Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-25

per cent stock
commanded 1925 and the sig per cent
10S5s. Federal American Co. preferred
came out at 1885,. Five shares OF
Real Estate Title g. Insurance Co. sold
In the bond division, Washington
Railway 81 Electric As sold at so ana
eOK4 on $4,000 turnover, washington
Gas IS. series A, changed hands at 100,
and a 81, 1000 Georgetown Gas moved
at 1902. A $1,000 Washington Gas D
sold at the same figure. Capital Irac-
ton. IS also sold at 1902.
The exchange adjourned out OF re-
spect to the memory Of John w. Braw-
ner, whose death occurred TO-DAY.
Tribute Paid Bank President.
The officers. directors and entire per-
+ sonnel of the Chevy Chase Savings
BANK paid q glowing tribute to DR..
Frederick E harrington, the bank
president, at a dinner last evening at
the Columbia Country Club. The occa-
sion followed his fourth election as heao
of the bank :.
He was first elected to the ONCE IN
March, 1925. The banks assets at tnaC
time totaled $45O,OOo and depoSlGS
amounted to $384,000. On the last can
! of the controller on December 81 assets
had climbed to 81 ,220,342 and deposits
on that date were $1,019, 548.56.
During the evening Judge Ralph
Given. Paul Sleman and George r.
Hoover. directors, spoke on the banks
present prosperity and made predlctlons
for the future. They set as the goal
50 600 900 bank in five years. DR.. Far
rington was so impressed by the honor
. paid him that he asked to be excused
from any extended remarks.
At its recent organization meetlng
this bank elected the following ofhcersf
Frederick E. harrington, president;
Thomas w. Perry, first vice presloehe'
Joseph A. Burkart, second vice preSl-
dent: Paul Sleman, counsel; Clyde d.
Garrett. secretary; S. Peacock, auditor:
j. Ezra Troth, third vice president and
cashier, and R. A. Weaver, assistant
cashier.
Power Stock Offered Here.
Stroud, Kurtz & Co., Inc. and E. H.
Rollins & Sons are offering privately
today $4,000 shares of 2 per cent cum
mulative preferred stock OF the Inter
continents Power Co., at 500 a snare,
yielding TOT per cent. A warrant de-
tachable after December /, 1879, WIN pc
attached to each permanent certlflcate
emitting the holder to purchase class A
common stock in the ratio of three
shares of class A stock for each share OF
preferred at S25 until December 81,
1890: $3.50 until December 81, 1882,
and $50 until December 81, 1888.
Intercontinents Power Co. is operated
by Gannett, Seelye g. Fleming, Inc,
public utility operators. To date "a
properties in Argentina and Chile have
been acquired and plans are under way
for further expansion.
For the IL months ended September
. 80, 1928, net earnings after operating
expenses, maintenanceS, taxes, deprecia-
ton and interest amounted to 1901 ,272,
equivalent to 2.86 times annual pre-
ferred dividend requirements on this
issue of stock.
Bank Organizations Keeping Busy.
Charles E. Howe, chairman of the
safe deposit section of the District
Bankers Association, held meeting
with his executive committee yesterday
afternoon
Plans have been completed by fidu-
Charles section of the bankers associa-:
ton for the dinner next Tuesday eve
ming at the Willard, which will be ad-
dressed by Reuben A. Lewis of the A.
3. A. and Robertson GriSwold, presi-
dent of the Corporate Fiduciaries' AS
sociation of Baltimore. Aubrey d.
Carter, who handles trust matters for
the Treasury Department, will be
guest. F. P. II. Siddons is chairman
of this section, and B. L. Cotton chair
man of the arrangements committee.
The council of administration is
scheduled to meet this afternoon with
President Robert V. Fleming at bank
ers' headquarters.
Federal Reserve Discounts Drop
7 Consolidated statement of condition
OF Federal Reserve banks January %,
shows decrease for the week of $780,
100000 in holdings of discounted bills,
OF $27,000,000 in bills bought in the
open market and of $36 800 900 in Gov
ernment securities.
Member bank reserve deposits de-
clined $55,700,0o0, Government deposits
S13,400,000 and Federal Reserve note
circulation $36,300,0o0. while cash re-
serves increased $50 900 900 Total bills
= and securities were $103,800,000 below
the amount held on January Is.
Principal changes in holdings of dis
counted bills for the week were de-
creases of S64,500,000 at the Federal
Reserve Bank of New York. $4,000 900
at Philadelphia and S3.900,O00 at
Cleveland, and increases of SIS 200 900
at Boston, $4,000 900 at Chicago and
$6,y0O,000 at st. Louis
Federal Reserve note circulation was
S36.3O0,000 less than week ago, all
of the Federal Reserve banks reporting
decreases in circulation, the largest de-
clines being $l1, ZOO. 900 at Chicago So
100000 at Boston, $3,900,000 at New
York and $3,300,000 at San Francisco.
Bankers Discuss Money Outlook.
Local bankers are still discussing the
address of H. Parker Willis on money.
DR.. Willis considers present rates as
temporary and predicts high money
over a considerable period. He quoted
Albert H. Virgins of the Chase National
Bank on the subject. Mr.. Wiggin said
recently that the further DEVELOPMENT
OF new issues and the further enlarge
ment OF the volume of speculation will
necessarily continue to make sharp de-
mand for funds.
Further enlargement of rediscounting
by member banks, and further with
orawal OF funds placed in the market by
outside lenders, will necessarily shorten
supply and tend again to work toward
higher money. The expectation of gold
may" says Mr.. Wiggin, be an import
ant factor, and this cautiously expresses
an obvious fact.
Foreign countries, if they are to de-
velop and maintain their gold standard
policies, must rely on the United States.
They still have very large balances here,
and there is no reason why they should
not withdraw them, save the desire to
earn high rates here. AS these rates
decline, the gold is likely to be exported
in some measure. and thus tend almost
necessarily to tighten up" again the
credit situation, the bankers assert.