Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-25

60 keep @Neso o. WMM##%%&EA /
last year. 6nl the W&MmsA$ ~
figures were above xMW s&S#
those az the pre- z&## n -
ceSinr week. Clear E$<S# ~ &
tncs for the week ESSSE ~ SSS
ended August q M$$%&<# %S%S|$
were $40 $4,000, sNSSssz2SSS- SSssssESsSz21
against S37.5l9ooo Secretary Mellon.
for TIE week ended
August is. Baltimore. another city II
+he Fifth Federal Reserve District. fel
behind last week and last year. Clear
ings totaled S74.120,ooo. against S79.'
10000 for the previous week, drog
Of 20 per cent under a year ago.
ClearingS il the United States. as 6
whole as reported TO Bradstreet's. ag.
e-exated SO. 523. 23i 900. against So. 200
AZ 1000 in the preceding week. ane
SSra7. So 600 in the same week last
wear This is an increase of 81 per cent
over the previous week and So per cent
over the corresponding week year ago
New Treasury Issue September Is.
Secretary Mellon intends to offer al
issue % securities on September IS. ad-
vance notice Of this plan having been
sent % the Federal reserve banks The
purpose Of the new financing IS the re-
tirersnt of the residue Of the S4,I75,-
600 600 wartime third Liberty loan
bond issue on that date. The final OPP
Grafton for the retirement Of these third
Liberties IS expected to take the form
OF one or two short-terul certificates
around $500 oo0. 600 IN amount.
The machinery for this gigantic debt
retirement program was seS into action
unon Secretary Melons return from
Europe 8 few 6sv ago. About Si25.-
o0oooo Of TIE issue was taken up
through the exchange offering Of le4l
gold bonds hy tfs Treasury on July Is
and a large arloQnt through the cash
redemption authorized by Ogden L..
NfIIs. vr5ersscrstarv Of the Treasury
81 thar Of *he entire issue only ST.
oo2 TT 200 was outstanding on August
20.
Advertising Committee Reports.
The District Bankers Association ad-
ye-ttsing committee. Eliot II. Thomson
chairman. held its first meeting Of The
year Yesterday al headquarters. The
chairman reported that host Of IN
ouiries had been sent here regarding
the associations recent 1dCciary sc-
vertising campaign, several cites ask
ing for all the material presented In Inc
newspapers al that time.
The expense connected with the re-
cent cooperative campaign was also re-
norted at the meeting. II is stated
that the fduciary drive made very Ia
vorable public impression and brought
generous share Of new business OF this
kind 10 the banks. The local banks,
which now are featuring their trust oe-
parsments. report marked expansion.
Plans were discussed at the meeting
for the annual Christmas Savings Club
campaign, which will start around De-
cember /. In connection with this dis
cussion novel plan aimed at extending
savings through the whole year was
presented The details for such move
viii be worked out and the whole mat
ter be presented later 10 the president
Of the association. Robert Y. Fleming.
In addition TO Chairman Thomson
the advertising committee is composed
Of the following: Claude Fl. woodward.
John Poole. George o. Vass, Thomas J.
Groom, Thomas W. Brahany, c. w.
Shoemaker, J. Frank Rice. T. Hunton
Leith and Robert L. Father.
Institute Plans Being Pushed.
A. E Henze. chairman Of the in
gtitute's educational committee. reports
that it is now intended TO expand the
courses until the studies will require
four-year period for completion. Work
already taken will. Of course, count to-
Yard obtaining the four-year certif-
Gates. Courses in commercial banking.
investment banking and trust banking
viii be important in securing the
higher grade certificates.
Details Of the institutes campaign
for 900 members were outlined at a
meeting Of the membership committee
CT the organization yesterday IN the
chapter rooms. Chairman Frank ~
Perley is being assisted in the enter
prise by Miss Ruth H Gochenour. Miss
Rose Royce o. Lehman. Raymond D.
Lewis. G Harry Morris, Richard A.
Norris. Stuart S. Ogilvie, Edwin Steffe
and Robert O. Wilton
geaboard Seeks 7. G. G.. Bond Authority.
The Seaboard Air Line Railway has
e.xed Interstate Commerce Commits
sion for permission 70 have autfenti-
Gated and delivered to its treasury
sI,i7e,500 Of first and consolidated
mortgage per cent gold bonds dur
1915 10 reimburse il for expenditures
made from November ] 1927, 10 Jure
&c, 1923, for additions and betterments
Road also asked for authority 10 pledge
the bonds as collateral security for
Ghort-term notes.
Although preliminary figures ind
cate thai the Southern Railways gross
revenues for July were about $500 geo
below the Sill 904 055 Of & year ago re-
port will show an encouraging factor IN
that freight revenue registered an in
crease over July 1927. The passenger
traffic. says the Wall Street Journal.
continues 70 be the real handicap, re-
ce3pix from this source having been ap-
proxinately IA per cent under the s2-
z0i 0ss or 1926 per cent, for the first
ssx months.
Heard In Financial District.
w. w. spalo left Washington today
for Wheeling. W Va, where he VIII at
tend the marriage Of his son on Mon
cay
8 Elzey Waters. partner in Townsend
Scott IL Co, Baltimore, Was visitor
III the local financial district yesterday
The Pleniz-Kraft Cheese Co, which
roy controls Southern Diaries. has de.
clared regular quarterly dividends Of y:
per cent In stock and a7l2 cents IN cash
both payable October on stock u rec.
ORD September 10.
More than so officials ard genera
agents ~ the Aetna Life Insurance co
ard their wives viii attend tfe annus
general agents conference, ghicn TIL
year viii b. held in the Chateau Ffonts'
nae, Quebec. on September II IN ~.
The Colonial Mortgage Investment CO
chain has been augmented By the cstab
fisnnent of local branch Office IN tn
Smith Building. according 10 Percy L
NlCoy. Washington manager.
United Cigar stores Report.
The United Cigar Stores ca. report
for the first half Of the current yea
ret profts ~ $2,65g,5i4 after charges
ka1es apo preferred dividends. equal b
ST cents share on 5205 ,i3i eonnlo
shares Of $40 par value This compare
aftn net profits u 81 sol 5sl exclusive Q
lease hold enhancement 10 he CORE
gn0nd,np period last year, or 80 cents
eoyrynog, share on the sane basiG