Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-08-12
LOCAL SECURITIES
ARE QUIET TODAY
New Course at Institute This
FaII-GIover Traction d.
reCtor-N0tes.
BY EDWARD c. STONE.

Today's trading on the local Stock
Exchange failed to continue the
marked increase in activity shown
yesterday, but prices remained strong.
and the dullness was laid to the heat.
Market observers look for q steady
increase in activity as Fall approach
eS and members return from their
vacations. 1t is stated that for sew
eral months dividend and interest
money has been accommodating In
local banks. and much of 1t has not
been reinvested. 1t is expected that
many of these funds will find their
way into local stocks so that a very
broad market may be looked for dur
ing the Autumn. The local traction
issues are holding their popularity. as
are the two typesetters. Mergen-
thaler and Lanston. the latter never
having held any advance as well as it
has the gains made this year.
Capital Traction sold today 104L.
There was one transaction in Potomac
Electric Power preferred interim GER
tificates at LOG and 90 shares on Lans-
ton sold at 9514. Only one bond sale
was recorded, Washington GaS5s sell
ing at 1902.
New Course at Institute.
1t was voted at a meeting of the
board of governors of the local insti
tute chapter to add a course in trust
functions to the present curriculum
The national banks in the city are
taking more and more interest i'll
trusts. and Chairman I. J. Roberts
reported that the educational commit
tee felt that there was real need
for such a course At present the
city's young bankers are getting no
special training along this line.
nl RI 20
a change In the schedule of classes
this year and have certain subjects
taught for two hours each week but
continue for only half a year. II is be-
lieved that there will he much more
interest taken in study that requires
two hours week for semester than
to drag it through the year for only
one hour week.
T. Hunton Leith presided at the sos
sion and the budget as presented by
r. Jesse CLANCY, committee chairman.
was adopted as recommended
II. III. Darneile Of the National
Metropolitan Bank has been elected
to the board of governors of Washing.
ton Chapter. American Institute of
Banking. He takes the place made
vacant by the resignation of W. T.
Van DOren, who is just leaving the
Commercial National to become an
assistant national bank examiner
The new governor has long been one
of the institutes most active mem.
bers.
Glover on Traction Board.
C. G.. Glover, jr. was today elected
a member of the board of directors OF
the Capital Traction Co. at the recu-
lar monthly meeting. He succeeds
Benjamin w. Guy, who died several
months ago. Mr.. Glover is a mem
Der of the Washington Stock Ex-
change and one of the best known
younger financial men in the Capital.
An increase Of 10S per cent in mort
cages and judgments of record held
by the savings banks in Maryland
since the period of deflation in 1921 is
shown in the report Of the State bank
commissioner On June 80 these
banks had a third of their total as
sets invested in financing home
ownership. or a total of S60.513,094.
This represented an increase of
SO 251.SSS in mortgage holdings in six
months and gain of S1.43S.262 in a
year. In four and q half years the
amount of such investments has
jumped $31 1928 and moro than
doubled.
The Maryland savings banks had 33
per cent of their resources invested in
mortgages on June 30, an increase of.
roughly, 8 per cent in a year.
New Issue Oversubscribed.
a syndicate headed by +. H. Rollins
& Sons. and comprising Marshall
Field, Glore. Ward & Co.; Blyth, Wit
ter & Co.; Spencer TraSk & Co.; Hi
nois Merchants Trust Co. and J. G.
White & Co., announces the sale of
SIS .000. 600 North American Light and
Power Go. 30-ycar sinking fund de
bcntures series "a" 81 per cent. the
books closing at II am. yesterday
with the dcbentureS heavily uverSIlb-
scribed. These dehentIlres We're of
ferod at 94@ and accrued interest to
yield about $40 per cent.
f.. II. Rollins & Sons. Phelps, Fem
& Co. Howe, Snow & Bertles. Inc. all
of New York and Kalman & Co, St.
Paul. are offering a new issue OF 81
600 900 city of Minneapolis. Mimi, 4
per cent and 3 per cent gold bonds.
The >maturities of the per cent
bonds of 1927 to 1928, yield per cent:
1929 to 1880, 4.05 per cent; 1881 TO
1882, 40 per cent, and 1888 to 1885.
Ais per cent. The maturities of the
per cent bonds Of 1885 to 1910 are
priced at 9914 and interest. and the
1941 to 1851 at Il price of 80 and in
tereSt.
State Bonds Awarded.
The $500 900 issue of State of Mary
land Az per cent coupon bonds was
awarded yesterday to a banking group
composed of the Mercantile Trust and
Deposit CO., Baker, Watts & 60. and
Stein Bros. & Boyce of Baltimore. and
Estabrook & co. of New York. The
bonds constitute an issue of the gen
eral construction loan of 1924.
The price received by the State was
103 ,36i9, or ii 400 per cent basis.
Personal Mention.
Laurance A. Slaughter, cashier Of
the Commercial National Bank. will
leave here at the end of the week for
| Saranac Inn for a three-week vacation
! in the .Adirondacks.
Y. E. Booker, head of the firm Of
Y. f. Booker G. Co, is spending a few
days at The Oaks, on West River
| With him as guests are Hubert Plas-
| ter of the Southern Trust Co., at Seat
Pleasant: G.. Il. Craighill. 81 Wash
ington attorney, and Erskine Cor
don, trust officer of the Federal.
American National Bank.
Attorney X. Preston Shealey. head
| of the Washington Association &C
| Credit Men, has returned from a va
cation spent in Montreal and Quebec.
and along the shores of Lake On
| tario.
Banker Outclasses President.
| President Robert n. Harper of the
District National Bank has outdis-
tanced President Coolidge in the num-
Der of fish he has caught recently. AT
his Summer home in Leesburg Col.
Harper recently caught 40 in one day.
thereby passing the records Of the
President. Al Smith and Vice Presi
dent Dawes. Some of the fish We're
not as large as those taken in by Mr..
Coolidge-in fact, he had to put many
| of them back.