Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-31
Totals ..... &1,4sl,3s0. 72s sl.435, 725, so2
AsheyiIIe Named for Cnnventinn-

Oecemoer ...... 1l6,074,630 I29 98l,412
Totals go. 81.48I.39o. 728 SI.4s5, 725, sO2
AsheviIle Named for Convention.
President Wilmer j. Waller of the
District Bankers Association announced
today that Asheville had been selected
as the meeting place for the next con-
vention of the association
This action was taken by the council
OF administration after giving careful
consideration to several different places
Tor the June session. General Conven-
ton Chairman George o. Vass obtained
large amount of information from the
different hotels under consideration and
presented 1t to the council in a most
complete report.
Hot Springs made its usual very
strong appeal. White Sulphur was
considered for a time. but another con-
ventton finally took the same dates as
the local bankers wished so the West
Virginia report took ITSELF out of the
running. 1t was agreed by the mem
berS OF the council that 1t would be best
this year to go to some new place.
consequently, the convention will be
held at the Grove Park Inn at AShyille
The circulars state without any blush
ing that this is the finest resort hotel
In the world" Regardless of this rather
sweeping statement, the local bankers.
WIN FASAICO Tile pace 10 see WIdL con-
vent1on arrangements might be made.
were delighted with the hotel and the
surroundings. It has a beautiful loca-
ton, all that could be desired in the
way of golf links, and all the other
attractions at Ashville will be placed at
the disposal Of the local banking fra
ternity.
Chairman VasS is much pleased with
the liberal entertainment which the
to ff1Y~N Itch
The bankers will have to leave Wash
ington at 8 pm. and have dinner on
the special. Two diners will be carried
to take care of the party. Similar ar
rangements will be made for the re-
turn trip.
Lamont on Business Outlook.
Secretary of Commerce Lamont is
highly gratif1ed at the country'S APP
parent success in weathering the stock
market crash, he said after confer
ence with President Hoover. He pre-
dicted, however, a slack period in build
ing construction and automobile produc-
ton in the next few months.
During the past year consumption has
Kept pace with production and stock in
ventor1es have remained low. Secretary
Lamont said. He explained these con-
citlons prevented a repetition of the
business depression of 1921, when in
VenJOr1eS were very high.
Cheap interest rates have not filtered
Gown through the economic structure of
the country sufficiently yet to affect
building materially, Secretary Lamont
said
New Bank Director Elected.
Andrew D. Loffler, ST.. has been elect
ed to the board of directors of the
National Bank of Washington, accord
ing to announcement by George l..
Starkey. the president. He is a well
known Washington business man. Mr..
Lofner is vice president of Goble g.
Co, New York, and in charge of the
Keane, Loff1er Provision Co. of this
city.
Southern Earns $1O.93 a Share.
Net income of Southern Railway Co.
Tor II months ended November 80. 1929.
is estimated at SIG, 900 after taxes
and charges, equivalent after allowing
Tor dividend requirements on 5 per cent
preferred stock. to sIO93 a share earned
on 100000 shares of common stock.
This compares with $17,265, 900 or SILT
snare in same period of 1928.
november net income is estimated at
1884 900 after taxes and charges, against
S2,l96,OOO in November, 1928.
Bonds Lead Exchange Trading.
Bonds took the lead in the final trad
ing of 1929 on the Washington Stock
Exchange. Potomac Electric CONSOLE
dated IS sold at 100, Washington Rail-
way & Electric IS moved at SO and
Barber d Ross 612s sold at 8S%. Small
denominations in Washington Gas
series A IS sold at 1905. The closing
bond sale was a $4,000 transaction In
Anacostia & Potomac guaranteed S.
moved at 90X
Thirty-f1ve shares of Capital Traction
stock moved at IS, Potomac Electric
SO per cent preferred came out at los
closing at l04%, and 10 shares of Ma
tional Savings & Trust Co. stock again
sold at $500 a share Mergenthaler
again moved at 1867 ex-dividend and
Park Savings Bank stock sold at 1917
The exchange will be closed tomor-
row.
Financial District Notes.
The controllers office has approved
application for charter for the Barnett
National Bank of Avon Park. Fla.
which will be opened for business about
January Is. This will be the third new
financial institution established recent
ly outside Jacksonville by the Barnett
National Bank.
The Virginian Railway Co, has an
pealed to the United States Board of
Tax Appeals for a review of the charge
by the commissioners of internal reVe-
nue. that it still owes $lI5,6O6 in in
come tax for 1925 and 1927.
The United States Line has declared
q special dividend of so cents a share
on the preferred stock. The issue be,
comes cumulative beginning July /, 1880
at the rate of 81 annually.
Gwilym A. Price, trust officer of the
Peoples Pittsburgh Trust Co, has beer
appointed member of the trust de.
velopment committee of the trust com
pany division, American Bankers AS.
ISOLATION.