Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-16
Much Less Than Total Was
Needed in Hating Stock
DebacIe.
NATIONAL PROSPERITY
THREATENED BY BREAK
Bankers Journal Calls Attention
to Service Rendered by
Financial Giants.
BY EDWARD C. STONE.

the last Wall street crash indicate that
these institutions made s24o.oOo oOo
available for this purpose, or sac. 600 O0O
each. Nowhere near the total amount
pooled was used, however.
Inc current American Bankers As
ISOLATION Journal considers that the
greatest service such an immense bank
ing pool performed in seeking to end
the stock panic was upon public mag
lnation at that time. Some said that
the bankers pool has saved the Nation
and was an example of high-minded
patriotism, while others claimed it was
an attempt TO save specific assets
In sense 1t was both, says the Jour-
nal The biggest asset the Nation has
is Nationwide prosperity, and the
larger the institution the larger the as
set looms. Washington bankers believed
at the time Of the break that the New
York banks were not so much con-
cerned over the market crash itself as
In the fierce destruction of real security
values. Naturally, the bankers were in
terested in certain individual stocks, but
the wholesale cutting of values was
what they said they feared most of all.
At such times bankers are always
called in or step in. In helping to
stabilize the collapsing market the
bankers did only what they were ex-
w,
journal asserts.
N. e. w. Steamboat Officials.
One of the most important annual
meetings held here during the past
week was that Of the Norfolk & WASH
ington Steamboat Co. Among the off,
GERS elected was Clarence F. Norment,
IT., as president, while j. Allen Riordon
was made general manager. Both are
well known Washingtonians.
Mr.. Norment is probably the youngest
steamship company president in the
country. Born in Washington April g.,
1897, he is but 80 years Of age. He was
educated in Sidwell's Friends School
and the Collegiate Institute, both of
Washington, and later graduated from
Lafayette College, Easton, Pa.
He is director in the National Bank
OF Washington and the Norfolk g.
Washington Steamboat Co; secretary
treasurer Norment, Smith & Fuller Co.:
member Washington Real Estate Board
and Washington Passenger Association.
He has been associated with the steam
boat company about 10 years as a di-
rector and an official for about years,
f1rst as secretary. later as vice presi-
dent, and finally succeeding the late
Charles j. Bell as president in the Fall
of 1929. Mr.. Moments father has been
very closely connected with the COM
pany for nearly half a century.
j. Allen Riordon, the general man
ager, has been connected with the Po-
tomac River line for 20 years, unusually
long service with any concern. Born in
the National Capital January 81, 1882,
ne attended the public schools here and
Business High School. Later he entered
Georgetown Law School, taking the de-
gree of Ii. B. in 1904.
His frSt connection with the steam
ship company was in 1901, when he be-
came secretary to the general manager.
He held this position through 1907, and
from 1908 to 1912 was the company's
general claim agent In 1913 Mr.. Rior-
don was again promoted being made
auditor of the company, which position
he held until his recent selection as
general manager.
Local Stock Market Steady.
Prices were steady on the Washing
ton Stock Exchange yesterday. Chevy
Chase Dairy preferred sold at 105, up
5 points from the last SALE American
Security & Trust Co. moved at 425,
same as the last transfer, and Capital
Traction sold at SO, up q of point
Merhants Transfer & Storage COM
mon came out at 100, in a 20-share
turnover, and 10 shares of the pre-
ferred changed hands at 991s. In a
very small turnover, Merganthaler Limo
type ended the week at 10834, 100 shares
OF National Mortgage g. Investment
preferred came out at AS, while Peo-
pies Drug Stores preferred opened at
1041a and closed at 104.
Potomac Electric Power per cent
preferred stock sold eX divided at III.
and 80 shares of Real Estate Mortgage
& Guaranty preferred sold at 81. In
the bond division Capital Traction SIS
sold at 95s and there were three $500
sales in Washington Gas SIS at 1OI
Stocks in the unlisted department showed
practically no changes during the week.
The weeks business, as a whole, how
ever, revealed an upward trend In
volume.
Utility Probe to Be Resumed.
The Federal Trade Commission will
resume its investigation in connection
with public utilities on February l8,
when 1t will go into the financial phase
of the industry. officials of the Amer
lean Gas & Electric Co. will be the first
to testify.
The scope of the inquiry will include
the study Of financial methods of the
industry, such as relations to separate
companies or affiliated groups of op-
Grating, holding service or MANAGEMENT
companies.
The commission has had field agents
examining books of the utilities in their
own offlces since the investigation be-
gan about two years ago. Among the
concerns which the commission agents
visited were the Standard Gas g. Elec-
trio Co., United Public Service Co.,
Electric Bond & Share Co., Electric
Power & Light Corporation, American
Power & Light Co.. North American
Co.. Southeastern Power & Light Co
and the New England Power Associa-
ton.
Heard In Financial District.
A special committee of the Washing
ton Stock Exchange is looking for new
quarters, which will be necessary when
the American Security g. Trust Co.
starts building operations. While bids
have been asked on a big annex which
would reach as far as the Union Trust
Building, no definite date has been fixed
for starting construction.
Selection of Luther E. Schreiner as
chairman of the hotel committee for
the next annual convention of the Dis
trict Bankers Association will be most
favorably received by local bankers. Mr.
Schreiner has already done some splen-
did committee work for this oTgarliza-