Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-07-16
ARE FIRM I.
ON EXCHANGE HERE
Trading Is More Active To-
day-Two Bank Stocks
Are Dealt In.
BY EDWARD O. STONE.

Washington Stock Exchange today
when trading was much more active
than yesterday. Capital Traction ap-
peared on the board at lo4h;
Potomac Electric Power Preferred
came out at 1oS: nve Of the interim
certificates sold at 106A; while one
share Of Washington Railway &
Electric Preferred sold at SsX. FIJI
teen Riggs National Bank shares
brought 400, and 20 shares Of Ma
tional Bank of Washington stock
sold at 285. The days trading in
cluded two sales in Mergenthaier
Linotype at 106K. In the bond d.
vision Washington Gas s. brought
l0Oss, the Sc sold at 1903, while
Georgetown Gas IS sold at par. WASH
ington Railway & Electric Is changed
hands at 82A and Capital Traction
5s at 1o0N.
Building Association Elects.
At the annual meeting of the stock.
holders Of the Northeast Building As
ISOLATION, held in the associations Of.
nee, Twentieth street and Rhode
Island avenue northeast, yesterday,
the following were elected directors
for the ensuing year: II. c. Althoff,
L. L. Anderson, K. p. Armstrong, n.
ID. Baron, Julian +. Belfield, Allen E.
Cowles. j. D.. Donovan, ]. z. Dono-
van, w. j. Dow, A. L. Foster, Frank
M. Hatley, w. Charles Heitmuller,
Thomas p Hickman, Alfred Jeffery,
John L. Knopp. Thomas S. Mallon,
Redmon Mayo, James Z. Payne, James
L. Sherwood, Joseph p. Stubener,
Schuyler s. Symons. John J. Tobin,
~ TNs-f- y
L. Swenson, John Rubino, John A.
Openshaw and J. L. Sherwood, jr.
AT the directors meeting the fol
lowing officers were reelected: James
l.. Sherwood, president: w. Charles
Heitmuller, first vice president; John
L. Knopp, second vice president,
Schuyler s. Symons, secretary; Allen
f. Cowles, assistant secretary: Frank
M. Hetley, treasurer, and William 8.
Torbert, counsel.
Mr.. Sherwood was elected for the
eleventh time. He Is the only presi-
dent the association ever had, 1t hav-
ing been organized in September, 1915.
Gets Cotton Exchange Seat.
George A. Garrett, the resident
partner Of F. B, Keech & Co.. men,
bers Of the New York Stock Elk.
change, has been elected a member Of
the New York Cotton Exchange, the
New Orleans Cotton Exchange and
the Liverpool Cotton. Association.
This firm has taken over the busi-
ness Of Stephen M. Weld & Co., for.
merry one of the Oldest and largest
cotton brokerage firms in New York,
which was dissolved July I. Messrs.
Edward NJ. Weld and Buckley L.
Wells, heretofore members Of the
firm, will be in charge OF the cotton
department with F. B. Keech & Co.
Melons Bank Charter Views.
Whether the question Of renewal Of
the charters Of the Federal Reserve
Banks viii come up at the next ses-
sion of Congress remains to be seen.
Even though the present charters
have eight years to run Secretary
Mellon feels that they should be re-
newed far in advance OF their expira-
ton.
Renewal does not place them be-
yond statutory Improvement, as Con-
gress would still retain power to
abolish the system at any time or,
as has already been done IL times.
to amend the act. Postponement Of
action until the charters are about
to expire might find the banks fac
ing an economic situation like that
of 1920.21. In that event renewal
could hardly be obtained without
bargaining and concessions that
might be politically necessary, bus
economically indefensible Appreci-
alton of the advantages of the system
seems to be more widespread than
ever, and the question Is one that
should be brought up while the
country is in a quiet and prosperous
condition" he says.
Recalls Bankers Great Friendship.
In speaking of the death of John
NJ, Weeks, John L. Edwards. head or
John l.. Edwards & Co., said today
that a most remarkable friendship
existed between the senior partners
of Hornblower & Weeks. They were
like brothers. Mr.. Hornblower was
abroad on one occasion when Secre-
tary Weeks was taken i'll here In
Washington. He sailed for home at
once and FASTENED to the Capital TO
see his friend and partner.
would not trust the cablegrams, as
wanted to see John Weeks and see
how he looked" said Mr.. Hornblower
on his arrival here.
Dallas Convention Ends Today.
The national convention Of the
American Institute of Banking, at
Dallas, Tex, ends today with election
Of officers, followed by a farewell ball
this evening. The Washington dele
gates are to leave Dallas at midnight
for New Orleans. They Will spend
three days there and then sail for
New York by boat. They expect to
arrive in Washington on July rs.
r.. O. Passenger Traffic Drops.
PASSENGER revenue for 1925 on the
Baltimore and Ohio was $27,904, 66b.29
and comprised 11.75 per cent OF gil
operating revenues, showing a de-
crease, as compared with 1924, OF
81 .143. 053 90, or 3.94 per cent. There
were 14,745,684 passengers carried
during the year, a decrease OF 2,161,-
531 passengers, or 1918 per cent un-
der the previous year. The average
distance each passenger was carried
was 1857 miles. compared with 1888
miles In 1924, an increase OF 1l.So per
There were 1927 stockholders Of
the company recorded as Of Decem-
Der 81, 1926.
Reserve Bank Discounts Drop.
Rill holdings at the Federal Reserve
Rank of Richmond continued to con-
tract during the second week In July.
the total declining $4,724.0o0. Bills
discounted amounted to $4O,403.OOO,
against $44, Jos, goo the week before,
a decrease Of $S,7o5,Oco. Svla bought
in the open market were $l,01e,0OO
lower, at $s.922,000.
Federal Reserve note circulation
stood at $40, POT 900, q reduction Of
81 .276 900 in q week. Member bank
deposits totaled $6S,12s,O0o and were
IS .054 900 lower. Reserves amounted
to $s7 ,s4s 900, against ,$ss, osl,oo0
other Financial Notes.
Joseph schiavone, president Of the
Exchange Bank, gave q
dinner to IL Of his friends In the
financial district at the Racquet Club