Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-01-07


LANIER +. McLACHLEN,
Appointed general chairman of the
next convention of the District
Bankers Association.
Law School. He belongs TO many
civic and business organizations. as
we'll as TO prominent clubs.
In assuming his new duties he sue
cceds w. w. Spaid, last years gen
eraI chairman. Mr. McLAchlen will
name his committee in a short time
and feels sure that by fixing the date
before the members make any ether
plans the next annual session will be
the largest yet held.
Bankers May Change Constitution.
Maurice ID. Rosenberg, president of
the Bank of Commerce and Savings,
has accepted at President Moran'S re-
quest, the Craftsmanship of a commit
tee to revise the constitution and by
laws of the Bankers Association
The other members of the committee
are Maurice Otterback, president of
the Anacostia Bank; G. II. Pope. vice
president of the Nunsey Trust Co,
and George o. Watson, president of
the Liberty National Bank
In the opinion Of President Moran,
this committee will have very impor-
tant work to do. The work of the
association has expanded until many
new questions have arisen relative to
It's constitution and bylaws which
demand consideration. 1t is expected
that the new committee will make
many constructive recommendations
at the June convention.
Thrift Week Plans Developing.
Chairman y. Z. Booker and the
committee on safe Investment and
make will day, in connection with
Thrift week, met at the City Club
yesterday and shaped many vital
plans. 1t was decided to get out
posters depicting the Importance OF
safe investments and have them
placed in Government offices. the
banks and IN the insurance offices of
the city.
1t was also voted to invite Speaker
Longworth to stress safe investments
in a talk over the radio. w. Fl.
Baden, trust officer of the Washing
ton Loan and Trust Company. was
asked to. prepare similar radio talk
on the always. vital subject of will
making. Attorney George r Shinn
will also join the broadcasting forces
for this special program.
The committee hopes 10 make this
day of very practical value to resi-
dents of Washington and vicinity, a
beacon light in sound business
progress.
Local Exchange Trading Expands.
Trading was broader on the Wash
ington Stock Exchange today. bonds
being considerably more active Capital
Traction stock opened at 1884 and
closed at 10312, the turnover being
very small. Potomac Electric Power
preferred closed at 1878 after a pre-
vious sale had been recorded at 1922
1t also sold at z after call. Fifty
shares of Washington Gas Light
changed hands at Tx, 10 at IT'S and
10 more at IN
Railway and Electric preferred
came out at 81 on a three-share sale.
Two banks stocks appeared on the
board, Riggs National opening at 453
and closing at 45314. Ten shares of
Continental Trust sold at 106. Both
type stocks were out, two shares of
Mergenthaler selling at l09 and 30
SnafeS Oh LanStOn at "a.
On the bond side Capital Traction
5s sold at par, and Potomac Electric
first 5s at par and at 10OA. Washing
ton Gas 5s brought 1901 while a baby
o sold at 1O2A. The closing sale in
Peoples Drug Sales Gain.
Sales of Peoples Drug Stores. Inc.
for December amounted to $753.923.
compared with $546,746 for the same
month last year. an increase of
$Zo1l0 of 1888 per cent. Sales for
the year 1926 amounted to $6,318,09S,
compared with $5,213,864 during the
preceding year, an increase of
$1,1O4,234 or 21.18 per cent.
Bank Holdings Show Declines.
The consolidated statement Of con-
dItion of the Federal Reserve banks
on January shows a decline for the
week OF 500, 200, 900 in holdings of bills
and securities and of $44,3 900 900 in
Federal Reserve note circulation. to-
gether with increases of $54 600. 900 in
cash reserves, $7.S00,0 in non-reserve
cash. and $87. 800 900 in member bank
reserve deposits.
All of the Federal Reserve banks re-
serve notes in circulation than a week
ago, the principal decreases being as
follows: Cleveland, ST., 300, 900: Phila-
delphia, $11 900; Chicago, $780,
900; Richmond, $4,4OO,O00. and Allan
ia, $3,300,000.
Heard i'm Financial District.
A new issue of 1890, 900 Western
Maryland Railway Az per cent equip
ment trust certificates is being Of
fered by Alexander Brown & Sons and
Brown Brothers & co.
S. w. Straus & Co. announce that
permanent bonds are ready for hold
ers of interim receipts on the follow
ing issues: No. East Forty-fourth
street, New York City; 800 East Fifty.
seventh street, New York City; 10
Gramercy Park, South, New York
City.
The publicity committee of the Dis
trict Bankers Association, f. II. p.
Siddons. chairman, meets this after.
noon at headquarters, 1918 f street
northwest.
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