Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-12

national bank eX- Ira L ChorueninR
aminer for this
area is 40 years Of age and was borr
m Iowa. After three years OF banking
experience he was employed in the Of
fee of the controller of the curTenc,
here for a period of 10 years. He wa!
appointed a national bank examiner II
1921. and his first assignment was K
the Minneapolis Federal Reserve dis
trict. He served there until 1926
when he was transferred to San Fran
cisco.
This will be his first responsibility a.
q chief national bank examiner. OF
ficials at the Treasury express tnt
greatest confidence in Mr.. Chorpenins
and predict a successful tour Of duty
for him here.
North American Co.
The North American Co., which vir-
tually owns the Washington Railway
& Electric Co., is one OF the group
of utility stocks which has engendered
considerable bearish feeling" according
to Redmond & Co.'s analysis OF the
stock market, which adds: "A little
study of this group shows why this Is
the case"
Most of the utilities" says the re-
view, still are selling from 20 to 70
times peak earnings of last year, and
many of them are to times their
book value. There has been selling
of North American, American Water
Works and others Of that type because
of their high ratio Of market price TO
earnings. AS an example, North Amer
lean at "a is almost exactly at 20 times
the highest record earnings OF last
year, when 1882 a share was earned.
The market appraisal of North Ameri-
can stock at 90 for 6,000,000 shares Is
$40, 1000 900, or approximately $24O,-
600 900 above the value in the balance
sheet, including all reserves and sur
pluses as equity for the common.
"a condition of this kind, prevailing
in a group of stocks Is not likely TO
make itself felt overnight, but 1t ex-
plains the cautious attitude OF TRADERS
toward the utilities"
No Wage Reduction.
1--WE have not considered any reduc-
xion in either wages or salaries of our
EMPLOYEES. nor do we expect to DO so,
Ralph G. Coburn. executive vice presl-
dent of General Foods Corporation, an
nounced. .
General Foods factories, located IN 40
cities, is running approximately at
normal, according to Mr.. Coburn.
Since General Foods manufactures
80 different products, IA of which are
nationally advertised brands, Mr.. Co
burns statement may be regarded as
an index to conditions in the package
food industry.
Restricted trading on the washington
Stock Exchange today featured largely
the local utilities and bank stocks, with
prices holding generally firm, while
The largest transaction was Potomac
Electric Construction SIS in the sum OF
81 900 at 103, same as last sale.
washington Gas BIS sold OF a point
under last sale, at 1851. Capital Trac-
ton IS were shade on at 9311.
Capital Traction Co. stock sold at 81.
compared to So prior sale. Merchants
Bank g. Trust Co. turned over I'VE
blocks of 10 shares at 125. holding firm.
National Bank Of Washington went at
$50, which was points under prior sale.
Heard In Financial District.
IAnier P. McLachlen, president Of
the District of Columbia Bankers As
ISOLATION Is expected to return tomor-
row from a short motor trip TO Eagles
mere, Pa, and vicinity, during which he
visited his son Thomas at Camp Red
Cloud, Brackney, Pa.
Charles b. Lyddane, vice president Of
the Federal-American National Bank,
has returned from hts vacation in the
Middle West.
Miss Mabel v. Royce of the Washing
dent of the Bank Womans Club of
Washington, has returned to Washing
ton after a trip to Minnesota.
Walter j. Harrison, vice president OF
the Commercial National Bank, has re-
turned from his vacation.