Evening star., 1927-05-24
DEALINGS BROAD
|. ON LOCAL CHANGE
Treasury to Put Through New
Financing Program Some
Time Next Month.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Prices were firm and trading quite
broad on the local Stock Exchange 10.
day, the opening stock sale being in
Traction at 1919. Washing
ton Gas Light again sold at 70. while
so shares Of Washington Railway ana
Electric preferred changed hands at
91A. Two bank stocks appeared on
the board, continental Trust bringing
liz in q s0.share turnover and two
shares Of Bank Of Commerce Il Saw
ings going AT 326. During the aession
National Mortgage and Investment
preferred advanced from SL to- 81.
The opef.ing bond sale was in Bar.
ber & Ross 6ks at 81. Capital Trnc.
ton 5s carhe out at 1919 and Wash
ington Gas:5 So sold at the same figure.
Gas 6s, series b, sold at 1O4A. ana
the A BONDS brought 10312, the turn.
over in both issues being small 20.
tomac Electric Consolidated So moved
at 1919, land Georgetown Gas ~
brought tile same price. The days
final sale was in Washington Railway
& Electric Us at 8512.
Local stocks now quoted ex-divl-
dend inclt3ie Potomac Electric pre-
ferred, Washington Railway & Elcc-
trio common and preferred, Chevy
Chase Daily preferred and Lanston
Monotype.
Mellon Plans New Financing.
Secretary Mellon announced today
that a new financing program would
he put through by the Treasury some
time next month.
1t is expected that certificates of
indebtedness will be issued to meet
current expenses and that long-term
obligations will be issued for further
retiring the Second Liberty Loan
issues.
The amount of the proposed financ-
ing was not made public by the Secre-
tary.
Bank HonOrs Essay Contestant.
Robert A. Sisson, assistant book
keeper at the Washington Savings
Bank, who iwon honorable mention in
connection with the awarding of the
Roy l.. Neuhauser $50 essay prize,
has been given a consolation prize
of SIS by Thomas +. FARRELL, presi-
dent of the bank.
John D.. Leonard, vice president
and cashier, announced that the gift
young mans excellent paper, his COM
mendable Initiative in entering the
contest and as an encouragement to
keep up his efforts to bring credit to
himself and to Washington Chapter,
American Institute of Banking.
One-Dollar. Bills Keep Bureau Busy.
About 60 per cent of the total num-
ber of notes printed in a year at the
Bureau of Engraving and Printing are
of the one-dollar denomination. The
life of the o;,e.dollar bill is about eight
months. In, other words, the one-dollar
bill returns to the Treasury Depart
ment unfit for further circulation at
the expiration Of eight months. The
worn-out paper currency finds its way
back to the 'Treasurer's office through
the Federal Reserve Banks, and after
careful eXa1nination and check 1t is
sealed in trunks and delivered to the
macera ting plant. At this point a
committee designated for the purpose
sees to it tslat the contents of these
trunks are deposited in the macerat-
ing tank ami locked and sealed.
Each year 100000 pounds Of wet
pulp is taken from the macerating
plant and s9ld by the bureau to COM
mercial houfes. This pulp is used in
making a cheap grade of paper for
commercial use.
Virginia 10 Sell Highway Bonds.
Virginia will sell S95O,OOO of State
highway certificates of indebtedness
June 13. This is the remaining
part of the issue of S7.500,000, dated
July /, 1926. authorized by the Cen
eral Assembly at it's 1926 session TO
redeem loans made to the State under
the Robertson highway act.
Bids for the certificates will be re-
ceived at the Office of the board up to
noon June rs.
Other Financial Notes.
Heavy dealings were resumed on
the Baltimore exchange yesterday in
Washington. Baltimore & Annapolis
bonds, causing an advance of ~
points in the price.
Total sales of IS leading chain
stores showed a gain in April of 27.3
per cent over April, 1926, having
equaled $72.;45 900, as compared with
$50, 6,SO0,000 last year.
TWO financial houses with offices
here, Edward B. Smith G. Co. and
Eastman, Dillon & Co, are partici-
pating in an offering of 100000 shares
of the common stock of the American
Piano Co.
The new preferred stock Of the Po-
tomac Electric Power Co. will be
ready for distribution to subscribers
on Wednesday, June l. 1t is planned
to deliver the permanent certificates
at that time, thus avoiding the is
suance of any interim certificates and
the vast amount of bookkeeping which
such certificates entail.
Bankers Have Annual Dinner.
Officers and employees of the Sew
enth Street Savings Bank held their
annual dinner last evening at the New
Ebbitt Hotel. The affair was greatly
enjoyed. Among the guests were
Henry G.. Bergling. Willoughby S.
Chesley, Charles w. Fairfax, Isadore
Freund, John w. Gregg. John d.
Howard. Harry Kaufman, John ].
Kolb, Michael O'Hanlon, Roger O'Han-
lon, Isaac Gutenberg, Alexander II.
Pitt. August H. Plugge. Henry j.
Ruppert, John A. Schaefer. Charles
S. Shreve, Patrick Shugrue. Joseph S.
Thomas, John F. Weyrich and John
r. Wright.
ALLERTON CORPORATION.