Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-14
TRADING IS BRISK
IN LOCAL. BONDS
MergenthaIer Linotype Also
Active on Exchange.
Financial Notes.
BY EDWARD C. STONE.

Financial Notes.
BY EDWARD C. STONE.
When the wheels of business on the
Washington Stock Exchange started
turning today after the double holiday
bond trading was the feature, although
their activity was shared by a most
unusual number of small-lot transac-
tions in Mergenthaler Linotype.
In the bond division there were many
1000 transactions in ChastnHt Farms
Dairy 6l2s, Potomac Electric over con-
solidated IS. Washington Gas IS, Series
A and Series B. and Washington Rail-
were around recent levels. The days
trading indicated that local investors
are much more impressed with the out
look for the bond market than they
have been for some time, The last
crash in the stock market caused sew
eral New York financial houses to put
out more information on bonds and
suggest that they may be pretty near
bottom. Some of these views are EVIL
IDENTIFY shared here.
In the stock division. Mergenthaler
figured in the sales of $50 shares dur
ing the session. The stock opened at
103l4, went to n. to Is, to "a up to
TT, and then closed at the high for the
day, 104. The largest sale was a 90
share block and most of the other sales
were l0-share lots.
Capital Traction opened the week at
IS and closed at the same figure. The
days sales totaled rs shares. Several
other stocks also appeared on the board
at recent levels.
: Tel. & Te'. Report Out Today.
The American Telephone g. Telegraph
Co. gave out the following nine-month
report at noon today:
Nine months Nine months
Sept. 30. 1928 sept. 90 1929.
DIVIDENDS go. ss7.sas, ass SO slol.ls4sl7e1
Interest -. 1o,452,e36.4s 1920, $50. 10
Telephone op-
nues -. 7a,ss4,i4I.oo S2.472. 1854
revenues -. ssA474.os 1,o42.2osOS
Total 49,. ,sl7i, 724,09OOs si90s6O, 81
ms tsx ss. so,sls,75s.so ss412s7s4s
Net earninss. =; sl2e,sll,2ss.4 g si4o,s45,ssso2
Balance .81o4, 5l7,387.os sl2O s26ss42s
Deduct dividends 7S'S42,74s.S2 Ss64s,9S77S
Balance -. s27.s74s4o.2l ss4,177,s7s54
Subject to minor changes when final
figures for September are available.
The great number of Washington
holders of the stock will note with deep
interest hte gain of nearly $4,000
900 in new earnings over the same
period a year ago.
Bond Club Notices Received.
Members of the Washington Bond
Club received notices today announc-
ing the first meeting of the year, next
Thursday noon at the Carlton Hotel,
when william Peter Hamilton, editor
of the Wall Street Journal, will be the
speaker.
Franklin H. Ellis, the president, and
Lawrence M. Proctor, the secretary, ex-
pect record attendance. The notices
state that members may take guests
with them. The speaker is one of the
foremost financial authorities in the
country, as well as the author of sew
eral books His views on financial
matters are being awaited with wide
Secretary c. H. Pope of the District
Bankers Association has notified the
member banks regarding the October
meeting of the association, to be held
next week at the Willard. At this
meeting Prof. Irving Fisher of Yale
University will be the leading speak
er. On account Of the buffet luncheon
to be served after the meeting the sec
rotary has asked the member banks to
report in advance Just how many rep
reSentatives will be present The prom
inence of the speaker is also expected
to bring about an unusually large at
tendance.
Edward J. McQuade, vice president
of the Liberty National Bank, has re-
turned from the San Francisco conven-
ton of the American Bankers Associa-
ton and was back at his desk today.
He reported q most interesting session
In every way.
The discussions on chain banking,
branch banking and unit banking were
among the most interesting features of
the convention. Controller Poles adj
dress was received with deep interest
by the 1000 bankers from all parts Of
the country.
The other delegates from Washington
were: Hilleary G. Hoskinson, vice presi-
dent of the Riggs National Bank, and
E. E. Mountjoy, representative here of
the national bank division of the asSo-
citation. Both are expected back soon.
Subject to the approval Of the Inter
state Commerce Commission, w. H.
Cloverdale has been elected chairman OF
the board Of the Seaboard Air Line
Railway, succeeding Robert l.. Mutt, who
asked to be relieved after nearly 40
years service with the the company.
Mr. Mutt will become director and act
in an advisory capacity. Mr.. Mutt told
the directors that the refinancing plan
was an assured success and that he
therefore considered it a good time to
retire. L. H. Powell will continue as
president and operating head of the
company. -
Financial District Notes.
A report on the annual meeting of
stockholders of the Columbia Build
inc Association announces re-electiOn
of the following officers and directors
for the fiscal year: John B. Harrell,
president; Harry B. Denham. vice
president: C Albert White, treasurer;
Raymond X. Cook, secretary.
Directors Anton A. Auth, Franklin
j. Auth, Raymond K. Cook, Harry B.
Denham, Albert o. Denham, John B.
Harrell. C. Gay Harrell. c. Krogman,
G. Albert White and j. william Weber.
The board of governors of Washing
ton Chapter, American Institute OF
Banking, recently adopted resolutions
upon the passing of two men who have
been active supporters of the work of
the organization for many years. These
are the late Charles ]. Bell, who was
the donor CT the annual prize which
bears his name, and the late Roy Neu-
hauser, a past president of the chapter
Hornblower e. Weeks are issuing a.
special statement emphasizing the at
tractive purchase possibilities of high
grade bonds at current levels.
Says the Wall Street Journal:
Scene-Crowded board room.
Customer see a lot of new faces
here this morning.
Customers man-Yes. they're GUS
toners of other Offices. They're out of
town for the day.