Evening star., 1935-11-08

counsel.
The complete list of delegates stands
as already announced with the eXcep-
ton of one or two cancellations at the
last moment. At the same time c. H.
Pope, vice president of the Munsey
Trust Co. and a former president Of
the District Bankers Association. ar
ranged to take the trip. Many other
past presidents of the local association
are in the party.
Several members of the Washing
ton delegation are much interested in
the dinner Sunday evening to be held
by the members of the Association of
Reserve City Bankers in New Orleans.
Members of this organization, who be-
long to the A. B. A., always have
dinner of their own during the con-
vention.
President Robert v. Fleming of the
night for the convention city. Most
of the other delegates will take sew
eral side trips on the way. The
Washington bankers are specially
anxious to hear the speech by Senator
Glass which is scheduled for next
Tuesday.
Board Rooms Overcrowded.
There was a grand rush to the
board rooms of the New York Stock
Exchange Offices here today for the
opening Evidently large numbers
Of Washingtonians are carrying util-
ity stocks and all we're anxious to
watch the tape following the ruling
of a Baltimore judge who gave his
opinion that the new holding COM
pany act is unconstitutional.
The market opened like the boom
days of 1929. 1t was nearly 1890
am. before the first sale in Com
monwealth & Southern common came
out on the tape, $4,000 shares at 21s.
up from 212. Customers men said
this was the largest opening sale
in any stock since the 1929 break.
North American stock, in which
there is special local interest, opened
with 5000 shares selling at 27$4.
while National Power & Light opened
with $4,000 shares moving at 11's,
both stocks well above yesterdays
close. American Telephone jumped
over night from 146 to l48i=. All
the other utility stocks also opened
higher. The activity in utilities spread
to other issues, pushing the first
hour volume to very high figure.
Brokers said today that, regardless
of the validity of the holding COM
pany law, there has recently been
much more trading in utility stocks.
This is partly due to an increase in
electric power production and bet
ter trend in earnings, they said.
First 100 Per Cent Pay-Off.
Ell. Norris, receiver for the closed
Woodridge-Langdon Savings g. Com
mercial Bank, will start sending notices
tomorrow to some 1000 depoSltors in
the closed institution announcing the
payment of the last so per cent OF their
deposit. The payments are to start on
Monday at the bank which is now
branch of the Hamilton National.
The bank paid SO per cent back in
September, 1888, when it was reopened
d
tional and several other banks located
all over the city. The coming final
payment was made available through
a loan by the Hamilton Bank with
the approval of the Treasury. on re-
manning assets in the old institution.
The amount available is about S170,-
600, checks for this amount now being
drawn. The first payment included
about the same sum, it being stated
that many of the first checks never have
been called for. Depositors are very
enthusiastic over the outlook as this
is the first closed bank in the city to
make a full payment. To get back
their capital they were only too glad
to drop all interest claims
Szymczak Addresses Bankers.
M. S. SZymcZak, member of the
Board of Governors of the Federal Re
serve System, addressed the Cleveland
Chapter, American Institute of Bank
ing, last night on The Federal Re-
serve System and the Banking Act of
1885" He said that about 40 per cent
of the banks of the country now be-
long to the Federal Reserve System
and these banks account for about 70
per cent of the country's banking re-
sources Member banks include 5,425
national banks and 985 State banks
and trust companies.
There are two important changes
effected under the new banking legis-
lation. and I should like to emphasize
them," he concluded.
First. there are the provisions that
fix responsibility more definitely for
the determination and direction of ma
tional credit policy through control of
open market operations, of discount
rates and of reserve requirements.
Second. there are the provisions
that broaden our classes of member
bank assets eligible as security for
loans from reserve banks, and en-
courage local banks to meet a wider
range of credit needs in their COM
munities.
1T must be recognized, however.
that If the system is to achieve as
much as we all hope, it will need more
than these new provisions. 1t will
need the cooperation of business men,
bankers and the general public"
Bonds Lead Exchange Sales.
Bonds were in the best demand on
the Washington Stock Exchange to-
day. City g. Suburban IS getting all
the attention. Five consecutive $1,000
sales took place at 90la and one $4,000
transfer was recorded at 80.
In the stock division single share
of American Security & Trust Co.
stock came out on the board at 200.
No sales were recorded in Washington
Railway & Electric common stock,
which Is now in the limelight. The
bid, however, was raised from $3.50
to $3.50, while the asked price re-
mained at $3.50 share.
h