Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-29
PRICES ARE STEADY
. ON EXCHANGE HERE
National Bank of Washington
Adds $50, 900 to Surplus.
Dividend Voted.
BY EDWARD C. STONE.

| ton Stock Exchange tOuay Will Inc
new Potomac Electric Power 5h per
cent preferred stock again leading the
market in volume. Sixty shares
changed hands at 1O1% and 70 more
at 1915. The per cent preferred
sold at 1071. Washington Gas Light
came. out at 1914, and Lanston at
997s.
at 235. while American Security d
Trust opened at 399h and advanced
to 399%. Fifty shares OF National
Mortgage & Investment preferred
moved at rs.
Gas Gs, series B, sold at 105, drop
ping to 1O4 for a baby bond. The
IA IS sold at 103A.
Boosts Surplus; Votes Dividend.
The directors of the National Bank
of Washington at their meeting today
increased the surplus fund $5O,OOO
making that fund now equal to the
capital, $1,050,O00. In addition to the
increase in surplus fund the usual
seni-annual dividend of per cent
was declared payable July 1 and a
sufficient sum to cover all ordinary
emergencies was left to the credit of
undivided profits.
The banks officers express satlsfac'
ton at the marked progress made
during the first six months or this
wear in all of the departments of the
banks work.
Montgomery Bonds Awarded.
Baltimore investment bankers
were yesterday awarded the hve
| Montgomery County Az per cent
loans totaling $94S,000. OF the group,
four of the loans, aggregating $685.
900 were awarded to a group COM
posed of Strother, Brogden & Co., the
Continental Co. and Mackubin, Good
rich & Co. These loans included the
school. road, police station and lateral
road issues. The premium paid was
SIT ,027.3O.
Robert Garrett & Sons obtained the
fifth loan of $22 900 on bid Of 1O1.677.
All of the bonds mature serially from
1928 to 1866.
Miller Control Gets MOnon Order.
The Monon Railroad has placed an
order with the General Railway Sig.
nal Co. for equipping the first division
with the Miller system of train control
on which the General Railway Signal
Co, has the exclusive right. 1t has
also placed an order with the General
Railway Signal Co. for the equipping
of the second division with the same
system.
Bond Issue Quickly Oversubscribed.
The issue of $12,OOO,O0O 51z per cent
first and refunding bonds of the West
ern Maryland Railway were sub
scribed for yesterday within one hour
after the offering. Local subscrip-
tions alone were for more than $1,000
900. Proceeds of the sale are to be
applied to redemption Of the $10,S22,-
800 short-term notes Of the company,
which bear an average interest Of 61z
per cent.
Bank Transfer Much Discussed.
The purchase of the Central Saw
ings Bank by the Security Savings
and Commercial Bank, told in detan
elsewhere in The Star, was much dis
cussed by bankers in the financial
district today. The general opinion
was expressed that 1t was an excel'
lent move for both banks. In obtain.
ing $40 per share Mr.. Savage did
well for himself and his stockholders
and directors who approved the sale.
In securing control the Security saw
ings and Commercial will have an
important uptown branch that snouio
prove highly advantageous. Tne pass
ing of Mr.. Savage out OF the hnanclai
picture, at least for time, taxes
away a figure who has long peen
nrominent in Washington's financial
lie and one who has always taken
snecial pride in organizing successfui
banks.
City Club Notes offered.
Shannon & Luchs today are offer
inc to the public a new issue or SooO,-
200 city Club Building first mortgage
per cent notes, priced to yield that
figure.
The circular calls attention to the
fine location of the City Club, the size
of the building, the value OF the ianu
on which it stands and the propaplilty
of the property's advancing In Value
as the shopping district grows.
The G street stores in the CITY
rlnh Building now are yielding an an
nual rental of 100000 on leases when
extend beyond the maturity OF the
loan.
Bankers Approve Flood Relief.
At the special meeting Of the Dis
trict Bankers Association late yester-
dav. w, w. Spaid in the chair, the
member banks approved the plan OF
subscribing to the quota OF S2o,0OV
in debentures for flood relief in Ar
kansas, Mississippi and Louisiana, as.
offered by the Flood Credits Corpora
ton. This action was taken on recon-
mendation of Robert V. Fleming.
Charles ]. Bell and John Poole. the
committee named to investigate the
matter and report to the association.
The debentures are being sold to
aid in the rehabilitation of farming
and industry in the stricken States
and the local bankers expressed
willingness to do their full share. New
York already has taken 81 200. 600 OF
these debentures. The plan has the
cordial support of President Coolidge
and is being pushed by the United
States Chamber of Commerce.
Heard in Financial District.
Another meeting of the District
Bankers Association has been called
by President Spaid, this time for the
consideration of Francis G. Addison's
recommendation, relative to having all
real estate notes certified by a re-
sponsible title company.
A, M NeviuS, vice president or the
Riggs Bank, has been asked to serve
again on the advisory committee for
the Presidents Cup Regatta, which
takes place every Fall on the Potomac.
1t is a National affair and proved
great meeting Of power boat inter-
ests last year.
George Shisler, formerly with one
of the local banks and members of
the board of governors of the A. I. B.,
has taken a position as secretary to
Clyde B. Asher, president Of the Co.
lI1p1hia Sand G Gravel Co CaDital