Evening star., 1927-05-31
BANK CLEAR|NGS
AT PEAK FOR MAY
Pepco Preferred, Newly List
ed, Leads Trading on Local
Exchange Today.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Bank clearings in Washington dur
ing May reached the largest total of
any May on record, according to the
figures given out today by the Wash
ington Clearing House Association,
G.. f. Bright, manager. The gain. how
ever, is only modest one when COM
pared with the returns for the SINH
lar period last year.
Clearings this year for the month
amounted to $120, ,949.40. against
S118, ,968, ,666.40 in May. 1926. The clear
ings are under the figures for the
previous month. the April total hav-
ing been S124, ,139, ,370S5, or the larg-
est of any of the first five months OF
the year.
The report for May indicates that
business in the National Capital is
holding up well and is slightly better
than it was year ago, this in spite
of the cool weather, which has fetard-
ed the sale of Summer goods.
Local bank clearingS for the first
five months of this year have reached
the impressive sum of $5S6.923 .2241S.
New Pepco Preferred Opens at 1917.
The newly listed Potomac Electric
Power 512 per cent preferred stock
was the leading issue on the WASH
ington Stock Exchange today when
trading was resumed after the triple
holiday This is the stock which will
be distributed to the public tomorrow,
following the recent heavy oversub-
scription.
Trading in the stock as of June l
opened with a sale of 10 shares at
1O114. The next sale included 80
shares at the same price. The next
Is shares sold at 1011s and after call
the market in this issue closed with a
oO-share sale at 1915.
Capital Traction opened the week
with a turnover of so shares in three
transactions at 1O4a. Washington
Gas, which amazed market observers
last Friday, when more than 1000
shares changed hands at rs, ap-
peared on the board today at the
same price. The days sales, however,
totaled but 50 shares.
The old Potomac Electric Power 6
per cent preferred stock sold at 1882.
Lanston MOnotype was soaring, so
shares selling at par. Twenty shares
of Federal-American Co. common
came out at 1873. American Security
& Trust was 392 and w. r. & E. Co. |
preferred 9112.
On the bond side, D. c. Paper 6s
sold at SO, Chestnut Farms Dairy 61ss
at 105, and Washington Gas 5s at 1922 |
Gas bonds. Series B, registered 1854
and there was transaction in Chevy
Chase Club 512s at 100l2f1 Other bonds
sold at recent levels.
Treasury Offering Is Surprise.
Washington bankers expressed some
surprise today over the announcement
by Secretary Mellon of an offering of
long-term 3as per cent Government
bonds. 1t had been expected here that
further steps in refunding the Second
Liberty loan would be put off until
September, and a long-term issue with
a 33s per cent coupon had not been
foreseen.
The new issue has an assured life
Of 16 years and runs for 20 years and
is priced at 1902 and accrued interest
Pcnnsy Stockholders Get Checks.
Stockholders of the Pennsylvania
Railroad, located in every State of
the Union and nearly every quarter
of the globe. are today receiving
checks for the second quarterly divi-
dend at the rate of IL per cent paid
by the company this year.
With this disbursement the total
cash dividends paid since the COM
pany's organization, 81 years ago, ag.
gregate 1881 .s33,735.
In a message to stockholders accom-.
panying the dividend checks Presi-
dent w. w. Atterbury summarizes the
story of the Pennsylvania Railroad g
unbroken dividend record, the longest
Of any American railroad.
Institute Induction Tomorrow.
The recently nominated officers of
Washington Chapter, A. /. B., will be
inducted into office tomorrow evening
at the Willard. At that time T. Hun
ton Le;th will retire from office after
most brilliant years work for the
chapter, and /. ]. Roberts, chairman
Of the educational committee, will as
sumo the leadership. The installation
will be followed by a dance.
Financial District Notes.
Edward j. Stellwagen, president Of
the Union Trust Co., had a large
house party at his Summer home. the 4
Oaks, on West River, over the week
end.
Merchants Bank & Trust Co. passed
the week end at his estate at Blue
mont.
Francis M. Savage, head of the Cen
trail Savings Bank, is spending a few
days with relatives on the Eastern
Shore of Maryland.
Frank w. Stone, vice president of
the National Savings & Trust Co., who
has been i'll at his home at Wardman
Park Hotel, will return to the bank
in day or two.
William b. Hibbs, head of the
brokerage house bearing his name.
passed the double holiday at his estate
at Leesburg, Va.
S. w. Straus & Co. are offering a
6A per cent first mortgage bond is
sue of 100000 on the Fashion Trades
Building, Chicago. The bonds are
priced to yield from 6.1O to 6.25 per