Evening star., 1927-11-20
SAVINGS & TRUST
STOCK AT NEW TOP
At 525 1t Becomes Highest
Priced Bank Share
Listed Here.
BY EDWARD c. STONE.

Trust Co. sold on the Washington
Stock Exchange Yesterday at SIS, at
tanning new high mark for the yeai
and holding its record as the highest
priced bank stock in the Nationa
Capital. The last previous sale took
place at SCI. Yesterdays Transfers
included two 90-share and two 10
share lots The market closed with
5o4 bid and $50 asked.
AS quotations now stand. the stock s
4, nearest price rivals are Riggs Ma
tional and Washington Loan & Trust
Riggs has sold as high AS $40 this
year. the last sale being at 490, while
the last sale in Washington Loan &
Trust was recorded al 500. with the
high for the year an eighth of point
higher.
Capital Traction stock closed the
week with a 40-share turnover at
1n9x. - shares of Potomac Electric
Power sig per cent preferred moved
ar 206l2, while the same corporation s
per cent preferred brought 110!S.
Washington Railway e Electric pre-.
ferred sold to the extent of 55 shares
at 9973. While there was much bid
ding for the now famous Railway
, common. no sales developed. the mar
ket closing with a bid of 443 and 44S
asked.
Washington Gas sold off fractional
ly. closing at S5ti: Sanitary Grocery
preferred registered 1929. Merchants
Transfer & Storage preferred 105. and
so shares Of National Mortgage & In
vestment preferred came out at 61s
Local Bonds Also Are Strong.
The bond division was also strong
with Saturday trading unusually
heavy, the reason being ascribed to
funds released by the redemption of
the second Liberty loan. The week
as a whole experienced the broadest
local bond market in months
Yesterdays transactions opened
with two $500 transfers of Washing.
ton Gas 5s at 103A. an eighth higher
than they have previously sold this
. year. Washington Railway & Electric
general 6s next appeared on the board
at 1o4A, fractionallv above the last
sale. Georgetown Gas SIS came out
at 1929, a half point above the years
best previous sale
Capital Traction 5s commanded
1929 and WASHINGTON Gas 6s. serins
A. moved at 1895 for baby bonds
The days heaviest bond trading took
place late in the session when three
In Potomac Electric consolidated 5s
at 1895. an advance of Il over the
best previous 1927 nrice. There was
much other bond bidding. but too high
prices were asked to stimulate further
trading
Five important issues on the lrcal
board are now being quoted ex-divi.
dend. They are the two Potomac
Electric Power preferred stock. Wash
ington Railway & Electric preferred
and common, and Lanston Monotype.
The Saturday calling of the unlisted
securities revealed few changes. The
bid on Miller Train Control advanced
from IL to 2. Munsey Trust stood at
152 bid and 100 asked, while the bid
on City Club is came down from 55
to so.
Governors List New Stock.
The board of governors of the local
exchange have listed for trading the
s1.000.000 capital stock of the Termi.
nal Refrigerating and Warehousing
Corporation. having a par value of
$50 per share. The stock is being
quoted on a when-issued basis and
is to he exchanged share for share of
the stock of the Washington Market
Co. the latter stock now having been
taken off the board.
Several months ago the stockholders
of the Washington Market Co voted
to change the name of the firm to
make it conform more closely to the
kind Of business being conducted.
The old name was not considered
broad enough. More than 98 er cent
of the shareholders favored the
change. The chairman of the board
is Charles j.. Bell. the president
Wrisley Brown. and the American
Security & Trust Co. is acting as
transfer agent in the exchange of
stock
Bankers to Expand Service.
Bankers at the Houston convention
were told that the day for the bank
of limited service is passing. Depart-
mental banking with it's wide variety
or service is rapidly gaining in popu.
1arity. Instead of transacting certain
business in one hank and other busi-
ness at another hank. the hank Gus
toner is finding it TO his convenience
to transact all of his business under
one roof
The passage Of the McFadden hill
has done much 10 advance depart
mental banking. especially among Ma.
tional bank members of the Federal
tablished savings and trust depart.
meuts
Ultimately. convention sneakers
claimed. nearly all banks in the Unit.
ed States will he departmental banks
rendering a similar service
Federal Reserve Changes Desired.
When Congress convenes it Is to he
memorialized by the banks that are
stockholders of the Federal Reserve
Bank of Dallas to amend the Federal
Reserve act so that paper eligible for
discount will include demand and
sight drafts secured by shipping docu.
ments covering domestic shipments of
nonperishable. readily marketa ble
staple agricultural commodities The
member banks in the Dallas district
assert that failure to include this class
Of paper was evidently an oversie hit
on the part of the trainers of the act
and inasmuch as this bars certain
types of commodity drafts that are
extensively handled bv meclher banks
from being rediscounted steps should
be taken without further delay to
remedy this situation.
Hoover Writes on Prosperity.
The Magazine of Wall Street yester-
dav observed its twentieth birthday
with special edluon. me punilcation
started in 1907 as THE Ticker"
Among the special articles In this
anniversary number is one by Herbert
Hoover on PROSPERITY" and another
nv F.. H. IT. Simmons. president of
the New York Stock Exchange. on
"Speculation
CONSTRUCTION ACTIVE.
NEW YORK. November 10 FD.-
Activity in large construction opera
tions in the United States promises
10 hold al a fairly high level, based
ho ,,.1a,-l. that ia