Evening star., 1926-05-03
LOCAL LAND BANK
HAS ANNIVERSARY
Today Marks Third Year of
Potomac Institution-Lan-
Ston Is Active.
BY EDWARD e. STONE.

maj cdpltai Stock was 900, FULLY
PAID. and at the last meeting of the
stockholders an increase Of $2J0.V00
III stock was authorized.
George A. Harris. president of the
bank, states that only $50. 200 of the
new stock has been needed up 10 the
present time. and that this amount
mas been absorbed by the present
stockholders. None of the new stock.
therefore, has been offered to the
public.
The bank now has $4,000 900 farm
loans and has outstanding $4,000. 90"
Federal farm loan bonds. this
volume of business necessitating the
increase in capital stock In addition
to setting aside the legal reserve and
adding substantial amount to sur
plus. the local bank has been on a
per cent dividend basis since July l.
1879. The progress of the bank in
three years is most gratifying to the
officers and directors
LanstOn Is Exchange Leader.
Lanston Monotype stock was the
leader on the Washington Stock Ex
change today when the weeks trading
opened. Ninety shares changed hands
during the session. The stock
opened at S56s for two 10-share lois.
ferS, involving 80 shares, and closed
at $3.50 on the sale OF two 10.share
lots. Market observers laid most Of
the activity in the stock today TO the
approaching annual meeting of the
company in Alexandria, at which
jifne earnings are expected 10 be
reported as about the same as last
year
Stock of the Capital Traction ap-
peared on the board again today
when three deals totaling 81 shares
We're recorded at 1882, the price
being the same as prevailed last week.
Ten shares of Riggs National Bank
stock were sold al 453, practically
unchanged from the last sale. One
sale of Norfolk G. Washington Steam
boat Company's stock was recorded
at 2SO.
The bond department was verv
much neglected. two sales in Capital
Traction 5s being the only transac
tionS.
investment Bankers TO Meet.
The spring meeting of the board of
governors of the Investment Bankers
Association of America will convene
IN White Sulphur Springs. w. Va
from May III to 10. inclusive. AS has
been customary in recent years. the
former officers and governors will he
in attendance in large numbers. The
more active committees of the asso.
clatlon will be in session on Tuesdav.
May II, that day being given over en-
tlrely 10 committee conferences.
The practice of the committees 10
call meetings simultaneously with the
governors session is one of the great
steps forward which the organization
mas made in recent years. The mem
berS OF the committees are scattered
over the entire United States and
Canada. and the work is carried on AT
long range without opportunity for
discussion. The May meeting fur
nishes an excellent chance for chair
men to bring their members into con
ference and these conferences make
possible greater coordination of Of.
forts.
Bankers Return to Desks.
+. G. Donaldson, president OF the
Commercial National Bank, was back
at his desk today after a visit of sev.
eral months in the West. Mr.. Don
aldson passed much of his time in
Arizona and California. He returned
by the Southern route and stopped
off at Atlanta to attend the conven.
ton of the Association of Reserve
City Bankers, in session there las,
week.
Robert V. Fleming. president. and
\. NJ. Nevius, vice president of the
Riggs National Bank, were back a
their desks today after attending the
same convention in, Atlanta. They
report most profitable session
Many intricate banking problems
were discussed.
The association is of long stand
ing, having been organized before the
esta Adjustment of the Federal Reserve
System.
Strike News Grips Attention Here.
Interest of Washington traders on
the New York Stock Exchange TODAY
centered in the coal strike outlook in
Great Britain. Men talking in the
board rooms considered the situation
very serious. AT the same time they
watched the New York quotations
very closely.
Weakness in the London market is
always felt TO a greater or lesser
degree in Wall Street The tickers
showed this to be true in Wall Street
today. many issues being weak. with
trading very slow in others. Caution
was the word today
What bearing a long strike in Eng
land might have on labor conditions
production and earnings of this
country's industries was the point
most discussed by financial men here
Fewer Failures During April.
With the single exception of the
snort month OF February, fewer in
solvencles occurred among CONNER
cial firms in the United States during
April than in any preceding month
this year. according to the records
OF X. q. Dun & Co. The number of
such failures last MONTH, ,957-com.
pares with 1884 in March. with 1901
IN February, and with 2296 in Ian.
uary. Little change is shown in com
parison with the 1889 defaults of
April, 1925. but in that month of 1924
the toltal was only ] 1,707. When al.
lowance is made. however. for the
steady increase in number of firms i'm
business the present showing is rela.
lively satisfactory.
Other Financial Notes.
Edward &. Smith & Co, members of
the New York. Philadelphia and Bos-
ton Stock Exchanges. have removed
their Washington office to 1908 Fl
street northwest James Donald Cas-
sells is the manager of the local
office.
Prosperity throughout northern and
central California during the first
three months of 1926 is reflected i'm
new business acquired by Great West
ern Power Co., subsidiary of the North
American Co. New customers added
during this period totaled 2.O2S, with ii
connected load of 12.25O kilowatts.
1850 preater than for same quarter
last year.
Norfolk Southern Railroad Co. re-
ports March surplus of $134.7S7, after
taxes and charges, against $119,157 in
March, 1925: and for first three
months surplus of $156.401. compared
with S99.224 in first quarter of pre-.
viOuS year.
All of the bonds and preferred stock
of the Western Maryland Dairy, Inc.
have been called for redemption on
iacIilt Of x.anol..Ail...