Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-23

sideration a very
important adver-
Using campaign. 1''''11'
Among, those t Wilmer J. Waller.
Nations finances who will be present
are: w. o. Woods. treasurer of the
United States: Gov. Roy A. Young
and George r. James of the Federal
Reserve Board; Assistant Secretary ].
C. NOEL and E. M. McClelland, General
Counsel Walter wyatt and Chief Clerk
C. w. Hanford of the Federal Reserve
Board; DR.. E. A. GoldenweiSer, director
of the division of research and statis-
tics; E. L. Smead, chief of the division
of bank operations of the Treasury
Department; John w. Pole, controller
of the currency; F. G.. Await. first
deputy controller of the currency; j.
L. Proctor, deputy controller; w: w.
Hoxton, chairman of the board of the
and Edgar E. Mountjoy, representative
in Washington of the American
Bankers Association.
Bv far the largest attendance ever
gathered at an october meeting Is
promised.
Fleming on Advisory Committee.
Lister T. Watts, national director of
the National Association of Credit Men,
announced todav that Robert B. Flem-
ing, president of the Riggs National
Bank, had been appointed to the ma
tional advisory board of the credit pro-
lection department of the National
Association of Credit Men. The asSocia-
ton has made considerable progress
during the past four years in the
Graduating from our commercial life
of the great waste In industry caused
by fraudulent failures. The inveStiga-
ton and prosecution of these cases has
been under the direct supervision of the
credit protection department OF this
organization.
Mr. Watts has just returned from the
national board meeting of the organ
ization, held at the Edgewater Beach
Hotel in Chicago, and reports con-
siderable attention was given to prob
lens effecting credit conditions through
out the country.
Banking Legislation Held Far OF.
Congress will hold extensive hear
ingS on branch banking legislation
during the next session, but will not
enact it, and comprehensive brancn
banking legislation cannot be expected
before 1882, according to the Kiplinger
Washington letter of this week.
A bill to permit extension OF branch
banking by either trade areas or Fed
eral Reserve districts will be introduced
in the House early next year, repre-
senting substantially the ideas of the
controller of the currency, who Is the
principal advocate of new branch bank
legislation.
Hearings will be held before the
House banking and currency commit
tee says the letter, and city bankers,
promoters of bank holding companies,
independent country bankers and 9TH
ers will be called in to give their views.
The Washington view is said to be
that conservatively managed bank
holding companies now being formed,
buying banks before the advent OF keen
competition for them, are likely to be
generally successful, the letter says.
Fifth District Business Good.
Business in the fifth district is above
the seasonal mark, according to infor-
nation reaching the reserve bank at
Richmond from both retail and whole
sale sources. This Is SubStantiated by
debts to individual and corporation
accounts, which show an increase of Is
per cent for the four weeks ended
october over the preceding four weeks
and an increase of per cent over the
same four weeks of 1928.
Tobacco is now moving we'll in the
markets of North Carolina and Vir-
ginia. Fair prices are being received,
AlCtlOuBu UUQSE year.
Weather conditions throughout the
district are favorable to harvesting of
late crops. and are also aiding building
operations, which continue above aver
age.
Reports on labor conditions show
little unemployment in spite of a slack
ing up of demands for agriculture and
field labor.
Capital Traction Slightly Lower.
Capital Traction stock, which closed
at IS yesterday, opened today on the
local Stock Exchange at 847s and closed
at 84A Trading was very light, 10
shares selling at the opening figure, 10
at 845s, 10 more at 84I2 and 10 more
at the closing, the days turnover be-
ing only 40 shares.
Potomac Electric Power per cent
preferred sold at 1l3 and the 51a per
cent issue at LOG. Chevy Chase Dairy
preferred came out at l09, Is shares
Of Mergenthaler changed hands at 104
and Merchants Transfer g. Storage
common sold at lie.
National Mortgage 8, Investment pre-
ferred was again active, 800 shares
changing hands at AZ. A block of 100
shares of Real Estate Mortgage g.
Guaranty preferred sold at 73s. The
final stock sale was in Columbia Sand
g. Gravel preferred at 87l4.
The trend toward better buying in
bonds were noticeable again today,
trading IN this division showing a
marked increase The largest turnovers
were S., 900 Chestnut Farms Dairy 61as
at LOG; IS 900 Washington Railway 81
Electric As at 804; $4,000 Potomac
Electric Power Consolidated SIS at SO.
Capital Traction SIS opened at 91as,
advanced to u and closed at p, sales
being in $1,000 and $4,000 denomina-
tionS Gas IS also appeared on the
board.
Heard in Financial District.
willard G.. McGraw, connected with
the trust department of the Union
Trust Co., is attending the life In
surance trL I conference in New York
sponsored by the Equitable Trust Co
j. William Harrington of w. B. Hibbs
e. Co., has been confined to his home
during the past few days with an at
tack of grip.
James Otis Smith, local manager OF
Hambleton & Co., is on business trir
TO Chicago.
The North American Co., has de.
clared quarterly dividends of 2l2 pei
cent in stock on common and rs cent:
on preferred, both payable January
to stock or record December 5.
Loew's Inc, has declared regular
quarterly dividend of s1.621a share
on the preferred stock payable No
vember is, to stock of record Novem
Der /.
The Norfolk g. Western Railway
has declared 81 extra and regular 5:
quarterly dividends on common. TIL
road earned $2055 a common share il
nine months ended September 80
against $3.50 a share in like 1872
period.
An additional 100000 shares of frs
preferred stock Sc series of the Ameri