Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-05

tional; Avon M ~
MENUS. vice presl-
dent RIGGS Ma Rome c. Stephenson.
tional, and E. E.
Mountjoy. Washington representative OF
the American Bankers Association.
sMr Addison represents the Dlstrlct
Bankers Association as member OF
the A. B. A. executive council and Mr.
fleming is a member OF several spec!al
committees. Several other local bank
ers planned to attend the sessions. but
were detained at home by pressure OF
Business.
sRome c. Stephenson, president OF the
association, is close friend OF SeVeral
local bankers: has made addresses be-
fore the District Bankers Association,
Institute of Banking. ana was speak
et ct the Bank Management Confer
ence held here last Winter. He also
attended the last convention OF the
State Bankers Association held here.
Edmund S. Wolfe. former cashier OF
the District National Bank, is presiding
at the meetings of the National Bank
Division at Atlantic City. This year S
convention is considered one OF the
most important meetings of the kind
eyer held by the association. on account
p6 present nation Wide banking, business
and economic conditions.
MIR. Stephenson will review the events
which have taken place during ms
term of Office, at tomorrow's session. and
President Wolfe of the National BANK
Division will also make his annual re-
port.
Interesting Phone Stock Review.
Stock of the American Telephone &
Telegraph Co. is now more Wloely
owned than that of any other coIpo..
ration. An interesting comparison OF
been revealed by dividend records OF
the American Bell Telephnoe Co. pre-
decessor of the present parent company
Of the Bell system. The companys
first dividend was paid January /, 1881, ,
to stockholders Of record DECEMBER o.
1880. Since that time dividends nave
been paid continuously by the company
and its successor for more than SO
years. o;,,od
of the $40 stockholders who received
the January, 1881. dividend, $50 resided
in Massachusetts,, the State IN Whlcn the
Telephone was invented and in which
the Bell syste began its career. Inc
remaining 90 stockholders were scat
tered chiefly over a few other States.
Tn contrast with such limited distribu-
tion of shares the more than 6OO,
present owners of American Telephone
&, Telegraph stock reside in every state
Of the Union and IN about 70 foreign
countries and United States possessions.
While the American Bell StocKholoers
owned an average OF about llO snares
in 1880. as compared with present aver
ace American Telephone & Telegraph
shareholdings of less than 81 shares.
the figure was not at all large for that
time.
Those stockholders owning 10 shares
or less formed SO per cent OF the total.
Today the same share-holding group
nf
Telephone g. Telegraph stockholders.
AS time passed investment interest
in the American Bell Co. broadened,
with the result that by 1890 there were
more than $500 owners OF the STOCK.
BY the end of the nineteenth century
the number increased to about 7,5OU.
Although the latter total is less than
IL per cent of the present number OF
American Telephone & Telegraph stock
holders it was substantial for 80 years
ago.
District National Reviews Trade.
The District National Bank has isl
sued its sixth monthly business sur
vev which covers September. 1t stresses
the British action on the gold stand
ard as the most important development
of the month.
we cannot expect substantial i'm
proyement in American business con-
ditions so long as the European sltu-
alton remains fundamentally unstable,
the survey says.
IAN that is necessary to increase
production of goods is for the supplies
on hand to be inadequate to care for
probable consumption requirements
over the next few months" is another
comment.
"A normal movement of commodities
into consumption cannot be expected
until retail prices and rents become
more uniformly in line with the cur
rent scale of wages and other forms OF
income" the bank says.
Fifth District Building Permits.
Building permits issued in 80 cities
Of the fifth Federal Reserve district
were more numerous in August than
in August, 1880, but most of them were
for minor operations and the total es-
timated valuation of the work provided
for was less than last year. Permits
issued for all classes of work totaled
3,289, compared with 3,026 permits is
sued in August, last year, an increase
of 81 per cent, but last months valua
tion of S6,102,074 was II per cent less
than the August, 1880, valuation of
$7,349,T1l.
Ten of the 80 reporting cities showed
higher valuation figures for the 1881
ington, D. c., and Wilmington, N. c.,
reported figures in line with their pop
Uiation figures.
THE Reserve Bank of Richmond re-
ports that 1880 permits were issued in
Washington. against 1.415 in August,
1870. Baltimore issued 1,034, against
1Al5 In the like month last year.
Washington permits were valued at
1895 800, compared with $2,350,64o in
August, 1880.
Active Trading on Exchange.
sLanston Monotype, by far the most
active stock en- the Washington Ex-
change during the past few sessions, was
again the market leader today. 187
shares changing hands during the ses-
sion, all sales being made at 70. The
largest block sold was 80 shares and
the smallest 7.
sTen shares of Capital Traction sold
today at 26. off point, the market clos
ing with IS bid and % asked. Amer
lean Security e. Trust Co. stock moved
to the extent of Is shares at 80.
Mergenthaler Linotype figured In
sale of 100 shares at IS, of 2 points
from the last previous sale. A single
share of Peoples Drug Stores preferred
spld at 80, several points under the last
sale.
1.-The largest bond sales were in Poto-
mac Electric Consolidated SIS at 101 u
and Columbia Country Club S l2s at par.
Washington Clearing House figures