Evening star., 1938-12-13
Christmas Bonus Declared.


Directors of the McLachlen Bank
ing Corp. have declared a Christ
mas bonus of 3 per cent of yearly
salaries for all employees of the bank,
President Lanier P. McLachlen said
today. The Yule gift has already
been distributed.
Directors of the Riggs National
Bank have declared the usual
Christmas gift in the way of extra
compensation, it was announced at
the bank today. This is the seventh
Washington bank which has an
nounced such action so far in the
present holiday season.
Several New York banks have re-
Gently reported similar presents in
their efforts to spread Christmas
cheer among the employees.
Banking Opportunities Seen.
There are plenty of opportunities
In the field of banking, according to
Vincent A. Sheehy. jr., an assistant
trust officer of the Washington Loan
& Trust Co., who addressed the
senior class at Central High School
this forenoon. His subject was "Op-
portunities in Banking" He told the
students that banking work is most
interesting and becoming more and
more diversified as the banks extend
their various services. He added
that young people in the banks, who
are anxious to increase their finan-
cial and economic knowledge, have
an excellent chance to do SO by TAX
ing courses in the American Insti-
tute OF Banking.
McInnerney New Director.
Thomas H. McInnerney, president
OF the National Dairy Products
Corp, which has two Washington
units, has been made a director of
the United States Chamber of Com
merce. Mr.. McInnerney is already
director in American Water Works,
Tobacco Products, Ward Baking, Le-
high Valley Railroad, Gimbel Bros,
B. F. Goodrich and United States
Steel Corp.
Robert H. Cabell, president of
Armour g. Co., Chicago, was also
elected director at the same time.
They fill two vacancies.
Safe Deposit Section Meets.
The safe deposit section of the
District Bankers Association will
meet tomorrow evening at o'clock
in the American Security & Trust
Co. lunchroom. One of the special
features will be movie and talk
entitled The Human Touch"
Coach fares on the Norfolk South
ern Railroad will be reduced in jan
uary to IL cents mile for one
way travel and 135 cents for round
trip travel, according to j. F. Dalton
chief traffic officer. 1t is believed
the lower fares are better adapted
to the needs of the territory than
the present 2-cent rate, he said.
DR.. Carl E. Parry, chief of the
division OF security loans, Federal
Reserve System, will address the
senior margin clerks section, Asso-
citation of New York Stock Exchange
Firms, Thursday in New York, on
Regulation T.
Riggs National Bank common
stock sold at 2741a on the Washing
ton Stock Exchange today, against
last sale previous transfer at 271.
Eleven shares changed hands.
In the bond division a $500 trans
action in Washington Railway &
Electric As was recorded at 107,
within one point of the highest
registered this year.
Investment dealers reported that
they quickly sold as many of the
Chesapeake & Ohio 100000 900 312
per cent refunding bonds as they
could obtain. The bonds were Of
fered yesterday.
Bankers Offer Essay Prizes.
The Investment Bankers Associa-
ton has arranged an essay contest
for undergraduates in the colleges
the rewards to be cash prizes. The
essay subject will be How to Obtain
Better Public Understanding o1
Investment Banking"