Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-09


Despite the recent stock market crash,
1929 seems destined to be another
banner year for American business,
according to the National Association
OF Credit Men in report received by
the Washington office.
Considerably sharper declines than
those already noted would be necessary
to disturb the leadership 1929 has eS-
tabliShed for itself over the 10-month
stretch" says the November bulletin of
the associations executive manager,
adding that little should develop in
the ensuing two months to disturb
seriously the cheerfulneSs that nat
urally pervades the holiday season."
Stephen I. Miller, executive manager,
who is widely known here because of
his former connection with the Amer
lean Institute Of Banking, says that the
fundamental elements of commercial
prosperity remain sound, with employ
ment generally sustained, wage levels
higher than ever before and production
proceeding in an orderly manner.
Recent recessions in the stock mar
ket seem to have left behind them
chiefly a collection of slaughtered
lambs" the bulletin says. 1.-The condi-
ton might be considered alarming were
1t not for the apparent soundness OF
situation
Commercial Activity Grows.
Commercial transactions during the
week ended November 2, as indicated by
check payments, were considerably
larger than in the previous week or
the similar period of last year, accord
ing to the Department OF Commerce.
Steel plant activity for the latest re-
ported week showed no change from
the previous week, but was lower than
a year ago.
Output of crude petroleum showed q
recession from the previous week, but
was still above the level Of last year
Production Of bituminous coal was In
larger volume than in either the pre-
ceding week or the corresponding pc
riod Of 1928.
Receipts of cotton into sight were
considerably greater than a year ago
Receipts Of cattle at the principal pri-
mary markets showed a gain over last
year, while hog receipts were likewise
greater than year ago. Car loadingS
covering the latest reported week show
ed a larger indicted distribution OF
goods than in either the preceding
week or the corresponding period OF
1923.
Wholesale prices were generally low
er than in preceding week or CORE
spending 1928 week.
Reserve Act Changes Proposed.
At the annual stockholders meeting
of Federal Reserve Bank of Boston reso-
lutions were adopted proposing amend
ment OF reserve act, that after pei
cent dividends on Reserve bank stock
remaining Reserve bank net earnings be
AaA AAn 81 lw.l
franchise tax, so per cent to member
banks and Is per cent to surplus until
it reaches 100 per cent, any part OF
such 100 per cent not needed for 100
per cent surplus to go to member banks;
in event of liquidation or dissolution OF
Reserve bank any surplus to be dis
tributed pro rata to stockholders.
Heard in Financial District.
The Washington banks will be open
as usual on Armistice day, November IL
and the Washington Stock Exchange
will transact business as usual. The
New York exchange will pause for two
minutes at IL o'clock as a mark OF
respect.
Oral argument on the Baltimore
Chto's application to acquire control OF
the Buffalo, Rochester & Pittsburgh
was set by the Interstate Commerce
Commission yesterday for December 10
William B. Scarborough Of Hit, Far.
web & Co., investment bankers; A. q
Lampke, S. D. Stein and j. Spencel
Smith of New York have been in Wash
1ngton attending meeting of the boarC
of directors of the Carpet Corporation
This company's stock is the latest ISSUE
to be listed on the local Stock Elk
change.
September net earnings of 95 public
utility companies totaled $50, 900, 600
against total earnings Of $68, ,698 II
September, 1928.
Eugene z. Thompson, president Of thu
Associated Stock Exchanges, announce!
that the convention of these exchanges
which was to have been held in Mime
apolis on November IL and Is, has beer