Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-13
.LANSTON LEADER
ON EXCHANGE HERE
Scores New Top for Year,
With Railway Common Also
Reaching 1927 Peak.
by EDWARD c. STONE.

ReaCnlng ISZf FedK.
BY EDWARD c. STONE.
Lanston Monotype climbed to a
new high for the year on the Wash
ington Stock Exchange today, clos
ing at 1882, after winding up last
week at 101. The days sales totaled
so shares.
WASHINGTON Gas Light was heavily
dealt in. PAS shares changing hands:
The stock opened at 76A and closed
at II. very close to the 1927 high
mark. Ten shares of Railway COM
mon came out at 280, 10 points above
anv previous sale this year.
Capital Traction was active, open
ing at 1865 and climbing TO 100 Is
at the close, transactions amounting
to 70 shares. Federal American Bank
stock sold at 335 and two shares
of Riggs at SO
ONLY two bond sales were recorded,
WASHINGTON Gas IS, selling at 1O1 y
and Washington Railway Electric
As at Sc
Local Business Improving.
There are many indications that
business conditions have been lmprov-
itV since the arrival of September, and
especially since Labor day. Bank
clearings, check payments and the
volume of redscount at the Richmond
Federal Reserve Bank so far in Sep
TENDER show decided upward swing
in mercantile activity. Local bankers
also say they can see a marked dill
ference in traffic in the business sec
ton of Washington. Merchants are
looking forward to lively Fan trade
following Il quiet Summer. Buying IN
household furnishings is said to have
shown special Improvement during the
past two weeks.
Rediscounts at the Federal Reserve
Bank of Richmond last week gained
$2,22S, 900 over the previous week, but
were considerably below the same
period last year and the year before.
Coal Company Directors Named.
Bondholders Of Big Vein Galleries,
Inc, held meeting in this city last
night and reorga nized by electing these
officers: Robert n. Harper president
Clyde D. Garrett and Charles a.
Douglas, counsel. In addition to
these officers the board of directors
also includes T.. Lester Jones, j. b.
Fleming Wilson T. Compton. Thomas
H. Hume, Benjamin BerkoWich, Leon
Ulman and 10 V. Morgan.
The company's mines are at Nc
Coy. on the Nirginian Railway. They
have been in operation since 1923, but
were recently closed pending reOrgan-
ization. The bondholders appointed
4 committee to secure a fee simple
title to the properties instead of title
based on royalties. The property was
sold and bought In at a nominal fig
ure by President Harper and Clyde
d. Garrett, the intent Of this move
being to make possible the S750,00G
in bonds in two classes under one
mortgage, S250,000 class A and $780,
900 class b The old mortgage has
been Cancelled and each bondholder
will now be given a new bond for the
one formerly held.
Mining operations are to be resumed
at once and shipments brought up to
capacity. Biologists have estimated
very large coal deposits on the prop
critics.
New /. A. Il. Faculty Members.
|. In addition to the faculty members
already announced at Washington
Chapter. A. /, B., Edward J. Nc
Quade, vice president of the Liberty
National Bank, will conduct the class
in credits; Walter D. Dunlap, former
instructor in the University of Iowa,
is to cover business foreca sting, and
B. Ashley Leavell, trust officer at the
Merchants Bark & Trust Co., will
guide the young bankers through the
course in trust functions.
The complete list of instructors was
announced at the consuls' dinner at
the Hamilton last evening. Messrs.
pnb
that they have an unusually strong
teaching personnel.
President w. w. Spaid of the Dis
trict Bankers Association stressed the
great value to the junior bankers of
taking courses at the institute He
said the extensive knowledge of the
theories of banking was a tremendous
advantage to all who are actually en-
gagged in the practical work of bank
ing. Mr.. Spaid also touched on the
value of the associations developed at
the institute
Frank NJ, Perley, chief consul, pre-
sided at the dinner and reviewed the
methods being employed to get a
record enrolment for this year.
Riggs Bank Declares Dividend.
The directors of the Riggs National
Idllh ldle yesterday declared the reg
ular semi-annual dividend of $3.50 per
share, payable October Is to stock
holders of record on September 80,
according to announcement by Presi-
dent Robert V. Fleming.
Sales of the 449 Liggett Drug Stores
in the first eight months this year
| reached $3S,007,5S7, an increase of
$4,395,274 over the same period last
year. August sales were $241, 602
larger than year ago. The stores
are operated by the Louis X. Liggett
Co., subsidiary Of the United Drug
Co. of Boston.
The International Finance Corpora
ton announces the removal of it's
offices from the Commercial National
Bank Building to room 500 in the In
veStment Building.
The Federal Reserve Board an
nounces it has approved reduction of
the Minneapolis discount rate from
per cent to 312 per cent. The Min
neapolis bank is the last of the II to
establish q lower rate.
Personal and Other Notes.
Arthur n. Mitchell, cashier Of the
Columbia National Bank, is passing