Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-05
BY EDWARD c. STONE.

Taking action similar to that of sew
eral other leading Washington banks.
the District National has just COM
pleted the organization of the Dis.
trict National Securities Corporation,
and is today offering the public 5000
shares OF Z per cent cumulative pre-
ferred stock, priced at 800 per share,
The directors of the new concern are
the same as the directors of the bank.
The new company is organized for the
purpose of purchasing notes secured
by deeds of trust, builders loan, I'M
derwritings and such other financing
as Isl authorized by the charter.
Application viii be made later to list
this preferred stock on the Washing
ton Stock Exchange.
b. & o. Not Buying Other Stock.
An Associated Press dispatch from
Baltimore states that the Baltimore
and Ohio Railroad has not been pur-
chasing stock of either the Wheeling
and Lake Erie or of the Western
Maryland Railway in the open mar
ket. according to George M. Shriver,
senior vice president.
Mr. Shriver declined to discuss
what, if any, negotiations his com
pany had had with the Rockefeller
interests regarding control Of the
Rockefeller holdings in the Western
Maryland.
Purchases More Active Here.
The New York Credit Clearing
House reports that purchases of mer-
chandise in the District, Maryland and
West Virginia, as we'll as in Virginia,
are showing more activity that at this
time a year ago. The difference is
comparatively small, however. Pay
ments are reported assnot SO good as
during the latter part Of January or a
year ago at this time. Indebtedness
In these localities is given as higher
than it was in February, 1926, or dur
ing the previous week.
Baden Discusses Revenue Act.
William II. Baden, trust officer at
the Washington Loan & Trust Co., is
author of an article in this months
Trust Companies Magazine on why
Congress Should be Urged to Repeal
Unjust Tax on Income From Revoc-
able Trust to Donor" 1t is claimed
that certain provisions of the Federal
revenue act are discriminatory as
they relate to the powers given trust
companies. Mr. Baden reviews the
provisions at length and sums up facts
which have recently been presented
on this subject.
Banker Starts Weekly Newspaper.
President Joseph Schiavone of the
International Exchange Bank. Is act
ing as editor of a new publication in
this city known as the Citizen. 1t is
to appear weekly and is printed in
Italian. Mr.. Schiavone first published
Bulletino Finanziaro as a monthly
He found a demand that it appear
more frequently so brought it out
twice a month. He now sees a de-
mand for weekly. The offices of
the Citizen are in his bank at Fifth
and HI streets northwest. The as
sociate editor is Michele G. Strizzi, and
the business manager. Pierre Bald
accy.
Bank Changes Nearly Completed.
John NJ Riordan, cashier of the
Bank of Commerce and Savings, now
sees the finish of the extensive
changes that have been going on in
his bank for many months. The new
cages are all completed except the
lettering over the tellers' windows.
The counters in the lobby are in place
and the floors completed. The decora-
tons are also practically done. But
enough little things remain to delay
the reception to depositors, bankers
and al other friends until the last OF
the month. 1t is very necessary that
the work be finished soon so that Mr.
Riordan can give all his time to ar
ranging the transportation of the
bankers to the Hot Springs conven-
ton.
Young Bankers Push Banquet.
The young bankers planning the
silver jubilee banquet of Washington