Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-13
BANKS WILL ELECT
G.BOARDS TOMORROW
DsAII National Institutions and
Several Trust Companies
on List.
BY EDWARD C. STONE.

> and several trust companies and say.
ings banks will hold their annual meet.
+ aingS tomorrow, elect directors and pari
> of them organize for the coming year
Vacancies due to deaths on some OF
- the boards during the past year Will
be filled at this time. Riggs National
recently filled a vacancy of this kind
elected two new directors only last Fri
day. The International Exchange
Bank, 5th and H streets. NV, elected
eight new directors last week at the
, annual meeting.
:, But few changes are expected among
the officers of the various banks. One
sof the vice presidents of the Washing
ton Loan g. Trust Co. recently retired
and this vacancy is likely to be filled
when the directors organize for the
year.
- Margin Requirements Lowered.
=, Reports from Wall Street announce
that most of the brokerage houses which
!, did not reduce their margin require
mentS shortly after the Stock Market
, crash have been taking this action dur
, ing the past few days.
With stocks down where they are
now, low rates on money, and quiet and
orderly market trading, it is felt that
25 per cent margins are safe in con-
nection with sound stocks. Margins
of 35 to so per cent are therefore be-
ing reduced. The old 10 and Is point
margins are said to be unlikely, how
ever.
Margins on the Curb have also been
lowered recently, although they are
somewhat higher than on the Stock
Exchange. Margin requirements in the
local brokerage houses are just about
the same as in New York, so that
traders here can now do business in
stocks with considerably less money
than before and right after the break.
: Institute Holds Examinations.
The instructors in Washington Chap
ter, American Institute Of Banking, are
giving the final examinations for the
first semester. Finals in three courses
were given last week, the class in credits
under Edward j. McQuade, commercial
law under Raymond B. Dickey and eco
nomics conducted by F. j. Donahue.
Examinations in three other courses
will take place at the institute head
quarters tomorrow night. They are in
negotiable instruments, in charge OF
b. j. Laws; banking fundamentals, Eliot
H. Thompson, instructor, and invest
ments, conducted by j. C. Dulin.
, The midyear recess will continue until
January 81. On January "a the con-
,suls, officers and members of the edu-
cational committee will have a dinner
at the Raleigh Hotel and complete
plans for the coming second half year.
Harold Stonier, national educational d.
rector, will be present, President A. e.
n enze announced today.
The first of two Institute Forum din
ners Is to take place the latter part of
this month. James A. Soper is chair
man of this committee
- Bankers Growing in Efficiency.
"The high rate of bank failures in
the last five years hardly warrants the
conclusion that in this short period the
competence of American bankers has
undergone serious deterioration" says
Bankers Magazine. The integrity and
capacity of our bankers can scarcely
be less than in previous years. There
-trary is true, and that the character
OF our bankers has improved rather
than declined
:, What happened was this: Bankers
were confronted rather suddenly by
conditions new to them, and to which
they could not readily adapt them
selves. Had things gone along in the
old way, they would have done well
enough, or, at least, no worse than
usual.
: 1T would have been unreasonable to
expect that the average country banker
should recognize the changes that were
going on around him. what they meant,
or how he must meet them"
C. & o. Bonds Offering Soon.
Offering of Chesapeake & Ohio $685.
0S8,000 Az per cent refunding and
improvement mortgage bonds, series B,
n12flIT1nO -vQnIlaru 0rrfI
by Interstate Commerce Commission, is
expected soon. Banking opinion is that
they will be offered on ATS per cent
basis, or price around 95.
Of the proceeds $31 100000 will be
used to retire like amount of Az
per cent 20-year convertible bonds,
maturing February l, 1880, and re-
mainder will reimburse treasury for
expenditures in retiring like amount Of
general and improvement mortgage Sc
Z which matured January /, 1929.
Il Trading Quiet on Exchange.
Capital Traction opened trading on
the Washington Stock Exchange to-
day with 10 and 3 share lot SELL
ing at 8212, the same as the Saturday
quotation. There was another 10-share
sale at 825s. The market closed with
82l5 bid and "a asked.
Riggs National Bank stock figured
in three 10-share sales at Sis; Poto-
mac Electric Power 512 per cent pre-
ferred came out at lot, while Mer-
genthaler opened at 106 and closed at
1869 on 25-share turnover
Peoples Drug Stores preferred ap-
-peared on the board in several small
-lot transactions at 104 and 104H. In
\the bond division, 81 900 Capital Trac-
! ton IS changed hands at 922s and two
more 81 900 sales were made at 922.
The closing bond sales we're made in
Washington Gas IS, Series A, in $1,000
and $500 denominations at 101.
Union Trust, Federal Storage pre-
: ferred and American Telephone are the
Aonly issues on the local board now
selling ex-dividend.
Heard in Financial District.
H. F. Kimball, chairman Of the ath-
letic committee of the local institute
chapter, gave out the sad news thi.
morning that the bowling team wa:
defeated by Baltimore Chapter Satur.
day night. Three different matche.
were held, the Baltimore athletes knock
ing down 4,400 pins against Washing
ton total of 1921. Several chapter Of
flcers and their wives accompanied TIT
team and special dinner added much
to the pleasure Of the visitors.
A summary of facts compiled from
records of 2l4 companies. which writ
more than 80 per cent of the life in
surance business of the United States
reveals that Notwithstanding the tumble
of the stock market the American PEG
pie have in 1929 accomplished ney
thrift record by taking nearly 10000,
100000 worth of new life insurance
This is an increase of more than a bill
lion dollars over the amount of life in
surance written in 1923 and the seventh
successful year in which the volume o
! new life insurance written has increases
; by substantial margin.
. TREASURY CERTIFICATES.