Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-05
BANK STOCKS LEAD
ON EXCHANGE HERE
Shares of Six Institutions
Dealt in on Local Board.
Financial Notes.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Bank stocks featured trading on the
i Washington Stock Exchange today,
six issues appearing during the SEES
sion, one scoring a new top for the
year. Five shares of Continental
Trust sold at lis, gain of a point
over the best previous price in l92I.
Two shares of Riggs National
changed hands at ass. The largest
trading was in American Security 4
Trust stock. 80 shares selling at $50;
Ten shares of Merchanics' BANK q
| Trust came out at 1856. within Two
points of the high for the year. Inc
same number OF shares OF Union
Trust stock appeared on the poaru,
being quoted at ESQ. the hlgh marh
for the year. which was reacned sol,ie
time ago. The trading in bank stocks
ended with a sale of five shares Oh
Farmers & Mechanics at 800. un'
changed from the last Quotatioh'
which incidentally is the 1927 top.
Capital Traction sold at JOG, 70
tomac Electric per cent preferred at
1O9k, and the 51a per cent pre1erreu
ut 1O17A, closing for the week at
1O1%, the days turnover reaching
15O shares. Five shares OF CONNER
cial National CO. moved at 103.
Ronds were confined to the Gas
Issues. A $500 sale in series A bonds
was recorded at 1925. The series q
bonds sold at 1882 and 1O4A. Inc
newIv listed Medical Building STOCK
vent on the slate for the hrst tlhle'
with IFS bid and none offered.
Rediscount Cuts Anticipated.
announcement that both the New
York and Boston Federal RESERVE
Banks had reduced their redlscouhl
rates to 31a per cent came a1ter inc
market closed. but strength In lnVes..
n,ent issues over the last few weeks
Inc, rs hei,eved to have foreshadowed
s,,oI, action. The cuts made by these
two institutions quickly followed slmi'
lar action by Kansas City and 81.
Louis. ..+o.,o,+
showed rediscounts in the system as q
whole of s445,373, 900 on August 8, com
nored with S547 sos 900 on August a
wear ago. Bills bought in the market
amounted to Suisse 900 against
SECS. 492 900 on the corresponding GATE
At the Richmond bank discounts
were at the exceptionally low lever CI
s19,16 900, compared with S45, d4o,Ooo
at this time last year, and $1S,9Sz,ooo d
week previously. The local ratio stooo
at 1921 against 61.6l per cent year
ago.
Tel. 6 Tel. Earnings Improve.
The American Telephone & Tele.
graph Co. reports gross earnings OF
81. PIG 900 in June against S7,4 93,ooo
in June. 1926, and operating income
of s3.29S, 900 against $2,933,00O. Gross
in the first six months of the year
was $48,539,O0O against $45,227,ooo IN
the same period last year, and operat'
ing income was $20,167 900 against
SIS, els, 900.
The annual report Of the Baltimore
& Ohio Railroad for the year 1876 re-
yeals a net income of $2S,494 ,2949o,
the largest in the company's history,
as compared with $50. 1873 .50S.ll In
1925. an increase of $7,70O, 1864.
The Norfolk & Washington Steam
boat CO. reports splendid Summer
business, the steamers being crowded
to capacity on many of their trips
down the Potomac. The new Hotel
cavalier at Virginia Beach is drawing
additional Washingtonians to that
resort this year, practically all OIL
whom go down on the boats.
Placed on Forum Committee.
r. Hunton Leith, assistant cashier
Of the Security Savings & Commercial
Rank. has been placed on the natlonal
forum committee of the American
Institute of Banking. Mr.. Lelth mace
an enyiable record as president or
Wa shington Chapter last year and no
doubt this success brought him the
national honors. He has served on
nearly all the important committees
of the local chapter. his new duties
call for the extension or a guluihs
hand among the other chapters IN TINS
territory. Because Of his broad ex-
perience all his suggestions are sure
to be Of great value.
Merchants Bank Changes Begun.
Work has just been started on the
construction of a mezzan1ne IN tie
Merchants Bank & Trust Co. in the
Southern Building at Fifteenth and n
streets. The men are working at
night in order not to interfere with
business during regular banking
hours. Steady business growth mas
| made the additional space necessary
and several other improvements VIII
| be carried out at the same time.
Personal and Other Local Notes.
| Charles E. Howe, cashier OF the
| American Security & Trust CO., leaVes
here tomorrow for months Vacatloh
most of which he will spend in Mlfflin
town. Pa, his old home.
| President John B. Larner or the
| Washington Loan & Trust Co. has
returned from a short outing at MS
| Summer home at Mifflintown, Pa.
| President Lanier p. McLachlen OIL
the McLachlen Banking Corporation
will be back at his desk Monday after
a months vacation passed in Connec
| ticut.
President Peter c. Drury OF the
Merchants Bank & Trust Co. Will
pass the week end at his country es
tate at Bluemont.
Edward ]. McQuade, vice president
of the Liberty National Bank, will be
| back at his desk tomorrow or Monday
after a f1ve.week trip abroad. His
boat was slightly delayed on the re
turn trip.
| Miss Helen Rector, secretary OF
Vice President Thomas P. Hickman
Of the Franklin National Bank, viii
be married tomorrow to w. A. Parks
Of this city. The wedding will take
place at Laurel, Md.
Woman Banker Is HOnored.
Miss Helena B. Reed Of the Lincoln
| National Bank. has been named 9
member of the national public speak
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