Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-01


the geographic
boundaries circum-
Scribing the eco Louis T. MeFadden.
nonic areas into
which branch banking by national
banks should be extended.
There are two practical objections to
this course. Chairman McFadden stat
ed First, the resolution would have to
be referred to both House and Senate
banking and currency committees and
be considered there before being favor
ably reported. The resolution itself
would bring up in Congress the ISSUE
of branch banking in rural districts
before full consideration was given the
question by Congress. Secondly, the
delay involved in the consideration of
the resolution might cause conse-
ouent delay in receipt by Congress
through normal channels OF proper in
formation on the banking situation.
The banking committee chairman
suggested that Mr.. Pole recommend, in
his forthcoming annual report to Con-
gress. any proposals for amendments
to the national banking laws. Con-
rress will take no. in turn. the matters
he suggested, through its authorized
committees.
Mr.. McFadden believes that what Mr..
Pole suggests might be done by De-
partmental COMMITTEE and much time
saved by direct action.
Lincoln National Reviews Trade.
In its monthly outline of business,
the Lincoln National Bank says in part:
Public utilities this year are Keep
ing pace In both output and earnings
with the general business activity OF
the country.
More electricity is being generated
and more gas produced, sales OF power
and light are greater. and profits are
larger than in any previous period.
'These are conclusions drawn from
a study OF newest data OF the United
states Commerce Department and the
American Gas Association.
production Of electrical energy by
central power stations this year Is APP
proximately IL per cent greater than
in 1928. Gas companies are shown TO
be handling over 10 per cent more gas
than in the corresponding months OF
Iast year.
Aggregate profits of 95 principal
utility systems OF the country, accord
ing TO the oficial records, average some
So. 438 900 monthly as compared with
SIS, 100000 a year ago, an increase OF
II per cent. These are net revenues.
Gross revenues for 1929 are averaging
81 800. 400, 900 monthly
"Approxjnstelv 10000 900 homes in
the United States. the latest compila-
ton shows, are now electrically wired
Gas companies are serving nearly TO-
900 900 customers.
'Householders pay the electric utility
companies about 81 600. 900 600 annually
for light and power. according to the
Commerce Department. while INDUSTRY
consumes current to value OF $Z,UOu,-
100000 each year"
American Ice Net Higher.
September earnings Of American Ice
Co. after interest, but before Federal
taxes and depreciation. were $769,SS2,
which compares with $744,1o7 for Sep
tenaber last year. Net earnings for nine
months after interest, but before Fed
eral taxes and depreciation, were So
e7s 1853, which compares with $4,6l6,1O6
for this period in 1928.
The Washington Rapid Transit Co
showed a deficit of $5,639.74 for Sep
TENDER. but this was a reduction from
o 37,082.72 deficit in the month year
ago. The nine months net income for
1929, while continuing to show def1cit
of $4.567 81, improves last years deficit
for the same months by $23, l07.69.
Changes in Bylaws Planned.
A meeting of the flduciaries section
be held in the near future to consider
and adopt certain changes in its bylaws
SO as to bring about uniformity among
the different sections of the associa-
ton. This meeting will be presided
over by David Houston, trust off1cer of
the American Security IL Trust Co, the
newly elected chairman of the section.
The initial meeting will mark the be-
ginning of the years work for this sec
ton and large attendance is especially
urged. Members will be notified when
DEFINITE date has been selected.
Insurance Committee Meets.
The insurance committee of the D.
G. Bankers Association recently had
W. l.. Bates, assistant superintendent
of the bonding department of the
Fidelity d Casualty Co. of New York,
at luncheon, with Edgar Leggc resi-
dent manager Of the same company.
The committee discussed generally
the methods by which the bonding COM
panieS and the banks check their risks
Much valuable information was secured
and the insurance committee will work
upon program which, 1t is hoped, will
aid the members of the association in
having even greater protection, accord
ing to the latest association bulletin.
Cleaned In Financial District.
hbIlIeI r. MCIaCnleH, PRESIDENT Oh IOe
McLachlen Bank, and Karl w. Corby.
one of the partners in w. b Hibbs a.
Co, have been elected to the board of
governors of the Columbia Country
Club.
Member banks of the fifth Federal
r ,rye district have received notice oil
e. election to be held on November 30.
1929, to choose successors to Glass "A"
Director l.. z. johnson, president First
National Bank, Anderson, w. Va, and
Class b" Director D. r. Cocker, mer-
chant Hartsville. S. c.. of the Federal
Reserve Bank of Richmond. whose
terms expire December 81. 1929.
The Washington Stock Exchange was
closed today and will be closed tomor
row. The members will also get third
holiday next Tuesday when the local
exchange will observe the New York
election or perhaps 10 put 1t more &C
curately, suspend operations because
the New York Stock Exchange will be
closed.
A public hearing for review of the
rates and accounting methods used by
the Washington Gas Light Co. and the
Georgetown Gas Light Co. for Novem-
Der 10, at 10 an has been ordered by
the Public Utilities Commission. Par
ticular emphasis will be directed at the
methods of the two gas companies in
estimating accrualS, maintenance and
expenses.
Banks Asked 10 Aid Drive.
The local banks have been asked to
cooperate in the coming annual Red
Gross membership campaign. PreSi-
dent w. J. Waller of the District
narkarS' ASeania fiof, has reoIoQtaa the