of % shares of Co.
lumbia Title Insurance 90. at Q; one
share of Mergenthaler Linotype sold
at LOG, and 10 of Merchants Transfer
Storage common brought ll5. I,
In the bond division Georgetown
Gas 5s recorded one sale at 96 and
the market closed with one sale of
Washington Gas 5s at 100is and one
at 100A.
I Bank Plan Arouses Interest.
Harry V. Haynes, president of the
Farmers and Mechanics National
Bank, in Georgetown, in confined to
his residence with an attack of ton
sliltis. His recent announcement
however, that the directors of the
bank are expecting to establish al
branch on Wisconsin avenue between
Cleveland Park and Tenleytown, has
| aroused wide interest in the citv's
banking circles. While the site has
/ been secured by persons working in
| the interest of the bank, yet the
| actual erection of a building and open
| ing Of the branch is awaiting passage
| of the McFadden bill now before
! Congress. And the prospects of this
| important banking measure at this
session do not seem particularly
/ bright just at present. The location
! selected. however. is considered an
excellent one. as the surrounding ter
| rltory is growing so rapidly.
Bankers Convention Opens.
i The convention of the Association
/ of Reserve City Bankers, which is be
| ing attended by Robert V Fleming
| and A. NJ. Nevius of this city. opened
at Atlanta, Ga. today, with $50 bank
| ers present. The convention will be
devoted to discussion of intimate
problems connected with banking op-
erations, and the sessions will be open ,
only to members of the association
AS the organization is founded for pro
noting better conditions in banking
! affairs in general, the matters of dis
cussion at these annual meetings are
necessarily of executive and technical
lcharacter.
Contrary to the general impression
| among laymen. the association has no
connection with the Federal Reserve
Bank system. 1t was organized be
fore the Federal Reserve system was
established when the Treasury De.
partment designated certain cities
throughout the country as reserve
cities. Membership in the association
is individual and does not commit any
bank to the policies advocated by the
organization.
Excellent Railroad Reports.
March net operating income of the
Pennsylvania Railroad rose TO Il .S66.-
SS1 from S4,969, 900 in March last year.
and for the first quarter of 1926 To
s17.922, ,29S from SIS ,095, ,494 a year ago.
Gross revenues of s5S,234,574 for
March are SSH ,943 above the same
month year ago, while gross earn
ings for the first quarter of $164,2O3..
| 431 are S,554,S51 more than the first
three months of 1925. Passenger traf.
t1c for March aggregated SO, 1922 $50.
or S169.759 less than March, 1925,
while such receipts in the first quarter
totaled only 33,S7O,044 or S313.621
less than in the corresponding period
of a year ago
1 Net income of the Seaboard Air Line
Railway available for interest on the
adjustment bonds was $1.193,173 dur
ing the first quarter. This represented
an increase of $1S7 ,269 over the CORE
spending period last year and lacked
only about $4,000 of covering a ful!
years interest requirements on the
adjustment bonds. Gross income was
$1S,S44,444 and exceeded the similar
period last year by $3,4O2,973.
| s. Davies Warfield, president, in a
letter to stockholders. assert that all
lestimates of gross revenues that were
primarily made for the new cross
Florida and other new Florida lines
have been greatly exceeded, and the
indications are that earnings for the
balance of the year will be far in ex-
cess of 1925.
New Issues and Other Notes.
Spencer Trask & Co, Edward +.
Smith & Co., j. & w. Seligman & Co.
and Kissel, Kinnicutt & Co. are Of
lfering a new issue of $500 900 Flour
Mills of America, Inc, 20-year 61. per
cent convertible gold notes, series A.
due April 1. 1916. These notes are
priced at 9912 and interest, to yield
Iabout 6.55 per cent.
The second largest public utility
bond offering of the year to date
makes iks appearance in the invest
ment market today in the public offer
ing of $35, 900, 900 Appalachian Eiec-
trio Power Co. first and refundine
mortgage gold bonds per cent series
of 1856. The bonds are due May l.,
1856, and are priced at 81, TO yield
labout $50 per cent.
The Franklin Automobile Co. will
reduce prices $50 to 1915 on various
models, effective May 2. The largest
reduction is on the sport sedan, listed
at S2,91O, against $3,225 previously
and smallest is on three-passenger
Icoupe, which is 1864, against $2.700.
The touring car and cabriolet remain
unchanged.