Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-25


IAN other" loans declined SAC 600 900
in the New York district, l1000 900
in the Boston district and SCI 600, 900
at all reporting banks.
Marston Heads Investment Firm.
Hunter S. Marston, who was in Wash
ing during the latter part of the World
War as a member of the general staff
and afterward selected as military
representative to accompany President
Wilson to the Paris Peace Conference.
has been elected president of the
Bancamerica-B blair Corporation, New
York holding and investment company.
At only A years of age he takes the
helm of his big concern, which was
Originally known as Blair 81 Co.. Inc.
His father became a partner in the
firm in 1890. The young man is
graduate of Brown University and has
been connected with the concern for
% years.
January Auto Output Reported.
The, January production of motor
vehicles in the United States, as report
ed to the Department of Commerce,
was 273. 1889, of which 234527 were pas
senger cars. 1890 trucks and 572 taxi
cabs, as compared with 10000 pas
senger cars, trucks and taxicabS in De-
cember and 401 ,o37 in January. 1929.
Canadian production of automobiles
in January totaled 1888, of which
1856 were passenger cars and 1852
were trucks. This compares with output
of 5.495 cars and trucks in December
and 21,501 cars and trucks in January,
1929.
Essay Contest Rules Announced.
President Waller of the District
Bankers Association has announced
the rules governing the essay contest
which is open to all members of Wash
ington Chapter, A. I. B., who are en-
ployed in the local banks. Either of
the subjects already announced can be
chosen. The essays must not be over
1000 words in length, fictitious names
must be used and the real mar of the
writer placed in a separate envelope
to be opened after the judges have
reached their findings. The three win
ners go to the bankers convention and
the best paper is published in the con-
vention proceedings. The papers rsust
be turned in not later than May 5.
Considerable interest is already being
shown by the junior bankers In the
contest.
Bankers Control SeabOard Road.
The New York Times announces to-
day that control of the Seaboard Air
Line Railway, has been taken over by
Dillon, Read & Co. and associates. the
group now holding 81 per cent of the
common stock. Last year a syndicate
headed by Dillon, Read & Co. acquired
the holdings OF the S. Davies War1eld
estate IN the Seaboard Air Line, to-
gether with other securities, the entire
amount costing about $4,000 900.
Approximately 375, 900 shares of COM
mon were thus acquired, and this block
was augmented last month by 1900, 900
shares which remained unsold from an
Offering of 1892, $50 shares at S12 a
share made to stockholders. The I'M
derwriting commission was 81 share.
Predicts Good C. & o. Earnings.
The Chesapeake & Ohio Railways
compare favorably with those of the
same period a year ago, according to
j. J. Barnet, president. The G. g. O.'s
increased net in january Mr.. Barnet
considered particularly good.
Referring to the large amounts writ
ten of by the Pere Marquette, one Of
the G. & o. lines, Mr.. Barnet said that
the equipment of this company is in
rather poor condition and that more
would have to be written on this year
He said he thought the rehabilitation
of the Pere Marquette would materially
strengthen the company.
Bond Club Speaker Chosen.
Eugene Meyer, jr, former head of
the Federal Farm Loan Board, manage
ing director of the War Finance Cor
poration under Presidents Wilson, Hard
ing and Coolidge; banker and authority
on international finance will address
the Bond Club of Washington at its
monthly luncheon meeting Friday at
1880 O'Clock at the Carlton Hotel.
Local Securities More Active.
The Washington Stock Market showed
more activity today, although business
~ CHI 20
Mergenthaler Linotype changed hands
at 108A, Capital Traction opened at
S6A and closed down an eighth, while
Potomac Electric Power per cent pre-
ferred sold in small lot at Ill, ex-
dividend.
Twenty shares of Commercial Ma
tional Bank stock sold at 239, two
shares of Riggs moved at 526 and an
other at SGT. District National Securi-
ties preferred sold at 90 and closed at
901z. Merchants Transfer & Storage
common changed hands at 1091a.
Bond trading was confined to Wash
1ngton Gas issues: Gas 6s, series B.
sold in 81 900 and $500 denominations
at 1861, while $500 and $4,000 series A
bonds changed hands at 103. Chevy
Chase Dairy preferred has been added
to the local stock now being quoted ex-
dividend.
Heard in Financial District.
Townsend Scott 81 Son, Baltimore
bankers and brokers, with Washington
Offices in the Woodward Building, are
offering 10000 shares of Scott Corpora.
ton So dividend cumulative preferred
stock at s43 a share, to yield approx.
mately per cent. The corporation hai
been formed under the laws of Mary.
land, with powers to buy, sell, under.
write, hold or trade in stocks, bonds o.
securities of any kind. There is alsC
TO be common stock ISSUE
The new Office of the Postal Tele.
graph In the Washington Building wa
opened today and a host of caller,
dropped in TO look the place over. Flow.
ers in profusion added greatly to thu
general appearance OF the Office today
Representative Steagall of Alabami
has introduced bill amending the Fed
eral Reserve act so that the earnings o
the Federl Reserve banks would be di
Vded among the stockholders in pro
portion TO the amount Of stock held.
President Ezra Gould of the Washing
ton Mechanics Savings Bank has re-
turned from a Winter visit to Florida
In his quarterly letter to stockhold
ers in the North American Co., Presi
dent Frank L. Dame states that "cus
toners Of the Potomac Electric Powe
Co. in washington and vicinity viii
save $650,000 during 1890 as q result
of the company's sixth consecutive re
duction In electric rates, which tool
effect January l."
Michael j. Meehan, New York. fea,
Of M. j. Meehan 81 Co., visited tn
local ONCE Of the firm on his return
from Pinehnrst, N. G.