Evening star., 1939-10-18

country later be-
willard G. Barker. come actively in
VOWED IN war, industry here would
experience a boom as business in a
great many lines would be speeded
up and expanded, Such a develop
ment, however, is not in sight.
Huge war profits from foreign |
buying are not likely, many speakers |
declare, because the allies will buv |
commodities from their own domin-
ions as far as possible. Only in the
purchase of munitions is this coun-
try likely to receive large war orders,
at least, for some time.
Furthermore, no vast increase in |
trade with South American coun-
tries is likely, the Morris Plan bank
ers were told. These countries must |
do lot of exporting to get money
with which to buy imports. Their |
exporting has been so curtailed that |
serious crimp has been put in their |
buying power.
General Outlook Bright.
Speakers, however, were highly |
optimistic on the general business
outlook, as disclosed in recent ad-
vances in great many different in
dexes. The business of the Nation |
is thriving, even without boom"
Arthur j. Morris, who founded the |
Morris Plan banking system spoke |
on War and the banking outlook. |
While there we're fewer Morris Plan |
banks operating at the time of the !
IL,
business was fully as good as in |
peace times and in some instances |
better. The present outlook ap-
pears to be satisfactory. de declared. |
constantine Brown. foreign COM |
mentator and member of The
Washington Stars staff, made one
OF the most interesting addresses at
the convention, discussing the war
IN detail. He said any attempt to
predict the length of the war would
be the merest guess. 1t may last Is |
weeks, Is months or Is years. Hitler
is desperate, always facing the pos
slblllty of revolution at home, in
addition to the outside forces op-
Grating against him. Under such
pressure, he may take many unpre-
dictable chances, Mr.. Brown said.
Loan Competition Keener.
Merle Thorpe, editor of Nations
Business, reviewed recent changes in
banking methods Years ago COM
mercial banks dealt largely with big
corporations to which they made |
substantial loans. With a slump in
demand for large commercial loans,
many banks have turned to individ-
ual borrowers in an effort to make
up the losses. In other words, bank
ing has become more of retail than
wholesale proposition, Mr. Thorpe
said. Under the new regime, COM
petition in the small-loan field has
become more and more keen.
In an address on automobile
financing the Morris Plan delegates
were told that more and more buyers
are obtaining their money from
banks for the purchase of new cars.
The convention was one of the
largest and best yet held, Mr.. Barker
said today. He has another year to
serve as member of the associa-
tion's Board of Governors and was
a member of the Program Commit
tee which planned the recent ses-
sions.
Today's Trading on Exchange.
Trading centered in Riggs Ma
tional Bank Common stock on the
Washington Exchange today The
market opened with shares selling
at 262, followed by a 5-share sale
at 2601a.
The next sale was one of the
largest bank stock transfers on the
exchange in many years, 1875 shares
of Riggs common moving at 26O
The days trading closed with a
single share changing ownership at
26Ol2.
Capital Transit stock opened today
with a small sale at 1874, followed
later by 25-share transfer at 1872
Bond sales were limited to a $500
transfer in Washington Railway &
Electric 4s at 1O6.
Loan Leaders Plan Election.
The executive council of the Dis
trict Building and Loan League has
fixed Tuesday, October "a, as the
date of the annual meeting, to be
held at the Raleigh Hotel, followed
by buffet supper.
Arthur G.. Bishop, retiring presi-
dent, announces that officers are to
be elected to guide the association
for the next two years, including
several members of the Board of
Directors.
1t was announced that Mr.. Bishop
had been appointed executive coun-
Gilman from the District on the
National Committee, to fill the va
cancy caused by election of Carl J.
Bergman as national director.
Resolutions of sympathy and re-
gret over the untimely passing of
Raymond K. Espey of the Perpetual
Building Association, were drafted at
yesterdays meeting.
d. c. Insurance Sales Jump.
Sales of life insurance in Wash
ington in September scored a gain
of Is per cent over September, 1888,
and in the first nine months of 1899
were up 5 per cent, it was reported
from Hartford today
The Federal Reserve Bank of
Richmond reports that fifth district
building operations in the first nine
months of this year were 40 per cent
ahead of 1898. In September alone
operations were under last year, the
report stated
Southern Railway reports for eight
months ended August 81, 1899. net
income of $572 425 after taxes and
charges, equal to 95 cents a share
on 100000 shares of per cent nom
cumulative preferred stock. This
compares with net loss of $4,O14,927
in first eight months of 1888.
Pennsylvania Railroad reports for
eight months ended August 81, 1899,
net income of $8,235,51O after taxes
and charges, equal to 81 cents a
share on 1857 ,696 shares of capital
TLic coy,,roroc witty, nat 1occ