Evening star., 1927-03-10
TREASURY GER TIFICATE ISSUES
ARE LARGELY OVERSUBSCRIBED
Heavy Demand Is Reported for Medium of
Secretary MELONS March Financing.
Forum Dinner Is Success.

exceeding $1,000 for any one sub
scriber were allotted so per cent. but
not less than $500 on any one sub.
scription; subscriptions in amounts
over $1,000. but not exceeding ST.
100000 for any one subscriber, were
allotted 40 per cent. but not less than
$500 on any one subscription. and sub
scriptions in amounts over 81 1.000. 900
were allotted 30 per cent. but not less
than 100000 on any one subscription.
Hope President Will Speak.
Local bankers freely expressed the
hope today that President Coolidge
will find time to address the eastern
regional conference of the savings
bank division of the American Bank
ers' Association, which meets in this
city on April and s, the invitation
to speak to the convention having
been extended to him Yesterday. The
spokesman presenting the invitation
was Harry V. Haynes, chairman of
the Washington Clearing House Asso-
citation, which will act as host to the
visiting bankers.
Mr.. Haynes was accompanied to
the White House by Howard Moran
and Robert V. Fleming. While both
District Bankers Association. they
were present at the interview with
the President as representatives of
the regional savings conference.
1t is felt that the Presidents ac-
ceptance would be of tremendous
value to the convention. Not only
would his address be awaited with
great interest. but all visitors to
Washington are especially anxious to
see the Nations Chief Executive.
Forum Dinner Great Success.
The forum dinner given by Wash.
ington Chapter, /. A. B., at the City
Club last evening was complete sue.
cess, the address by S. Young Tyree
of the State Planters & Trust Co. Of
Richmond. proving most interesting
and instructive. His subject was the
"Unproftableness of the Collection
Department" and he convinced his
hearers that some kind of a service
charge is justified in handling this
phase of banking.
In the bank in which he is en-
plOyed one man. assisted by girl.
who gave only part time to the work.
for years took care of all collections
Six men now give all their time to 1t.
The cost has been figured at about IL
cents per item. but in some cases runs
higher. BY personally explaining the
cost of the service to depositors. he
said. they had shown willingness to
pay a service charge. The amount Of
work and cost to the bank of the serv-
ice Is shown by the fact that one Of
their customers often has over 1000
second mortgage notes deposited there
for collection.
The discussion following the address
brought out the fact that collection
charges in Washington run as high as
80 cents per item. Many other facts
of value were brought out and some
of the 100 bankers present considered
the meeting the best of the three so
far held.
Harold w. Burnside, chairman of
the forum committee, presided. and as
sisting him with the arrangements
were I. j. Roberts, chairman of the
educational committee; r. III. Cox,
treasurer; Oscar A. Thorup, menu. and
T. Hunton Leith, president Of the local
chapter.
New Power Issues Authorized.
At the first meeting of the new
Public Utilities Commission, held this
forenoon. authority was granted to the
Potomac Electric Power Co. to issue
new 5ha per cent preferred stock to
the amount of $5.760.699.17.
The power company was also grant
ed the right to hypothecate an issue OF
81, ,760, 900 general and refunding per
cent 30-year series B gold bonds for
the purpose of supplying funds for
redeeming the company's general and
refunding per cent 20-year gold
bonds, series A, which are to be called
in on April /.
The funds from the stock issue are
to be used in reimbursing the corpora
ton for the cost Of extensions. addi-
tions. betterments and improvements
to the company's property.
New Bank Director Elected.
James r. Eilerson. jr., was elected
a member Of the board of directors Of
the Washington Loan & Trust Co. at
q meeting Of the board held yesterday
afternoon. He was chosen to fill the
vacancy caused by the death of
who served the bank for many years
and died recently at his home in Della
ware.
Mr.. Ellerson is engaged in the real
esate business with his father and has
proved both energetic and capable in
this field. The young man Is a mem.
ber of several business and civic or.
ganizations.
Heard i'm Financial District.
Directors Of the Stanley Co. of
America said today concerning rumors
of huge combination with the Keith
Albee, Orpheum and other vaudeville
and motion picture circuits. that while
consideration was being given to
further expansion plans, no actual
steps had been taken toward such a
consolidation.
B. A. Bowles, vice president of the
Potomac Savings Bank. who has been
taking a rest of several weeks in
Florida, Is back at his desk.
w. w. Spaid. who has been passing
some time at Pinehurst, N. c., has
gone farther South and is now in
Florida.
The monthly bulletin Of the local
bankers association came out today.