Evening star., 1927-02-17
D. C.. BANKERS RECEPTION BODY
FOR SAVINGS MEETING NAMED
Harry V. Haynes, Chairman of Commit
tee, to Greet zoo Financiers Coming Here
April z and s for Convention.

Harry V. Haynes, chairman; Charles
J. Bell vice chairman; George w.
White, George l.. Starkey, Corcoran
Thom, w. d. Hoover, +. j. Stell-
W. zen, John 3. Larner, c. c. Glover,
H. Fl. Mckee, NJ. d. Rosenberg. Julius
I. Peyser. II. w. Offutt, Robert N.
Harper, +. G. Addison. jr.; John Poole,
w. r. Galliher, John B. Cochran, p. A.
Drury, c. II. Pope, Floyd e. Davis,
Joshua Evans, jr.; Robert V. Fleming,
w. Fl. Cooper, w. w. Spaid and w. j.
Waller.
The presidents of all banks which
are members of the local bankers as
sociation have also been asked to
serve on the executive committee.
The chairmen of the various other
committees are also getting their
work under way. w. r. Moorehouse,
president of the savings bank section
of the American Bankers Association.
will come from California to preside
at the different sessions.
Chevy Chase Issue Oversubscribed
Y. E. Booker, head of Y. f. Booker
& Co., reported today that the new
issue of 100000 Chevy Chase Dairy
7 per cent cumulative preferred stock.
par value 500 per share, placed on
oversubscribed. The books were closed
this afternoon.
The larger proportion Of the issue
was subscribed for by customers and
employees of the dairy firm. 1t was also
stated that there was q very large
number of small subscribers, which
means that the issue will be widely
distributed.
The proceeds of the present offering
will be used to retire $150000 of COM
mon stock, reducing the outstanding
common stock from 100000 to $780,
600, to pay off all existing mortgages.
amounting to $500, and to provide
additional working capital.
Publicity Committee Named.
In connection with the annual con-
vention of the District Bankers Asso-
citation at Hot Springs in June, Cen
eral Chairman Lanier +. McLachlen
has named the following publicity COM
mittee. which will hold it's first meet
ing tomorrow afternoon at bankers
headquarters:
Frederick p II. Siddons, chairman;
Barnum l.. Cotton, vice chairman;
Richard f. Hatton, F. w. Patterson,
E. G. Stone, Robert l.. Flather, Earl
V. Amick, L. Hunton Leith and Fred
erick II. Cox.
Barr Joins Exchange Bank.
Hugh w. Barr, for several years
connected with the Continental Trust
Co., and more recently one of the audi
tors of Philadelphia Sesquicentennial
Exposition, has been elected executive
vice president of the International Ex-
change Bank, President Joseph Schi-
avone announces. Mr.. Barr left the
newspaper business in 1918 to enter
the employ of the Continental, was ad-
vanced to the position of treasurer and
resigned his place at the bank in Feb
ruary, 1926.
President Schiavone states that the
steady expansion of his bank has made
it necessary to add another officia! to
the staff. The new vice president,
who is a Washingtonian by adoption,
is a native of the Quaker City, a
graduate Of Girard College and George
town University Law School, also
member of the City Club. Manor Club,
National Press Club and Board of
Trade.
b. & o. Seeks 50, 9,75O, 900 Note Issue.
Authority to issue and sell $9,750 900
in Az equipment trust certificates
was sought from the Interstate Com
merce Commission today by the Bal
timore & Ohio Railroad.
The company proposes to purchase
$13,930.476 worth of new rolling stock,
including 20 locomotives and a va
riety of passenger and freight cars.
c. & o. Declares Dividends.
Directors of the Chesapeake &
Ohio Railway Co. have declared
semi-annual dividend of S3.25 per
G~ <,.1 ,,l1 <l,t-s
dend of So per share on common. The
dividend on the preferred is payable
July to shareholders of record oune
8, 1927. The common dividend is pay
able April / 20 shareholders of record
March g.
Directors of the Hooking Valley
have declared a quarterly dividend of
81 per share on common, payable
March 81, to shareholders of record
March s.
Auto Price Cuts Stir Discussion.
The price cuts, ranging from $40 to
5000, by the Studebaker Corporation
have caused much discussion among
holders of motor stocks, as well as
among automobile dealers in this city.
OF course the question is whether
other big companies will also lower
price schedules. Several local agents
express the belief that there will be
no general reductions at this time.
Manufacturers have been able to main
tain present price schedules through
large production, and with Spring and
Summer approaching, they hope the
current demand will even show eX-
pansion.
Local Stock Market Quiet.
Trading on the Washington Stock
Exchange apparently had Spring
fever today, although prices held
firm, Federal American Co. common
changed hands at 35, Capital Traction
sold at 1861, while Washington Rail-
way & Electric preferred came out at
90K.
Washington Gas IS, Series B, sold
at 1047s and small transactions in the
company's Series A bonds registered
104k. Potomac Electric first 5s,
changed hands at 100A and the same
corporations Consolidated 5s, moved
at 1914.
Potomac preferred, railway common
and preferred, and Lanston Monotype
are now eX-dividend.
Financial District Breverities.
III. l.. Offutt, jr., cashier of the Dis
trict National Bank, is back at his
desk after being confined to his home
with heavy cold.
w. w. Spaid, of w. II. Hibbs & Co,
has returned from New York, where
he was summoned to testify in
court case. He was not called to the
stand, however. He plans to leave
here next week for rest and outing
at Pinehurst, N. c.
Frank Stetson, trust officer of the
National Savings & Trust Co, is
planning to take a few days off soon
to test out the golf courses at Pine
hurst, N. G..
Charles Carroll Morgan, head of the
hond deDa ment of c. NJ p Murphy