Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-18
JOINT STOCK LAND
BANK HERE MOVES
Changes Headquarters to
Munsey BuiIding-0ther
Financial Notes.
BY EDWARD C. STONE.

Inc IOLOHldS JOlhI OtOSh 4%oAN
Bank today changed headquarters.
moving from the Woodward Building
to a suite on the second floor front in
the Munsey Building. The shift was
made to accommodate steadily. ex.
panding business, President George A.
Harris announced.
This institution was organized In
May, 1923. by Mr.. Harris and his asso-
ciates; its capital and surplus are now
S435,O00, and total resources in ex.
cess of $4,000. 900, The bank is the
only institution of the kind located in
Washington. it's territory being Mary.
land and Virginia.
The directorate is composed OF
prominent bankers and business men
in this city and the two nearby States
and the land banks healthy growth
has enabled 1t to be placed on sub
stantial dividend basis. The officials
are much pleased with their new
home and many friends and custo-
mers dropped in today to extend con-
gratulations.
More Dividends Announced.
At the regular meeting of the di-
rectors of the Farmers & Mechanics
National Bank. in Georgetown heio
yesterday. the usual quarterly dlVi'
dend of SO per share was declared.
The dividend is payable on April l to
stockholders of record at the close OF
business on March "a, President Harry
v. Haynes stated today.
The board of directors Of the Ma
tional Capital Mortgage Co. have just
declared the twelfth quarterly divi'
dend on the preferred and common
stocks of the company, the preferred
being at the rate of per cent per
annum and the common at the rate
of ~ per cent. Both dividends are
PAYABLE on April to stockholders OF
record March 81.
Richmond Bill Holdings Slump.
Total bill holdings at the Richmond
Federal Reserve Bank are $Zo'6of .OoO
below the corresponding period last
wear. according to the weekly state
ment released today. thus showing the
extent to which use OF reserve bank
credit has contracted. The latest
statement shows bill holdings Of only
$2S,833,0O0 on March 16, as against
$o4, 100000 on the comparative date in
1926.
Aggregate reserves now stand at
$115,127,OO0, compared with $96. 1927 900
at this time last year. Member bank
reserve deposits are now $71.3OO,OO0
and were $68rSS8.000 a year ago.
Compared with the previous week.
this year bill holdings declined ap.
proximately s4.000.000. Bills dis.
counted reached a new low level at
$19.S20,000. against $23.1S7.OO week
previously.
Heavy Owner of N. & w. Stock.
Wall Street reports that the Penn.
sylvania Railroad now owns about As
per cent Of the combined common and
preferred stocks of the Norfolk &
Western Railroad. During 1926 the
Pennsylvania bought slightly more
than $18,000,00 par value Of Norfolk
& Western common, giving 1t approx
imately $62 100000 Of the $139.572,700
outstanding, and increased its hold.
ings of preferred $467 900 to $780,.
600 of a total issue of $22,992 300. The
Pennsylvania sold all its Southern Pa.
cific common last year. amounting to
800 par value.
Gas Light Stock at New High.
Though a fractional gain, Washing.
ton Gas Light stock scored another
new high mark for the present year
on the Washington Stock Exchange
today. The stock opened at 72& and
closed at TN, the days turnover
totalling SIS shares.
Capital Traction, still selling ex
dividend, came out today at 1868 on
one 2o-share sale. Ten shares OF
National Savings & Trust Co. stock
moved at Sill, within four points of
the high for the year. Merchants
Transfer & Storage preferred changed
hands at 10112, and Peoples Drug
Stores preferred was strong at 1885
National Mortgage & Investment pre-.
ferred registered a sale at 8M, and
Potomac Electric Power preferred
touched 109.
The bond market was quiet, open.
ing with Capital Traction IS selling at
1918, later advancing to 101h.
Washington Gas IS came out at 101.
Railway & Electric As brought S4%,
and the same corporations general Is
sold at 103A.
In and Out of the Banks.
President Robert v. Fleming of the
Riggs National Bank Is convalescing
at his Wyoming street residence fol-
lowing an operation for the removal of
his tonsils. He will be back at his
desk Monday.
President Peter A. Drury Of the
Merchants Bank & Trust Co. has re.
turned from short business trip to
New York, the first of the kind since
his recent purchase Of the Southern
Building.
w. w. Spaid, of the brokerage firm
Of w. B. Hibbs & Co., who has been
testing out some of the leading golf
courses in Florida, will be back 1T his
desk Monday.
Lawrence A. Slaughter, vice presi-
dent of the Commercil National Bank,
was one of the seasons early visitors
at Atlantic City, where he recently
passed several days.
President Francis M. Savage Of the
Central Savings Bank has also re.
turned from a few days passed at At.
lantic City.