Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-20
FLEMING TO OPEN
CONVENTION HERE
Riggs President Win Welcome
Delegates to Personal
Finance Meeting.
BY EDWARD c. STONE.

nent in banking, social welfare and re
ligious circles. will extend welcom
in behalf of local institutions to the
delegates TO the sixteenth annual con
venton Of the American Association o
Personal Finance Companies, to be helC
at the United States Chamber of Com.
merce September % to 26.
Robert V. Fleming, president of the
Riggs National Bank, one Of the young
est chief executives of a major financia
organization in the country, will deliver
the principal address of welcome
Chester Leasure, manager of the de-
partment of referenda and resolutions
of the United States Chamber of Com
merce. will act similarly in behalf OF
the latter organization.
The invocation at the opening of the
convention will be delivered by Rev.
DR.. John OGrady, secretary of the Ma
tional Conference of Catholic Charities
and widely known as an authority on
sociology. Rev. DR.. John g. Palmer
pastor Of the Washington Heights
Presbyterian Church, will give the in
vocation at the banquet to be held
at the Mayf1ower Hotel Thursday eve
ming.
The aim of the association is to bring
about uniform small loan laws in all
the States so that small loans may be
obtainable at reasonable rates The or
ganization is fighting against loan
sharks. and is backed up by the Russell
Sage Foundation. The loans handled by
members Of the association are smaller
than most banks care to make.
c. & o. August Earnings OF.
Gross revenues of the Chesapeake &
Ohio Railroad for August were $12,-
2l5,454, decrease of $1S03, 324 over
August Of last year; operating expenses
were $T,164 ,536, a decrease of $1,415, 373
as compared with August of last year;
net railway operating income is $4,288.-
765, decrease of S403, 578 over August
Of last year. The net income after all
charges for the month of August. 1890
was S3,782,797, decrease of 1911, 405
over August of last year. The operating
ratio is 587 per cent, compared with
6l.2 per cent for August of last year, or
q decrease of 2.5 per cent
For the eight months ended August
81. 1880, the Chesapeake & Ohio Rail-
way Co. shows gross revenues of S91, =
0l,019 decrease of $1,000. 745.
Operating expenses were S59, 445, 1913, a
decrease Of S5,610,73l. Net railway
operating income was $25.734,144, a
decrease of S2,l06,167. Net income
after all charges is S2I. 2o8. 56s. a de-
responding period of 1929. The operat-
ing ratio for the period is $50 per cent,
q decrease Of 10 per cent as compared
with same period year ago.
Book Reviews Monetary Changes.
Among recent books on finance is
one entitled The Meaning of Money"
written by Hartley Withers and pub
llshed by E. p. Dutton g. Co. 1t Is
the fifth edition and is called for by
the sweeping changes in the monetary
system. When the first edition was
written, London was the monetary
center OF the world. Today the Ameri-
can money market has assumed q
commanding position.
Inc author, an Englishman takes I'D
IN most informative way the facts
published every day about the money
market and explains their meaning.
He discusses coined cash, paper cash
Oils o. exchange, the connection be-
tween gold and credit, the westward
shift Of wealth. bill brokers and dis
count houses and foreign credits.
The bank rate and the market rate
why the market rate has to be regu-
lated, the banks power over the mar
ket and the "open-market policy" are
also covered in a most Illuminating
manner. He defines money as the
stuff with which we buy and sell
things" and his other definitions are
equally clear In discussing the benefit
Of stable exchanges, Mr.. Withers con-
cludes
1T is necessary that the central
banks Of all the leading countries should
cooperate, with a view to economizing
the use Of gold and co-ordinating credit
policies so as to give us all the sta
bility that banking policy can provide,
in the prices Of money and of COM
modities." The writer has made I'M
usually clear present-day banking meth
DDS and the laws governing currency.
Carpet Dividend Declared.
At a meeting Of the board of directors
Of the Carpet Corporation the regular
quarterly dividend of 37I2 cents per
share was declared, payable October
to stockholders Of record of September
%. 1880.
The president of the company, Harry
L. Carpet, reported that the net earn
ings for the eight months ending Au-
gust 81, 1880. were s63,513.76, or on an
annual basis Of $4,l2 per share.
Cleaned in Financial District.
Washington bank clearings this week
totaled S25, 500 000 against $22.848 900
in the previous week, and a decrease of
1853 per cent from the total for the
same week in August, 1929.
Arthur G. Ketcham, formerly of the
Wilmington Office of Hemphill, Moves 81
Washington Office of the same concern
He was formerly assistant secretary of
the Wilmington Trust Co.
Fox Film Corporation has declared
the regular quarterly dividends of 81
each on class A and class B common
stocks both payable October Is to stock
Of record September 30.
Stockholders of Paramount Publix
Corporation as of September S num-
bered 1920, against IS 486 on June
and 1871 on March 7.
Average speed of freight trains in
July was the highest for any July on
record, amounting TO 1879 miles per
hour, according to the Bureau of Rail-
way Economics This was an increase
of S miles above that for July, 1929.
The daily average volume of Federal
Reserve Bank credit outstanding dur
ing the week ending September IT.
as reported by the Federal Reserve
banks, was 81 ,008 900 900, a decrease OF
$4,000 5000. compared with preceding
week and Of S436, 100000 compared with
the corresponding week of 1929.
The eleventh annual convention OF
the American Trade Association Ex-
ecutives will be held at the Clifton
House at Niagara Falls, Ontario, Can
ada. September "a, Is, 26 and q.
This convention will bring together
the directors, managers and secretaries
Of practically all the leading trade as
sociations in this country. The princi-
pal theme will be the present business
situation and how 1t may be improved