Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-25

urer; Jerry P.
johnson, secretary;
Robert D. Marshall,
controller; Morris
w. Bennett, au-
ditor, and Francis
j, Becker, cashier.
President Brown ---A~
reported an excel Clarence r. Norment.
lent years bust
ness. This company has $1,000 900
capital, the stock being listed on the
Washington Stock Exchange. The par
value is so and the last sale was made
at that figure. 1t pays per cent
dividend.
b. & o. Bonds Stir Interest.
Baltimore g. Ohio stockholders in
Washington are greatly interested In
the coming bond issue. Preferred and
common stockholders will receive rights
10 subscribe to a new issue of $63, 031 900
of Az per cent convertible bonds, due
on February /, 1860, at price OF 95
Stockholders of record February 2, 1880,
may subscribe for the bonds in an
amount equivalent to 20 per cent OF
their stock holdings. The offer viii ex-
pire on March IL.
Proceeds from the financing will be
used to provide funds for additions and
bettermentS to the property, for the
acquisition Of additional properties or
securities representative thereof, when
such acquisitions are approved by the
Interstate Commerce Commission, and
for other corporate purposes.
The offering, made subject to approval
of the Interstate Commerce Commits
sion, has been underwritten by Kuhn,
Loeb & Co., Speyer & Co. and the Ma
tional City co. The bonds will be con-
vertible into common stock at any time
from February /, 1891, to February l,
1886, at $3.50 q share: thereafter to
February /, 1871, at $125 a share, and
thereafter to February !, 1946, at $3.50
q share.
Junior Bankers Talk Education.
Harold Stonier, educational director
Of the American Institute Of Banking,
addressed the officers, instructors and
consuls Of Washington Chapter last
night at a dinner at the Raleigh. He
made stirring address on the neces-
sity Of higher education in the banking
field. He has been here many times
and always arouSeS much enthusiasm.
He urges young people to budget their
time and let first things come first"
There were go chapter enthusiasts
present. Frank M. Perley, chairman of
the educational committee, presided
President A. E. Henze also spoke, as
did Robert H. Lacey, chairman Of the
membership committee, which Just
now Is conducting q campaign for in
creased membership. The instructors
also spoke at considerable length Of the
work Of the chapter.
Chairman Lacey, In booming the
membership drive, has sent the follow
ing letter to host Of junior bankers:
I'VE cannot urge upon you too
strongly the benefits that are to be de-
rived from the study courses Of the
. AEAlaTIa haV fe afy,eP
more complex each year and in order
to keep up with the rapidly changing
conditions each Of us must be con-
stantly improving himself. There Is
no middle ground-we must forward
or the inevitable happens and we auto
tnatically slip backward.
THE second semester classes will be-
gin on Monday, January 81, and we
feel sure that you will find course
among those offered that will be of
interest to you, and at the same time
Of direct benefit to you in the work
you are doing"
Money Leaving New York Market.
According to officers Of large New
York banks the money which was
loaned on call for out-of-town banks
when rates were high is now rapidly
going into bankers bills Government
securities, commercial paper, home
loans or is being lent at short term to
local municipal governments.
The old basis upon which city banks
collected a fee from out-of-town banks
FOR lending their money on call was
per cent of the interest received on
such loan, which is $3.50 on a basis of
100000 loaned at 5 per cent per an
mum. Now the fee is $500 on a trans
action Of this kind, which is equivalent
20 call rate Of 10 per cent on the old
basis.
Lower charges, says the New York
Sun, doubtless would help to save or
enlarge the proportion Of bank money,
as distinguished from corporation funds,
In the call market.
Heard in Financial District.
Washington cleared s27,o1so0O this
week. against S27,134,0o0 last week,
which Is q decrease of 81 from the
same week In 1929.
Mai. Gen. Kenzie W. Walker, chair
k1an Of the board of Standard Col
lateral Shares Corporation, is in New
York comforting with the trustees on
the matter of the dividend to be paid
February Is to holders of common
stock shares.
The Interstate Commerce Commission
yesterday authorized the Chesapeake &
Ohio Railroad to acquire control of the
N|AACooPCahS O I1OShlIAs, a OO~Ill1C 41llc
from Gregg to Valley Crossing, Ohio.
The House has adopted the Parker
resolution providing for an investigation
Of railroad holding companies by the
House interstate commerce committee.
The production of small cigarettes
during December amounted to $751;
356,533, against ISIS, 100,613 in De-
eenber, 1928, according to Bureau of
internal Revenue. Production of large
cigarettes was 602,210 in December,
1929, against 6S7,7S2.
Other Tobacco Reports.
In order to determine how college
Students spend their money, a ques-
kionnaire was recently circulated among
the students Of Washington University,
IN st. Louis. Mo. The average monthly
expenditures Of women students in
Cluded So at movies, 50 at other the
Aters, So for candy and ice cream, 81
Tor tobacco products and So for mis-
meIaneous entertainment. One Of the
surprising results Of the QUESTIONABLE
was the discovery that girl students
epend more money on tobacco than boy
students.