Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-09

$1,000 Washington -
Railway az Electric y 8SS$
Is selling at 6034.
In the stock divi- ~ u
sion trading opened Raymond G. Mary.
with LanSton
Monotype again selling at 100. Eighty
shares of National Mortgage & Invest
ment preferred changed hands at Az
After call Potomac Electric Power per
cent preferred stock sold at 11134, while
the sig per cent preferred closed with
15-share sale of 1861.
Six shares of Park Savings Bank stock
sold today at 81, in the unlisted depart
ment... Not a sale was made in Capital
Traction during the days session, the
first time in several weeks. The market
closed with 95l4 bid for the issue and 90
asked.
Auditors Section to Meet.
One of the first sections of the Dis
trict Of Columbia Bankers Association
to start Fall activities is the auditors
group. which became actively identified
with t.. organization last year, after
being connected with the national asso-
citation for some time. Raymond Ct.
Marx. auditor of the Riggs National
Bank and chairman of the section, an
nounces that the first meeting of the
year will take place tomorrow evening
dinner meeting. starting at $40.
The first meeting will include a gen.
eral outline of what the auditors and
controllers will consider during the
Winter. Nearly all the banks are ex-
pected to be represented. The other
officers this year are Ralph Endicott,
auditor of the Washington Loan &
Trust Co., who is vice chairman, and
Arthur j. Linn, controller of the Fed
eral-American National, secretary and
treasurer.
The chairman last year was j. Damn
Faber. auditor of the American Security
&Trust Co., and the meetings were held
at the University Club.
Bankers Happy Over Deposits.
Local bankers expressed great graft
fication today over the condition of the
banks in this city on october 4, the
date of the call issued yesterday by
Controller Pole.
The substantial gain shown by the
average deposits in all the banks proved
a surprise in some quarters. Deposits
other sections of the country have
been reported as falling off. For that
reason, if for no other, bankers here
looked for a decline of modest pro-
portions.
1t is now expected that deposits on
total for the city in october a year
ago, but will be ahead of the figures
returned last December. The figures
indicate marked business prosperity
here. as well as a high standard of
thrift in increasing savings bank de-
posits.
Basic Business Considered Sound.
Commenting on the collapse of values
on the stock market, the Kiplinger
Washington Letter this week says that
official Washington considers the weak
ening "a most beneficial development"
The feeling now is. the letter adds,
that the market will be irregular for
a while, the average going even lower
some time within the next 80 days, then
starting slow but sane climb"
Causes for the drastic recession men
toned in official circles, the letter as
serts, are technical and cumulative
''SloW credit squeeze of Federal Reserve
aided by bankers, warning speeches at
American Bankers Association conven-
ton, sale of securities by London fol-
lowing Hairy investment trust failures,
selling by American investment trusts,
which expect to pick up bargains, and
generally top heavy market condition"
The letter says that the opinion of
Washington officials and economic OBJ
servers is that there is nothing wrong
with basic business, that the next three
months will be active, that 1880 will be
lower in earnings, but still good enough.
Tribute Paid Charles ]. Bell.
At a special meeting of the District
of Columbia Bankers Association yes
terday afternoon, resolutions were
adopted upon the death of Charles j.
association in 1903-1904. The resolu-
lions were drawn by committee of
which H. H. Mckee was chairman.
Robert v. Fleming and w. w. Spaid
were the other members. The action
of the association with copy of the
resolutions will be forwarded to the late
bankers family.
The August statement of operations of
the Capital Traction Co. has been filed
with the Public Utilities Commission
ana SHOWS net income of 5,691 SO
for the month, a decrease of $4,458.67
under the same month last year. Net
income for the first eight months of the
present year is listed at 1858 ,557 so, or
$47,336.28 under the same period year
ago.
National City Reviews Trade.
The activity of manufacturing and
trade has continued at the high level
during the past month, although with
out the marked expansion usually &C.
curing in September, according to the
monthly review of economic conditions
prepared by the National City Bank of
New York. While the month brought
declines in steel output, building con-
struction and automobile production, no
undue alarm need be felt as to the
soundness of fundamental business con-
ditions in this country, the review adds.
Trade and industry have been max
ing an outstanding record for two years
and if breathing spell is now due the
ultimate result should be beneficial in
correcting undesirable tendencies and
thus paving the way for renewed ex-
pansion later on.
The review comments on the growth
of investment trusts, noting that at
the beginning of the current year the
total paid-in share and debenture cap
ital of investment trusts, together with
holding companies generally classed as
investment trusts. was estimated at
slightly more than $1,500,000,00o, to
which huge total the first eight months
of this year have added another
1900, 900 900, making an apparent
total at the present time of more than
$4,000, 600 900, with no gauge as to what
the total at the end of the year Will be-
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