Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-15
FLEMING IS NAMED
. ON RESEARCH BODY
Riggs Bank President Ap-
pointed on Committee
Formed by Convention.
BY EDWARD C. STONE.

Bankers Association In san FRANCISCO
s., At the convention 1t was voted that
group be appointed from leading bank
7ers all over the country to delve deepl!
into the vital problems faced by TIT
national banks, some of these condl'
lions becoming so acute that many
national banks have surrendered theil
charters and become State banks. Thi'
investigation will come directly under
the associations national bank division
The letter announcing Mr.. Flening's
selection as one of the members Of
the committee stated that the grour
of bankers would be expected to make
a most thorough study OF the ma
tional banking system, review the fun
damental causes of dissatisfaction with
the system as it stands at present and
suggest the best methods of prevent
ing further retirementS from 1t.
It is hoped that the result of the in
vestigation win bring about sufficient
changes to turn the tide and cause
many new banks to seek admission to
the system. The letter from A. 3. A.
headquarters frankly states that great
deal of thought will be necessary on the
part of the committee.
Only bankers with a thorough knowl-
edge of the particular problems facing
the national banks have been asked to
serve. Washington bankers will be
highly gratifled that one of their num-
Der has been accorded the distinction of
such an important appointment. The
subject is one in which Controller Pole
has expressed much concern.
No Long Term Policy Formed.
Federal Reserve officials are insist
aent that the present policy Of money
easing, which is exhibited in heavy
purchases of bills and which may lead
to increased purchase of Government
l. = I1Iw- &AN~
of the Fall needs of business and agri-
culture.
Officials say frankly they cannot pre-
dict what policy will be adopted after
the first of the year and that they
can not reach any decision so far in
advance. Their position is that they
must be governed largely by conditions
prevailing at that time.
It would not be in the least surpris-
ing. says today's Wall Street Journal,
if Federal Reserve governors were again
called to Washington for a conference
either late this year or early in the
new year Discussion and formulation
of Federal Reserve policy for the first
quarter of 1880 would be taken up at
such gathering.
Riggs Bank Honors C. J. Bell.
At the regular meeting of the direc-
tors Of the Riggs Bank late yesterday,
the following resolutions we're adopted
on the death of Charles j. Bell:
Whereas, Mr.. Charles j. Bell, chair
man of the board of directors of the
American Security g. Trust Co, passed
from this life of october /, 1929 and
Whereas, Mr.. Bell had always shown
a keen interest in the affairs of the
Riggs National Bank and had acted
for many years as senior member
OF the proxy committee at the meet
ings of shareholders, and
Whereas, he was banker of distin-
guished attainments, of steadfast prin-
ciple and of untiring energy, always
ready to serve the public welfare with
the exceptional qualities he possessed,
now therefore be it
! Resolved, that the board of directors
OF the Riggs National Bank express its
profound sorrow at the death of Mr..
Bell, that this resolution be spread
upon the minutes, and
Be it further resolved, that COPIES
OF this resolution be sent to the board
of directors Of the American Security
q Trust Co. and to the family of Mr..
Bell, as an evidence Of the sincere
sympathy OF the board of directors and
officers of the Riggs National Bank.
Bank Loans OF Sharply.
j. The Federal Reserve Boards condl-
tion statement Of weekly reporting
smember banks in leading cities on
October shows decreases for the week
fof $156,000.00 in loans and invest
ments, S255.000, 900 in net demand de-
posts, $4,000, 600 in time deposits, $I8,-
100000 In Government deposits and
$50 1000 900 in borrowings from Federal
Reserve Banks.
Loans on securities declined STA
100000 IN the New York district, Sill
1000, 200 in the Cleveland district, ST.
100000 in the Chicago district and
$780, 900 at all reporting banks. "AII
.other" loans declined 1000 900 at all
reporting banks, $12, 000, 900 in the New
ton district, and increased $4,000, 900 in
the Dallas district.
MergenthaIer Swings Upward.
There was real advance in Mergen-
sthaler Linotype on the Washington
sion 13 10-share sales we're recorded.
The stock opened at 1882 and closed
at 105H,aa new recent high mark.
Capital Traction figured In a 60
share turnover. The market In this
issue opened at S51a. dropped to IS and
closed at $50.
Only one bank stock appeared on the
board today, American Security & Trust
Co., which moved to the extent Of six
shares at 465.
Large blocks of Real Estate Mortgage
& Guaranty preferred changed hands
at 73s. There were sales of 240, 16(
and 40 shares, making the days turn.
over 440 shares
Bonds were again in good demand
today although not as active as yes.
terday. Prices were practically un'
changed.
Heard in Financial District.
The directors of the Washington Ga,
Light Co. have declared the regular
quarterly dividend of 80 cents per share
The dividend is payable on Novembe
to share holders of record october Is
American Telephone & Telegraph
earned 1924 a share on 13,080,57t
average number of shares outstanding
in nine months ended September 80
against 5000 a share on IL ,491 AIT
shares in like 1928 period
Western Union Telegraph earneC
SLIPS a share in first nine month!
1929. against $1097 share in like 1927
period.
Growth of Reserve Bank credit from
the end of July to the end of Septembe
was about 100000, 900 and was ap
proximately equal to the usual 6emant
at this time of year and about equa
to the increased demand for currenc
during the period, according to the Fed
eral Reserve Boards monthly review &
credit conditions for october.
Will Increase Radio Output.
NEW YORK, october is B.-Th
~ Is