Evening star., 1927-09-12
STEAMBOAT STOCK
REACHES NEW PEAK.
Other Issues Strong on Local
Exchange-New institute
FacuIty-0ther Notes.
BY EDWARD C. STONE.

Stock OF the Norfolk & washington
Steamboat Co. hit 800 on the WASH
ington Stock Exchange today, estab-
fishing a new high mark for the year
and a gain of 712 points over the last
sale at 292h. The turnover was IL
shares.
Other local issues opened the week
strong. One share of National Met
ropolitan came out at 420, the same as
the last sale, which was the peak for
1927. Continental Trust climbed 2
points to 1877, new top. District Ma
tional was strong at 24512.
Lanston came out at 1O2 and closed
at 1O2M, while 22 shares of Mergen.
thaler sold at 110. Potomac Electric
So per cent preferred sold at 1929,
Washington Railway & Electric pre-
ferred at 81 and Washington Gas
Light at 765s.
Bonds also We're strong, with mod
crate trading at the levels recently
prevailing. There was one sale in
the unlisted department, Chaplin Sacks
per cent preferred moving at 103.
Institute Faculty Announced.
The faculty for Washington Chapter,
American Institute of Banking, has
now been completed with the possible
exception of one or two subjects that
will be taught in the second semester.
The teachers secured by |. j. Roberts,
institute president, and James A.
Soper. chairman of the educational
committee. are all splenddly equipped
for the work, several already having
taught with marked success in the
institute.
According to present plans, banking
fundamentals will be in the hands of
Eliot Fl. Thomson, commercial law
again will be taught by Raymond B.
Dickey, negotiable instruments will
come under B. J. Laws, standard eco
nomics covered by F. J. Donahoe,
while Y. z. Booker again will be the
instructor in investments. The newly
added course in analysis of financial
statements is to be in charge of w. G.
Buchanan.
The institute activities will now
come TO the front very rapidly. The
usual dinner takes place this evening
at $50 at Hotel Hamilton. President
w. w. Spaid of the District Bankers
Association will be the guest of honor
and chief speaker. Officers Of the
institute will also stress the impor-
tance Of registering at once for the
course offered during the first half
wear. Glasses begin Monday, Septem-
ber 26.
New Local Issue on Market.
The Federal American Co. today Is
offering a new issue of $325000 first
mortgage notes secured by the Hill
Building, corner Seventeenth and /
streets northwest. The notes are
dated September /, 1927. maturing in
one to five years, and issued in $500,
81 900 and $4,000 denominations.
The notes are to bear interest semi
annually at the rate of 6 per cent per
annum, payable on March l and Sep
tember /. They are offered at par
and accrued interest. The company
bringing out the new issue calls at
tention to the fine location of the Hill
Building and states that the struc-
ture now is nearly all rented. The
Federal American National Zank is
trustee.
Congress to Discuss Banking Laws.
New banking legislation to stabilize
price levels and thus prevent labor
troubles and permit farmers to work
out their own difficulties will be
thoroughly discussed at the incom-
ing session of Congress, according to
statement issued today by Repre-
sentative James G. Strong of Kansas.
Republican member of the House
banking and currency committee.
The disagreement between the Fed
eral Reserve Board and the directors
of the Federal Reserve Banks" over
the boards power to order rate
changes has demonstrated the neces-
sity for a new banking law, says Mr..
Strong. He proposes to press action
on a bill sponsored by him in the last
Congress which would "direct the
Federal Reserve system as to the pol
icy which it should strive for in fixing
it's rediscount rates. conducting its
open market operations and extend
ing it's moral advice and otherwise ex-
ercising it's powers over the volume
Of credit in use, and hence over the
general price level and the interna-
tional value of gold"
Bankers Off to Convention.
President John Poole of the Fed
eral-American National Bank. Eliot
H. Thomson, publicity manager of the
xxy IL, e.,