Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-21
SHORTER BANKING
HOURS SUGGESTED
District Association Will Con-
slider Plan for New Sum-
III mer Schedule.
BY EDWARD c. STONE.

Shorter banking hours Tor WaSning-
ton financial institutions during the
Summer will be carefully considered
at a meeting of the District Bankers
Association to be held late this after
noon at headquarters, in the Becker
Building, President w. J. Waller pre-
siding.
Much interest is being manifested
ing hours prevail in the larger cities
along the Eastern seaboard in the
Summer and the schedule has worked
out very nicely. In Philadelphia, Ior
example, the banks will begin again
this year on April % and close at 2
o'clock, Eastern standard time, every
day in the week but Saturday, Wnen
they will close at IL o'clock.
The question of earlier closing hours
for Washington banks is not likely TO
be finally settled at today's meeting.
If the majority of members present
favor the idea, it is probable that
committee will be appointed to Draw
up resolutions stating just what 1t Is
proposed to do. These resolutions can
then be laid before each bank board
for definite action. The hours OF some
of the outlying banks differ from those
of the downtown banks. and such dlf-
ference would naturally be mentioned
in any resolutions on the subject.
The plan has worked so we'll in other
cities that many local bankers are very
anxious to see it tried here. II UNI
versally adopted, no one bank mas any
advantage over any other bank and no
business will be lost by the banks as
group. The last time the matter was
brought UP here it met with the ap-
roroyal of nearly all the banks.
At today's meeting the standing COM
roittee chairmen also will make re-
ports, the last before the annual con-
vention at Asheville. The meetlng
promises to be an unusually lnVeresI-
ing one.
Ranks Financing Brokers' Loans.
Growth in brokers' loans during the
yast two or three months, which mas
accompanied all advance in security
nrices. has been financed entirely by
the banks, and particularly by the New
York banks for their own account,
states Federal Reserve Board IN us re-
view of credit conditions for the month:
Beginning with the last week OF
February. the volume of credit OF mem
her banks began to increase rapidly ana
at the end of March was about $780,
600 900 larger than month earlier, the
review states.
There is nothing in the boards re-
view that indicates any worry over the
steady advance in loans. The last
weekly report showed a gain OF
Sl31, 00o, COO.
March Automobile Output.
March production factory sales) OF
motor vehicles in the United States, as
reported to the Department OF COM
nerce was 401,378, of which 335, 789
were passenger cars, $4,000 trucks and
1889 taxicabs, as compared with
324018 passenger cars, trucks and taxi
cabs in February, and 585, Ass in Marcn,
1929.
Figures are based on reports from IA
manufacturers, AZ making passenger
cars and ll3 making trucks I'll max
ing both passenger ears and trucks.
The same Government department
reports that March cigarette produc-
ton was 9,165, 690,053 cigarettes, against
$3.50, ,524 in March, 1929; cigars,
4S7 ,905, 224, against 52l, IT'S 1913; manu-
featured tobacco. 27,820.4S7 POUNDS
against 28,187,787 pounds; manutac-
tured snuff, 1857, $50 pounds, against
S,475,532 pounds.
Fiduciaries' Section to Meet.
The fifth talk arranged by the in
surance trust committee OF the n
duciaries section of the local bankers
2SSOCidIlOu Will lake pldCC OOAAAOAAO"
afternoon at association headquarters.
This weeks speaker will be David
Bonet, assistant trust officer Of the Ma
tional Savings & Trust Co., who will
take Taxation" for his subject.
There will be two more discussions
after that scheduled tomorrow. These
will be on April 20, Administration
Procedure" by T. Stanley Holland, as
sistant trust officer of the American
Security & Trust Co., and, on May 6.
Trust Organization and Administra-
ton" by Irving zirpel, assistant trust
oficer of the Union Trust Co.
ID. C. Exchange Active.
Trading was quite active on the
Washington Stock Exchange today after
the three-day holiday The first stock
trading was in Potomac Electric Power
per cent preferred which registered
1887 and 1084.
Commercial National Bank stock
came out at 235, Columbia Sand &
Gravel came out at 954, and Emer-
sons Bromo Settler sold at 311a, clos
ing at 31H. Mergenthaler opened at
1071a and closed at 107H. Capital
Traction opened with 10 shares selling
at 1872 and closed with lo-share sale
In the bond division Washington
Railway & Electric As sold at 1874,
Washington Gas IS, series B, moved at
los, and Barber & Ross 6l2S came out
at 90N. Potomac Electric Consolidated
5s moved at 1o2 and Washington Gas
BIS at 1924.
n. & w. Earnings for March.
"Norfolk & Western Railways gross
revenues for March were approximately
ss,2oO,oo0, compared with $8,665,466 in
March year ago; and we estimate net
income after taxes and charges at ST.
5000, compared with $2,375,031 last
year." said Arthur G. Needles, presi-
dent of the road.
On basis of Mr.. Needles estimates,
Norfolk & Western will report first
quarter net income of about $1,000, 900,
equivalent after preferred dividend re-
ouirements to $3.50 share on l,406,-
483 shares of common stock. For the
first quarter, last year. Norfolk g. West
ern reported net income OF $7,874,12O,
equal to S5.45 share on l,402,883 COM
mon shares.
Heard in Financial District.
Lawrence Proctor, secretary of the
Washington Bond Club, expects a rec
ord attendance at tomorrow's monthly
session Mr.. Burruss has presented the
same address in host OF other cities,
where he has proved TO be an unusually
interesting speaker.
Charles E. Howe, treasurer of the
American Security e. Trust Co., has
returned from a brief visit to his old
home in Mifflintown, Pa.
The National City Bank has opened
another branch office in New York,
bringing the total number of Gotham
branches up to Al.
DECLINE IN COMMODITY
ppINEc Ic PEcIlMEn