Evening star., 1930-06-17

the general pubic, f*s -
will therefore in Ez
crease the number sidney T Thomas
of its shareholders,
and that an increased number Of share
holders will increase its ability to raise
money by sale of capital stock instead
of funded indebtedness, and will in
crease the interest of the public in the
roads activities and thereby enable it
to perform more effectively its duties as
p common carrier.
It is stated that experience of bank
ers and corporations engaged in many
lines of commerce and industry indi-
Gates that investors prefer to inve:t in
shares having a relatively lower market
price than was customary 10 or Is years
ago. 1t further was pointed out that
formerly 500 par share stock was con-
sidered the most desirable unit of
corporate ownership, but that broader
participation of the public in corporate
ownership has caused the unit share TO
be reduced; so that shares having S25 TO
$50 par are now generally considered
the more desirable units.
The application says that the roads
common stock on June z, 1880, was,
and for sometime past, has been in ex-
cess of 5000 share. The average
holding of the roads common stock
holders in December, 1929 (after elimi-
nation of its largest single stockholder),
o
ket value as Of June 2, 1880, OF $22,322.
Thomas New Bond Club Head.
Sidney T. Thomas, who has just
been elected president of the Washing
ton Bond Club, is an official in the
firm of Gillet 6E Co. investment bank
ers. with local offices in the Invest
nent Building. The clubs new presi-
dent was born in Washington, the son
of the late Sidney T. Thomas, who was
for many years District attorney here
and engaged in the practice of law.
The young man studied law in George
Washington University and made an
excellent record during the World war
as a captain in the Air Service. He
opened the Washington Office of Gnlet
& Co. in October, 1921, and has man
aged it since that time. To show his
standing with the firm il is only neces-
sary to remark that in the Spring of
1929 Mr.. Thomas was elected vice
president in the company.
Mr. Thomas is a charter member of
the Washington Bond Club. was secre-
tary and treasurer in 1928, and vice
president during the year just closed.
Title Insurance Co.
Branch Bank Hearings Ended.
The House banking and currency
committee has completed its extended
hearings on the subject of branch, group
and chain banking. According TO pres
ent indications no report will be made
10 the present Congress, the members
expecting to continue their study at the
next session.
While the committee has secured an
immense amount Of data from op-
ponentS and proponents of branch
banking, no conclusions have yet been
drawn from which resolutions might
be presented to Congress. At different
tines. however, the members of the
committee have indicated that they saw
more merit in branch banking than in
either the group or chain systems.
1t now seems probable that Congress
will eventually be presented with reso-
lutions faVoring a moderate extension
of branch banking. The recommenda-
tions are also likely to suggest some
form or regulating group banking, prob
ably urging that the controller OF the
currency be given the right to make
examinations Of holding companies OF
banking systems and their units.
Richmond Loans on $1,000, ,OO0.
The Federal Reserve Boards condi-
tion statement of weekly reporting
member banks in leading cities, on June
IL. shows a decline for the week OF
2
increases of. $53,000,000 in net demand
deposits and $21 100000 in time de-
rosits and decreases Of S8,000,000 IN
Government deposits and Sl9,000,000 in
borrowings from Federal Reserve banks
Loans on securities, which at all re-
porting banks were SAL ,oO0,oo0 below
the previous weeks total, declined
S123.0o0,000 in the New York district
and increased $4,000 in the Chi
caTo district, $4,000 900 in the Sar
Francisco district. S11 100000 in the st
Louis district, $40 900 900 in the Phila-
delphia district, $4,000, 900 each in the
Cleveland and Kansas City districts
and $1,000 1000 in the Richmond dis.
trict "All other" loans declined S18,'
Oo0, 900 in the Cleveland district. Sill.
600. 900 in the New York district anc
$4,000 900 at all reporting banks and
increased S6,0oo,oo0 in the Bostor
district
Bonds i'm Good Local Demand.
Bonds were in good demand on tht
Washington Stock Exchange today a.
recent price levels. Barber & Ross 6i5;
sold at 90. Washington Gas 6s, serie:
B. moved at los, and the series A ISSUE
sold at l0las and i01 z, there beinI
one $4,000 transaction in these bonds
In the stock division Potomac Electric
Power 512 per cent preferred sold a
1864. while the 8 per cent issue cams
out at I1034 Washington Railway &
Electric preferred changed hands a
95l4.
Only two small sales were recorded il
Capital Traction. Ten shares moved a
6olz. ex dividend. and 10 more changed
hands at 6o14. Ten shares of Wash
ington Gas Light stock sold at i20 ant
10 shares of Riggs National at 480 mad
the only sale among the bank stocks.
Two sales in Norfolk g. Washington
Steamboat rights were recorded, 13
rights selling at II and more at 1Tls
It was announced on the exchange tha
the delivery date for these rights ha
been set for Thursday, July 30.
Heard in Financial District.
Frank Owings, former cashier of tn
Bank of Commerce 81 Savings. enter
tanned ths officers and the entire ban
staff at his Summer home, at Cedar
hurst, on Chesapeake Bay near An
napolis, over the week end.
Frank G. Burroughs, one Of the as
sistant cashiers Of the Riggs Nations
Bank, Is taking his annual vacation.
CRUDE OIL OUTPUT DROPS.
TIIISA Okla ,EIDe II (R-Crld