Evening star., 1933-10-04

and DR.. Clarence A. Weaver. auditor.
The new directors are Mr.. Rosen-
berg. Mr.. Sanders, Mr.. Owings, Mr.
Riordon, Mr.. Groom, Mr.. Milans, DR..
Weaver. William L. Bush, James E.
CollitioWer, E. Taylor Chewing,
Thomas N. Beavers, Richard L. Elliott,
Albert S. Galley, Martin A Leese, Harry
E. Mayer, John F. Maury, Vernon G.
Owen and Frank OWings.
President Rosenberg has been with
the eank ever since it was organized
about % years agc, and John M.
Riordon. the executive vice president,
has rendered the same term of service
Mr. Rosenberg is a former president
CT the District Bankers Association
and Mr.. Riordon has held many i'm
portant committee assignments in the
same organization.
Would Speed Bank Openings.
Secretary of the Treasury Woodin
presented a plan to President Roose-
welt yesterday aimed at speeding up the
opening of closed banks The confer
ence lasted three hours George Har-
rtson. governor of the Federal Reserve
Bank of New York, also being present.
After the conference Secretary Woodin
intirlated that the President would de-
eide IN the near future on putting the
suggestions into effect. The question
Of monetary initiation was rot discussed,
Secretary Woodin said
Getting the closed banks all over the
country opened more rapidly. has been
one of the big problems of the admin
iStration in recent weeks. The amount
of money tied up in these banks is
cramping the recovery very seriously.
How to get the banks opened more rap
idly, but at the same on the soundest
possible basis, is where the difficulty
lies.
The President has said that all banks
that are not re-opened by January l
should go into receivership at once.
Depositors ando business men are in
hearty accord with this idea and hope
it will be carried out Recently some
Of the efforts to get banks going again
have been based more on solvency
than liquidity. Washington bankers
are in the fullest sympathy with this
move. AS it should be, they say.
North American Reports Gains.
Frank L. Dame, president of the
North American Co., of which the Po-
tomac Power Co. and Washington Rail-
way & Electric Co. are subsidiaries re-
ports that electric output in the third
showed substantial improvement, and
for the first time IN four years revealed
an advance over the second quarters.
Total kilowatt hours were 1,l55,000,-
900 for the third quarter Mr.. Dame
said, for the nine months, 1920, 900 900.
ard 4.39c.0OoO0o for the - months
ended September so. 1888. In May and
June. the first two months of the up
ward swing. the increases were 2 per
cent and per cent. respectively Fol-
lowing that. the rate Of increase was
substantially accelerated and has been
maintained at high level during re-
cent months, the comparison with 1882
being 13 per cent in July, 1874 per cent
in August and 1874 per cent in Sep
tember.
The sustained increase in the use of
electricity in our territories has resulted
in gradual improvement in trend of
revenue of North American subsidiaries,
though increased kilowatt hour output
cannot be Immediately translated into
comparable gains in dollar revenue.
The principal reasons are that most of
the improvement so far hes been in
output for Industrial use. and that resi-
dcntial use is still somewhat below eX-
rectaticns because Of doubling up Of
families and other forms of household
economy. Commercial use has also
been below normal"
Trading Light on Exchange.
Business was dull on the Washington
Stock Exchange today on account Of
the world series or for some other rea-
son. All trading was in bonds, $1,000
Potomac Electric Power IS moving at
108, and ST 900 Columbia Country Club
5l2s changing hands at e6. same as yes
terday's price. After call, $500 Capital
Traction SIS sold at SIS. unchanged from
other recent transfers in this issue.
The District Underwriters Associa-
ton. Thomas P. Morgan. Jr., president,
held its first Fall meeting of the season
ct the Willard Hotel this noon.
An Issue cf $275.O00 bonds for con-
struction OF additions to public schools
Will be offered by Prince Georges
County Md, about October 18, it is an
noupced.
New security issues aggregating sl8,-
100000 are called for in Is registration
statements just filed with the Federal
Trade Commission, bringing the total
securities registrations to about $243,-
C00,oQ0.