Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-26
THREE LOCAL BANK
STOCKS HIT PEAKS
Liberty National, Federal
American and Security
Savings Climb.

H.igC! lOdlt anu NCOINl
Savings Climb.
BY EDWARD e. STONE.
Three local bank stocks scored new
tops for the year in today's trading
ON the Washington Stock Exchange.
Ten shares of Liberty National
came ont at 209, passing the former
high for the year of 2013,: 10 shares
Of Security Savings Il Commercial
sold at 405, the last sale in this issue
having taken place several weeks ago
nt 3S5. and shares of lfcderal-Ameri-
can reached 325, q point above the
best 1927 figure. Five other shares
sold at 32i and more closed at 322.
Washington Railway common again
appeared on the board at $50 on n 20
share turnover, while 20 shares OF
Railway preferred came out at 92A.
Potomac Electric Power sig per cent
preferred held at 1918, and 10 shares
of Chevy Chase Dairy preferred sold
at 1885,. Merchants Transfer e Stor-
ace preferred came out at l0l, 30
shares of Peoples Drug stores pre-
ferred sold at 10. Two sales totaling
100 shares Of National Mortgage Il
Investment preferred were recorded
at 73s. Capital Traction remained at
105.
Bonds held at recent levels, Railway
As selling at Sc. Capital traction %
at 1O21s, and Washington Railway q
Electric general 6s at 1922, on Slo,'
600 turnover.
Southern's Earnings Fall OF.
Southern Railway System reports
net operating income of $2,3S6,782 for
Tune. against S3,135,116 for June last
year. and for the half-year, $14.235,-
045, against SIS ,709,694 in the same
period of 1926.
Empire Bonds Are Called In.
The Empire Gas & Fuel Corpora
tons first and srefunding convertible
13.vear ~ per cent gold bonds, due
May /, 1887. have been called for pay.
ment on September 10 Of the present
wear at 40 and accrued interest. These
bonds are widely held in the National
Capital.
j. & w. Seligman & Co. as fiscal
agents for the secured per cent sink
ing fund gold bonds, 1927, due 1853,
of Peru are notifying holders that
S71. 900 of these bonds have been
drawn by lot for redemption on Sep
TENDER /, out of the sinking fund
moneys received or to be received, at
los and interest.
Insurance Stock at New Top.
Stock of the Virginia Fire & Marine
Insurance Co., some of which is held
in this city, is now selling on the Rich
mond Stock Exchange at $500 per
share for the first time in the history
of the company. This represents a
price of four times the par Of the
stock, which is SIS a share. While
this is the highest price that has been
paid for the stock, about two years
ago efforts were made by Richmond
banker to gain control of the company,
and at that time it was reported that
prices as high as $125 a share had
been offered for the stock, but with no
sellers.
Warfield FavOrs Interest Caution.
S. Davies Warfield, president Of the
Seaboard Air Line Railway, when
asked if there would be an early settle
ment in respect to the back interest
on the 5 per cent adjustment bonds
of the Seaboard, said:
CAS- you know, the board Of directors
has declared the regular rate Of semi
annual interest (212 per cent? on the
adjustment bonds of the company,
payable August /. 1927. The next in
terest period is February 1, 1923. While
the board is as DESTROYS as the holders
of these bonds to begin as early as
practicable the payment of back in
terast, it is recognized that in view
of general conditions it would not be
advisable from the standpoint of either
the holders of the bonds or Of the rail-
road to begin the payment of this in
terest until it is know that it would
be cotinued regularly
Loans and Discounts Drop.
The Federal Reserve Boards condi-
ton statement of 662 reporting mem
Der banks in leading cities as of July
90 shows declines of $7.000,000 in
loans and discounts, S29 600, 900 in in
vestments, $S3,000,000 in net demand
deposits and SIT 100000 in borrowings
from the Federal reserve banks.
Bank Elects New Director.
The directors of the Washington
Savings Bank have elected James A.
Soper, cashier Of the Lincoln National
Bank, as a member of the board. Mr..
Soper has been with the Lincoln for
many years, having served a long
term as assistant cashier, and is
banker Of wide experience. He is vice
president of Washington Chapter.
American Institute of Banking. and
has just returned from attending the
annual convention at Detroit.
Heard in Financial District.
George o. Vass, cashier and one Of
the vice presidents Of the Riggs Ma
tional Bank, is back at his desk after
c.
President John B. Larner of the
Washington Loan & Trust Co. and
Charles +. Howe, cashier Of the
American Security & Trust Co., passed
the week end near Harrisburg, Pa,
making the trip by motor.
Vice President Frank w. Stone OF
the National Security & Trust Co.
has returned from a motor and steam
ship trip along the Great Lakes. He
travelled 1000 miles by water and
5000 on land, motoring all the way
back from Duluth, Mimi.
c. Louis Eckloff, assistant cashier
of the National Metropolitan Bank.
with his wife and daughter Margaret,
are spending couple Of weeks at
Virginia Beach.
Todav's Wall Street Journal reports
that Gilbert II. Gary, chairman or the
U. S. Steel Corporation, has been con-
fined to his home for some time. He
suffered an attack of ptomaine
poisoning. According to best avail
able information, the judge is on the
road to recovery and hopes to be at
his office in a few days.
BALANCE IS LARGER.
NEW YORK. July 26 R).--South-
ern California Edison reports balance
of $500, 1929 for dividends and depre-
citation for tho half year, against $o,'
41s 40 in the first half of 1925.