Evening star., 1927-05-20
WASHINGTON GAS
At NEW HIGH MARK
Riggs Bank Also Climbs to
Peak for Year-PepCo
Preferred Is Up.
BY EDWARD C. STONE.

| to a new high for the year today on
the local Stock Exchange. The mar
ket opened with five sales totaling
206 shares at IS, a gain of an eighth
of a point over yesterdays close. The
next sale transferred 10 shares at 571B
and the final turnover was also Of 10
shares at 75H.
| Riggs National also scored a new
| high again today, 10 shares selling at
486 and 10 more at 487, 2-point ad-
vance over yesterdays close. Capital
Traction changed hands at 104%, un-
changed from the last sale, the turn
| over being very small.
| Potomac Electric Power preferred
came out today at 1884 and 10 shares
| of FederalAmerican Co. common
moved at "a. Railway & Electric pre-
| ferred again sold at 91K. In the bond
| division, Railway & Electric as sold at
| S512 and Wardman Park Hotel 51@s
at 971a.
There has been more informal bid
| ding among exchange members for
| the forthcoming Potomac Electric
Power preferred stock, the price now
| offered being above par.
Bankers Flock to Pittsburgh.
| Half Of the total membership of the
| Reserve City Bankers Association is
| present at Pittsburgh convention. The
| chief address yesterday was by p +.
| Wiseman of the Union Trust Co,
| Cleveland, on administrative Costs
and Their Proper Distribution" The
| talk related entirely to the inner
workings of banking institution. He
| dissected the various departments and
nniT1fnd n n1nf l.. -.
| should exist between them and their
proportion of expense in relation to
| the whole.
tomorrow afternoon there will be q
reception rendered the visitors at the
home Of r. B. Mellon, president of
the Mellon National Bank. Several
Washington bankers are attending
the sessions.
Convention Chairman Report.
Chairman Lanier p. McLachlen of
the general convention committee an
nOunced today that all details are now
arranged for the coming gathering
or Washington bankers at Hot
Springs, Va. Chairman Lawrence A.
Slaughter of the entertainment com.
mittee states that the committee has
arranged several novel features for
the family dinner this year. In ad-
dlt1on to these surprises several solo
and quartet numbers will be rendered.
w. w. Spaid, vice president of the
District Bankers Association, will be
toastmaster, and the presentation of
golf prizes will add color to the oc.
casion.
There will be dance on the eve
ming of June 8 along the lines car
ried out last year. At a recent meet
ing of the ladies' committee those
named to be in charge of the luncheon
at the Cascades Club are Mrs. Howard
Moran, chairman; Mrs. w. w. Spaid.
Mrs. w. j. Waller and Mrs. A. S.
Galley
Mrs. Lanier P. McLachlen, Mrs.
George o. Vass, Mrs. F. p. Fl. Sid
dons and Mrs. c. Fl. Pope will be in
charge of the putting contest.
Second National to Erect Building.
The Second National Bank an.
nounces plans to erect a nine-story
office building on the uptown branch
at 1331-1333 G. street. The new home
of the branch office will be the same
height as the Colorado Building next
to it. The branch now occupies half
of the ground floor of a three-story
building, the remaining street floor
space being used by the American Ex-
III CSo DiIlCG- HS lOl HAS ii "a II ~IOOC
frontage, IS 10 feet deep and has
long been owned by the Second Ma
tional. Appleton P. Clark, jr.. is the
architect and S. J. Prescott Co, con-
tractors.
Insurance Sales OFF i'm South.
Two hundred and fifty thousand
people secured protection against the
loss of their earning power by pui'-
chasing more than SITS, 900, 900 of ordi-
nary life insurance in April. according
to figures just issued by the Life In
surance Sales Research Bureau. This
is larger than any previous April on
record.
Sales of ordinary life insurance in
the South Atlantic States show a
slight decrease in April over the cor
responding month of last year. April
sales in this section totaled S64 0S7 900,
a decrease of per cent over the sales
of April, 1926.
The great financial loss to the bust
ness men in Florida is reflected in the
decrease in sales of life insurance in
Florida. For the month of April
sales at 20 per cent lower than
in April last year. The insur-
ance men of the State are con-
fronted with some serious prob
hit due to ~ the crash in the real
estate boom. (2) the severe hurricane
that hit the lower part of the State,
(3) the fact that Winter tourists did
not come in as large numbers as they
| have in the past, and (4) the recent
cold wave which raised havoc with
the citrus fruit growers.
Heads Maryland Bankers.
William o. Pierson of Baltimore was
elected president of the Maryland
Bankers Association at Atlantic City
yesterday, succeeding ]. r. C. Hop
kins of Port Deposit. w. r. Sterling
| Of Crisfield was elected vice president,
James w. McElroy, Baltimore, secre-
tary, and William Marriott, Balti-
more, treasurer.
Other Financial Notes.
The board of governors of Washing
ton Chapter, A. I. B., will meet next
Tuesday at 8 pm, this being the last
meeting before the installation of Of
f1cers on June l.
The Washington Bank Women's
Club will have it's monthly dinner
meeting next Wednesday evening at
the Grace Dodge Hotel.
The S. S. Kresge Co has declared
Ii'o le6uliL quarterly ulNlueluS oL
S1.75 on the preferred and 80 cents a
share on the common stock.
Harris, Forbes & Co., with local Of
fices in the Woodward Building, are
today offering a new issue of $500, 900
Henrico County, Va, Az per cent
gold bonds, due June. 1857. priced at
I04.22 and interest, to yield 4.25 per
cent The City Of Richmond is To-
| Gated in this county.