Evening star., 1926-09-17
C. A. HARRIS IS VICE PRESIDENT
OF JOINT STOCK LAND BANK BODY
Potomac Institution Head Named to High
Office in Association at Convention In
Detroit-Other Local Notes.


the next few months most OF the
banks Will have absorbed this slack
and will again be seeking capltai
| funds in the market: and so the
! process goes on. The banks and the
| system are still in the construction
| period: but some fortunate banks al
ready have book value of close to S200
| per share and are earning at the rate
| of close to 90 per cent per annum:
| Early in the convention some feel
| ing against the Federal Farm Lean
I Board cropped out but later several
speakers took occasion to laud the
, board. Farm Loan Commissioner A.
i G.. Williams of this city was one OF
| the leading speakers. Elmer f.
| Lands, "a member of the board, also
5, spoke.
| Victor B. Deyber, president of the
! Second National Bank and secretary
of the Washington Clearing House
Association, has been invited, with
! Harry V. Haynes, the president, to
! represent the local orga niZation at
the meeting of the clearing house
section at the American Bankers
!; Association convention in Los Angeles
An unusually interesting program has
been arranged which includes ad
! dresses on Problems in Banking,
/
! Economies" 1.-The Part Bank Auditors
| Perform and perhaps most impor-
! tant of all, a general discussion on
| Standardization of Checks" This
! last subject has been given special
attention by the local clearing house
and the District Bankers Association,
which has a committee making a
special study of this problem.
Local Stocks Are Steady.
| Trading in Merchants Transfer and
Storage preferred featured activity
on the Washington Stock Exchange
! today when 125 shares changed hands
| in seven transactions at the recently
prevailing price of 101. There was a
| turnover of 25 shares of Potomac
! Electric Power preferred at 107A. In
! the unlisted department six shares
! of Chapin-Sacks s per cent preferred
! sold at 10112
The bond market opened with a
| sale of Washington, Alexandria and
[ Mount Vernon certificates at 6. Wash
| ington Gas 6s went at 104as and at
| 1929 for the baby bonds. Capital
Traction 5s sold at 101A. Capital Trac
ton stock was not out today. Since
the stock went ex-dividend Ia a few
days ago. the last sale at 10412 was
considered an indication of strength
j in the issue.
Jardine Has New Relief Plan.
Secretary of Agriculture Jardine has
worked out new farm relief plan
which calls for pooling of agricultural
products to maintain prices. the
plan would be financed by the Gov
ernment.
Producers. under his plan. woult
organize wheat pools. cotton pools
and pools for other crops. Numbers o1
co-operatives would unite in a pool o.
! their crop, withholding it from the
market if conditions were not salts
factory The pool would occupy the
place of the Agricultural Credit Cor
poration, as under the present system
1.-The Federal Government" he said
! would lend money at per cent to g
central cooperative agency. This
agency would lend the money to pool:
/ in various parts of the country at
per cent and the 2 per cent profit
would be put into a sinking fund foi
overhead expenses and emergency
purposes.
Reserve Credit Use Increases.
Use Of the Federal Reserve credit
continued on the increase in the fifth
district during the week ended Sep
tember Is. the Richmond Banks
weekly statement reveals. Bills dis
counted increased from 45,628,000 t6
SAG. 900. Note circulation was
$273,00O higher. at $76.099 900, ant
member bank reserve deposits $67,
$4,000, a gain of 81. .088 900 in a week
The Richmond ratio Of total reserves
to deposit and note liabilities was
6257, against 5997 per cent the week
before.
Although the Richmond ratio
showed a good-sized improvement. that
for the system as a whole declined tc
71.6 per cent, compared with 74.3 the
week before.
But at the same time total bill hold
ings of all u banks declined to the
extent of S52,236, 900, totaling $S2S,
015,000 on September 15.
Local and Other Notes.
At recent meeting of the board OF
directors of the United States Saving:
Bank, the regular quarterly dividend
of 71a pei. cent was declared. Wade n
| Cooper, the president, announced to
day. The dividend is payable Septem
Der 80 to stockholders of record or
September 20.
The Southern Diaries, Inc, reports
profits of $1,168,108 after charges, but
before Federal taxes. for the eight
months ended August 81, compared
with $726,S77 for the corresponding
period of 1925. August profits were
$2O5, ,424, against $124.O03 for August
1925.
Hornblower & Weeks announce the
sale Of an offering of $40 100000 Con
solidated Cigar Co. 10-year 6 per cen
notes, priced at SO. to yield over pei
cent. The notes are convertible into
common stock The notes were sole
by a syndicate, the John l.. Edwards
Co. handling the issue in Washington
Offering is expected next week by
a group headed by the National City
Co. of $13,000,000 in first mortgage
per cent 15.year bonds in connection
with the organization Of the Pepna
Dixie Cement Corporation, the con
solidation of four companies.
Local bankers who have recently
attended the Philadelphia exposition
declare that there has been altogether
too much knocking" about the
Sesquicentennial. 1t is first class
show, one that people ought to see
is fascinating from historical as
well as progress standpoint-in fact
they say there is plenty to occupy
ones time to splendid advantage fol
several days.
Paca Oberlin, a former Washing
ton man, has been appointed assist
ant to the vice president Of the Erie
Railroad, with Offices at so Church
street, New York City.
,
TESTING NEW MOTOR.
NEW YORK, September II R.-
American Locomotive Co. Is arrang