Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-06
GR0SVENOR IS PUT
ON BANKS BOARD
Washington Loan & Trust
Elects Son of Geographic
Head-Other Notes.
BY EDWARD c. STONE.

At meeting of the board of di-
rectors of the Washington Loan &
Trust Co, held yesterday afternoon
Melville Bell Grosvenor of 290t Wood
land drive was elected to the direc-
torate, His father is Gilbert Grosvenor,
Society and editor of the Geographic
Magazine, the young man. having a
position with that publication. His
grandfather was the late Alexander
Graham Bell, inventor of the tele-
phone. Mr.. Grosvenors election to
the board is in line with the trust
Company's policy adopted at the sug-
gestion of President John b. Larncr
of selecting new directors from the
more prominent young men in the Ma
tional Capital
Another RediscOunt Rate Cut.
The application of the Federal Re
serve Bank of Cleveland to reduce
it's rediscount rate from 4 to az per
cent has been approved by the Federal
Reserve Board.
The reduction, effective today af-
fects all classes of paper of all ma
TURTLES. 1t follows similar reductions
by the Federal Reserve banks of Bos-
ton, New York, st. Louis and Kansas
City. Like reductions are expected
to be made by other members of the
Federal Reserve System.
Peoples Drug Sales Improve.
Sales of Peoples Drug Stores, Inc.
for the month of July amounted to
$679.S9S compared with $o19,436 for
the same month last year, an increase
of $160,462 or 30.S9 per cent.
Sales for the first seven months of
1927 amounted to $4,420,9 1926 compared
with S3,348,9S7 for the same period
last year, an increase of $1,071 1899, or
32.01 per cent.
Southern Extends Train Control.
The entire line of the Southern Rail-
way between Cincinnati and New Or
leans. 835 miles. now is protected by
the automatic train-control system, as
well as by automatic electric block sig
mails, the installation having just been
completed and put in service between
Meridian, Miss, and New Orleans, 202
miles
Train control was put in service on
the line between Chattanooga and
Meridian, 297 miles. on July 5. The
Southern now has automatic train con-
troll in service on 2,507 miles of track,
and is equippinG SGT additional miles,
which will give it a grand total of
1914 miles thus protected.
Cost of Building Lower.
The declining tendency of total
building costs is a factor Of ines
Unable advantage to the industry,
the Brookmire Economic Service
states. Although in June total build
ing costs were 80 per cent above the
1913 level. they show a 6 per cent
decrease since November. 1926, which
was the highest point reached since
1928. The lowered costs are entirely
owing to the drop in material prices,
which has been sufficient to offset the
rise in building wages.
Old Dutch Has New Directors.
Stockholders and creditors of the
Old Dutch Market Co. met yesterday
afternoon, with Robert V. Fleming
presiding: and elected six directors
George W. Harris. p. A. Wilmer,
II. f. DuIaney, j.; Abe Lehman,
G. G. Graham of New York and Hill
leary G.. Hoskinson. 1T was voted to
increase the number to seven. and the
Othef director will be elected soon. In
the meantime. Hilleary G.. Hoskinson
and X. &. Ross, who have been acting
as receivers, were requested to con
tinue as agents of the new corporation.
The new board announced plans Ter
the renovation of several of the stores
and add new stores when extra good
locations present themselves. 1t Is
stated that the Old Dutch stores have
made a profit during the receivership,
L., 10 HOY
that with a new start the chain can
do a much larger business.
Other Financial Notes.
William +. Ham, president of the
Washington Railway Il Electric Co,
left Washington for months Vaca-
ton, which he will spend at Quebec
and on u tour of Canada.
President Wade II. Cooper of the
Continental Trust Co. has returned
home from an extensive trip through
out the Northwest. He reports that
crops in the many States through
which he travelled appeared to be i'll
excellent condition.
George Thomas, local representa-
tive of Robert Garrett & Sons. is in
New York on business for several days
and will return on Monday.
Myer Cohen. a director of the Fed
eral-AmeriCan National Bank. has left
for Wisconsin, where he will join Free
man Brothers. Chicago bankers, on an
extended fishing trip.
Ralph Endicott, auditor Of the
Washington Loan & Trust Co, leaves
today with Mrs. Endicott for u two
week vacation at Orkney Springs. Mr..
and Mrs. Endicott will be accompanied
by Miss Evelyn a. Thomson, Miss
Rose Royce, George q. SchWeinhaut
and Myrou l.. Stout. also of the Wash
ington Loan & Trust Co.
(HgCAf,n STOCk NtRitET