Evening star., 1928-10-28

in the previous week. Clearings, how
ever, were 17.8 per cent ahead of the
total for the corresponding week year
ago.
Baltimore reported clearings as $101,-
529 900, against $101 ,936,000 in the pre-
vious week and little ahead of the
same week in 1927. Norfolk reported
$4867 900, against $5,431 900 for the
previous week Atlanta also reported a
falling of in clearings for the week.
SCI ,303,0 900, compared with $63, $50 900
for the week ended october Is.
According to Bradstreet's, clearings
for the country as whole were ahead
CT the previous week and the CORE
spending week year ago.
Bulletin Service Improved.
The council Of administration Of the
District Bankers Association has voted
to enlarge the circulation Of the
Monthly Bulletin, in line with the sug-
gestions made by Thomas w. Brahany,
publicity chairman. at the June con-
vention. A copy will be sent to each
active officer in the member banks.
Upon the request Of George o. Vass,
who is in charge of the Bulletin this
year as chairman of the publicity COM
mittee, the council voted to ask every
bank to appoint contact man, whose
special duty will be to keep the Bulle-
tin informed of all matters of news
interest in his bank.
At the last council meet it also was
voted to send letters to the banks IN
the fifth district which have authority
to vote on Federal reserve bank Glass
2 directors, calling their attention to
g. local nCcnOiqtinY1 has
indorsed Edwin G. Graham for third
term.
Railroads Report Net Earnings.
Net railway operating income Of the
PENNSYLVANIA Railroad for September
was S12,136,001, the largest net re-
ported in any one month in nearly
two years, or since Octoh or, 1926, when
it amounted to $13,709,4S7 Net
operating income compares with $l2,-
O74.326 in September, 1927, increase
SOL .675, and with $l1,528,947 in August,
1928, increase $607,054. Gross revenues
for September were $57 $50, against
S5s,s75,72l in September. 1927, de-
crease Sl,679,151, and with gross of
S57,416369 in August. 1928, decrease
$l19,799.
Net railway operating income for the
first nine months of the year amounted
to $84,517,4 ,447, against S32 2,530,S35, an
increase of $1,986,612.
The Chesapeake 81 Ohio Railway Co.
for the nine months ended September
80, 1928, reports net income of $19,-
542,e98 after taxes and charges,
equivalent after allowing for dividend
requirements on $1,1e4, 500 61k per cent
series A convertible preferred stock, to
$16.54 a share earned on 1,178,093
shares of common stock. This COM
pares with $23, ,032 ,097, or $19.52 a share
in the first nine months of 1927.
The Virginian Railway reports for
the first nine months Of the present
year a net income of $2,618,515 after
taxes and charges, equivalent, after al
lowing for dividend requirements Of the
6 per cent preferred stock, to S4.S5
share earned on the 312,715 shares of
common stock. This compares With
$5,087 $50, or $1224 share, in the first
nine months of 1927.
will Study Stock Speculation.
Consideration Of the effect of the
great speculative wave in stocks upon
business will feature the sessions Of
the convention Of the Robert Morris
Associates at Cleveland, October 1891.
Discussion of this subject will be
clirnaxed by an address by George E.
Roberts, vice president of the National
City Bank, and nationally known
economist.
The convention will also discuss cur
rent high money rates and hear an
address by DR.. w. Randolph Burgess,
assistant federal reserve agent of the
Federal Reserve Bank Of New York
He will talk on the federal reserve Sys-
TEN and the money market.
The Robert Morris Associates include
representatives Of 500 leading banks
in all parts of the country. The mem
bers study the credit standing of bor-
rowers of six billions Of bank dollars