Evening star., 1926-03-16
LOCAL EXCHANGE
LIST IS INACTIVE
F. M. Savage Writing Novel
on Banking Business.
Mellon on Debt.
BY EDWARD c. STONE.

WCIlUlI VII UcUl.
BY EDWARD G. STONE.
Trading on the Washington Stock
Exchange today was much less ad-tiye
than during yesterdays session. Ian
stoi Monotype. in which there was
hh exceptional amount of trading yes-
t"fday, was not even out for one sale
today.
CITY and Suburban 5s sold at ST.
One transaction in Washington Rail
way and Electric 4s brought S1L
Two later transactions were recorded
at 8l1s and after call there was one
sale In which the price dropped to 81
fiat.
Stock of the Capital Traction Co
was again selling at III, two FIVE
snare lots changing hands AT this
nsure. twenty shares of Merchants
Bank and Trust Co. stock brought
150
Traders on tho Washington En-
change ascribe yesterdays activity in
I"anston Monotype to the companys
excellent financial position. The com
pahy annual report is due i'm the
near future and IS expected to show
earnings far ahead of dividend re
qulrements. Holders of the stock an
pear not at all anxious to part With
IL unless at advancing prices.
+. VI. Savage Is Writing Novel.
Francis NJ. Savage is writing !.
novel. The president of the Citizens
savings Bank, who has been baskinl
on the golf links at Pinehurst 70,
some time, has chosen THE Evolution
or a Banker" as the title Of his book
and II will be no great surprise Il
washington banking circles when it j.
stated that the theme is to- be based OF,
the branch banking issue. The bite,
opponent to branch banking sees dar
ger ahead in too much GENERALIZATION
in the banking world, seriously cur
failing the opportunities of young meI
to rise in the financial world.
These fears will be embodied In the
novel. The story also will include his
personal experiences and observations
as banker. Mr.. Savage is so strong
ly IN favor of profit sharing and co
operative banking that one of the
characters will no doubt present such
an appeal in the story. The date Of
publication has not been announced.
Washington Man Trustee.
Roger Shale, for some time connect
ed with the Department of Justice
has been appointed by the United
States District Court OF New York az
trustee, with James Neale, of the stock
Of Coke Brothers.
Wall Street sees in this appointment
the first development since the settle.
ment of the coal strike toward the
segregation of this property from the
Lehigh Valley Railroad Co The
Coke firm is expected TO be sold out
right and the next move anticipated is
an invitation for bids.
Mr.. Shale was appointed trustee to
succeed the late Thomas 4. Marshall.
Fifth District Gets $50, O,400.
Allotment of s494.s9s,100 of the tota
! subscriptions OF S647.243. 900 for the
Tre1sury's March offering Of 20-3o
\ year 3a3 per cent bonds is announced
! by Secretary of the Treasury Mellon
The Richmond Federal Reserve dis
| trict. which includes the District of Co
lumbia, offered to purchase S2S, ,S35, 10u
and was allotted $50. 400.
All subscriptions In amounts not ex
! ceeding $50 900 were allotted in full
while allotments on subscriptions il.
amounts over $50 900 were made on :
| graduated scale.
| ThrOngs Inspect New Bank.
Throngs OF visitors dropped into
| the Federal American Nationa!
Banks new building when the doors
| again We're open TO the public at u
| o'clock today 20 inspect the institu-
| tion's handsome future home. An
account of the housewarminc las
| evening appears elsewhere in The
| Star. The bank will be open for in
spection both during the day and in
| the evening during the remainder OF
| the week.
| Fellow bankers were most 1avisi
in expressing with flowers their gooG
| Will and congratulations.
| Before the days of ComfncrCia
| growth in this section of the cit,
| there was ii schoolhouse located o,
| this Fourteenth and G street corner
! and more than a century ago his
! tortans say the spot was selected IL
| the site for the White House stables
&. & O. Stock Arouses Interest.
Both local investors and specu
lators have been watching Chesa
peake and Ohio common stock ver'
closely during the past few DAYS
Trading on the New York Stock EN
| change in Chesapeake and Ohio com
mon has been unusually heavy. and
many market observers have con
cluded that important sitting o.
holdings may be under way. AIucl
of the trading has been in large
blocks. Conversion of bonds has
also been taking place OF large
scale, and as the conversion ratio
changes at the close of business
April 1 1t is expected that there will
be many of these transactions dur
ing the next few days.
There were 39,100 shares of com
mon traded in on the New York Ex-
change yesterday, the stock selling
at 13l Is at the close.
Mellon Discusses Debt.
Taking cognizance of the recent drop
| in the Belgian franc; Secretary of the
Treasury Mellon says:
Il do not believe that the specula-
| tion in Belgian exchange can be at
tributed tn any doubt of the ratif1cs
tion of the BelSian-American debt set
| tlement here. The settlement passed
the House by u vote of 316 to 25. and
| without the slightest criticism I have
heard of no opposition in the Senatt
| to Belgium. We have mado fair ad
justment and l anticipate a favora BILE
reception to the settlement when H. s.
1 reached in the Senate within the next
| few days"
Rockefeller Stock Holdings.
John y. Rockefeller, ir., i'll reply To-
| a letter from the mayor of Cumber
| land. Md. asking him to settle a strike
on the Western Maryland Railroad
says regarding the Rockefeller Interest
in that road: Facts are that the com
| bined holdings of our family. together
with those of the funds to which this