Evening star., 1932-03-17
TOPIC FOR BANKING
ESSAY Announced
Contest Winners to Be Given
Free Trips to Iune
Convention.
BY EDWARD c. STONE.

the District Of Columbia Bankers Asso-
citation, who forwarded the subject OF
the essay contest to Aubrey o. Dooley,
president of Washington Chapter,
American Institute of Banking. The
banking students will write this year
on What Are the Best Mstlods OF
Selecting and Training Bank Personnel
in Order to Secure Efficient Manage
ment and Individual AdVancemsnt?'
The essay contest is open to all mem
bers of Washington Chapter in good
standing on March IS, who arc con-
nected with banks which are members
of the District Bankers Association
The winners of the first three places in
the contest will be given free trips to
the annual convention of the Bankers
Association to be held at Hot Springs,
Va, June to y.
Judges Are Bank Presidents.
All the essays viii be read at the
convention and what is considered the
best enc will be printed in the book OF
proceedings. The essays must not *
ceed 5000 words ana must be submitted
to Miss Grace NJ. ErCmlc~. resistant
secretary Of tre 8cnkc-5 A5c0ci2tion.
not later thin MAJ %. 2r@-itent D1o-
ley viii send CCt all d7.7ils governing
the contest IN fe" Gays 10 the in
stitute Members.
Fresidcn. ECp1 cls) cn0cuncod that
he has spDon,ci tho jatGs lc" the
contest. t.le c.--y5 - b. \.c.sheN f,nd
ruled upon by ll..Gy {. L-o~Al. Dr,a.-
dent OF the WIS.lil ,tOn Loan Il IfU&.
Co. chairman; NJ. y. Rosenberg. preSl-
dent, Bank Of Commerce & Savings
and John B Cochran, president Of the
Franklin National Bans.
The contest has been sponsored for
years by the bankers association and
has aroused great Interest among the
younger bankers. The Judges never
know the names Of the contestants un-
til after the awards have been made.
The subject this year is unusually
broad and covers the work Of every de-
partment of a bank
How A. T. & T. Phone Stock Is Held.
In connection with the announce
ment that there are 10000 holders of
American Telephone & Telegraph stock
in Washington, further details from the
annual report are specially interesting
In 1881 the number of stockholders in
creased from 567 694 to 644,903. The
net gain Of 77,209 was less than the
1880 gain Of 97893 but if allowance is
made for the increase in holders due TO
to the issuance of new shares to sub
scribers under the 1880 offer and to
converterS of the I0-year dabenture 4s,
the gain was about equal to the 1880
increase and exceeded II ,r record for
any other year by more --lan 16 per
cent
The steady growth in the companys
stock list involves considerable shifting
of holdings. Some investors sell all or
a portion of their shares and others
purchase stock for the first time or add
to their holdings. During the last year
159 983 new accounts were opened and
82.774 were closed.
Last year was the first since 1925 in
which shares registered in brokers
names showed a net decline, falling to
only about 4 per cent of the total out
standing stock, the lowest percentage
since late in 1928.
Two Local Dividends Voted.
Directors Of the National Metropolitan
Bank at their meeting yesterday de-
clared a dividend Of per cent on the
capital stock, payable on April Is. Books
will be closed for transfer of stock from
April to April IA, both dates inclusive
The directors of the Merchants
Transfer & Storage Co. have declared
the regular quarterly dividend of S1.75
per share on the preferred stock. payable
on April to stockholders of record on
March 81 Books will be closed from
March 81 to March 81, both dates in
elusive
Directors of the International Match
Corporation have taken no action on
the regular quarterly dividends of 81
on the participating preferred and COM
mon stocks, normally payable on April
Is. Quite little Of this stock is held
in Washington.
Trading on ID. c. Exchange.
Sale CT $1,000 Washington Railway
& Electric As at "a opened trading on
the Washington Stock Exchange today.
Later in the session another transac-
tion Of the same amount was recorded
Capital Traction sold, ex dividend at
18 in a small turnover Thirty five
shares Of Mergenthaler Linotype ap-
pea-ed on the board at 43. This stock
is also selling eX dividend.
Potomac Electric. Power 5i5 per cent
preferred came out at l04L4 In the
Un-sted department, Chaplin Sacks 9
per cent preferred sold to the extent of
10 shares at 102.
New Exchange Member Elected.
The Board of Governors of the Wash
ington Stock Exchange today admitted
to membership Theodore T. Golden,
who maintains an investment Office in
the American Security & Trust Build
ing
The new member is a native of Penn
sylvania, and first came to Washington
in 1911 as secretary to Representative
Thomas S. Crago Of the Keystone State.
He later entered the Georgetown Law
School, where he obtained three law
degrees, the third one covering the
practice OF patent law.
He became a member of the District
Of Columbia bar in 1919 and opened
private practice here in 1921 From
1921 to 1928 he was manager of the
local office of the Great States Securi-
ties Co. of Albany, n Y.
Since 1923 Mr.. Golden has been
Washington correspondent of Clarence
Hodson g. Co. New York investment
bankers. He IS a member of the Wash
ington Board of Trade and prominent
Mason. He takes the seat on TIE cx-
change formerly held by Frank P.
Morse, who IS manager Of the local
stock exchange offlce Of Charl2s D. Bar
ney & Co.
Banking Bills Approved.
The House Banking and Currency
Committee has approved a bill which
allows member banks Of the Federal
Reserve System to use intermediate
credit bank debentures as security 3or
their own 15-day promissory notes
The bill also provides that theSS de-
bentures may be used as collateral ;e-
curity for note issue. A further pro.
vision allows the intermediate credit
banks to do an acceptance business.
The House committee also approved
bill authorizing national banks to de-
post bonds as collateral for State and
local government deposits.
nAAIX nACiIIEn EAnIhN