Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-08-04
v. R. {. PREFERRED
SCORES NEW HIGH
Leads Local Shares Today.
Gossip Heard About FL
nanciaI District.
BY EDWARD G. STONE.

BY EDWARD c. STONE.
Washington Railway and Electric
preferred scored a new high for this
move when 80 shares sold at 901z on
the local exchange today. Capital
Traction opened at 1903, but advanced
to 1884 and closed at 1895. National
Bank Of Washington stock sold to the
extent Of 25 shares at 2S6. There were
two sales in Peoples Drug Stores pre-
ferred, the stock opening at 105 and
closing at 1919 Merchants Transfer
and Storage preferred came out at 101.
and So shares Of National Mortgage
and Investment preferred sold at So.
In the bond division small sales Of
Capital Traction SIS brought l00l5,
Washington Gas 6s went at 1925.
Railway and Electric IS at S2A while
Washington Gas IS registered 1909.
The market closed with a sale Of Gas
6s at 1042s for 81 900 bond.
Business at Seasonal Average.
The Monthly Review Of Business
and Agricultural Conditions for July,
issued by the Richmond branch Of the
Federal Reserve Bank, appeared yes
terday. 1t says. in part:
AT the middle Of 1926 business con-
reserve district appear to be fully up
to seasonal average, but on account Of
poorer crop prospects and a strong
probability Of lower cotton and tobacco
prices next Fall than prevailed in 1925,
the prospects for the second half of
the year are perhaps not so good as
they were on July / last year"
Member banks Of the seserve system
were borrowing less from the Rich
nlond bank than a year ago, and
customers deposits We're notably
gate debts for the past six months
exceeded those for the first half year
of 1925 by a half billion dollars, testt-
rying to the large volume of trade
done in the fifth district.
Bank Clearings i'm I26 Cities.
Bank clearings in 126 cities of the
United States during July totalled
S42, 876 ,072 900, a decrease Of six
tenths of 1 per cent, says reports to
Bradstreet's. The total, however, is
is per cent greater than in July a
year ago. In New York City Bank
clearings were $23, 1927 Pa. 900 for July
this year. drop Of Is per cent from
June. The total outside New York
City, S19,04S, $50 900, showed a de-
crease of six-tenths of / per cent from
the preceding month. The percentage
Of gain outside New York for july
this year compared with a year ago
was is per cent.
Heard Along the Street.
John l.. Edwards. head Of the John
L. Edwards brokerage house and
president of the Washington Stock
Exchange, has been away from his
desk for several days on account OF
an attack Of grip. He is improving
steadily, but may take quite an ex-
tended rest before returning TO his
office.
President Peter A. Drury Of the
Merchants Bank & Trust Co. will
leave Washington late this afternoon
for New York and will sail tomorrow
night on the Majestic for a two
month stay in Europe. He will be ac-
companied by Mrs. Drury and their
son Paul. While they are away their
charming Summer home at Bluemont
will be occupied by the Egyptian Min
lister. DR.. Samy.
Jim" O'Donnell, founder Of the
drug stores by that name and one OF
the leading traders on the local stock
exchange, has returned from a visit to
his Summer home at Newport and
was among those present at today's
session.
Author of Magazine Article.
Aubrey o. Dooley, trust officer OF
the Commercial National Bank, comes
to the front in the August Trust Com
panies Magazine as the author OF
Law and Practice Governing SPEND
thrift Trusts" Spendthrift trusts. So
called, are coming into more and mora
use and Mr.. Audrey shows that tes-
tators must exercise care in recogniZ.
ing certain limitations and respecting
rights as well as guarding against
liability for debts, in drawing up the
provisions of these trusts. The writer
handles the important subject in a.
highly instructive manner and cites
many legal presidents in support Of
his views.
Institute Committee Named.
T. Hunton Leith. local chapter
president, has appointed the special
women's committee to serve the
institute for the coming year, the
membership being as follows:
Miss Catherine Krieg, Riggs Ma
tional Bank, chairman: Miss Rose
Royce. Washington Loan and Trust
Co, vice chairman MISS Mary Graz
ven, District National Bank, treas
urer: Miss Esther Lau. Riggs Ma
tional Bank, secretary; Mrs. Judith
Fishburn. Commercial National; Miss
Ellen Crawford. American Security
and Trust Co.: Miss Mary A. Beall,
Union Trust Co., and Miss Frances
Orrison, Federal-American National.
Latest Financial Notes.
The Louis K. Liggett Drug Co. has
completed negotiations for the pur-
chase of "A drug stores in Michigan,
% of which are in Detroit. The pur-
chase price was placed unofficlally at
at approximately $1,000 900. The
company now has 400 stores in us
cities.
The United Cigar Stores Co. Of
America has declared regular quarter
ly dividend of so cents in cash and
IL per cent in common on the COM
mon stock and regular quarterly divi-
dend of ia per cent on preferred
stock.
The Government is getting free use
of $13,259, 310.26 because interest on
securities to that amount has ceased
and the securities have not been
turned In fol. redenDtfon