Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-12

of local bankers,
which is usually C. H. Pope.
held ut the CO.
lurnbia Country Club, will take place
early in May, when many important
announcements will be made. At this
session bankers will hear how this con-
vention Is to differ from others and
what innovations are expected to en-
liven the proceedings. 1t Is already
will make possible the added JOY OF
ocean bathing.
Chairman Pope mentions the splendid
cooperation long existing among WASH
ington bankers, and believes that past
conventions have been largely respon-
sible for this happy and financially
profitable state of affairs. Bankers
problems are identical and the conven-
ton offers the best opportunity for their
discussion and solution. In the past
effective and uniform treatment of these
questions have been far reaching.
The program committee is arrang-
ing for discussion of topics that are
especially timely just now. The enter
tainment committee has been assured
of still greater cooperation by Carl
Fisher, who has charge of the develop
ment of the Long Island playground.
This years reservations are In charge
Of Claude H. woodward, president of
the Mount Vernon Savings Bank, who
Is chairman of the transportation COM
mittee. The reservation blanks are al
ready out.
Would BE Investors FIetced.
Just at present a surprisingly large
number of Washington residents are
losing large sums Of money through bad
fvNxT Z NNvS@
of the Washington Better Business Bu-
reau, is authority for the statement
that more worthless securities are being
offered here now than has been the
case for several years.
Financiers connected with established
investment houses report that they are
getting scores of letters almost daily
from would-be investors inquiring about
this and that proposition, many OF
which on the face of them are QueS
tionable In one or two recent instances
conservative people who bought bonds.
in order to run no risks, have suffered
severe losses.
Many Of these people who have lost
large or small sums, on what Is clearly
Misrepresentation, could take their
troubles to the district attorney" one
banker said today. with the necessary
evidence furnished, the district &ttor-
neys ONCE would be sure to act. If too
late to recover the funds, it would at
least protect others from suffering the
same financial losses" he said.
Judging by all these warnings, there
never was q better time to consult bank
erS and other investment experts than
right now.
Local Stock Prices Steady.
~, 81 G&nnlv
Exchange today were almost exactly the
same as Yesterday. The heaviest trad
ing vas in Mergenthaler, 81 shares SELL
ing At 1074z.
An odd lot Of Washington Gas came
out At 1868, Potomac Electric Power
8 pr cent sold at HIS, the 5la per
cent issue at 1o75s and 10734, District
National Securities preferred at 100h
and 40 shares of Title & Insurance Co.
Of Maryland common at 20.
Twenty shares of D. c. Paper pre-
ferred sold at IS, while 80 shares Of
Capital Traction appeared on the board
at s7B, up q from yesterdays close.
A sale Of 106 shares Of National Mort
gage & Investment preferred was re-
corded at 53z.
In the unlisted department, Chaplin
Sacks per cent preferred changed
IdLlD6 nj luz. 1EG uCW1y 11obCu xbCak
Estate Mortgage d Guaranty preferred
stock has appeared on the local board.
There was no trading In the issue, the
first quotations on it being 7N bid and
7A asked.
In the bond division Washington Gas
issues held the center OF the stage. Both
the A and B bonds were active at re-
cent levels.
R~anpvn R~wL nR~nnNuA~ TnwMp
The consolidated statement of condi-
April 10 shows decreases for the week
Of $66, 800, 900 in holdings Of discounted
bills, of $17;400,000 in bills bought in
open market and Of $4,000, 900 in Gov
eminent securities. Member bank re-
serve deposits declined $33, 400 900, Gov
eminent deposits $12,200,000 and Fed
eral Reserve note circulation $500, 900,
while cash reserves increased SIS, 600 900.
Total bills and securities were $685.
100000 below the amount held on
April 3.
North Americans Output Up.
Electric output Of the North Ameri-
can Co.'S subsidiaries for the first quar-
ter Of 1929, including Is full weeks, was
/ ,64S, SOC, 900 kilowatt hours, an increase
of 14.04 per cent over the output of the
same companies for the first quarter
Of 1928.
THE record weeks output so far this
year was 12e, 790. 900 kilowatt hours for
the week ended March T." says Frank
L. Dame, president Of the North Ameri-
can Co. The steadineSs Of the con-
stantly increasing use Of electricity is
indicated by the fact that in the first
quarter the average weekly output OF
12e, 500, 900 kilowatt hours was only Il
per cent less than the output for the
record week.
Insurance ONCE to Open Here.
Almost every day some new financial
firm opens an ONCE in this city. The
expansion program appears to have
reached into the insurance field, the
Reliance Life Insurance Co. being the
latest to establish O Washington branch.
Ofices Of the Washington branch, to
be known as the National Capital de-
partment, will be in the Washington
Building. The ONCE viii be in charge
Of j. j. O'Donnell, cashier, and Rus
sell Shelk will be personal representative
Of Z. J. Schellentrager and estate
counselor.
Mr.. schellentrager represents the
company's head ONCE in connection
with starting the local ONCE. He Is
known among insurance men for his
success in writing . number Of extra
large policies.