Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-14

September Is, were
rendered in pay
ment, which sup- Secretary Mellon.
scriptions were al
lotted in full.
The total also includes 500 900, 900
allotted on subscriptions for which 3l2
per cent Treasury notes were rendered
in partial payment. Allotments on
other subscriptions were made on a
graduated scale.
Total subscriptions received from the
Richmond Federal Reserve Bank were
s37,561. 900 and the total amount al
lotted the fifth Reserve district was
$4,000 500.
Why Issue Was So Popular.
The taX-exempt feature of the issue
was in a large measure responsible for
the heavy oversubscription. Secretary
Mellon believes This factor also ex-
plans the unusually large SUBSCRIPTIONS
from individuals the Secretary THINKS.
Another factor for the oversubscription
was the rate.
In the present period of high money
rates and market activity many 1nd1-
viduals have funds available for short
term investments, whereas long-term
investments are usually preferred by
the small investor, the Secretary point
ed out.
The comparatively low yield on Gov
eminent securities tends to concentrate
them in the hands of very large in
vestors and corporations and banks.
The latter provide the backlog of the
Government financing, buying the
Treasury certificates for use as sec
ondary reserves as these securities are
always eligible for discount at Federal
Reserve banks.
Bankers to Boost Festival
President w. j. Waller of the Dis
trict Bankers Association has suggested
the names of the following local bank
ers to serve on the general committee
in connection with the proposed cherry
blossom festival to take place next
Spring:
Vice President Francis G. Addison of
the Security Savings and Commercial
Bank: President John B. Cochran,
Franklin National; President Wade H
Cooper, Continental Trust Co.; Presi-
dent Victor B. Deyber, Second Ma
tional; President Robert v. Fleming,
Riggs National; Executive Vice Presi-
dent Albert S. Galley. Lincoln National;
Vice President Joshua Evans, Jr.. Dis
trict National; Vice President John D.
Leonard. Washington Savings Bank;
Vice President Edward j. McQuade,
Liberty National: President Lanier r
Mclachlen, McLachlen Banking Corp;
Vice President Howard Moran, Amerl-
can Security and Trust Co.; w. w.
Spaid of w. B. Hibbs & Co; Presi-
dent John Poole. Federal-American
National: Vice President C. H. Pope.
Munsey Trust Co.: Frank Stetson. Ma
tional Savings e. Trust Co.: Vice PrPsi-
dent Wilmer j. Waller, Federal
can National: President Claude H.
Woodward, Mount Vernon Savings
Bank and Vice President E. B. Odds,
Union Trust Co.
Director in CIaggett Shares.
E. Joseph Aronoff who recently re-
signed his post in the Federal service
to accept the local managership of
Strabo v. Claggett & Co., Inc. with
Offices in the Washington Building was
today elected a director in the Claggett
Shares Corporation, new company, Or
gsnized under the laws of Delaware,
with broad powers to acquire. hold. sell
and generally deal in securities repre-
senting various lines of business. its
investments not being restricted to any
particular field.
Mr.. Aronof stated that in line with
the present trend the Claggett Shares
Corporation. with Mr.. Claggett as
president, will be closely identified with
Strabo v. Claggett & Co., Inc, so that
responsibility for its management will
u.
OConnor, who for three years bought
all the securities for the American
Founders, will be active vice president
Of the new company, and Lincoln G.
Ashcroft, manager of the New Eng
land branch Of Lawrence Scudder &
Co., will be treasurer The corpora
ton has an authorized capitalization
of 250.000 shares of no par capital
stock and has no funded debt or pre-
~ nj .,,Sn -.
business with net working capital
Of S5,000,000.
Among the other directors of the
company are: c. S. SCHNEIDER, vice
president of Claggett & Co., formerly
Northwestern manager S. w. Straus 81
Co.; Frank C.. Diem. Buffalo, formerly
assistant vice president of Liberty Ma
tional Bank, N. Y; Barton B. Ouirk,
vice president Roland Industrial Corp
Grafton Philadelphia: Charles H. Nc
Glue, attorney. Boston; Joseph M. Ly-
don, Boston. director International Wire
Products Co. and Joseph F. Carey,
statistician, Boston.
c. q o. Bonds Now Ready.
J. P. Morgan e. Co. announce that
they have been advised that Chesapeake
d Ohio Railway Co. refunding and i'm
provement mortgage Az per cent bonds,
series A, dated October /, 1928, due
october 1, 1898, in definitive form, with
october l, 1929, and subsequent coupons
attached, will be ready for delivery at
office of Guaranty Trust Co., on and
after September II, 1929, in exchange
for outstanding temporary bonds.
The American Stores Co. reports
sales for the four weeks ending August
81, 1929. of $10.337, 809, and for the
four weeks ending September 1. 1928,
of S9.722, 084, an increase of $615, 725,
or $50 per cent.
The open meeting of the educational
year of Washington Chapter. American
Institute of Banking will be held We'd
nesday evening, in the small ballroom
of the Willard Hotel Certificates will
be presented to students completing last
years courses and prizes will be award
ed the three students having the high
est averages.
James A. Soper. former chapter pres
ident. will entertain the board of gov
errors and the chairmen of the several
committees of Washington Chapter,
American Institute of Banking, today
at Galesville, Md.