Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-24

cidedly optimistic ~
regarding the fu-
ture, as his adj h-.--<AsaE
dress printed else Albert S. Galley.
where in The Star
shows.
He bases his conclusions largely on
the increased earnings enjoyed by the
leading corporations, the general growth
from year to year in the prosperity OF
the country, less unstables money, new
industrial mergers, new labor policy OF
waste saving, economic advantages OF
prohibition, new inventions and di-
Versification of common stocks through
investment trusts. He points to IL or
Is major factors accounting for stock
market levels, not overlooking the
speculative mania.
Prof. Fisher came here at the most
opportune time possible. While he was
on the train from New Haven the
tumbleS ever recorded in the same
space of time. His views of the market
and the present reading of the tape
furnish some sharp contrasts. Prices
appear to be near bottom after so much
recent selling, unless there is panic,
and nobody expects that" he COM
* -mented. Every word Of his speech is
worth reading
Treasurer A. S. Galley HonOred.
The association honored Albert S.
Galley for bis 81 years as treasurer OF
the organization. President Waller pre-
scented him with handsome gold in
sigma button, similar to that given all
the past presidents last Spring. Mr..
Galley replied to the gift with deep ap-
probation.
The business session opened with a
report from the treasurer, Mr.. Galley,
and the financial report of G. H. Pope,
general chairman of the last annual
convention, held at Montauk Point.
E. j. McQuade, member of the non1i-
mating committee at the convention of
the American Bankers Association, rep
resenting the local association, was
asked to report on the San Francisco
sessions. Mr.. McQuade made most
interesting summary regarding discus
SionS which took place on branch bank
ing, group banking, unit banking, the
status of the national banking system,
progress of trust departments and
host of other subjects that gripped the
attention of the delegates.
Resolutions were adopted on the death
of Charles r. Talbert, vice president of
the Northeast Savings Bank, and E.
Wiley StearnS, chief of the national
bank examiners. The members of the
association also rose as tribute of re-
spect to the memories of Charles X
Bell and William T. Galliher, resolu-
lions on the passing of these members
having been adopted at special meet
ings.
w. o. Woods, Treasurer Of the United
States; John w. Pole, controller of the
currency; Roy A. Young, governor of
the Federal Reserve Board, and practi-
cally all the other invited guests were
present at the meeting. A buffet lunch
con was served after the conclusion of
I,x, cVNoolrar
Women to Hear WesterffeId.
The Continental Trust Co. sent out
Invitations today to large number of
Washington women asking them to be
present as the banks guests at an illus
trated lecture on the New York STOCK
Exchange by Jason WeSterfleld, pub
licity manager of the exchange, on
Monday morning, November 4, at 1890
o'clock at the Mayflower Hotel.
The purpose of the gathering is to
give Washington women chance to see
clearly pictured and explained the meth
DDS of transacting business on the ex5
change. The lecture will include much
other information on financial matters.
Miss Mary j. Winfree, secretary OF
thu Continental Trust Co., is particu-
larly anxious that local women be given
better financial service than they have
often received in the past. Many wom-
en- say they cannot get financial service
in some local banks that their husbands
get without the slightest delay. Yet
many of them are heavy investors.
Miss Winfree is giving a series OF
three lectures on Monday evening at
the Y. w. c. A. in an effort to give
women fundamental information on
financial matters. Men don't seem to
understand that Al per cent of all in
vestments are made by women and that
zA., g. 1aNT
written is made out to some woman,
she says. "One of the leading agents
in the city says he never yet made out
an insurance policy to be paid to
man.
Very Heavy Trading on Exchange.
Trading on the Washington Stock
Exchange today Just about smashed all
previous RECORDS. The local market was
one of the broadest that it has been
this year.
Bonds were again in heavy demand
at recent price levels, sales being record
ed in practically all the important
issues. Bank stocks were also in active
demand four or more issues coming out
on the board during the session.
Trading in the stock division also
closed with a 25-share block selling at
25. Mergenthaler figured in many small
lot transactions around recent levels.
While the wild market in New York
had no effect on prices here, it seemed
to indirectly cause increased trading.
North American Company Reports.
Consolidated income statement of the
North American Co. and subsidiary
companies for the IL months ended
September 80, 1929, shows $26952,0l2-
OF for common stock after all operating
expenses, interest charges, depreciation
and all other reserves and preferred
dividends.
These earnings are an increase OF
30.40 per cent over those for the IL
months ended September 80, 1928, anc
are equal to $5.17 per share on the
average number of shares of North
American common stock outstanding
during the IL months ended September
80, 1929, compared with 81 40 per share
on the average number of shares out
standing during the preceding l.
months period.
GroS earnings were 145,624 ,060.9 81
Operating expenses, including mainte
nance, taxes, and all reserves excep
depreciation, were 75,846, 1855, ant
net income from operation, was 500,
777,334.26.
Chesapeake g. Ohio Railway earne,
S15.76 a share on 1,482 ,694 common
shares in first nine months 1929, a
against S1654 a share on 1,178,o9
shares in like 1928 period.
CHICAGO DAIRY MARKET.
CHICAGO, October "a R.-Butte