Evening star., 1933-08-25
C. & o. Stock Control Changes.

For the first time since it's organiza-
ton. the Chesapeake Corporation no
longer has actual, majority control Of
the Chesapeake & Ohio Railway.
Through the sale of 100000 shares Of
the roads stock, formally reported
Wednesday, and conversion of a SUBJ
stantial block of Chesapeake Corpora
ton per cent convertible bonds into
Chesapeake & Ohio stock. the holding
company has lost its position of owning
more than SO per cent of the 7,652,942
Chesapeake & Ohio shares outstanding.
The corporation, at the present time,
holds somewhere in the neighborhood
of 3,757,O0O shares of Chesapeake &
Ohio common, about 40 per cent of the
stock outstanding. Its holdings, COM
ments the Wall Street Journal, OBJ
viously are sufficient to make it the
dominating factor in the road, but 1t
hasn't quite the same position 1t has
held up to this time.
Since the year end, the Chesapeake
Corporations financial structure has
undergone marked change. Bank
loans, which stood at $31, 100000 at
that time, are down to $20,948, 179, and
the principal amount of the corpora
tion's per cent bonds outstanding dnn mas
been reduced to around $39,216,OOO,
compared with $43,334,000 outstanding
at the year end.
Little Gold in Hoarding Here.
Local bankers said today that they do
not believe there Is very much gold
being boarded by citizens in the Ma
tional Capital, although they added
that no doubt small amounts are being
held in some safe deposit boxes. The
comment was made following the re-
port that Attorney General Cummings
has submitted to President Roosevelt
definite recommendations concerning
further Federal action under the Exec
utive order prohibiting gold boarding.
Mr.. Cummings expressed the opinion
that many millions of dollars in gold is
being held by individuals whose names
are not included on the Governments
list of known hoarders. This problem,
Cummings said. is the major one now
remaining to be solved. He made clear
that he had recommended definite ac-
ton on this score to the President, but
declined to make public the nature OF
his report.
Meanwhile, Mr.. Cummings said, he
wished to make plain that he had not
abandoned his often repeated threats to
prosecute those who declined to return
gold holdings to the Treasury.
Heard in Financial District.
Washington Railway & Electric Is
sold to the extent of $1,000 on the
Washington Exchange today at 89k.
Mergenthaler Linotype appeared on the
board in a small transaction at 26, same
as the last previous sale. The bonds
were one point higher than the last
sale
The Treasury has given notice that
tenders are invited for another issue
of 500 100000 in 91-day Treasury bills.
The issue will be sold on discount
basis to the highest bidders. The bills
will be dated August 80 and mature on
November 20. 1888.
John M. Riordon. executive vice presi-
dent of the Bank of Commerce & Saw
ings, Is now on his annual vacation
which he Is spending at Oak Bluffs,
Mass. He expects to return to Wash
ington in a few days.
Purchase of $35, ,000. 900 Government
securities by the Federal Reserve
Board during the past week, shown in
the weekly report, caused wide interest
in local financial circles today. If con-
tinued, 1t is expected that this move
will have very far reaching effect on
the bank credit situation and recovery.
July automobile gasoline tax collec-
tions in Virginia totaled $1,0l5,7 This
is $63.677 less than June collections and