Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-16

EzsassEsEzassSZA Company'S prefer
c. Normen, red stock came on
today at l0712.
Msreenthaler Linotype had stepped
Into the background today, 10 shares
selling at 1905 after yesterdays heavy
sales Potomac Power 81 per CEN
preferred moved st los, and Chestnut
Farms Dairy preferred at lo4.
Only one bank stock came OUT, !
shares Of Union Trust changing hands
A. 800 In the bond division. Potomac
Electric Power IS sold at l0S the best
price IL some time: Washington Gas 5S
registered I04. and AnscoStia & Poto-
mar Railroad IS closed the bond trad
inc with a 81 600 transfer al 9S.
Gov. Seay Discusses Local Credit.
Member banks in the fifth Federal
Reserve district today received q letter
firm Gov. George j. Seay, reviewing
the credit situation in this area and
eating attention to extended credit eX-
psnsjon. He also issued a note Of
warning on excessive borrowing.
The statement shows that on July
a washington bank borrowings were
nearly eight times larger than at the
Same time a wear ago. Loans to local
banks or June 81, 1927, were 10000.
While on July 81 last, they were S3.170,-
on0 Against this amount Washington
banks had S9.l74.267 in reserve de-
posits. On the same date the reserve
ratio at Richmond was the lowest OF
any bank in the system.
Gov. Seay says the impression pre-
walls that the increase in bank loans
on securities is very largely confined to
New York. Such Is not the case. ne
asserts outside loans being nearly dou-
al
date. The reserve bank head says that
continued expansion of leans cannot
60 on without such penalties as rise
in interest and discount rates.
That is not an artificial situation by
anv means Is another assertion by Gov.
Seav. II is the natural result OF acts
which have preceded it and led up TO
Il. be declares His letter also discusses
the result of the diminished gold sup
ply on the present situation.
Suggests Place for Convention.
Clarence F. Norment. chairman Of
the board Of directors of the National
Bank Of Washington. recently home
from 2 SIX weeks vacation al the
Chamberlin- Vanderbilt at Old Point
Comfort. Va. suggests that the new
hotel would be an ideal place for the
IEAk sAU4GkE&gLAD1A Va N4lC &(ASNA Nv A%NAAA
ers' Association.
WnIle he was there a convention
having ZOO delegates met there and
had ample room. An upper ballroom
was used for the business sessions and
the lover ballroom as a dining room
for the exclusive use Of the delegates
ard their friends.
Mr.. Norment adds that from his
toric standpoint the place could hardly
be surpassed. Fortress Monroe, Hamp-
ton Roads. yorktown and jamestown
add special interest. The banker feels
sure the convention committee could
make satisfactory arrangements with
the management and insists that the
fact ne is president of the Norfolk &
Washington Steamboat Co. has moth
ing 80 do with his enthusiasm for Old
Point.
Prices Of commodities during the
week ended August / showed a decline
Of one-ffth of / per cent, according
10 the wholesale price index compiled
b. the National Fertilizer Association
here. This is the fifth successive week
Of decline, the total decline for the five
weeks amounting 10 Ia per cent. The
chief declines shown in the index were
for grains, cotton and foods Advances
occurred IN butter, metals and petro-
leun1
Bankers Bulletin Out Today.
The July-August number Of the Dis
trlct Bankers Association Bulletin came
out today. The publication contains
the names Of the officers elected at the
last annual convention and the recently
appointed standing committees by
President Fleming Other matters OF
interest 10 local bankers are also
covered
The Bulletin is edited By George 0
Vass, vice president and cashier Of tbs
Riggs National Bank. as chairman o!
tne publicity committee, and Frederick
?. II. EIddons. secretary Of the Amer
lean Security e. Trust Co Mr.. Siddon;
edited the publication last year and the
year before and offered MS services
again this year.
Personal and Other Notes.
Executive Vice President John M
FlcrGon Of the Bank Of Commerce &
Savings leaves here the last Of the weeb
for q three-week vacation. which he
will spend in North Carolina. He vii
50 By motor and pass most Of the timt
a. Asileville.
Or Marx r. Finley director in tn,
Merchants Bank IL Trust Co, will at.
ton Of the American Dental Associa
ton At Minneapolis on August 20 10 "a
Dr.. Finley goes as a delegate Is chair
man Of one Of the standing committee
anc mas been q continuous member o
the organization since 1879.
me regular quarterly dividend o
szz3 per share has been declared %
American Telegraph and Telephon
Eoock. PAYABLE October IS 10 stock .
"rf-9fe September 90
~ the recent annual meeting Of tn.
Northeast Building Association thea
directors we're elected H. c. ANnoff
J.. l.. Anderson }. +. Belheid f. John
EceGg f. Z CoWies. ~ T. ChacOnaa
J y. Donovan. J. r. Donovan. W J
D2w. 4 L Foster r NJ Hatley T. p
Hickman Alfred Jefery. ]. l. Knopp
J. 4 CpcnEhaw J r Payne J. p
FUblno J L. Sherwood. J. l.. Sherwood
IT, j p 5tIbeney Roy J.. EWenson. s
+ Srmons. William s. IorDert and n
J Ward
The directors organized by electin,
J l.. Sherwood pres cent for the thlr
tenth term and these other officers
= L. Knopp FIRST vice president, Fl +
Aifhoff. second yice president S s
Eyn3Gnz. secretary J + Belfieid assist
ant secgetarys r ri. HatIey, treasurer
j r. Payne. assistant treasurer, an
W S TCIbert counsel
The annual flnancia! statemer
showed total assets Of s4e0 600 an
earnings $25 900. The board declare
81 pea cent dividend Oh mOuthi
stock accounts and transferred 81 90
To surplus fund
President Sherwood predicted earl
reaching ~ $500 GOO marx IN as&est,
% long sought by the officers.
.
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