Evening star., 1926-12-08

NACIUR DI DEN,
/, New president of Alumni Association,
Washington Chapter, American Insti.
, tute of Banking.
| the year. He urged every member to
! get others to join in order, if possible,
! to make the local association the
| strongest one in the country. The
local alumni already have made a
marked impression upon the national
organization. The alumni are most
interested in the institutes education
al program, and the retiring president
expressed the hope that this active
concern would show steady growth
and added that it was a mistake to
think a graduates duty to the insti-
tute ended when he completed his
course.
| Local Securities Firm Again Today.
! National Mortgage and Investment
! preferred led in number of shares
| changing hands on the Washington
| Stock Exchange today, when local Sc
| curities prices again held firm. The
| first trading in this issue included
two 50-share sales at 8A. Then fol
! lowed five more sales totahng 750
! shares at SIS. Capital Traction also
was active, 80 shares in five transac-
| tions selling at 104k. Merchants
Transfer and Storage preferred was
| in good demand, the stock opening at
! 101 u, advancing to q and closing at
| 1919.
! Potomac Electric Power preferred
came out at 1918, Railway and Elec-
tric preferred sold at 90A and 10
shares of District National Bank
stock went at 226 In the bond divi-
| sion trading was limited to Washing
| ION Ga Gs a l0"34 he same com
pany's 5s at 1001A and the first sale
| in a long time in Chestnut Farms
! Dairy > al iU3 u.
/ WingO Scores McFadden Bill.
! REPRESENTATIVE Otis Wingo, senior
member of the House banking and
banking and the McFadden bill in a
recent address in Chicago. He be-
| lieves the vote of the A. b. A. at
Los Angeles did not express the real
! feeling of the association. There
are 600 branch banks in California" :"
he said, "and enough of these branch
! managers voted to control the out
come After expressing fear over
! the future of the independent-unit
| banking system. Mr.. Wingo added:
| The House bill is an anti-branch
pellih Oill, lIlc SeIIdl0 Il DTO-DGdnCn
| bank bill, and the issue is drawn be-
| tween these two, the main point of
| controversy being the Hull amend
mentS.'
| He looks for very bitter fight in
Congress and plans to give free eX-
; preston to his views as soon as on
portunity affords-views which are
not shared by the ma ajority of Wash
| ington bankers.
! $2OO,OOO,OOO Treasury Issue.
| The Treasurys December financing
was announced last night by Secre-
tary Mellon to take the form of an Of
| fering of nine months ga per cent
! Treasury certificates of Indebtedness,
; dated December Is, in the amount Of
about $500, 100000.
! With the balances already on hand
| and the December tax receipts, the
new offering is intended to cover the
! TreaSury'S further cash requirements
! until the March quarterly tax period.
The Treasury will accept in pay
ment for the new certificates 81 per
cent Treasury certificates of indebt-
| edness of Series TD-1926, maturing
| December Is, 1926. Subscriptions, for
which payment is to be rendered in
! these certificates, will be allotted SO
! per cent.
Find Prosperity Widespread.
President William Montgomery, of
the Acacia Mutual Life Associa ton,
of this city, reports that on his recent
trip he found economic conditions
sound in the West and South. He says
that the insurance business is keeping
pace with other lines, and predicts
: that next years insurance sales will
surpass even the present new high re-
cords. During his tour Mr.. Montgom-
cry visited Panama and reports that
branch office will probably be opened
there in the near future, the Masonic
insurance executive believing that the
! canal zone offers In excellent field.
Bankers Bulletin Notes.
The December bulletin of the local
bankers association congratulates 1.
A. Fleming, dean of Washington
financial editors, on reaching his
seventy-siXth birthday, which he Gel
ebrated in such a happy maner at his
Connecticut avenue home two Sun
days ago.
! President Howard Moran takes oc-
caslon to extend to all members of the
association his best wishes for a very
merry Christmas and Prosperous New
Year.
The next meeting Of the association
will take place on Monday, January
II, and the next session of the coun-
Gil of administration is booked for
| Friday, January %.
1t is suggested that the banks hav-
ing Christmas clubs keep a check to
find out as accurately as possible what
part of this years club funds are put
into permanent savings. The figure
has been roughly placed at 80 per cent.
In and Out of the Local Banks.
The Richmond Reserve Banks re-
serve ratio jumped to second place
among that of all II banks, accord
ing to its last statement. It's ratio
was exceeded only by that of the
New York bank and in two weeks
has Spurted from 6S86 to 76.4 per
cent.
w. w. Spaid of w. B. Hibbs & Co.
will preside at another group meeting
of New York Stock Exchange repre-
sentativeS outside of Wall Street, in
Philadelphia on Friday and Saturday
The first of these meetings was held
in Chicago and the second in Pitts
burgh, when matters of special in
terest to brokers all over the country
were discussed.
F. II. P. Siddons, secretary of the
American Security and Trust Co.
and chairman of the publicity COM
mittee of the local bankers associa-
ton. is passing the week in New
York.
Piggly Wiggly Western States Co.
reported sales for November of $685.
ITO, compared with sales of S573,816
in November 1925, an increase of
42.15 per cent. Sales for the first
II months of 1926 were S7,0S7 ,O07,
as against $50, a gain of 1880
per cent.