Evening star., 1926-05-01
CENTRAL SAVINGS
ELECTS DIRECTOR
J. F. CisseI to Serve on Bank
Board-Linotype Stock
Advances to ITO.
BY EDWARD &. STONE.


struction Co. has been added 10 the
board of directors of the Central Saw
ings Bank, Francis T.. Savage, the
president, announced today. The new
director is about 40 years old and
has had 10 years experience in bank
ing. He organized the Silver Spring
National Bank and was formerly con. 4
nected with the Metropolitan Trust Co.
of New York and also with Crane.
| Paris & Co. Mr.. Savage states that
1t is the intention of the board of
directors to add several more mem
bers in the near future.
Prices Steady on Exchange.
Mergenthaler Linotype stock sold at
! ITO today on the Washington Stock 4
Exchange, when the weeks trading
| wound up with only moderate trans
actions and steady prices This was
a new high for Mergenthaler on the
present move and involved the trans
fer of two small lets. Potomac Elec-
trio Power preferred was out at 10712.
! while two of the company's interim
certificates went at 1852. Twenty
five shares of the Columbia Title In
| surance Co. sold at 9.
In the bond division Potomac E,lec-
trio cons. 5s brought 10019 on one
$4,000 turnover. Washington. Alex
andria & Mt. Vernon IS recorded two
sales involving $4,000 at u. Wash
! ington Gas 5s opened at 100 and
closed 1O0l4. Washington Gas 6s
figured in one 81 900 sale at 1903.
Total sales on the local exchange
| during the week showed Improvement
several stocks being considerably more
| active than they had been for some
time. Prices as a whole moved high
| er.
Banks Resources Now $780, 10. .445.
Washington bank officials are receiv-
, ing from Norris H. Glazer, former
new spaper man. who is now q spe
cialist in financial publicity and ad
Veftising. complete statistics regard
ing all the banks in Washington the
figures being based on the call of the
controller for their condition on April
T.. In his compilation Mr. Glazer has
not only given the deposits of all
banks on the last call, but has added
each ba nk's capital. surplus. undivided
profits and total resources.
The summary shows that total re-
sources of Washington banks are
5000, 749 ,445. this figure being BY far
| the largest ever reached. Placing
these vital facts about the local banks
in such condensed form is sure to
prove very convenient for hank on
cials. and the compiler's complimen-
| tary statement will receive cordial
welcome on every bankers desk.
Bank Staff to Have Dinner.
Invitations were received today by
officials and employees of the District
National Bank announcing a dinner
which the board of directors is to give
to the banks entire force on next Fri
day evening, May Z. at the Cosmos
Club. Sidney West is chairman of the
dinner committee and he is being as
sisted in making the arrangements by
j. Miller Kenyon, L. S. Ullman and
John r. Maury. The invitations are
both clever and novel. Imitation
checks were employed, the name of
the guest being filled in the place
where 1t would go on a real check.
but emitting the holder to one dinner
at the Cosmos Club on the date above
mentioned, instead of to a supa of
money.
Will Attend Spring Meeting.
E. E. Mountjoy, local representative
of the American Bankers Association.
will join John B. Larner, George q.
Watson and Joshua Evans, ir.. at the
Spring session of the association.
which opens at Pinehurst, n. c., next
him on the trip.
About 200 bankers are expected to
attend the session. which is a gather
ing OF the executive council. The meet
ing Is divided into sections known as
the national, savings and trust com
pany divisions and others. These
Spring committee meetings are con
sidered extremely important.
The special train from New York
| IRVING the 1ifto V11oDohnra
that city will pass through Washing
ton this evening.
Overproduction Reported.
Moody's Weekly Review. in it's cur
rent issue. says, in part:
Political factors are now being more
discussed. and. while any real pros
pect of a downward tariff revision
might be disturbing if it should ma
terialize. about all that can be said
now is that prosperity usually makes
votes for the party in power. and
congressional elections are seldom dis
turbing.
yet we now have over-production
in sugar. soft COAL lumber, automo-
biles, steel scrap. lead. paper. raw
silk, buildings, and some minor prod
ucts. Time must be allowed for con-
sumption of these articles to overtake
production. and a definitely constrrIc-
tive attitude may we'll be deferred
until Summer
I'm the past, declining money rates
have been accompanied by declining
stock prices about half the time. II
is depressing influence for idle work
ing capital to flow into Wall street
seeking employment even if money
here does become cheap. Very strong
stock markets are usually accom-.
panied by rising money rates"
Dry Goods Retailing Improves.
Recent higher temperatures in some
sections of the country quickened
sales of dry goods, but weather con.
ditions generally have been backward
this Spring. and this has affected
trade. Current reports are irregular.
improvement in some places being Off
set by a contraction of activity in
other directions, and forward bust.
! ness lacks vicor. according to DUn'S
Review. More is being heard OF cur
tailment of production. with sons
Southern cotton mills scheduled to re.
duce their output by 25 per cent for
two months, beginning May I. and
with some shutdowns occurring in
New England.
A similar tendency is noted in the
wooden and worsted division. as we'll
as in the silk industry, and there are
statements that the manufacture OF
floor coverings has gone beyond i'm
mediate consumption. More competi.
ton for orders has developed among
| makers of such goods, and prices have
declined considerably.
493 Failures During Week.
A relatively high total of failures fin
the United States is reported this
! week, the number being 493. This
| Iafa I, ck