Evening star., 1926-04-26
TRADING HEAVIER
ON EXCHANGE HERE
Washington Gas Light Co.
Stock Shows Strength
in Session Today.
BY EDWARD C. STONE.

ID FDN AkD L. SIONE.
stock Of the Washington Gas Light
70. again was traded in on the Wash
ington Stock Exchange TODAY, when
seven different small-lot transa ctions
were recorded. This stock has been
strong for some time. Eighty-eight
shares changed hands today at ss, up
a quarter of a point from las weeks
close.
Washington Railway and Electric
preferred was out at Oil: Merchants
Transfer and Storage common sold at
| Is for 10-share lot while 10 shares
Of the preferred stock in the same
issue brought 1908. Two bank stocks
also came to the front. 10 shares OF
Union Trust Co. bringing 225 and 80
shares of Washington Loan and
Trust So, 4S0. The only bond trans
action found Southern Building 6Jzs
registering 102.
Jim" O'Donnell who has been
spending several weeks in Bermuda
returned today. He was most cor
daily greeted by fellow members of
the exchange. In the past Mr.. O'Don-
nell has been one of the largest
traders on the local board.
Banlx Loyalty Is Urged
Howard Moran. vice president Of
the American Security & Trust Co.
addressed the members Of the Secur-
ity Club. an organization made up Of
the banks employees, at social gather
ing held in Masonic Temple Saturday
evening. In his talk Mr. Moran
made many points of value TO the
employees Of all banks.
lie called attention of his hearers
to the fact that the bank spends thou
ands and thOusa nds of dollars every
year to get new customers After
the advertising has appeared and new
patrons come into the bank. the vari-
Gus employees are the ones who meet
them, and therefore they play vital
part in making these customers per
manent. BY winning the new pa
irons. the bank ) personnel prevents
any losses through advertising, and
builds up new business
Mr.. Moran also made reference 10
the huge loans which the bank makes
every year and by few figures show
ed the enormous amount Of business
transacted.
1ndeterminate Charters Favored.
Emphasis on the desira bility OF the
indeterminate charter of the Federal
Reserve Banks by the most practic-
able congressional procedure was ex-
pressed by Oscar Wells. president of
the American Bankers Association.
in statement issued in New York
today. He pointed out that the asso-
citation is on record through genera
convention resolutions as believing
that the recharter matter could best
he handled distinct from all other
legislation, but added that bankers
would nevertheless be satisfied il
practical way were found to combine
1t with the more general McFadden
banking bill with the Hull branch
banking amendments now before Con-
gress without jeopardizing either
measure.
The American Bankers Associa-
ton has spoken in convention on the
two leading subjects under considera-
ton in the important bank legislatio
now before Congress" Mr. Wells said.
These subjects are the branch ba nix
provisions of the McFadden bill and
the matter OF rechartering the Fed
era1 Reserve banks. At the convention
in Chicago in 1924 the convention.
without dissenting vote, went on
record in favor of the McFadden bill
with the Hull amendments, which In
substantially the bill as it passed the
House recently. The officers of the
association have consistently adhered
to the directions of the association to
support this bill as embodied in that
resolution"
New Bank Site Purchased.
The Farmers & Mechanics National
Bank of Georgetown announces the
purchase of new bank site at Wis.
consin avenue. Warren and Thirty.
ninth streets, the lot containing 4.Tll
fo6
on Wisconsin avenue and 117-fout
frontage on Warren street. Erection
of building and opening Of the
bank are dependent upon the passa &c
of the McFadden bill now before Con.
gress. permitting the further exten-
sion of branch banking in the District
of Columbia.
President Harry V. Haynes and his
board believe that there is fine
chance for bank in the location
selected. which will serve Cleveland
Park on the south. Tenleytown on
! the north and the new Devonshire
Downs development on the east. The
| growth of this section of Washington
/ has been very rapid in recent years
| 1t Is considered one of the few area $
! left in the National Capital which are
| not fully covered by banking service
at close range.
The banks officials are naturally
very anxious that the McFadden bill
| be passed at this session of Congress.
SOuthern's Earnings Improve.
| First quarter earnings of the South
ern Railway exceeded those of the
first quarter of 1925, net operating in.
come of $7,S34,761 comparing with
! $500. $50. Gross revenues were
s37.944.S54. against $35,69s. 766. March
gross was more than a million dollars
over the figures for March fast year.
| The Summer daylight.saving sched-
| ule in Washington broker Offices
started off this morning. and things
were soon running along without a
| hitch. The tickers now start at 2
! o'clock and close at >. The clerks are
| obliged to go to work an hour earlier,
and the regular traders also have to-
| hustle downtown on the earlier time.
The New York Stock Exchange
schedule meets with general approval
| here. Local banking hours are un-
| changed.
Other Financial Notes.
| Deposits of the Departmental Bank
at the time of the last call on April
IL totaled SASS, ,734.S0, giving the bank
decrease of $19, 9,994.31 since the con-
troller's call of December 81. A
stenogra phic error caused the report
. ing OF larger sum in the compilation
showing the condition of all banks in
Washington which was published re-
Gently.
| Robert n. Harper. president of the
District National Bank, has returned
from a weeks visit at Atlantic City,
where he went for rest.
| r. A. Linquist of the Department
of Commerce has been appointed ex-
] port manager OF the Electric Refrig-
Grafton Corporation OF Detroit. He
will leave the department here at the
end of the month. While with the
Government he has investigated the
electrical market situation in 10 diff