Evening star., 1935-04-12

BANKERS TO LEAVE
FORA.B.A. SESSION
Fleming, Vass, Mountioy
and Deyber to Attend
Council Meeting.
BY EDWARD C. STONE.


ican Bankers Association will board
a special train here tomorrow night
bound for Augusta. Ga. The special
starts from Boston and picks up
financiers all the way along including
New York, Philadelphia and Balti-
more.
Robert Fleming, first vice president
Of the American Bankers Association
and president of the Riggs National
Bank; George o. Vass, vice president
and cashier of Riggs National; Vic
tor B. Deyber, president of the Sec
ond National Bank, and Edgar E.
Mountjoy. Washington representative
of the A. B. A., will 60 to the meeting.
Mr.. Fleming will attend as an off,
cial of the association, a member of
many important committees, and will
make special report on the financial
condition of the A. B. A. Mr.. Vass
will attend as member of the Spe-
cial Committee on Banking Studies,
one of the associations most active
and important committees at the
present time. Mr.. Deyber is chairman
of the Committee on Relations with
the Federal Reserve System for ma
tional banks and is member of the
National Bank Division Executive
Committee.
Mr.. Mountjov always attends the
meetings of the A. B. A. Executive
Council. as well as the annual con-
ventions of the entire association.
There are an unusually large number
OF important reports to be made at
the Augusta sessions, the meeting
being looked forward to by bankers
as one of the most significant in
many years. Banking matters pending
in Congress makes it of vital import
to all financial institutions
Keeping the banks in the control
Of private bankers and keeping po-
litical control as far as possible. away
from the Federal Reserve Board are
among the big problems likely to
receive good deal of attention. Bust
ness and banking conditions and
glances at the outlook are always
live topics at these gatherings. There
will be lot of committee meetings
Sunday. but the real business of the
council gets under way on Monday.
High Spots in Utility Report.
High spots in the annual report of
the North American Co. reveal that
residential customers not only in
creased in number in 1884, but also
used more electricity than ever
Output late in 1884 and early in
1885 actually exceeded the records
Of the latter part of 1929 and early
in 1880, the report says. Industrial
demand reflected more settled con-
dition of manufacturing activity.
Statistically, 1884 was a good and
encouraging year. Lower rates pre-
cluded an increase in revenues
corresponding with the growth in
business. Costs rose faster than rev.
enues.
Apart from the uncertainties for
the future arising principally from the
proposed destructive and restrictive
legislation now before Congress, the
company looks forward to business
improvement in 1885, the report says
Heaviest increases in expenses were
In fuel and labor. The larger number
of employees at work and the higher
average wage per employe resulted in
an increase in operating expenses of
nearly 100000 over the previous
year.
Interest on funded debt decreased
from SIG, ,424,810 to $15,59l ,024. The
reduction resulted in part from elimi-
nation of interest of S362,696 appli-
cable to the transportation of proper
ties of The Washington Railway g.
Electric Co. now paid by the Capital
Transit Co.
foI st al f,.;,
at the end of 1884 was 1,101,5O5, an
increase of 29,635, or 275 per cent.
Practically all the increase was in
residential patrons.
Total investments shown on the
consolidated balance sheet on De-
cember 81, 1884, we're $157, ,305, ,48O, as
conpered with S156, ,086 in 1888.
Neither the company nor any of its
subsidiaries had any bank debt at the
end Of 1884 or when Mr.. Fogarty
wrote his report.
Bids Asked on Bond Issue.
Chairman T. Howard Duckett of
the Washington Suburban Sanitary
Commission announces that bids have
been asked on s250.0OO Washington
Suburban Sanitary District Maryland
412 per cent bonds to be dated April
!, 1885. interest to be paid semi-an-
nually. The bonds will mature in so
years and are redeemable in 80 years.
Bids should be filed at the Office
OF the commission in the Tower
Building In this city not later than
pm. Wednesday. April II, when
they will be opened. The bonds will
carry all the exemptions as to taxes
OF Maryland municipal bonds and are
guaranteed Internationally as to both
principal and interest by Montgom-
cry and Prince Georges Counties by
Endorsement on each bond.
Application has been made to the
Maryland Public Service Commission
for approval of the bonds which are
to be known as series "GG."
Bankers to Visit Hot Springs.
President F. p H. Siddons of the
District Bankers Association and all
the convention committee chairmen
leave here tonight to spend the week
end at Hot Springs, Va, making final
arrangements for the annual gather
Ing which opens at the Homestead
Hotel on May 80. Other association
members taxing the trip will be Hill
leary G. Hoskinson, general conven-
ton chairman; Thomas ]. Groom,
secretary OF the association; Lanier
p. McLachlen, chairman Program
Committee; Barnum L. Cotton, chair
man Entertainment Committee; Rob-
ert H. Lacey, chairman Transporter
tion Committee William " Simmons,
chairman Hotel Committee. A Scott
Offutt, chairman Sports Committee,
and Robert l.. Flather, chairman Pub
licity Committee.
Today's Trading on Exchange.
Bonds got all the attention on the
Washington Stock Exchange today,
with the first sale in Washington Gas
81, series B, $500 moving at 10334,
same as other recent transfers.
Washington Railway & Electric Is
recorded a 81 900 sale today at 103A,
this price also being unchanged.
Torifa1 Ira ctinn SS again sold at 90