Evening star., 1935-12-11

amounts subscribed have also in
creased. The amounts pledged run
all the way from $25 for the year up
to 500, $500 and ST 900. A good many
people who had $50 accounts last year
have ioined the 500 class this year,
officials report 1t is also stated tnat
there are quite number in the 81 l.OOO
class.
Restoration of the Government pay
roll during the present year Is one
reason bankers assign for increases
in the amounts being subscribed. Gen
erally improved business conditions
and an increase in the number OF Gov
eminent workers in the Capital also
are given as important factors.
Last year the per capita average
Christmas Savings Club subscription
was around $79. That figure Will De
exceeded this year, bank officers say
It may come close to the al-tlme
Washington average record Of $50 per
member. The 18 banks are all mem
bers of the District Bankers AsSocia-
ton and are using cooperative ad-
vertising in stressing the value OF the
clubs.
Hibbs Celebrates Birthday.
William B. Hibbs celebrated his list
birthday today. Founder of the New
York Stock Exchange firm of w. B.
Hibbs g. Co.. and for nearly five dec
AIDES one of the most active financlers
in Washington's Wall Street" the
dean of the Capitals brokers was
lavishly remembered with flowers by
his partners, other associates and by
the members of the Washington Stock
Exchange. For years has was one OF
the pillars of the exchange, doing
extensive trading and serving many
terms as president or chairman OF the
Board of Governors.
Billy" HibbS was born in Gordons-
vile, Va, but came to Washington
when very young. He was educated
here, became interested in the broker
age business and was not satisfied
until he established firm of his own.
Some years ago Mr.. Hibbs reorganiZed
his business and in addition to his
partner, w. W. Spaid, took into the
firm Karl w. Corby and j. Thilman
Hendrick. Since then he has been
free from all business routine and has
passed good deal of time at his
Leesburg, Va, estate, one of the finest
in the Old Dominion. He was in the
city today, however, to receive best
wishes being showered upon him per-
sonally and by telephone.
Mr.. Hibbs has never been given to
making predictions as to what the
New York Stock Exchange might or
might not do He is, nevertheless,
optimistic regarding the future, espe-
cially the outlook for the National
Capital.
Bond Issue Oversubscribed.
The $100, 100000 issue of per cent
bonds of the Federal land banks
offered yesterday was heavily over
subscribed by 10:45 am, according
to an announcement by w. I. Myers,
governor of the Farm Credit Admins
tration. The bonds were offered at
e8a4 and are callable in 10 years and
mature in 20 years.
OF the total amount issued, $62, ,000,-
600 will be used to refund a similar
amount of called bonds and the re-
manning amount of about 1000
will be used to make new first
mortgage Federal land bank loans.
This is the first occasion since 1880
that the Federal land banks have
offered bonds to investors in any large
IF Y1aTTr
financing, and the response OF in
vestors to this bond issue is very
gratifying" Mr.. Myers commented.
This new Federal land bank
financing reopens direct channel OF
normal business relationships between
farmers and investors"
Fleming to Address Bankers.
Robert v. Fleming will be the guest
of honor at the Forum dinner of New
York Chapter, American Institute of
Banking, tomorrow evening. Tom K.
Smith, first vice president, and Orval
w. Adams, second vice president of
the A. B. A, have accepted invitations
to attend. Mr. Fleming will make a
short address. the dinner taking place
at the Hotel Roosevelt, New York.
The Southern Railway estimates its
net income for 1886 at $3,851 ,706, the
road has informed the Interstate
Commerce Commission in supple
mental data filed in connection with
its application for extension of R. F. G.
loans which mature within the near
future. The estimate, the road pointed
out, did not include any provision for
payment of 81 ,199,47 under the rail-
road retirement act or $415,962 under
the social security act.
The auditors section of the District
Bankers Association will hold the De-
cember meeting tomorrow evening at
the Hamilton Hotel 1t will be din
ner meeting and open to the public.
The guest speaker, Julius Sinker, will
talk on THE Effect of the Banking
Act of 1885 on Bank Auditing"
Lively Day on Exchange Here.
Trading was unusually active on
the Washington Stock Exchange to-
day. Eleven consecutive 10-share
sales in Capital Transit and one 40
share sale were recorded, all at Is,
unchanged.
Railway & Electric preferred sold at
10s, Bank of Bethesda at IS, Colum-
bia Title Insurance Co. at SIS and
Potomac Electric Power 51a per cent
preferred at 113a4.
Bonds were In excellent demand.
Potomac Electric Power IS moved at
1091s and 100, Washington Railway &
Electric As sold at 1051s. Washington
Gas 6s, series B, at 102K4, while Cap
ital Traction SIS changed hands at
esq and 95A.
Mergenthaler Linotype was quiet to-
day, no sales being recorded, closing
bid 80 with 393z asked.