Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-01
PRICES ARE FIRM
. ON EXCHANGE HERE
Riggs Bank Shares Sell at
477-Bond Trading Is
Active Today.
By EDWARD C. STONE.

Stock Exchange today when August
trading opened. Capital Traction sold
at LOG, Potomac Electric Power So
per cent preferred figured in good
sized turnover at 1013i, the 6 per cent
issue changed hands at 10S7s, while
22 shares of Riggs National Bank APP
pcared on the board at AT. Two hun
dred and fifty shares Of National Mort
gage & Investment preferred sold
at rs.
In an active bond market Washing
ton Gas 5s sold at 1929 and 1929.
Gas 6s. series A, sold at 1925. Po-
tomac Electric Power 6s came out at
1887, and Washington Railway
Electric 4s registered Sc. Railway &
Electric General 6s sold at 1882. The
bond market closed with 500-dollar
transaction in Chesapeake & Potomac
of Virginia SIS at 101 Il.
American Fire Insurance stock was
the only issue on the board today
selling ex dividend. The asked price
on the stock is 305. The stock of the
Potomac Savings Bank, which was
listed on the exchange several weeks
ago, is still awaiting it's first sale. The
bid price is 275.
Veterans Leave Interest Unpaid.
Practically all the war veterans who
made bonus loans through the Wash
ington banks on their service certifi-
Gates have left the interest unpaid.
The number is surprising, bankers re-
port. Since getting the money on
their certificates the veterans have
manifested no concern whatever over
meeting their first interest payments,
much less in arranging to pay up the
loans and redeem the certificates for
the greatly enhanced value which
they would have later.
All notices have been ignored, and
hardly an instance has been reported
in which the banks have not been
obliged to turn to the Veterans Bu-
reau for their money. There was con-
siderable criticism Of the local banks
several months ago when they OPP
posed and in some instances refused
to make the loans. They were
charged with unpatriotic treatment of
war veterans. The banks now feel
that their original opposition to the
loans was fully justified.
Mortgage Bankers to Meet.
The fourteenth annual convention
of the Mortgage Bankers Association
of America, to be held this year in
Denver, September IL to 16, will treat
wide variety of topics relating to
farm and city mortgage investments.
Careful consideration of the new
McFadden banking act, from the
standpoint of it's effect on mortgage
banking will be included.
The convention will hear the re-
port of special committee named by
the board of governors this year to
consider the adoption of a formal code
of ethics, embodying standards rec
ognized as at once best safeguarding
iYx ho nnadC nj
the borrower.
Secretary w. B. Hester reported
that the association in the past Is
months has enjoyed the most rapid
growth in it's Is years existence.
American Ice Co. Reports Sales.
Sales of American Ice Co. for the
six months ended June 30 were 49,
246,269 Net income for the six months,
after expenses and interest, but before
depreciation and taxes, was $1,269, 575.
This compares with $1,371 ,653 for the
same period last year. Cash has in
creased from 500, 900 to SSS0,910.
Rejecting the companyS recent APP
praisal Of it's real estate holdings and
other property. it's general property
account stood at $39. ,5S4, compared
with 29,319,357 a year ago. The item
of good will, water rights and patent
rights carried at $17,298,249 a year
ago, has been reduced $9,905,325.
President Charles G.. Small says an
unusually cold Spring affected opera
lions, Washington, Baltimore and New
York having especially low tempera-
lures in June. He adds that the COM
pany is serving more customers this
year than last and considers the Sec
ond half years earnings more inn
portant than the first.
Add Buffalo Brokerage Office.
Eastman, Dillon & Co., announce
that the investment banking firm of
Cleversley, Rounds. Mundie & Gowans
has become their Buffalo representa-
tive, effective today. Private wires
linking the Buffalo firm with other
Eastman, Dillon offices have already
been installed.
Heard in Financial District.
Howard Moran. vice president Of the
American Security & Trust Co., re-
turned to his desk today after a
months vacation.
Robert N. Harper. president of the
District National Bank, passed the
week end at his estate In Leesburg,
Va.
A. c. Father of G. M. P. Murphy
& Co. was back in the company's H
street board room today after two
week vacation, spent on motor trip.
Edward J. McQuade. vice president
Of the Liberty National Bank, is ex-
pected to reach home next Thursday
from his five-week trip in Europe.
Frank Owings, cashier of the Bank
Of Commerce & Savings. returned to
his office today after his annual va