Evening star., 1937-11-20

ton Building. ~ -
Bankers at the ,
convention took
the view that the legal staff really
should be located in the Capital as
so much of the work deals with pend
ing legislation. This can be carried
on much more expeditiously here than
in New York, officers of the A. B. A.
believed
Related to this important step is
the transfer from Washington to New
York of Edgar E. Mountjoy, deputy
manager of the national bank divi-
sion. Mr.. Mountjoy represented the
national banks here for more than 10
RADIO Building.
One of the associations beSt-known
officials, he has already moved to New
York headquarters, where similar rep
resentatlveS of the savings division
trust company division and State
bank division have long been located
His departure from here caused deep
regret among many personal friends
in banking circles.
The changes now being carried out
had been under discussion for some
time prior to the recent convention
A vigorous effort was made years age
to bring all the A. B. A. Offices to
Washington, but the plan was turned
down
Nevius With Riggs Al Years.
Avon M. Nevius, one of the vice
presidents of the Riggs National Bank,
received hearty congratulations from
his associates yesterday on his 4lst
anniversary with that institution.
Born, reared and educated in Wash
ington, his four decades in banking
have all been connected with Riggs
National. Advanced to the vice presi-
dency many years ago, Mr.. Nevius has
come in contact with people of unusual
prominence in the political and busi-
ness life of the Capital and Nation.
He is a member of the Board of
Trade, American Institute of Banking
Columbia, Congressional and other
country clubs. Masonic Fraternity, Ma
tional Press Club and several other Or
CARNATIONS, including the Society of
Colonial Wars.
Unusually athletic in his younger
days, he was widely known as an oars
man and was member of several IA
nous crews when rowing was most
popular sport on the Potomac
Transit Stock Slightly Lower.
Capital Transit stock has shown
comparatively little change since the
Public Utilities Commission granted
an increase in car and bus fares. In
the past few days the stock has been
selling fractionally lower, one block
Of $50 shares changing ownership yes
terday at 8i2. This was by far the
largest sale in months.
The stock sold on Monday and again
on Tuesday at in small lots. We'd
nesday 1t came out on a small sale at
6'4 Ihere were no transactions
thursday. The bonds, known as Cap
ftal Traction SIS, have been steady, SELL
ing at 70 and 7o12 since the higher
fares were announced
Members of the Washington Stock
Exchange think it will be some time
yet before definite results from the
higher fares will be evident Until that
time the market for both the stock and
bonds is likely to see only small
changes. Bondholders have received
every cent OF their interest but stock
holders have not seen a dividend in
four years.
n
Probably the total increase in freight
rates by the Interstate Commerce Com
mission Will amount to as much as
S65,OOO,000, says Leonard P. Ayres.
BANKER and economist, on the basis of
Iafhc equal in volume to that of 1897.
The expenses of the roads have re-
Gently been increased by wage ad-
Vances granted to railroad workers.
and these increases in operating costs
VIII amount to about 125 million dol
lars. These two changes taken to-
eether result in an increase in the
costs OF operation about twice as great
as the advance in revenues which will
result from the higher freight rates.
Inc net outcome will be an increase
IN expenses of about 60 million dol
lars. This is more than one third of
the net income of all the class I roads
last year, Col. Ayres estimates.
Heard in Financial District.
Harvey c. Couch, former director of
the Reconstruction Finance Corp, now
railroad and utility executive. will
become a class B director of the st.
Louis Federal Reserve Bank on Janu-
ary /.
The nineteenth annual midwinter
trust conference of the American
Bankers Association will be held in
New York February 15-17, according
TO Robertson GrisWold, head of the
trust division and vice president of
the Maryland Trust Co.
The Metropolitan Life Insurance Co.
Will pay par for the new $5,0OO,OOO
issue OF Potomac Electric Power 81
per cent bonds, following approval
OF the bonds by the Public Utilities
Commission. The same corporations
3A bonds on the Washington ex-
change sold recently at 1925 and
earlier in 1887 at l04la.
The Department of Commerce re-
ports that shipments of railroad loco
motives during October totaled 81,
compared with IL during the like
month last year. Shipments during
the first 10 months of this year totaled
40. compared with 108 for the similar
period Of the previous year.