Evening star., 1938-06-14


to Washington. H. H. Cooley, cashier,
Round Hill National Bank, is men,
Der of the executive council.
James w. Rawles, Richmond banker,
will speak on THE Business outlook
as 1t Affects Stocks and Bonds
Factors bearing on the outlook for
money rates will be considered by
DR.. E. A. Kincaid, professor of finance,
University of Virginia, who is con-
sulting economist of the Federal Re-
serve Bank of Richmond.
Bank management, installment loans,
broadening of bank services, regional
clearing house associations and inter
est rates will all come in for special
attention. One of the outstanding
addresses of the convention will be
presented by Robert NJ. Hanes, second
vice president of the American Bank
ers' Association, of Winston-Salem.
Fitzgerald Hall, president of the
Nashville, Chattanooga & Str-Louis
Railway, is another headline speaker,
Lessons to Be Learned from Railroad
Problem"
A host of group and committee
meetings are scheduled, with the an
nual election of officers coming on
Saturday.
Gas Stock Listed on Exchange.
The new Washington Gas Light
$3.50 cumulative convertible preferred
stock. to the extend of l3.l03 shares,
was listed on the Washington Stock
Exchange today.
This is the stock which was placed
on the market last week at $3.50 a
share and accrued interest and was
quickly oversubscribed. /. was prac-
tically all taken by local investors.
There were already 10000 shares of
Washington Gas preferred on the ex-
change, which was sold year ago.
Today's listing brings the number on
the board up to 33.l03 shares.
The old stock sold last week at 9Sls.
The latest bid is s7l2, with 100 asked.
Utility Values Analysed.
Ralph A. Van Orsdel, general
counsel of the Chesapeake g. Potomac
Telephone Co., gave fine address on
THE Financial Stability of Public
Utilities" before Washington Chapter,
Chartered Life Underwriters, at the
Cosmos Club last evening, President
Dwight Scott presiding.
The speaker declared that all insur-
ance companies are interested in the
investment integrity of their reserves
Integrity of investment. he said, de-
pends upon the value of the property
which secures such investment.
Fair value of utility property should
represent the value of the property
dedicated to public service at the time
of the determination. Rates are based
on this value so that the rates will
produce sufficient income to take care
of the expenses, including deprecia-
ton, interest and taxes, and leave
something for surplus. so that the
utility may have funds 10 discharge
its public undertaking.
Many regulatory authorities are of
the opinion that the actual dollars
evidence Of what constitutes fair value,
the speaker COnCluQeQ.
Air Express Shipments Mount.
For the first four months of 1888
air express shipments on Nation
wide scale showed an increase of 81
per cent for this period, according to
Railway Express Agency. Shipments
for January to April numbered 213, ,060,
compared with 200,796 for the corre-
spending months in 1887.
Clothing showed the greatest in
creased activity of all commodities
moving in and out of New York City
by air express in May. The total for
the month was 1882 shipments, an
increase of 35 per cent.
United Air Lines today reported sub
stantially increased traffic over its
New York k-Chicago-Pacific Coast and
Seattle-San Diego airways during May,
when total of 100000 revenue pas
senger miles were flown, an increase
of l8 per cent over April, and gain
OF per cent over May last year
Bankers Miss Hoard of Gold.
Washington bankers and others at
tending the American Institute of
Banking Convention at Louisville, KY,
just missed seeing the millions in gold
now stored at Fort Knox. The party
was granted special permission by
Secretary Morganthau to inspect the
storehouse, When they arrived at
Fort Knox they were permitted to go
closer than ether visitors to the "mau-
soleum" housing the treasure. But
some one vetoed the inside view Can t
trust you" said one guard, humorously.
Troy M, Rodlun, an advertising ex-
pert, was the guest speaker at the
luncheon of the managers and general
agents section of the District Life Un-
derwriters Association, at the Kamil-
ton Hotel this noon.
Heard in Financial District.
Clarence A. Aspinwall is giving a
dinner on Friday at the Chevy Chase
Club in honor of Miss Helen Howison,
assistant treasurer of the Security
Storage Co., commemorating her 25th
anniversary with that company.
Two particularly familiar figures at
the bankers convention were Lucius
v. Friedli, the official reporter, and
James B. Edmunds, who had charge of
the special trains on the Chesapeake
& Ohio to and from Hot Springs. Mr.
Friedli has attended 16 of these an
nual meetings.
Brokerage opinion on Fifteenth
street is getting bit more cheerful
While the volume of trading is very
depressing, brokers here believe that
before long the New York stock mar
ket will begin to discount the expected
business improvement in the fall
While stocks may go lower, no ex-
tensive selling is looked for in the next
few weeks.
Paul H. Primm, president of the Dis
trict Life Underwriters Association, is
back from trip to San Francisco
where he attended a convention.