Evening star., 1931-12-03
BANKERS PLANNING
WINTER GATHERING
Committee Is Named to En-
gage Speaker for Meeting
on January 18.
BY EDWARD c. STONE.


gun plans for their annual mid-Winter
open meeting at which some noted
speaker is asked to give his views on the
financial and economic outlook, and
discuss any other problems which he
may consider timely and important to
the banking profession. Monday. jan
uary Is, has been set as the date for
the meeting which will be held at the
Willard Hotel
Acting President c. H. Pope has an
nounced the appointment of a commit
tee of three to engage the speaker The
appointments, made at the weekly
luncheon yesterday, include Francis G.
Addison, jr, president of the Security
Savings g. Commercial Bank; John
Poole, president of the Federal Amer
lean National Bank e. Trust Co., and
Howard Moran, vice president of the
American Security g. Trust Co. All
three bankers are former presidents Of
the association.
At a similar meeting a year ago the
guest speaker was David Friday, Wash
ington economist who is investment
adviser for New York financial house.
Two years ago the bankers were ad-
dressed by Prof. Irving Fisher Of Yale,
who happened to be here the very
evening after the start of the New
York Stock Market crash, the meeting
beng held earlier that year. At that
time he referred to the "lunatic fringe"
of stock spectators, stating that he
did not know how extensive the fringe"
was. 1t developed later that it included
several million people.
Yesterdays luncheon was made notable
by the unusually large attendance and
NJ fiela
guests, Commissioner Herbert S. Crosby
and Chief of Police Pelham D. Glassford.
G. c. Murphy Dividends Covered.
In letter 10 stockholders of G. c.
Murphy Co., j. S. Mack, president,
states that in excess of s4S0 900, sum
representing the company's dividends
disbursements for the year, had been
earned as of October 81, last This"
Mr.. Mack said, Ifs from the very conser- |
vative estimates made by the account
ants Of the company They further say. |
If December sales produce in about the /
usual ratio for December as against |
previous months in the same year, then |
the total net profits per share of COM
mon stock will show considerable in
crease per share over the profits of
1890"
For 1880, the company reported net
profit of $500 $50 equivalent after |
preferred dividends, to $2,81 q share on |
the outstanding 1898 common shares. |
Columbia Gas Line Completed.
The Columbia Gas g. Electric Corpo- |
ration, in letter to stockholders, an |
nounced recently that the natural gas |
pipe line from the fields in Kentucky |
and West Virginia through West Vir-
ginia, Virginia and Maryland to connect |
with existing pipe lines in, Eastern
Pennsylvania is now complete
This line" the letter said, "is already
supplying natural gas to the Washing
ton Gas Light Co., Washington. and to
the cities of Lexington, Covington and
Clifton Forge in Virginia. Piping for
retail distribution is progressing rapidly
in other communities in Virginia and |
West Virginia, in which service will be
tnaugursted before the end of the year"
1t develops that a good many people
In Washington thought this long pipe
line was being run East especially
for Washington and the Washington |,
Gas Light Co. On the contrary, 1t will |
be seen that it is for Baltimore and +
just as many other large communities
as can be reached.
Trading on Local Exchange.
Trading on the Washington Stock
Exchange today opened with Capital
Traction selling to the extent of
sold at 2o14, off fractionally from yes
terdays close.
The next sale was a small lot of
Potomac Electric Power 5l2 per cent
preferred at 1865. Lanston Monotype
figured in a 14-share turnover at SO,
and Al shares Of Washington Railway
S5 Electric preferred came out at "a.
A 50-share block of Real Estate
Mortgage preferred appeared on the
board at 6la, ending the days stock
sales. After being unusually active for
several days, bonds were entirely neg
lected
Peoples Drug Stores preferred has
been added to the ex-diyidend list
Lanston Monotype is also being quoted |
without the dividend which is to be
paid soon.
Other Financial Notes.
IL Savings, at their last meeting. de-
clared the regular semi-snnual dividend |
OF 3 per cent payable on January /, to !
stockholders on record December 20, |
John M. Riordon, executive vice presi-
dent, announced today.
Avon M. NeVius, vice president of the |
Riggs National Bank, has recently COM |
pleted IS years service with the vet
eran institution He started as a boy |
and has made unusual progress in the |
banking field
Fernand Petit, formerly vice president
OF the Merchants Bank & Trust Co., |
who has been in i'll health for long |
time, has been improving steadily dur |
ing the past several weeks and is nov |
contemplating returning to the banking |
district.
American Express Co. has declared |
the regular quartely dividend of s15O |
payable January to stock of record |
December l8.
Clearlngs of Richmond banks in No |
vember totaled sl35, 407 ,684, compared |
with sl93,637.0ll in November, 1880, |
Clearlngs for the first II months totaled |
81 ,6C5' 'O92 ,l64, against S2,093 ola ,228 for !
the Ike period year ago.
Baltimore clearings for November |
totaled s254,646 o6o, compared with |
$378,766,930 for the corresponding
month Of 1880.
Z. H. de Bronkart of the firm of |
Fenner, Beane g. Ungerleider has been
elected a director the Solid Carbonic
Co. He fills the vacancy created by
the recent death OF John CollingWood |
Of Harvey, Fisk g. Co.
The general level Of farm prices /
showed more pronounced upward !
movement between October Is and No. !
Vember Is than for any monthly period !
since August 1929, the Department OF |
Agriculture reported yesterday.
Short Selling.
NEW YORK. December 3 CSpeciaD.
One Of the large Stock Exchange