Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-19
frost IS ELECTED
| LIBERTY DIRECTOR
33-Year-0Id Bank Board
Member Is Active in
Club Circles.
BY EDWARD C. STONE.

Norman B. Frost of the law firm of
Frost g. Towers was elected a director
in the Liberty National Bank at the
monthly meeting Of the board yesterday.
Mr.. Frost is only 80 years old, having
been born in Montgomery County, Md,
October 4, 1897. After attending the
District public schools and Washington
Preparatory School, in 1915 he entered
the Georgetown University School OF
Law. He interrupted his studies to
enter the Army, saw service overseas
and upon conclusion Of the armistice
sioner Henry White at the Paris peace
conference, where he remained on duty
until the Versailles treaty was signed.
While completing his law studies in
1920 he became law clerk to one of the
justices of the Supreme Court Of the
United States and in 1921 was admit
ted to the bar When Frederic D. Nc
Kenney was appointed by the State De-
partment In 1922 to prosecute the Lam
dreau claim against Peru before special
arbitral tribunal at London he took Mr..
Frost abroad with him as his assistant.
Upon returning to the United States in
the Autumn of 1922 the present firm of
Frost g. Towers was formed for the
general practice of law.
Mr. Frost is married and lives in
Chevy Chase. He is president of the
Barristers' Club, a member of the Co
lumbia Country Club, University Club,
Okwanok Country Club, Manchester, VT,
and of the Masonic fraternity.
Big Dairy Merger Announced.
Acquisition of the Kraft-Phenix
Cheese Co. by the National Dairy Prod
ucts Corporation was voted at a meet
ing of directors Of National Dairy in
New York. The acquisition will add
about $85, 100000 to the annual sales
volume of the corporation, bringing 1t
to more than $400,000,000.
The deal will involve the exchange
of the assets Of Kraft-Phenix for about
$33 ,175,o0o in 5H per cent debentures,
$6,400,000 in cash and 663, 500 shares
of common stock. This would be on
the basis of about $25 in debentures at
par, plus one-half Of one share of Ma
tional Dairy, for each share of Kraft
Phenix AS part of the plan, 10000
shares of Kraft-Phenix preferred stock
will be paid off by National Dairy for
the $6,400,000 cash.
At the stockholders meeting prior to
| the directors session the proposed in
| crease in authorized common from
| 5000, 900 to 100000 shares was ap-
proved. This latest move Is Of special
interest to Washington as Chestnut
Farms Dairy, Inc, is unit of the
National Dairy Products Corporation
and considerable National Dairy stock
is owned locally.
Murphy Notes Rail Efficiency.
| "a composite index of operating eff
cheney of railroads for 1929 combining
Is separate factors, registered an in
crease over 1928 of 2.6 per cent, COM
pared with a gain of "a per cent in
| 1928, and of is per cent in 1927"
G. Mp. Murphy g. Co. state in their
current Fortnightly Review in q dis
cussion of Railroad Operations In
1929" This index, compiled by the
Bureau of Railway Economies, is now
about rs per cent above the 1922 level
one indication of the results achieved
by capital expenditures of nearly
100000 in the last seven years." the
Review continues:
"At least IL separate measurements
of operating efficiency reached new high
levels during 1929. AS a result Of the
increase in traffic, the average number
of stored locomotives and freight cars
was well below 1928 for much of the
| year, but equipment was adequate at all
times to meet the demand. The i'm
provement in physical condition of
equipment is evidenced by a higher
ratio of serviceable locomotives and
freight cars to the total number for