Evening star., 1933-08-30
RADIO WILL LINK
A. |. B. EXERCISES
Members to Get Diplomas
for Banking Courses
September Is.
BY EDWARD C. STONE.

American Institute of Banking, who
completed their banking courses last
Spring, are to have radio graduation"
on September 16 at the Willard Hotel,
when they will receive their diplomas.
These certificates will be awarded dur
ing simultaneous exercises in 226 cities
linked by Nationwide hook-up, with
Newton D. Baker. former Secretary of
War, as the graduation speaker.
The American Institute of Banking
has previously graduated 10000 stu
dents in 33 years of service in pro-
ducing bankers trained both by prac-
tical working experience and theoreti-
cal education" F. N. Shepherd, eXecu-
tive manager OF the association, said
IN connection with the radio announce
ment.
There are enrolled in the institute
courses at present more than 10000
students 1t has been recognized as
the most successful educational effort
of its kind in the world in a report by
the Carnegie Foundation declaring that
in no branch of industry has the prob
lem of education employees been ap-
preached with greater thoroughness,'
Shepherd said.
The broadcast at the Willard will
take place from 8 to $50 in the evening.
In addition to the certificates. several
prizes will be awarded. among them the
Clearing House Association prize and
the Charles J. Bell Trust award The
w. W. Spaid Golf Trophy and other
golf honors will also be distributed.
Deposit Guarantee Plan Puzzling.
Drafting of regulations to govern ad-
mission of State non-member banks to
the guaranty of bank deposit pool.
which becomes partially effective Janu-
ary l, is proving difficult problem and
has been the subject of a series of ex-
tended Treasury conferences. today's
Wall Street Journal comments.
Some officials fear that if regulations
are too strict many State institutions
will be unable to qualify and will auto
matically be without deposit insurance.
On the other hand. a second group OF
officials is determined not to admit any
weaker banks into the pool. holding
that the soundness of the plan de-
pends in turn upon the unquestioned
soundness of the participating banks.
The question of admission of State
institutions with impaired capital has
been under discussion in this connec-
ton, and some influential officials have
advanced the theory that banks whose
assets balance their liabilities should be
admitted to the benefits of the deposit
insurance plan. Others still oppose this
view, and it is emphasized in Treasury
circles that no formal decision can be
reached until President Roosevelt for
mally names the two members of the
board of directors of the deposit cor
poration Who with Controller J. F. T.
O'Connor. will direct the affairs of the
deposit guarantee plan.
II was hintPd here TODAY that the
whole subject OF bank deposit guaran-
tee insurance may be the most vital
matter taken up during the American
Bankers Association Convention in Chi
Cago next week. In some banking
quarters there is such bitter opposition
to the measure as passed by Congress
in the 1888 bank act that the subject
will not be lightly passed over in Chi
cago.
c. & O. Dividend Increased.
Local holders of Chesapeake & Ohio
are highly pleased over the increase III
the dividend rate
The directors yesterday at Cleveland
declared a quarterly dividend of 10
cents per share on the common stock.
Placed the issue on a $3.50 annual
basis against the previous rate of $3.50
year.
The dividend is payable october to
stock of record September II. The
company also declared the regular
semi-annual dividend of $50 on the
preferred stock. payable JaiJIary l to
stock of record December 6.
Chesapeake Corporation has declared
the regular quarterly dividend Of so
cents on the common stock, payable
October to stock of record Septem-
Der H.
The Chesapeake & Ohio directors
authorized the purchase of 31,481 tons
of new rails and expenditures of S181,
500 for Improvements.
Western Maryland Railway reports
for seven months ended July 81. 1888,
net income of S197.822 after taxes ana
charges, equal to Sill a share on IT,
420 shares of per cent first preferred
stock on which no dividends have been
paid. This compared with S2.643, or !
cent a share on first preferred stock
in seven months ended July 81, 1882.
July net income was S15590l after
taxes and charges, against net loss OF
$50 692 in July. 1882.
City's Youngest Branch Manager.
According to announcement yester-
day. John NJ. De Marco of Michigan
Park. northeast, has been appointed
branch manager OF the Seventh Street
Savings, one Of the eight units making
up the new Hamilton National Bank,
which is expected to open for unre-
stricted business in September.
Mr.. De Marco was cashier of the
Seventh Street Savings Bank up to the
tine the bank was restricted in its OPP
erations. For that reason he is extra
familiar with the bank and its Glen
tole. His banking career was started as
a runner in 1919
In 1927. after graduation from the
local chapter Of the American Institute
OF Banking he was made assistant
cashier and in 1880 was appointed
cashier He is only 80 years old and
is believed to be the Youngest branch
bank manager in the CITY.
The president of the Seventh Street
Savings Bank is John D. Howard. who
is now acting as, conservatcr N adjust
ing the banks affairs and taking care
of the assets, which will not be turned
over to the Hamilton Bank when the
merger goes into effect.
Heard in Financial District.
J. Frank White. vice president and
cashier of the National Bank Of Wash
ington. is back at his desk after an
unusually exciting vacation. He was
Al Virginia Beach hotel during the
hurricane-flood which swept that resort
q week ago He became nlarooncd in
the MOTEL Wnen water SurrOundeQ II On
all sides. a good deal also getting in
side. The pounding of the ocean waves
on the seawall only a short distance
away was also most disconcerting. The
banker admits that his vacation might
have been bit more restful, but will
never forget his interesting experiences.
John Rodabaugh has joined the staff
of the investment firm of Slauson,
White & Rowe. Inc, located in the Peo-
piles Life Insurance Building. He was
graduated from the University of Penn
sylvania in 1881 and was formerly con-
nected with the Pacific Mutual Insur-
Ance Co.
Mergenthaler Linotype furnished all
the business on the washington Stock
Exchange today. five 10-share lots being