Evening star., 1922-03-16
MERGING Of RAILS
TOPIC Of INTEREST
Local fInanciets Discuss
Forthcoming Hearings
Before U. S. Board.

Financial circles are much inter-
ested in the reports that the Inter-
state Commerce Commission will be-
gin hearings here next month on
plans for the consolidation Of railroad
properties. according to plans being
prepared by w. z. Ripley.
The reports were not very definite
as to how far the commission will go.
but merely stated that hearings will
oegin April "a and that roads in the
southeastern section Of the country
will be taken up first. In this Sec
ton are included several roads in
which Washington investors are in
terested.
Prof. Ripley's plan contemplates
making two great systems Of all the
lines south Of the Potomac serving
the Atlantic seaboard and contiguous
territory. In one Of the systems he
places the Chesapeake and Ohio,
Hooking Valley, Norfolk and Western
virginian and the Carolina, Clinch-
field and Ohio. In another he groups
the Atlantic Coast Line. Louisville
and Nashville. Nashville. Chattanooga
and st. Louis. Charleston and West
Carolina, Louisville. Henderson and
st. Louis, Georgia, Atlantic and West
Point and the Chicago, indianapolis
and Louisville.
The Seaboard Air Line and Florida
roads outside of those owned by .he
companies mentioned above he group
ed with the Southern railway, al
though they extend into the south
eastern territory.
Most railroad officials have regarded
the consolidation idea as chinierical
and too remote to bother about, but
with hearings about to begin 1t looks
as II the commission IS to go into
the thing at once. although 1t would
take years to carry through any gen.
eral consolidation scheme.
Treasury Certificates Oversubscribed.
The Treasury's latest offering of
one-year Az per cent certificates Of
Indebtedness. dated March IS, was
nounced last night, indicating that
preliminary reports showed that total
subscriptions for the issue of $780,
100000 would probably aggregate
about $600.000,000.
An exchange of AZ victory aotcs
for the new offering Of four -yenr a.
per cent Treasury notes. dated March
Is, was largely taken advantage of,
the Secretary announced. prelimi-
nary reports indicating an exchange
of about $600.000.000.
Federal reserve banks were extend
ed authority to April Is for purchas-
ing AZ per cent victory notes direct
from holders up to an aggregate
amount of $100,0o0.00D. Purchase Of
these notes up to date. he reported.
aggregate more than $2.ooo.oO0: and
advance redemptions of the az per
cent victory notes called for redemp-
tion on June Is. 1922, aggregate about
$60.000.000.
Crandall Company Meeting.
At the annual stockholders meet
ing Of the Crandall Theater Company.
held yesterday afternoon in the offices
of Harry NJ. Crandall. in the Metro
roiitan Theater building. the follow
ing year: Harry NJ. Crandall. presi-
dent: A. E. Bethel. vice president and
treasurer, and Barry Bulkley. secre-
tary.
The present board of directors was
unanimously reelected to serve an
dali, A. E. Bethel. Barry Bulkley.
Peter A. Drury. William Henry White.
c. C. Calhoun, Nelson B. Bell and Fritz
D. Hoffman.
Joseph P. Morgan. general manager
of the Crandall theaters. was elected
to the board to fill the vacancy Gre
ated by the recent death Of r. w.
Bulkley, formerly treasurer OF the
company.
New Director Named.
At a meeting Of the board of di-
rectors of the Park Savings Bank
Tuesday Charles w. Bolgiano was
elected to the directorate.
With reference to the call OF the
controller of the currency as Of the
banks condition of March 10, the re-
port showed an increase OF deposits
Of $1S1,172.31 over the previous call
Of December 81, 1921.
Credit Mems Meeting.
"Salesmen should be paid on the
amount Of their collectionsrather than
on the prevailing basis OF sales was
treasurer of the George J. Mueller
treasurer of the George j. Mueller
Company, at the weekly credit clear
ing house Of the Washington Asso-
citation of Credit Men at the new
City Club yesterday.
Mr.. Mueller said that in those cases
which he had Investigated this plan
plan results in a higher percentage
of earnings for the salesman. and a
lower percentage of loss to the busi-
ness house instituting it, and is now
being worked satisfactorily in a
number of cities.
It is the plan of the Washington
Aasociation of Credit Men to give
serious thought to this change in the
method of payment of statesmen. and
]. III. Hoge, superintendent Of Brad
streets, is heading committee
which is making an investigation of
the innovation.
Phillip II. Sinclair of the Cleveland
Biscuit Company has been designated
to take charge Of the weekly meet
inRs of the association next month.