Evening star., 1926-06-15
CHANGE TRADING
SEASONA[LY Dull.
More Interest in Bid.and.
Asked Prices Than in ~
Transactions. :, :,
By EDWARD G. STONE.

mere "dS more interest IN tnG Oh
and-asked prices on the local market
today than in the actual transactions.
j which were narrow and uninteresting
Special strength was evidenced IN
Potomac Electric preferred on. odd-lot
sales at 109. and slight fraction be.'
ing paid for II shares. Gas was Arm
at 681a and Lanston at 8si2. but no
transactions OF importance were re
corded.
In the quotation list National Sav-
ings and Trust shares advanced to
500 bid without sale. Mergenthaler
was ex-dividend 1a per cent for the
current quarter and was entirely
nominal at 104 bid and 1861 asked
Evidently the street expects the divi-
deDd rate to remain at per cent.
The strength in Potomac preferred
/ may have been responsible for. some
OF the strength in Mercy
The bid price on. Federal-American
Bank shares was off 10 points. repre-
senting the special stock dividend of
! 10 per cent. In the bond list Wash
ington Gas SIS. 1888, sold TO 1882
Summer dullness is here and there
is no Immediate improvement in sight
more especially as the one great trad
I ing security Of last Summer is now
not much more than nominal-re =
| ferring to Railway common. which Is.
! waiting, as every one else is. for some
thing to turn up.
Delegates Start Tomorrow.
"Apphcations are still coming in.
was the comment Of II. G. Hoskinson.
chairman of the transportation com
mittee of the District Bankers Asso-
citation which opens it's annual conven-
ton at Hot Springs Thursday morn
ing. The first delegation leaves Wash
! ington tomorrow afternoon and the re
mainder Of the delegates and guests
/ start in the evening.
| Fra ncis G. Addison. jr.. president of
the association. was holding final con
ference today with various committee
/ chairmen who were putting the last
/ touches on their reports. Every effort
has been made to present the work ~
the year in a most attractive manner.
! The reports will show that marked
progress has been made.
Lanier ?. McLachlen. chairman ~
the program committee. announces
that no last.minute changes have been
necessary and the program as orig1
nally planned will come from the
printer late today. It will contain
complete information about every
phase of the convention.
The address by Merle Thorpe. editor
of the Nations Business. is sched
uled for the opening session. while,
! George J. Seay, governor of the Fed
eral Reserve Bank at Richmond. viii
make his address Friday. Saturday
will he one of the biggest days. as
many of the most important reports
come on that date and the election Of
officers for next year is also on the
program.
! Purchases Bank Building.
The Federal. American Company. re-
Gently orga niZed by the Federal
American National Bank To handle
first and second trust loans on rea
estate building loans. insurance and
other business of that nature. has
purcha sed the bank building at 13l3-i'
F street which the Federal-AmeriCa
Bank owned and formerly occupied
The new concern has been in the
building since the bank moved TO it,
new home.
The new finance company has Just
declared its first quarterly dividend
on the preferred stock at the rate of
/ 6 per cent per annunn. Oficers ~
! the Federal. al.American Co. are: ". Y.
Galliher chairman of the board: John
Poole president; William John Eynon
/ and W. J. Waller. vice presidents;
! Charles 3. Lyddape. secretary-treas
urer and Charles D. Boyer. assistant
secretary-treasurer
Reserve Boards Report.
F.. The Federal Reserve Boards weekly
condition statement of 103 reporting
member banks in leading cities as ot
| June shows an increase OF 81 .0oo. ono
/ in investments and declines of S51 600
! 600 in loans and discounts. s95.o0o.ooN
in net demand deposits. S1a,0oo.oo in
time deposits and S73.oo0.00o in hor-
rowings from the Federal Reserve
| banks.
Loans on stocks and bonds. includ-
| ing United States Government osliga
tions. declined SOS 900 600. the princi-
pal changes including reductions OF
$50, ,0OO, 900 in the New York district.
S12 900 900 in the Chicago district and
So. 900 900 in the Cleveland district and
an increase of s13 100000 in the Phila-
delphia district.
Bond Issue Oversubscribed.
| AS result of the abundant supply
| Of funds in the investment market ana
the consequent ease in money rates.
the Offering of $50 900 600 10 TO 80 year
! Federal Land Bank 4A per cent bonds
at 101 yesterday met with an lmnA
diate response Books on the issue
were closed in slightly more than an
| hour after the opening.
1
banking syndicate to yield about As
per cent to the redeemable date and
Az per cent thereafter to redemption
or maturity.
The bonds are dated July /. 1926,
I and are due July l. 1855. They are
| not redeemable before, July ]. 1885.
but are redeemable at par and interest
at any time after 10 years from date
of issue.
!
New Insurance Shows Gain. .
The production of new life insur-
| ance was SIS per cent greater IN May
| of this year than during May. 1925.
and for the first FIVE months the writ
ings show an increase of 10.7 per cent
as compared with the corresponding
months last year, according to an an
nouncement yesterday by the Associa-
ton of Life Insurance Presidents.
| The report of the association was
based on the new business. exclusive
| of revivals, increases and dividend
additions of its As member COM
panies which have in force 81 per
cent of the total life insurance in all
/ United States legal reserve compa MES.
For the month of May ordinary in
surance amounted to S702 1000, as
against $69S, ,706 900 in 1925; a gain If
one half of l per cent.
Treasury Pays Out S313.900,00a.
Today the United States Treasury
is paying out $313, zoo. 900 on matur-
ing short-term obligations. held chiefly
| by banks. and about $7S.000.00o in In
terest on the public debt, chiefly the
| first Liberty loan. 1t is. also sched-
| ufed to receive SSS.500.000 in pay
ments of interest on the debts of Eu-
! ropean countries to the United States
and about S4O0 900 900 in income tax
checks.
/ Personal and Other Notes.
| Edward j. McQuade. vice president