Evening star., 1933-08-29

AJlNSS llOUl lAClS
will include Robert
w. Fleming, preSi- E. E. Mountjoy.
dent of the Riggs
National Bank; Frank ]. Hogan, attor-
ney for Riggs and also counse! Tor the
District Bankers Association; r. Earle
Haycock, auditor of Riggs; Francis q.
Addison. president of the Security saw
ings g. Commercial Bank, and Fred
erick P H Siddons, secretary OF the
American Security g. Trust Co.
Several other local bankers are serl-
ously considering attending the Chicago
meeting. On account of the many IN
tricate problems facing the Nations
banks at the present time, this years
convention is expected to prove one OF
the most important ever held.
During the session, Mr.. Fleming will
present his report as chairman OF the
A. B. AS National Legislative Com
mittee This is certain to be one OF the
outstanding records of the year on &C
count of the vital banking legislation
passed by the last session OF Congress
and because OF other, contemplateo
LEGISLATION. The committee has kept
in the closest possible touch with all
these matters during the past IL
months.
Francis H. Sisson of New York will
preside at the convention sessions.
During the sessions an invitation Will
be presented inviting the A. B. A. to
hold the next annual convention in the
National Capital. it already having been
indicated by officials that such an in
vitation would be gladly accepted.
B. & O. Makes Good Showing.
Local holders of Baltimore ONO
stock will be much interested in further
details from the July report. The road
earned about 63 cents a common share
in July, after allowing for dividend re-
uuirements on the preferred stock.
The road is likely to earn a substan-
tial amount over and above all hxed
charges for 1888, if business continues
on approximately the present basis for
the balance of the year.
Net income for July is estimated
around $1,800,000, betterment OF
about s2,5oo,ooo over the figure for the
corresponding month of 1882. The
deficit after charges for the first seven
months of 1888 approximated 81 800 900.
an improvement in the neighborhood
of So 900 900 from the like 1882 period.
For the month of July, with an in
crease In gross revenues OF $4, l49 99l,
net operating income showed gain OF
only 81, ,59O,7 1922 Maintenance expendi-
lures were increased by more than
1000, 600, largely rejecting an increase
in pay rolls, employment having been
increased in July by $500 men COM
pared with May.
Pennsy Pushes Improvements.
Although gross revenues of the Penn
sylvania Railroad set in July new high
mark for the year to date at $50, ,375, ,407
as against $29, ,084, ,542 in June. previous
high month, net railway operating in
come was less, amounting to $6,585,615
in July against $7,444,758 in June, due
principally to larger expenditures for
maintenance AS a result net income
for July will be roundly $4,000 900, after
taxes and charges, equal to % cents a
share on 13,167, 500 shares Of capital
stock. $50 par value.
With the larger net railway operating
income the company reported net in
come for June of $4,095,332, equal to
81 cents a share. Net income for the
seven months ended with July, after re-
adjustment principally in tax accrual
account. was rising S6,100,000, equal to
Is cents share.
Early figures for August indicated
another month in which earnings will
be substantially ahead of year ago.
Officials Pay Honor to Norman.
Secretary of the Treasury William
H. Woodin. Eugene r. Black, governor
Of the Federal Reserve Board, and
George Harrison, governor of the New
York Federal Reserve Bank, were hosts
yesterday at a luncheon at the New
York Reserve Bank given to Montagu
Norman, governor of the Bank of Eng
land. Other bankers were also present
but no announcement was made regard
ing the table conversation. Gov. Nor
man left New York at once for his con-
ference with President Roosevelt later
In the day.
For the first time in several weeks
wholesale commodity prices advanced
during the week ended August rs ac-
cording to the index of the National
Fertilizer Association. There was a
gain of 4 points during the latest
week, advancing the index number from
66.4 to 668 During the preceding week
the index declined l point, while two
weeks ago it declined points. The
latest index number is points lower
than 1t was q month ago but is 43
points higher than it was at this time
last year.
Business Awaits Code Results.
In its weekly summary of the general
business situation, the Standard Sta
tistics Co., of New York, currently COM
AuCllOO % 1OlOWS
THE cautious spirit which has per-
vaded business since negotiations for
the adoption of the individual indus
try codes became the center Of atten-
tion seems likely to persist at least until
these codes are placed in actual opera
tion. While earlier gains in activity
are being we'll maintained in the ma
jority of lines, new commitments are
being deferred until price and cost un-
certainties are removed and definite in
dication of consumer demands under
the new conditions are available"
Mergenthaler Linotype opened trad
ing On the Washington Stock Exchange
today, five 10-share lots changing
hands at 251a, an advance of u point
over yesterdays sales of 104 shares.
Woodward & Lothrop common ap-
peared on the board today. 20 shares
moving at Is. It was the first sale in
this issue for a long time. woodward
& Lothrop preferred also figured in
small sale today, priced at 1862.
Stocks soon to pay dividends include
Potomac Electric Power common and
preferred and Lanston Monotype. Reg
ular disbursements have been recently
declared on these local issues.
Prices on the local board are hold
ing up well and the volume Of trading
has also advanced.