Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-03
LOSSES PERSONAL;
BUSINESS SOUND
National City Bank Reviews
Stock SmaSh-LocaI
Financial Notes.
BY EDWARD c. STONE.

BY EDWARD G. STONE.
Information from the National CITY
Banks November bulletin, telegraphec
to the Washington Office, is highly
optimistic regarding the fundamentals
Of the business situation following the
collapse of security speculation which
has overshadowed all other events In
the business world during the past
few days. The losses have been losses
to individuals and not losses reduc-
ing the country's productive capacity
the bank says. adding that the coun-
try'S farms, mines, mills and factories
are still intact.
Washington bankers see a. serious
loss in purchasing power due to tne
heavy losses by individuals. Local
financiers say 1t is useless to assert
that such a smash in stocks will not
be felt to a marked degree in buying
mower in the immediate future. APP
preaching holiday trade, however, may
still be excellent, bankers say, because
a great deal of the buying power OF
the country does not come from Stock
profits, but from people VINO shuLi
wall street. Furthermore, many OF
the losses estimated in mllllons' are
on paper, the stocks still pelnS heiu
by their original holders. So. ~,
The National City Bank Goes not
attempt to say how much consumer
purchasing power will be hurt py LIe
break The bank cites reports from
ali over the country indicating genera
business TO be proceeding in healthy
and orderly fashion, in sharp contrasC
with the chaotic conditions which nave
existed in the stock market. line re-
view adds:
Money Called Chief Concern
.1.oov,t renorts from the industries
have been favorable indicating that
a confidence is unimpaired. Inc &C
c,,rnI,Iation of stock in the automoplie
ind1istry and slowing down OF proouc-
tions Is fully accounted for In tne
record breaking activity OF the nISC
half of the year and such oecIne as
has occurred in the steel lnouStry y
srtonnohiIe production. The extra oivi-
bends declared by the steel corpora
tton and other companies In recent
weeks have been earned and are ialrly
indicative of the present state Oh
:'Tor the past year the growing
tiehtness of money has been the cHhet
cause for concern in the minus =.
competent authorities ana no" .Ao
should be naturally coEIeSu S for
subsidence of the abnormal oeniH0 AS-
the market speculation. ,ro.-
s,,ro what extent consumer purcnas-
,,,o ,,ouer will be hurt by the preak ~
the stock market, time alone can 80
~ has heen our observation, however
that vhether the misfortune be nuL-
rirane a great conflagratlon OF 800 soS.H
,narket crash, the flrst lmpressiVtln lS
svaqrerate the true extent Oh Gn
damage. Never before In tne hiS 49,,
~ the country have industries DeeH
t,at.er fortified as to cash condition OF
s,s,s,,torv or soundness Of corporate
str-,ctI,re. There has been no inrlatlon
~ Commodity prices to require coIIec-
tia,, M crisis in the banking system
b aggravate the situation.
p;0 DeveIopment Projects. Cited.
moreover, it must be rememnereo
that much of the business % 1Lie 49, "a
W., ;s dsvoted to constant rebuilding ana
;,,Sy,Tovenaent of the industries ana thus
,,ot inonnediately subject TO temporary
changes in individual pocketbooks' Our
factoPics. railroads and utilities, our
farn1sszaiid our cities are undergoing
a coyIfiTT,lolls process OF development
aud naodernlzation, involving billions OF
dollars of annual expenditures. Meh-
ton need only be made OF sucn pro-
jects as the electrifcation prograMs NV
being carried out by the PennsyiVan!SS'
the reading and the Lackawanna rail-
roads: .,,
The central program Of railway
equipment buying now shaping up Is
the largest volume In five years: Inc
Announced plan of the United states
steel Corporation for a $1OO,OOO,OOO
addition 10 its facilities in the chicago
district. and similar large program Oh
expenditures by the Bethlehem COM
pany: The expansion program Oh US ds
of 81 900, O00, 900 of expenditures over
the next five years, and the vast pro-
grams of public improvements under
wav in New York and other leaolng
This sort of work, dictated by
economy and the needs OF a steaony
growing population, viii go forward Ior
the most part, regardless OF stock mar
ket fluctuations. Calling as IL Goes Ior
ceive additional impetus from the lower
ing of money rates which promise a
revival Of the bond market, and I'M
proved mortgage market for building
operations, and a new incentive 70
enterprise generally"
Bank Observes Twentieth Birthday.
During the past week the Park Saw
ings Bank, Fourteenth and Kenyon
streets northwest, observed its twentieth
birthday anniversary, the institution nav
ing been opened on November /, 1909.
On Friday and Saturday the officers and
directors received shower of congratu-
lations and some of their business frlenoS
did not forget to SAY it with flowers"
The savings bank has attained grown
both rapid and substantial. On the
opening day deposits totalled $82,2I0'
while on october 4. the date OF the
last controllers call, deposits had
climbed to 1854 800.
George e. Walker is president of the
Park Savings Bank, and the other offi-
GERS include: George A. Provost. vice
president; Wade H. Atkinson, vice pres
ident; A. F. Jorss. vice president; Rob-
ert S. Stuntz, vice president and CASH
Ter: William c. Strauss, assistant
cashier; Russell A. Houser, assistant
cashier: w. B. Todd, secretary, and
Joseph W. Cox, attorney.
The directors are; Frank E. Aitemus,
Wade H. Atkinson, Charles w. Bolgi-
ano. L. T. Breuninger. Joseph w. Cox,
H. F. Dismer, Peter M. Dorsch, G. W.
Forsberg. j. o. Gheen, E. T. Goodman,
Charles z. Gross, j. H. Holmead, G. F.
Jenkins, A. r. Jorss, e. S. Kennedy,
N. Mountford, c. M. Murray, Claude
w. Owen, Robert L. w. Owens Norman
w. Oyster H A. Polkinhorn, George
A. Provost, Maurice Schiosberg, j. Rob-
ert Sommerville, Warren w. Spencer,
Robert S. Stuntz, w. B. Todd, w. M.
WALES, George E. Walker, George w.
White and G.. C. Wineberger.
Addresses for Washington Women.