Evening star., 1927-11-02
STOCKS SELL OFF
ON EXCHANGE HERE
Capital Traction and Ameri-
can Security Shares
Go Lower.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Some issues sold off bit on the
Washington Stock Exchange today
| during a session of rather quiet trad
| ing.
Capital Traction opened at 1.09.
dropped to 10S& and closed at 108A
American Security & Trust Bank
stock opened at asa and closed at
ASP Five shares Of Second Nationa.
changed hands at 265.
Columbia Sand & Gravel preferred
sold at 1929. Sanitary Grocery pre-
ferred registered at 1924 and Wash
ineton Gas Light was off a quarter,
| a 1O-share lot moving at SIN.
Washington Railway & Electric
| preferred led in volume of trading
two 1O0-share lots selling at 100
Bonds were quiet, Capital Traction
SIS selling at 1929 and Gas 6s, Series
3. at 104A.
Harris Elected District Governor.
George A. Harris, president of the
Potomac Joint Stock Land Bank, has
been elected governor of the second
district by the American Association
of Joint Stock Land Banks. He will
serve with the governors of the II
other districts. The association COM
pletely reorganized it's methods dur
ing it's convention at the Harrington
Hotel, the aim being to have the
banks much more closely inspected in
the future.
w. w. Powell of Washington again
was elected secretary and A. w. Hen
drick Of San Francisco was chosen
president. Most Of the business of
the conference was completed late
yesterday. when representatives of the
bond houses handling land bank Sc
curities met with the bankers. The
bond men were heartily in favor of
the move for closer inspection and
also favored an advertising campaign
to place the condition of the land
banks more prominently before the
public.
Farm Loan Commissioner Eugene
Meyer and the other members of The
board were present at practically all
the sessions at the Harrington.
Praises A. b. A. Convention.
Harry B. Haynes, president of the
Farmers and Mechanics National
Bank. is enthusiastic over the Ameri-
can Bankers Association convention
at Houston. He represented the Dis.
trict Bankers Association on the
executive council this being his second
year on this committee. Mr.. Haynes
also presided at an important meet
ing of the law and legislation com.
mittee.
The local bankers will not soon for
get the heat in Houston 1T was the
hottest convention I ever attended"
Mr.. Haynes said today. Every dele
gate was simply wringing wet all the
time. It was hotter in Texas than at
"a
ago. which is still recalled by many
Washington financial experts.
According to Mr.. Haynes. Ezra
Gould, president of the Washington
Mechanics Savings Bank, was promi-
nently in the limelight at Houston on
account of views accredited to him
on the national political situation.
New York Financiers in City.
Arthur Foraker, Washington man.
ager of the brokerage house Of East.
man, Dillon & Co., Is today entertain
ing James P. Magill, partner In the
firm, who is director of the investment
branch of the business, and Herbert B.
Smithers, who is at the head of the
firms stock business. Both New York.
ers have several friends among the
bankers in the local financial district.
Rediscount Rate Lowered.
1.-THE Federal intermediate Credit
Bank of Baltimore has announced
reduction in it's rediscount rate to
az per cent. The rate applies to agri-
cultural paper with maturities of six
to nine months, and live stock paper
with maturities from six months to
one year.
This reduction is of particular inter.
est to bankers in the District of Co.
lumbia, Virginia, West Virginia, Penn
sylvania, Maryland and Delaware, to
whom the facilities of the Baltimore
bank are available. and through whom
its facilities are extended to the in.
dividual farmers. The rate on direct
loans to cooperative marketing asso.
Citations is also Az per cent.
North Americans New Records.
The balance available for common
stock of the North American Co. for
the year ended September 80, rose to
SIG, ZAP, equal to 1912 a share.
from $14,204.582 the year before, or
1886 a share.
New high records were made for
gross earnings, which reached $121,.
S15, ,469. a gain Of $S,127,596, and for
total net income, $5S.O94,09O. an in.
crease Of 500 per cent.
app opi AdeioIS LoT uepfecldlOn re-
serves were $12,479,1 1853, equivalent to
1924 per cent of gross earnings, an
increase Of 7.99 per cent over the pre-
ceding IL months. The amount car
ried to surplus. after all charges, re.
serves and preferred and common
dividends, was $12,170,324, compared
with $10,368,196 for the 1926 period,
George l.. Starkey, president of the
National Bank of Washington, has
returned from two-week motor trip
to Buffalo, Niagara Falls, Canada.
Erie. Pa. and other places in that
section