Evening star., 1926-10-19
TRADING ACTIVE. PRICES FIRM
ON WASHINGTON STOCK CHANGE
Retiring Head Of District Bankers Body
to Be Placed on Executive Council
Annually, It Is Decided.

sided, in the absence of President
Moran. The attendance at this first
meeting of the year was highly sat-
isfactory.
Trading Broad ON. Exchange.
Trading was fairly active on the
Washington Stock Exchange today
in both stocks and bonds. Capital
Traction opened at 104 on a sale Of
20 shares, and closed at an advance
to 104h. Potomac Electric Power
preferred came out at 1071a, while
Washington Gas Light sold at 691s.
Washington Railway & Electric
preferred remained firm at 89A.
District National Bank stock ap-
peared on the board, II shares, in
, two sales, registering 232. ~Mer-
again sold at 112. Mergenthaler
opened at 104R and closed an eighth
of point lower. In the unlisted
department 10 shares of Depart
mental Bank sold at tx.
On the bond side, Potomac Electric
Power Is sold at 1O6 and Washington
Gas Light 5s on three $500 transfers
brought >1O1.
Insta1lment Buying Scored.
At the recent bankers convention
there were many discussions on in.
stallment buying, and several speak
ers put UP caution signals against al
lowing the installment express to run
too fast. While the method was criti-
c1zed its help to business was lauded.
Although speakers urged applying the
brakes none wanted to abolish the
system.
In Washington many merchants use
and encourage the plan. Furniture
dealers. however, are denouncing the
practice so far as it relates to pur-
chase of automobiles. They say many
Of their customers have tied them
selves up so effectually that they have
to forego purchasing furniture. In
this claim the local merchants are sup
ported by the Bankers Magazine,
which states that some people who
are buying new cars haven't more
than 500 worth of good furniture in
their homes"
Frederick A. Fenning, former Dis
trict Commissioner, resigned as di-
rector of the National Savings &
Trust Co. at the regular meeting of
the board late yesterday. 1t is prob
able that his successor will not be
elected until the annual meeting in
January. The banks directorate as
now constituted consists of James J.
Becker, Woodbury. Blair, William A.
II. Church, Walter G. Clephane, II.
Rozier Dulany, William E. Edmon-
ston, Franklin H. Ellis, H. Prescott
Galley, William d. Hoover, Walter b.
Howe, Reginald S. Huidekoper, Victor
Kaufman, Charles Minshall, Ed
mund D. Rheem, Frank Stetson,
Frank w. Stone, William III. Walker
and William B. Willard.
Buying Old Paper Mark Bonds.
More than 100 German states and
municipalities to date have decided
to solve the problem of their old
!; paper mark bonds by buying them up
at a fixed schedule of prices for cash
and have made public the terms at
which their mark bonds will be re-
! ceived, according to the Foreign Sc
curities Investor Magazine, which has
compiled list tabulating all the cash
offers made to date, the names of
the States or cities and the particular
mark loans affected.
In most cases, the Investor points
| out, the prices being paid by States
and cities, for their mark loans are
higher than the valuation ratio es-
tablished by the revaluation act of
July 16. 1925.
Personal and Other Notes.
Edward l.. Hillyer, vice president
of the Union Trust Co., and member
of the board of governors of the
Washington Stock Exchange, is TAX
ing his vacation, part of which he is
passing in West Virginia.
w. w. Spaid of w. B. Hibbs & Co.
leaves here tomorrow to attend a
meeting of New York Stock Exchange
members who have their offices out
side of Wall street. Mr.. Spaid is
chairman of this committee, which
was organized several months ago to
look after the particular problems Of
these wire houses.
E. E. Mountjoy, Washington repre-
sentative of the American Bankers
Association, is author of an article in
the last American Association Journal
on Trust Work in National Banks" :"
The article is highly interesting and
informative
Fitkin Utilities, Inc, owners of
! Virginia Public Service Co., announce
that as a result of an advertising
survey the new business department
of the Virginia 'bsidiary has sold
! five carloads Of ~ic washing ma
chimes in terri: almost entirely
dominated by the 4land washer.
c. F. Childs & Co. is offering a
new issue OF 100000 tax exempt llli-
nois Midwest Joint Land Bank of
| Edwardsville, ILL.,, Az per cent farm
| loan bonds, dated November /, 1926,
| redeemable November /, 1895, and
| due November 1, 1856.
The New York Stock Exchange
rules that the rights to subscribe to
| new stock of the Southern Railway
! may be dealt in on a when issued"
basis on and after today. Right to
subscribe expires December %.