Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-26
HEAVY DEALINGS
ON EXCHANGE HERE
Riggs Bank, Capital Traction
and Gas Light Shares Ac-
tive on Local Board.
BY EDWARD c. STONE.

Heavy trading in Riggs National,
Capital Traction and Washington Gas
Light stocks featured the weeks open.
ing session of the local exchange.
During the day $50 shares of Riggs
National changed hands at the re-
Gently prevailing price of 500 per
share. The market opened with a
10.share sale, followed by a 50-share
transfer, one of 40 shares and a
closing sale of so shares.
Capital Traction, which is still
quoted ex.divdend, opened at 1o5.
1t then dropped off for one sale to
advanced to 1051s, where 1t closed.
During the session there were 10 diff
ferent transactions in the issue, in
volving ZAP shares.
Washington Gas Light opened at
1874, an advance of "a to a new 1927
high mark. The remaining sales
were made at the same figure, seven
transa ctions resulting in a turnover
of 226 shares. the largest trading in
this stock recorded in many weeks.
The largest sale included so shares
and there was another sale of 50
shares.
Potomac Electric Power per cent
preferred sold at 11012, while the so
1888 new peak and a gain Of Is
over the last sale last week.
Liberty National jumped 10 points,
selling at 238. Five shares of SAM
tary Grocery preferred sold at 1929
for the first time and Mergenthal Ter
was strong at Ill. Railway & Electric
preferred came out at 95. Bonds were
firm and quiet.
Loan Offer Expires October /.
Secretary of the Treasury Mellon
announces that the privilege of ex-
changing Second Liberty Loan Ala
per cent bonds for the new 312 per
cent Treasury notes will not be avail
able after October l and that no fur
Their exchange privilege will be Of
fered
The Treasury decision not to make
a further exchange Offering means
that Second Liberty bonds outstani-
ing on November IS. when this issue
natures on call. will be redeemed for
cash at par.
The Treasury Is considering plans
for additional financing in November
to provide funds for retiring matured
Second Liberty bonds. The November
financing will be unusual, as the Gov
eminent customarily borrows only at
the four quarterly days corresponding
to income tax installment payment
dates.
Volume Higher and Margins Smaller
Statistics recently compiled by the
Internal Revenue Bureau graphically
disclose the present industrial tend
ency toward larger volume of bust
ness accompanied by smaller margins
of profit.
Causes given by the bureau are
keen competition, declining price level.
excess plant capacity, installment sell
ing and hand-tomouth buying, which
has in many cases thrown the bur-
den of inventory upon the manufac'
turer.
Institute Opens This Evening.
The years class work opens a.
Washington Chapter. Institute of
Banking, this evening with work in
commercial law, under Raymond B
Dickey: standard economics, F. j. Don.
oboe, and investments, in charge Of
Y. L. Booker.
Tomorrow nights classes are In
banking fundamentals, conducted by
Eliot II. Thomson; negotiable instru-
ments, under B. l.. Lewis, and finan
cial statements, in charge of William
G.. Buchanan.
Registration continues this week,
and institute officers say that the en-
rOllment is sure to exceed last year s
record by a coed margin.
Reserve Branch to Open Soon.
The Charlotte, n. c., branch of the
Federal Reserve Bank of Richmond
probably will be in operation about
November -. The operating orGani-
cation, composed almost entirely of
employees of the Federal Reserve Bank
of Richmond who will head the Vari-
Gus departments, under the manage
ment of Hugh Leach, will not leave
for Charlotte until shortly before the
opening of the branch.
Heard i'm Financial District.
.I,RN IF