Evening star., 1929-12-14

VI IGGOLQ O1l CCN sStt
cember %. A fl
nancial statement Charles X. west.
was SubSi Siitted
showing gratifying net earnings to date.
The Federal American Co. at the
latest meeting of its board Of directors
declared the regular dividend of Sl.5O
Der share on the preferred stock, pay
able January !, the regular dividend
of 80 cents per share on the common
stock, payable the same date, and an
extra Christmas dividend of 80 cents
per share, payable December "a. All
are payable to stockholders of record
at the close of business December ID.
Net earnings for the eleven months of
the fiscal year of the company were
announced as $129,206.
Manages Banks Branch Office.
Charles K. West, who recently as
sumed his duties as manager OF the *
street Office of the Security Savings &c
Commercial Bank, has been a resident
of Washington for the past 16 years:
He is a West Virginian by birth, and
during the World War served in the
United States Army.
After his discharge Mr. West entered
the real estate field, being engaged in
that business until 1922. He then be-
came associated with the Security Saw
ings & Commercial Bank, his first posi-
In 1926, the directors made him an
assistant cashier. He remained at the
main Office, at Ninth and G streets. url-
til recently appointed to take charge
of the branch Office. He has taken sew
eral courses in Washington Chapter,
American Institute of Banking.
Pennsy Plans $95,OOO,OOO Outlay.
The Pennsylvania Railroad Co. is
definitely committed to an improvement
program amounting to S300,00O,OOO, OF
which about $95,0oo,000 will be spent
in 1880, according to Gen. w. w. After
bury. president.
1--WE have every intention of going
ahead with out entire program OF inn
provement as originally planned, with
out any Slackening, retrenchment or
postponement," Gen. Atterbury added.
Nothing that has happened in the Sc
curity markets has altered this inten-
ton, and we see nothing in the general
business situation to warrant our dev1at-
ing from this course"
Christmas Trade Reported Good.
President Hoover has been advised
by the Department of Commerce and
other agencies that Christmas buying
is up to the 1928 levels and in some
cases slightly above. The President
regards this as a pretty fair index Of
conditions.
Commercial transactions as reflected
by check payments showed a further
slight recession for the week ended De-
cember z as compared with the pre-
same week a year ago, the Commerce
same Wek a year ago, the Commerce
Department announced yesterday. The
report said in part:
Bank loans and discounts continued
to recede but were larger than year
ago.
Interest rates on time money showed
q further recession from recent levels,
while rates on call money were un-
changed from the preceding week,
Rates on both types of money were
much lower than year ago.
Bond prices continued to advance
and APPROACH the level for the corre-
spending week of last year more close
ly than during any previous week OF
1929.
stock prices continued upward, but
were lower than year ago.
Business failures were more numer-
Gus than during either the preceding
week or the corresponding week of last
year"
A. I. B. Starts Membership Drive.
Renewed activity by the membership
committee of Washington Chapter,
American Institute of Banking. headed
by Robert H. Lacey, marks the closing
weeks of the first semester of the chap
ter's 1929-30 educational program.
Lacey is now sending letters to all of
last years members who have not yet
renewed their membership and an effort
is being made to interest new members
in the work Many bank officers and
employees eligible for membership in the
chapter have not yet availed themselves
OF the opportunity.
nIr fAV11 al
committee, of which Frank M. Perley is
chairman. is preparing the program for
the second semester, which opens Janu-
ary 81. This work is now being done
under the direction of Acting Chairman
Aubrey o. Dooley, as Perley is i'll.
The second semester will include
courses in banking fundamentals, COM
mercial law, negotiable instruments,
standard banking, analysis Of financial
statements, business forecasting and
trust functions.
Financial District Notes.
The next meeting of the Washington
Bond Club will take place at tho Carl
ton Hotel on December 81. The gues
speaker at the luncheon will be Pau
Clay, formerly an economist will
Moody's Investment Service and nov
connected with the United States Share!
Corporation.
Creation of a depositors guarantee
system to protect depositors in Fedora
reserve member banks against loss, /
provided in a bill introduced in tn
House yesterday by Representativ
Brand of Georgia. A Federal appropria
ton Of $50000o0o would be made t
establish the fund.
Bank clearings for the United State
for the week ended December IL wer
below the previous week and also unde
the total for the corresponding perio
in 1928; the latter decline being l
per cent.
Clearings in Washington totale,
$28,503,000 for the week, compared witt
$28,710,000 for the previous week and
decrease of 13 per cent from the sam
week year ago.
c. G. o. Extension Recommended.
An Interstate Commerce Commission
examiner has recommended that com
mission permit Chesapeake & OH
Railway to construct a 19-n1ile eXten
sion in Raleigh County, w. Va, on il
Cabin Creek branch, from point nea
EdWright, in Southeasterly directio
to a connection with its Piney Cree
branch, near Surveyor.
The recommended authorization woul
be conditioned upon the express provls
that the G. & o. grant the Virginia
trackage rights and equal access to co;
mines which may be served by the eS
tension and its branches, as well 9
giving the Virginian an option With
10 years after construction is complete
to acquire at cost half interest in tn
line and branches.
Although II judges are kept busy
law courts of London there is so muc