Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-08-20
MAI. erwin GETS
SEAT ON EXCHANGE
Purchases Place of John L.
Edwards-AppIication Re-
quirement Waived.


member of the Washington Stock E\
change. Election took place withoul
! the usual requirement of having the
| application posted for 10 days. AMI
constituted. therefore. a distinct mark
of respect for the company and it,
| late president
Maj. Erwin purchased the seat oc
cupied for years by the late John I.
| Edwards As the exchange is not
open on Saturday. the new membe,
Will probably make his first appea,
ance on Monday.
The election today was the first
adding of new member to the en-
change since about a month ago
when Thomas w Brahany of Crane.
| Paris & Co. was admitted and took
the seat of the late Peter 4 Drury
Trading on the exchange today was
confined almost exclusively to Capt
tai Traction. which inCre ased I'm
strength. On the bond side. SIS, 900
sold at 1914, and several blocks 81
stock sold at prices ranging through
1914 1043s and 104iR Five shares
of Potomac Electric Power preferred
went at 1861
Bank Opens Tomorrow.
Arrangements are being made for
formal opening tomorrow of the new
Bank of Hyattsville. on the corner "f
Marion street and the Baltimorc-
Washington boulevard.
The Prince Georges Bank erected q
new home for it's Mount Rainier bank
| three years ago, and the celebration
Saturday will thus he the second of
its kind under the administration Of
the institution. headed by J. Enos Ray.
president. The bank has q capital Of
M O00
assets of 81 100000. Other officers are:
Vice presidents. T. Howard Duckett
Neuman G.. Dudrow and Perry BOs-
! well; cashier. r. NJ. Jones.
The new Hyattsville structure liz of
impressive appearance, constructed OF
Bedford stone. Two Ionic columns
frame the doorway of bronze. The
banking room is done in colonial style
The architect was Robert l.. Harris Of
Baltimore and the builder c. Wohlege.
muth. jr.
New Editorial staff.
+. Hunton Leith. president of the
Washington Chapter. American Insti-
tute of Banking. last night announced
the personnel for new management
and editorial direction of Dollars and
Sense. the institute publication. as
follows: Editor. Aubrey o. Dooley.
Commercial National Bank: associate
editors. o. Lehman. Security Savings
and Commercial Bank; Miss Mabel V.
Royce. Washington Loan and Trust
Co.. Garrett NJ. Van Hoesen, Second
National Bank; business manager.
William f.. Schooley. American Sc
curity and Trust Co: circulation man
ager. ID. T.. Wisecarver, Riggs Ma
tional Bank. The first meeting OF
| the new staff will be held Monday
night preparatory to early issue of the
next number.
Additional committees of the chap
| ter are being named by the new al
| ministration and will be ready for
announcement shortly.
Washington banking circles are in
| terested in the forthcoming meeting
! here next week of the American
Numismatic Association. which brings
| from all corners of the country q
| splendid collection of coins and
! medals. This exhibit will be arranged
on the ninth floor of the Washington
/ Hotel, and will be open to the public.
beginning Sunday. Prizes are to be-
| offered for the best collections and
displays. Meetings of the association
formally will open on Monday morn
| ing with an address by District Com
missioner Dougherty.
Chile Issue Coming.
| Local investment circles were graft
| fed by the early oversubscription TO
| day of the $16,O00,000 offering Of the
| Republic of Peru IL per cent gold
bonds. due in 1856. in which some
| local houses participated. This issue
/ is expected to be followed shortly by
an offering of $50 .000, 900 bonds of the
| government of Chile.
| c. Edward Way has been elected
assistant cashier OF the Central Saw
| ings Bank and has taken charge Of
the insurance savings work formerly
managed by Howard c. Rand. who
/ has resigned to engage in the invest
ment business.
! Moody's weekly review of financial
conditions in it's current issue says in
| part:
I'VE are again experiencing those
| sudden reversals of sentiment and
market action which are so charac-
teristic Of the distributing process.
Markets like this are usually sale
when they look best and purchases
when they look worst.
Investors since early June haV"
felt less enthusiastic than stock trad
ers; for whereas active stocks hav"
| made a net gain Of 10 points since
June u, bond prices have actually
sagged d little.
| InlS advance III In6 new OTk w
discount rate does not look like
depressing factor Of any Importance
especially in view Of the fact tina
the past does not show any Constanr
relation between rediscount rates and
stock market movements. The main
question is whether general credits
are going to keep on expanding"
A banking syndicate headed by Old
Colony Corporation is Offering an un-
exchanged balance of $9,500000 per
cent gold debentures of the National
Power and Light Co. at SO and Interest
to yield over $40 per cent. The Ma
tional Power and Light Co. owns al
outstanding common stock except di-
rectors' shares of Birmingham Elec
trio Co, Carolina Power and Light.
Houston Light and Power, Jackson
(Tenn.) Railway and Light, Knoxville
Power and Light, Memphis Power and
Light and through the last named
company the Memphis Street Railway
Co.
Oscar A. Price, formerly assistant
to William G. McAdoo. when the LAT.
ter was Secretary of the Treasury, is
in Washington renewing many old
acquaintance. Since July he has
been one of the executive officers Of
the Central Union Trust Co. Of New
! York.
Elmer III. Youngman, editor OF the
Bankers Magazine. is in the Capital
| for short business trip.
| William John Eynon, vice president
| of the Federal A merican National