Evening star., 1933-09-19
CLASSES OPENED
BYA.|. B. CHAPTER
EnroIIments in Seven Courses
Are Expected to Pass
200 Mark.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Fall term class sessions of Washing
ton Chapter, American Institute OF
Banking, opened last night at head
quarters in the Bond Building and
chapter officials predicted that enroll
ments in the seven semester courses
would exceed 200 Walton L. Sander
son, chairman of the Educational Com
mittee today announced the member
ship of the faculty for the 1933-34
school year. together with the subjects
which they will teach, as follows:
Raymond B. Dickey. member of the
District of Columbia bar and dean OF
the faculty instructor in negotiable
instruments; Eliot H. Thomson, pub
licity manager Washington Loan &
Trust Co., banking organization and
operation; F. Joseph Donohue, member
of the District of Columbia bar. eco
nomics and money and banking; Bo-
litha j. Laws. member of the District
Of Columbia bar, commercial law;
James Daniel Cushman of the firm of
Buchanan & Councillor analyzing f.
nancial statements: James c. Dulin, jr.,
lIcdSulcl ocSuIlIy O. IL uoI
Co.. corporation finance and invest
ments; Harold w. Burnside. assistant
cashier Riggs National Bank. credit
management: Rev. DR.. George Farm
ham, former lecturer George Washing
ton University, public speaking and de-
bate; Frederick P H. Siddons, secre-
tary American Security &, Trust Co.,
bank management. and Howe P. Coch-
ran, tax consultant, income tax law
and procedure.
Courses in the local institute are
open to officers and employees of banks
and financial institutions. Washington
Chapter is one of the largest and most
active Of the 230 chapters throughout
the country 1t has over 500 standard
course graduates, approximately 300
pre-standard course graduates, and over
400 individuals have completed sub
jects taught in the local banking school.
Loan 10 Land Banks Planned.
Chairman Jesse Jones of the Recon-
struction Finance Corporation an
nounces that the organization will lend
S150,000000 to the Federal land banks
to assist in the refinancing of farm
mortgages held by impaired or closed
commercial banks.
The ref1nancing of these farm mort
cages will enable the Farm Credit Ad-
ministration to improve the position of
open banks whose working capital has
been restricted because of heavy hold
ings of this character and speed the
liquidation of closed banks which are
unable to realize on slow assets" Mr..
Jones said
The program in either case will do
much to restore the normal flow of
cash and credit which has been han
dicapped by lack Of normal facilities"
C. & o. Earnings Reveal Jump.
Chesapeake & Ohio Railway reports
for eight months ended August 81, 1888,
net income of S16,8949 after taxes,
charges and sinking fund appropria-
Quirements on 612 per cent preferred
stock to s2.20 share (par $3.50 on T.
652.987 shares of common stock This
compares with S12,293, 1853, or ST go a
common share, in first eight months of
1882. August net income was $685.
746 after taxes, charges, etc, against
net income of $2,309,118 in August,
1882.
The Pennsylvania Baltimore & Ohio.
Seaboard Air Line and Atlantic Coast
Line all report substantial gains over
the first eight months of last year and
particularly important Improvement in
earnings during July, the exact figures
just now being made public.
Merger Terms Grip Attention.
The announcement by John H.
Hanna, president of the Capital Trac-
tion Co.. to the effect that the present
stock will be exchanged into stock in
the new street car company at $100
par value has aroused wide interest in
the financial district. The old stock
carried 500 par value, so par will be
unchanged.
Recently the old, or present stock.
has been advancing steadily on the
Washington Stock Exchange in antici-
patton of the merger. The present stock
has been as low as this year. For
the past few months it has been evi-
dent that the Capital Traction Co. had
people in the financial district that
the new company will have. That means
that the new stock will have chance
to earn something. and, of course, ac-
counts for the improvement in the old
stocks selling price.
Reduction of operating costs and
other overhead expenses through the
merger. which are fully expected, have
brought the asked price for Capital
Traction stock up to 16. While having
no bearing on the present situation in
any way, yet it is interesting to recall
that when the stock was selling at 81
a share the figure was the same as
the dividend rate of per cent which
the stock paid for years.
Bank Stocks Of During Week.
The New York City bank stock mar
ket was again slightly lower during the
past week, with the result that the
group on the average now yields about
5.66 per cent. The aggregate value OF
the 16 leading issues, as compiled by
Holt, Rose g. Troster, ended the week
at 81 1886, ,621 900. compared with 81 1885,
846,000 at the close of the previous
week, a decrease of $50,225, 900, or 35
per cent.
Wholesale commodity prices, which
have been only fairly steady during the
last three or four weeks. turned de-
cidedly upward during the week ended
September 16, according to the index Of
the National Fertilizer Association. This
index advanced from 67.3 to 63.8, gain
of Is points. This Is the largest weekly
gain in the index in several months.
During the preceding week the index
advanced only one point. while two
weeks ago it advanced four points. The
latest index number Is "a points higher
than 1t was a month ago and is IS
points higher than it was a year ago.
Bonds Hold Exchange Trading.
Bonds held the entire spotlight on
the Washington Stock Exchange today,
bonds moved. There were five $1,000
sales in Washington Gas Light IS, 1860,
all made at 1861. unchanged from the
$4,000 turnover yesterday. Washing
ton Gas IS, series B, also appeared on
the board, 500 changing hands at