Evening star., 1932-03-28
BANKERS PLANNING.
/ DINNER APRIL Z.
Noted Financiers Are Invited
to re-Convention Gath
ering Here.
BY EDWARD C. STONE.

TO attend the District Bankers Asso-
citation pre-convention dinner, to be
held at the Columbia Country Club on
Tuesday evening, April 12 Several
distinguished f1nanciers have already
accepted the invitations of President
G. H. Pope and Lanier P. McLachlen,
chairman of the Dinner Committee. to
attend. Among those expected are:
John ". Pole, controller Of the cur
rency; F. G. Await, deputy controller;
E. H. Cough and John l. Proctor, also
deputy controllers; w. Folger. chief
national bank examiner; /. I. Chorpen-
ing, chief examiner for the fifth Fed
eral Reserve district; Frank j. Hogan,
counsel for the bankers association;
William H Donovan, David Lawrence,
Postmaster William NJ Mooney, Frank
S. Hight, George W. Offutt, Clyde B.
Asher, Arthur B. Shelton and Edgar
E. Mountjoy, Washington representa-
tive of the American Bankers Asso-
citation. ....-... .-.
Other members of the Dinner Com
mittee include, T. Stanley Holland,
trust officer of the American Security
& Trust Co., and Earle M. Amick, as
sistant cashier of the Riggs National
Bank Thomas w. Brahany, manager
of the Washington Office of E. A. Pierce
& Co., is arranging the program. al
ready well under way. The committee
has asked Roger w Whiteford to act
as toastmaster. The usual golf events
will take place in the afternoon with
the awarding of prizes in the evening.
For the first time in many months
the Federal Reserve bulletin is able to
herald an improvement in the banking
situation. pronounced decline in the
number of bank failures, strengthening
of the bond market and return hoT
of currency from the public to the
banks are indicators Of improvement,
states the Federal Reserve Board.
Increased public confidence came as
q consequence Of enactment of the
reconstruction finance corporation act
and the speedy enactment of the Glass
SteagaH bill, which increased the pow
ers of the Reserve system.
Bank failures during February for all
banks was lis, the lowest number since
July. 1881. and comparing with 342 in
January and 358 in December. The
small number of failures so far during
March, it is reported, gives rise to even
further optimism.
Maryland Phone Outlays Voted.
Extension to telephone plant to pro-
vide additional facilities for growth IN
Maryland, involving expenditures Of
$685. 1850, were authorized by the board
of directors of the Chesapeake & Poto-
mac Telephone Co. of Baltimore at its
regular monthly meeting, held in Bal
timore.
This appropriation brings the total
amount authorized for similar additions
and bettermentS to the telephone system
in Maryland SO far this year to S2,152,-
526, according to a statement made by
teleDhOne cOmDanV officials
Specific projects include the construc-
ton of aerial cable extensions in the
Somerset, Brookmont, Chest View and
Glen Cove residential sections OF Mont
gomery County served by the Bradley
Wisconsin central offices, and the in
stallation of a new storage battery in
the south central office, Baltimore.
Specifications in Montgomery County
call for placing more than $4,000 feet
of aerial cable.
According TO a compilation issued by
Merrill, Lynch & Co., 80 chain store
companies including two mail order
concerns show total sales for February,
1882, of $222,318,254, compared with
$3.50, ,927,597 in February, 1881, de-
crease of lao per cent. The two mail
order concerns show total sales for
February of 31,611 ,005, against $685.
T81, ,204 in February, 1881, decrease of
18.48 per cent. Excluding the two mail
order concerns, 81 chains show sales
for February, 1882, of $3.50, ,707, ,249,
against $212 2,146,393 in February, 1881,
decrease of 1910 per cent.
A slight upturn in business Is eW-
denced by a comparison of the sales OF
81 chains. These companies showed a
decrease of 1897 per cent in January,
1882. over January, 1881, while sales
for the same companies for February.
1882, showed decrease of only 1910
per cent over February, 1881.
i B. & o. and Other Rail Reports.
Z The Baltimore g. Ohio in its Feb
ruary statement made public this noon
reported net railway operating income
Of 81 ,402, ,59l, against $7l3,568 in Feb
rnary, 1881, a gain of $689,023. Net
earnings for the first two months of the
pfesent year also reveal an improve
nnent, being S2,757, ,507, against S204l,-
72l year ago. gain of $715,786. The
road made sharp reductions in operat-
ing expenses and maintenance of equip
nlent in February compared with year
ago.
The Virginian Railway Co. reports
for two months ended February 29,
1882, net income of S451, $50 after taxes
and charges equivalent after dividend
requirements on 6 per cent preferred
stock to 81 cents a share on 3l2,7l5
shares of common stock This COM
pares with $492 ITO, or 68 cents COM
mon share in first two months of 1881
February net income was S269,676 after
taxes and charges, against $158,483 in
February, 1881.
Annual report of the Norfolk &
Western Railway Co made public to-
DAY shows a reduction of funded debt
during the year of $l0,594,0 900 through
payment at maturity of S7,235, 900 gen
eral mortgage per cent bonds and
$3.27O,OOO equipment Az per cent Ger
tiflcateS. The condensed balance sheet
OF the company shows current assets
OF S12155,776, compared with current
liabilities of $4,110.742 Corporate sur
plus stands at s203, 1872, 166. Earnings
! per share on common stock outstand-
ing were Sl439 against S21.97 for $780,
a decrease of S758. ...'.-..
Today's Trading on Exchange.
Washington Railway & Electric As
monopolized trading on the Washing
ton Stock Exchange today as the weeks
, business opened. Five 81 900 transac-
tons were recorded, all made at 8012
In the stock division, two small sales
of Potomac Electric Power 6l2 per cent
RieAotACo Cooh p4dCe al llOt4' reoeTal-
American National Bank & Trust Co.
stock was quoted ex dividend To the
= list have also been. added Federal
American Co. common and preferred
and Carpet Corporation.
The New York City bank stock mar
ket, in which there is wide local in
terest, again reacted in sympathy with
She securities markets in general dur
ing the past week, according to records
sompiled by Holt, Rose & Troster The
aggregate market value of the 16 lead
Ilg issues was 81 ,661 ,033, 900, as OF
: March 26, against $1,766. .446,000 on
I March 10, a decline of per cent
J for the week
The average yield of the 16 leading
! stocks as of March 26, was 764 pei
cent, compared with yield of TIC per
/ cent on March 10, and 984 recorded on
: Is.--L !. .