Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-19
WASHINGTON LOAN
STOCK At NEW TOP
Touches 492 in Trading on
Local Exchange Today.
Finance Notes.
by EDWARD G. STONE.

Stock of the Washington Loan &
Trust Co. reached new high for the
year today when % shares sold on
the Washington Stock Exchange at
492 the last sale having been at 400.
With the exception of National Saw.
ings & Trust. this is now the highest
bank stock in the city. The high for
the year in National Savings Is SIS
and the high price for 1927 in Riggs
National, the nearest rival of Wash
ington Loan & Trust. is 489.
Potomac Electric Power 5k per cent
preferred sold today at 1915. Railway
& Electric preferred came out at 90.
Lanston stood at 99A and Merchants
Bank & Trust Co. again appeared on
the board at 1856. Merchants Trans
fer & Storage preferred sold at par
and y.
Bonds were quiet, CAPITAL Traction
So selling at 1924, Potomac Electric
6s at 103 and Metropolitan Club AVS
in the unlisted department at 90k.
Bank Offers Additional Service.
President Joseph Schiavone of the
International Exchange Bank reports
that the remodelng Of the premises
northwest. is practically completed,
and the bank will expand it's service
in the near future. Foreign money.
order and steamship depart.
ments will be located in the new
offices. and passport and other Gov.
eminent service will be carried on.
Mr. Schiavone not only hopes to aid
Italians, but any foreigners who find
it inconvenient to visit the bank dur.
ing regular banking hours. AS the
International Exchange Bank is run
the same as any other American bank,
the offices could not be opened in the
evening.
Brokerage Signs Are Changed.
The signs at the offices Of Dean.
Onativia & Co., New York Stock Elk
change brokers. in the Woodward
Building have been changed to e. A.
Pierce & Co., the New York house
with Washington offices which yester-
day took over the customers ac-
counts.
E. A. Pierce & Co. is planning to
operate the Fifteenth street offices for
the present, in addition to their own
in the Transportation Building. Bust
ness was going on as usual today,
with the same personnel In charge.
interest in A. b. A. Convention.
Washington bankers already are
making plans to attend the annual
convention of the American Bankers
Association at Houston. Tex. the last
week in October. A. D. Simpson Of
the National Bank Of Commerce at
Houston, chairman of the hotel COM
mittee, promises no increase in rates.
1t now appears probable that about
dozen of the leading bankers in
Washington will attend the sessions.
Many sightseeing trips have already
been added to the business program.
Francis G. Addison Is one of the
first local bankers to announce that
he will attend the sessions. Harry V.
Haynes, who represents Washington
on the advisory council, will, of course,
be another member of the delegation.
Stock and Bond Offerings.
J. & w. Seligman & Co. and Baker,
Kellogg & Co. are offering today an
additional issue of $1,500.000 Depart
ment Of Cauca Valley. Colombia. 20
year III per cent sinking fund gold
bonds priced at SO and interest, to
yield III per cent to final redemption.
The issue Is part Of an authorized
$4,000, 900 loan, Of which there will be
| $3,972,000 outstanding after the sale
| Of these bonds.
Crane. Paris & Co. are today Of
fering two classes of stock Of the
| Schutter-J ohnson Candy Co. The
| stock is priced at Sal per unit, which
| includes one share Of class A pre-.
| ference stock and one share of class
B common, to yield over 81 per cent.
Large Declines in Loans.
| The Federal Reserve Boards con.
dition statement of 662 reporting
member banks in leading cities as of
July 13 shows declines for the week
of $214,000.000 in loans and invest.
ments. $40.000,000 in net demand de.
| posts, $15,O00,000 in time deposits and
$50, 100000 in borrowings from the
| Federal Reserve banks.
Heard in Financial District.
Joshua Evans, jr., executive vice
president of the District National
| Bank, spent the week end with DIR. and
Mrs. Charles Stanley White at their
| country place, Hillside, near Leesburg,
Va.
The stockholders of the United Cigar
stores Co. of America have approved
a split.up Of SIS par common at the
rate of 21a for into $40 par shares.
The only other capital issue Is $40, 900.
900 OF per cent cumulative preferred.
The growth Of industrial group life
insurance, which had it's beginning
| only is years ago, has been so rapid
| that today the lives of about 4,700, 900
| employees are protected for a total
| amount of about $500. 00O. 900, &C.
| cording to the National Industrial
Conference Board.
Harry V. Haynes. president of the
Farmers & Mechanics National Bank,
Is Ill with tonsilitis at his Summer
home, at Atlantic City. He expects to
| be back in Washington in a few DAYS.
Gasoline prices We're advanced from
2OH to 23h cents in Norfolk. Va, fill
| ing stations yesterday. This brings
prices back to those that prevailed be.