Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-12

preceding week and
1ll.2 per cent in -
the corresponding John M. DeMarco.
week last year.
Basic industries farthest from the
consumer like steel and coal, which
decline or rise last and farthest con-
tinue more than Seasonally slack. Elec-
trio power production and primary
distribution by railroad are still at low
levels, but begin to show slight i'm
provement. Building construction has
increased sharply, above normal and
above last years level. General trade,
as measured by check payments and
currency in circulation, has risen to
relatively high levels. Bank credit is
expanding at a more than normal rate.
Federal Reserve credit is being brought
into action on larger scale. Commodity
prices are f1rmer. The stock market
Is stearier and quiet.
The sharp rise in the business index
of the volume of general business activ-
ity nearly to the normal level in the
past two weeks is partly a reflection
Of the markedly higher level of building
activity and the large volume of money
turnover at the end of June. Some
support may be needed and should be
given the key crops, wheat and cotton
Their slump in the commodity price
level.
DeMareo Assumes New Position.
John NJ DeMarco has assumed his
new position as cashier of the Seventh
Street Savings Bank, to which he was
elected a few days ago He becomes
one OF the youngest bank cashiers in
the Capital. having won the place by
hard work and close application to the
duties of assistant cashier. Mr.. De-
Marco was born in this city, received
his education in a private school and
was graduated from Washington Chap
ter, American Institute of Banking. He
"a at present member of the institutes
board Of governors. All of his business
career has been associated with the
Seventh Street Savings Bank. He en-
tered its employed in 1919 as a clerk
and was elected assistant cashier in
1927
General Baking Reviewed.
The General Baking Corporation
which recently began operating a new
plant in Washington double the size
of the old one, is the subject of a sur
vey by Standard Statistics. This is the
company that operates so plants in
various cities in the United States,
using the trade name, Bond Bread. In
1929 the company put out 100000, 900
loaves. The stock is listed on the New
York Exchange. The survey says in
part:
Outstanding capitalization consists
of e92,980 shares Of $6 cumulative pre-
ferred and 3.472 $50 shares of common,
both no par In addition, General
Baking Co., subsidiary, recently hoated
an issue of 100000 10-year de-
bentures and has outstanding $9o77 500
Of preferred stock Preferred dividends
we're reduced from IS to So per annum
on April /. last. Nothing has been paid
on the common.
Net income has been substantial, but
heavy charges and preferred dividends
have left little available for the COM
mon. Earnings per share of common
equaled SO. SO in 1927, S0.46 in 1928 and
but sofa in the full year 1929. Cut of
10 per cent in price of bread, instituted
last Fall. resulted in the less satisfactory
profits last year. The same scale of
prices exists at present"
C. & o. TO Split Stock.
The Interstate Commerce Commits
sion has approved the proposal of the
Chesapeake & Ohio Railway TO split
Its common stock four for one, by is
suing SIS par stock in exchange for
present 500 par common.
In support of the application for au-
thority to split its stock, the Chesa-
peake & Ohio represented to the COM
mission belief that a reduction in
par would make its shares more at
tracttve to the general public. 1t also
was claimed that this would increase
its shareholders. which in turn. will in
crease its ability to raise money by sale
of capital stock instead Of funded In
debtedness.
The road, having received sanction
Of the split-up, will apply 10 Virginia
State Corporation Commission for au-
thority to amend its charter to provide
for issuance of four shares of SIS par
value stock for each share of 500 par
common and upon its conversion) for
each share Of 800 par 6ia per cent
cumulative convertible preferred stock
series A.
Institute Chairmen Named.
FIRST committee chairmen for Wash
ington Chapter, American Institute of
Banking's new administrative year were
announced yesterday by Frank M. Per-
ley, American Security g. Trust Co.
president of the chapter.
John NJ. DeMarco, newly elected
cashier of Seventh Street Savings Bank
will again head the auditing commit
tee. Hubert T. BiSselle, assistant
cashier. Riggs National Bank, succeeds
Raymond D. Lewis. American Security
d Trust Co. as editor in chief of DOL
lars and Sense" chapter quarterly
publication, and Aubrey o. Dooley, as
Sstant trust ofncer, Federal-American
National Bank. becomes chairman of
the educational committee succeeding
President Perley. Richard A. Norris
Lincoln National Bank, succeeds Mr..
Doolsy as vice chairman of this COM
mittee.
willard G. Barker. vice president and
treasurer. Morris Plan Bank of Wash
ington, will be chairman OF the enter
tainment committee This Is a new
committee entrusted with a more ex-
tensiye entertainment program. A. z
Hence of w. B. Hibbs d. Co, becomes
Chairman of the forum committee vice
James A. Soper, vice president and
cashier, Lincoln National Bank. j
Fred English of Commercial National
Bank, is new chairman of the men,
berslip committee, following Robert H
Lacey, cashier, Columbia National Bank
and Henry F. Ktnball, American Sc
curity g. Trust Co, former athletic CON-
n1ittee chairman, will succeed Aubrey
o. Dooley as chairman of the publicity
committee. Miss Mildred C.. Wood
cock, American Security Trust Co., viii
again head the women's committee
Other committee chairmen will be an
nounced later.
VIRGINIA WOOL TRADE.
The sale of 10000 pounds Of WOO