Evening star., 1941-09-24

wit n ou t any H. w. koeneke.
salary. In 1910 he became cashie
of newly organized bank in Her
kimer, Kans, at $50 per month
Starting with $4,000 capital. tn
bank had 100000 deposits in 81,
years. In 1917 he became one of tn,
owners of the Exchange State Bank
at Parsons, KanS.
: His ability became widely known
and in 1929 he was appointed Kansa
State bank commissioner, serving il
that office under three governors
Reed, Woodring and Landon. H,
served during most critical perioe
in banking history and gained
special praise for his success ir
reducing the cost Of liquidation o1
closed banks.
Since resigning his State Office
Mr.. Koeneke has had brilliant sue.
cess in building up his present bank
His campaign methods for obtaining
local loans has been widely heraldeo
in banking circles, accomplishments
in personal loan department being
particularly outstanding. Helping
the farmers is another of his chief
obiectiveS.
In the A B. A. he has displayed
great ability and energy, first in the
State bank division and during the
past year as vice president of the
whole association. In a time of
vital import to all banks, he comes
to the presidency to succeed P. D
Houston.
National Press Bonds Analysed.
An analysis of National Press
Building adjustment income bonds
has recently been distributed to
clients by johnson, Lemon & Co
The review points to the reduction
in the first mortgage on the Press
Building from $6,220, 900 to SIS, ,064 ,00O
since 1885, about 20 per cent, and
says this has added strength to the
bonds.
There has been a gradual advance
In the market price of the junior
bonds from II two years ago to the
present price in the middle 30s, the
review adds At the current market
price, the yield based on last year S
payment of s1787 per $1,000 bond
is 5 per cent. After the first mort
gage is reduced to $4,000, 900, in
terest on the adjustment bonds will
be increased.
1t is interesting to note that the
adjustment bonds mature on the
same date as the first mortgage
bonds, April IS. 1850. The latest bic
for these bonds is 32l4 and for the
first mortgage bonds, 9012.
Dividends Paid for 40 Years.
The New York Stock Exchange
has been delving into past records
and announces that the following
stocks have been paying dividends
regularly for 40 years:
American Brake Shoe. Beech Nut
Packing, Chain Belt Co., Eastman
Kodak. Kroger Grocery, Sterling
Products and United Engineering &
Foundry. Paying dividends for SO
years are American Snuff, Mean
drews e. Forbes, Otis Elevator and
Texas Corp.
Other companies with very long
dividends include Sun Oil, American
Tobacco, Reading Co, Gillette,
Owens Illinois Glass, Pacific Light
ing, Ingersoll-Rand, international
Harvester, Dow Chemical, May De-
partment Stores, Liggett g. Myers,
,Socony-Vacuum. Woolworth, Kresge,
Murphy and International Shoe
They have paid dividends under eco
nomic conditions which have varied
greatly, the review comments.
Loan Leaders Plan Election.
William N. Payne, jr., president Of
the District Building and Loan
League, announced today that the
annual meeting and election of Off
GERS will take place on October %.
At the first fall meeting of the
Executive Council, yesterday at noon
at the Raleigh Hotel, Mr., Payne
appointed Edward A. McAleer. Sec
retary Equitable Cooperative; r. w,
Santemann, secretary Metropolis
Building, and Edward K. Jones, sec
retary Interstate Building, as a COM
mittee to name a slate of officers
and directors to be voted on at that
time.
Dr. William H. Walker, president
of the First Federal Savings and
Loan Association of Miami, reported
that the convention of the national
association at Miami is expected to
draw the largest attendance on
record. according to advance reser-
vations. He expects 1000 delegates.
Experts Review Municipals.
John D. Hospelhorn, deputy bank
commissioner of Maryland and
president of the National Association
of Supervisors of State Banks, is
distributing advance copies of "Mu-
nicipals," just published by the asso-
citation. The volume is the result
of three years study by the asso-
cations Committee on Municipal
Obligations, headed by Edward A.
Wayne, formerly chief bank eX-
aminer of South Carolina.
Banks to Meet Reserve Boost.
Washington banks were prepar-
ing today to meet the Federal Re-
serve Boards new order increasing
reserves to the legal limit, after
November /. This step will require
about $1,000 100000 from the Ma
tions banks. the aim being to place
q further check on imitation factors.
officials said today that the banks
In the Capital will have no diff
Guilty in meeting the new require
ments. They have ample reserves
on hand Bankers expressed salts
faction over the reserve action and
said it would tend to raise interest
rates.
Today's Trading ON Exchange.
Washington Gas preferred opened
trading on the Washington Stock
Exchange today, with small lot
selling at 1862. up half point.
Lincoln Service Corp. common
registered a 50-share sale at II, off
fractionally from the last transfer.
Mergenthaler Linotype was strong,
two l0-share lots moving at 26,
which brings the stock up to the
high for the year.