Evening star., 1927-11-13
STOCKS'HOLD FIRM
ON EXCHANGE HERE
Railway Preferred Moves at
10O-Three Bank Shares
Appear on Board.
BY EDWARD c. STONE.

Exchange ended the week with prices
firm and trading moderate. Wash
ington Railway & Electric common,
which had furnished the sensation of
the week by selling up to 4So here
and 433 in New York, kept out of
sight the final bid being 435 with 440
asked. But it left trail of surmlses
regarding its probable next moves,
the odd-lot sales in New York Friday
having intensified interest in it IL
Washington where so much of 1t is
held.
There was one sale here yesterday
in Washington Railway Il Electric
preferred at 100, the turnover being
10 shares. Three bank stocks also
appeared on the board, 10 shares of
District National selling at 247, 10
shares of Federal-American National
at 33S and 10 of Riggs National. 495
A turnover of 80 shares of Columbia
Sand 4 Gravel was reported at 102,
two shares of Lanston moved a t 103
and 100 shares of National Union Fire
Insurance Co at 25.
The days trading opencS in the
bond division, Capital Traction as
figuring in a 81 900 transaction a.
1925 A $1,000 transfer of Potomac
Electric Power Consolidated rs took
Pintt at w. Nt'iV w ~ tH''
Railway & Electric IS brought S9l4
in a 81 900 sale.
In the unlisted department the hid
on Franklin National Bank stock was
raised from $50 to 1G0 the hid on
Miller Train Control dropped from ,
to ~ with 2 still being asked, as did
the bid price on Chapin-Sacks s per
cent preferred from 1922 to 102.
Banker Lauds Gov. Young.
OF Roy A. Young. now governor Of
the Federal Reserve Board, Homer
Gluck of the Union Trust Co., De.
troit. says:
Michigan bankers have known him
for good many years. And so have
thousands of other people here in
Michigan. We all rejoice exceedingly
in his success. in the good Judgment
of the Government in selecting Mr..
Young, one of our Michigan bank
boys, for this important position
To jump from a job as messenger in
a Marquette bank at $40 month to n
job as governor of the Federal Re-
serve Board in Is years is going some.
ut is a common thing for bankers
to tell people to he honest. Roy
Young's life has been one steady
evidence of being honest with himself
as slogan for success. He never
spent money before he earned it, He
never spent more than he earned.
And Roy Young made it a practice all
his life to be of service to somebody
else, never with selfish motive in
view. never with a thought to per.
sonal advantage, never expecting a
return on that sort of an investment
The result was that when President
Coolidge and Secretary of the Treas
N4t
the important position as head of this
great system, Roy Young was one of
the many considered, the one
selected
Advocates More Cordial Banks.
Writing in the Bankers Magazine
on 'Strang as Future Depositors.
w. r. Morehouse. retiring president
of the savings bank division of the
American Bankers Association, SAYS
there are two ways by which banks
can develop new growth. They must
obtain additional business from. old
customers, or new business must be
secured from new customers. Mr..
Morehouse says the graciousness in
which change is made for stra angers Is
most vital, explaining:
IF bank is to reach its ma ximum
growth it must go further than the
new account desk and make a favor
able impression on all those who cross
its threshold, whether they call to
cash a travellers check, to make
change, or to open an account, for as
a matter Of fact, 1t is from the ranks
of strangers that many of the banks
future depositors will come. For this
reason 1t will pay well to treat all
strangers within the gates with every
courtesy.
1.-The bank has everything to gain
and nothing to lose in doing so, and
1t Is reasonable to assume that il it
makes a favorable impression upon
every stranger it will receive much
larger maj ajority of new customers from
this source than it could possibly do
II it treated strangers in a cool.
Indifferent way"
Gives Brilliant Insurance Address.
Ralph G. Engelsman of New York
elmcst hypnotized the members of the
District Life Underwriters Association
at the monthly forum dinner FRIDAY
night at Hotel Raleigh. He is under
80. yet has written S1,000.000 in in.
sura nee in a year, and in addition 10
this is now teaching practical sales
manship in the New York University
School of Insurance.
In his address here Mr.. Engelsman
dwelt upon the three great objections
made 20 insura nee by prospects. The
objections are that the prospect does
not need insurance that he can't pay
for it and that his health is such that
the company would refuse TO insure
him. AT the conclusion of his address
the speaker answered volevs of uues.
tions fired at him by the most success
fui insurance producers in the Capital
Without any hesitation he had an in
formative reply for every query.
Since Fridays meeting the local ex-
ecutive committee has secured the
speaker for the meeting on December
T. lie will be r. c. MacMa hon, life in.
surance trust officer of the Fquitab BILE
Trust Co. SO far as is known here he
Is the first insura ance expert to hold a
position Of this kind in bank. In his
coming talk Mr.. MacMahon will dis
cuSs life insurance trusts as they re.
late to banks. and special invitation
is TO he issued to local bankers to
hear him.
Local Bank President Honored.
Wade II. Cooper. president of the
Continental Trust Co and of the
United States Savings Bank. has been
made honorary chairman of the All
Nations Association of the city of
New York. an interna tionai organize
ton. composed of 25:000 members.
The object of the association is to
cultivate the spirit of friendship and
good will among the different races
and creeds throughout the world The
various diplomats and consulates
throughout the country are members
Of the organiza ton. as we'll as the
different peoples of many different
nations. Tho president of the or
ganization is Henry Tudor Mason OF
London, though the headquarters are
in New York.