Evening star., 1927-03-08
CHR RISTMAS SAVING CLUBS HERE
SHOW 6 PER CENT GAIN OVER 1926
78,145Accounts Opened With 27 Banks, Ad-
vertising Committee Reports-Treasury
Notes to Be Exchanged for Libertys.

lar sayings accounts. The statistics
for the whole country show that ap.
proximately 20 per cent OF the amount
subscribed Is paid in and returned by
the banks at the end of the year. To.
days report shows what an impor-
tant factor these clubs have come to
be in Washington and predictions of
savings far above $8,00O,0O0 are al.
ready being made for next year.
VIII Redeem Second Liberty Loan.
Secretary Mellon has announced the
offering of new issue Of 31a per cent
five-year Treasury notes in exchange
for second Liberty loan convertible
4M bonds, which are callable for re.
demption on and after November Is
Of this year.
The offering to exchange forecasts
call of all the second Liberties, al
though the Treasury anticipates there
Will be a generous exchange Of the
expiring Liberties for the new five
year notes. An additional attraction
to holders Of the Liberties is payment
of the May Is interest as an offset
to the premium of this issue on the
market, even though the exchange Is
made prior to May Is. The May IL
interest. the announcement said, will
There is now outstanding about
o0.000,000 Of the second Liberty
loan. which if exchanged entirely for
the new Offering would enable the
treasury to effect a saving of about
S23.0OO.000 annually. The second Lib.
critics would have matured in 1912, If
not called.
National Savings Stock at SIS.
re- 80
Savings & Trust Co. sold today or the
Washington Stock Exchange at 515,
which makes it the highest priced
bank stock in Washington at the
present time. Riggs National Bank
stock sold today at 466, and the Bank
OF Bethesda appeared on the board at
Al. Union Trust sold at 260, It's re.
cent high.
Capital Traction opened at 1o7M
and closed with sale Of $50 shares at
107A, following an earlier turnover
OF the same number of shares at the
same price, making the days sales
80 shares. Washington Gas Light
sold at 71A, Railway & Electric at
91A and Mergenthaler at 1887.
Feoples Drug was strong at 109.
Barber d Ross 612s came out today
at 80 and closed at 9Sa. There were
several other bond transactions. prices
holding firm.
Cotton Standards Unity Urged.
Representatives of the leading
american cotton exchanges and as.
sociations have been invited by Secre-
tary Jardine to meet with similar rep.
resentatives from European exchanges
and officials of the Department of
Agriculture in this city on March IA
Versal cotton standards. 1t is intend.
ed to put the new plan in effect on
August for two years. Twenty for.
eign representatives will be here for
the meeting.
Local Insurance Man Honored.
Earl d. Krewson, agency director
OF the Washington branch Of the New
YORK Life Insurance Co., who has
peen with the company for 25 years.
was the guest of honor at a luncheon
ana ofice meeting recently. Out-of-
town guests were Thad G. Bell, super
intendent of agents, and Fred G.
Munsell, supervisor Of agents. The
result of a testimonial contest was
read to Mr.. krewson and he received
several handsome gifts.
Press Fight on C. & 0. Merger.
George S. Kemp of Richmond and
the other members Of the C.. & O.
minority stockholders committee
have made public lengthy letter exl
planning their opposition to extensive
stock ownership in either the Erie
Or the Pere Marquette with the even.
tual idea Of a merger with these
roads. The committee claims that
the stock Of either of these roads is
TOO high at present and that the
whole plan is unsound. The letter is
In reply to President Harahan's state
ment that the c. & o. must expand
or that rival roads will get control of
important traffic feeding lines.
Heard in Financial District.
The Virginia Bankers Association
is to hold it's annual convention at
virginia Beach, June % to 25, this
year, thereby not conflicting with the
dates of the local bankers meeting.
as was the case last year.
h The Institutes forum dinner to-
| morrow night at o'clock at the citv
Cub promises to be largely attended
The Richmond banker, S. Young
Tyree. is considered an excellent
drawing card.
| George III. Burr & Co. report that
the recently offered $500, 900 issue of
Louis Mark Shoes preferred stock
has been largely oversubscribed.
&. M. P. Murphy & Co. has pub.
lished a review of the electric power
industry. referring especially to moves