Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-03

ager. Mr.. fSlOfuOn mas Deen connected
with the Norfolk g. Washington Steam
boat Co. for 80 years, and knows the
business thoroughly. The directors con-
sidered the appointment a well deserved
promotion.
There have been several changes in
the board of directors recently. The
present board is made up of Woodbury.
Blair, E. c. Brandenburg. G. w. Fos-
berg. Clarence F. Norment sr.; George
/. Starkey. Clarence F. Norment, jr.;
Odell S. Smith, George l.. Starkey,
George P. Sacks, William d. Hoover,
RiSley Brown and Henry N. BraWner,
jr.
The steamboat company's officers are
Clarence F.. Norment, ST.. chairman OF
the board; Clarence F. Norment, jr.,
president; Gustav w. Fosberg, first vice
president; E. c. Brandenberg, second
vice president. and Odell S. Smith, sec
rotary and treasurer.
The last annual report showed that
the company is doing an excellent bust
ness. The stock is listed on the Wash
ington Stock Exchange, and closed yes
terday with $50 bid and 295 asked. The
last sale was recorded at $50. 1t pays
IL per cent year and the par value
is 100.
Noted Bankers Are Coming Here.
VI lilG GOu1lLIy are 10 DG rep
resented and will have an important
part in the forthcoming conference of
"key men" called by President Hoover
through the United States Chamber of
Commerce to confer on plans for the
stimulation of business
The invitation sent out states, among
other things, that the preliminary sur
vey shows surprisingly favorable factors,
including "a strong banking situation
1TS1 g - ,l1,-
ervoirS of credit at reasonable interest
rates"
Among those scheduled to attend are:
John G. Lonsdale, president of the
American Bankers Association and
president of the Mercantile-C
Bank & Trust Co., st. Louis; Albert H
Wiggin, chairman, Chase National
Bank. New York; Arthur Reynolds,
chairman, Continental Illinois Bank &
director in the Bankers Trust Co. and
the County Trust Co., New York; Bern
ard M. Baruch, New York; Trowbridge
Galloway, president of the Investment
Bankers Association; Herbert Fleish-
hacker, president, MISUNDERSTANDING
National Bank, San Francisco; H. B.
Mcdowell, president, Pennsylvania
Bankers Association, and vice presi-
dent, Mcdowell National Bank, Sharon,
National Bank, Houston, Tex.
Member Banks Loans Decline.
The Federal Reserve Boards condi-
ton statement of weekly reporting
member banks in leading cities on No.
vember 81 shows decreases for the week
of S159,000,000 in loans and investments
and of 1887 100000 in net demand de-
pcsits and increases of $4,000, 900 in
time deposits and of 100000 in bor-
ToW1ngS from Federal Reserve banks.
Loans on securities declined S34.-
100000 each in the New York and Chi
cago districts, 100000 in the Cleve-
land district, $80000 900 in the San
Francisco district, 100000 in the st.
Louis district and S1o2, 100000 at all
reporting banks.
All other" loans declined $4,000 900
in the Chicago district, $4,000, 900 in
the New York district and S62 600, 900
at all reporting banks.
Bonds Lead Local Exchange.
Bonds were popular on the Washing
ton Stock Exchange today. Washington
Gas IS, series A. sold at 101 and l0l %.
Barber & Ross 612s came out at 80 on
two $1,000 sales and dropped Ia point
on two $4,000 sales.
There was a $4,000 transfer in Wash
q.
stock division were light, all in odd lots.
Mergenthaler sold ex-dividend at 1922
Lanston sold at 1862. The largest sale
was 20 shares Of Merchants Transfer d.
Storage at 100.
Heard in Financial District.
j. Allen Riordan, newly appointed
general manager of the Norfolk &
washington Steamboat Co, is a brother
OF John Rlordan, executive vice presi-
dent OF the Bank of Commerce g. Saw
ingS.
The Riggs Bank Club is sending out
invitations for dance and card party
to be held Saturday, December II, at
the Willard, from 10 to / o'clock This
Is one Of the most active bank clubs in
the city.
The Southern Railway mas received
authorization from the Interstate Com
merce Commission to issue $3,690,O0O
equipment certificates. The certificates
are to be sold at not less than 95.517
per cent of par and accrued dividends in
connection with procurement of equip
ment.
There was a tremendous rush to the
local banks today by holders of Christ
mas Savings Club checks, which reached
them yesterday in the mail. They lost
no time in getting them cashed. Many
OF the members have made very care
full plans to make every cent of the
money go as far as possible.
Commodity prices again advanced
two-tenths Of l per cent during the
week ended November 80, following a
similar advance for the preceding
week. according to the wholesale price
index of the National Fertilizer Asso-
citation here. The advances during the
past two weeks were preceded by eight
weeks of continuous decline, and arc
largely seasonable.