Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-15
PRICES ARE STEADY
. ON EXCHANGE HERE
Stockholders Group Attacks
B. & 0. Financing Before
|. C. c. in Capital.
BY EDWARD C. STONE.

Prices were steady on the Washing.
ton Stock Exchange today in mod
crate trading The market opened
with Capital Traction selling at 105.
Potomac Electric So per cent pre-
ferred again sold at 1918 where 1t
appears to be "pegged." Seventy.five
shares of Barber & Ross common
moved at 36h and three transactions
in Peoples Drug Stores preferred
were recorded at 1921. Washington
Gas Light stock came out at 748,
while one baby gas bond, series A.
sold at 1924. The only other bond
sale was in Railway and Electric 4s.
the issue selling at S59s.
The weekly calling OF the unlisted
issues showed that the bid price on
| Chaplin Sacks S per cent preferred had
advanced from SO to 100, and the
asked price raised to 1924. The asked
price on Washington Sayings Bank
has also moved up from to 1914.
B. & O. Plan Scored Before /. c. c.
Yesterdays attacks on the new
Baltimore Il Ohio financing proposal
were continued today before the In
terstate Commerce Commission by
Lloyd Church, New York, in behalf
of a group Of stockholders.
The railroad proposes to sell to
its present stockholders S63,442,0O0
! in new stock, incidentally paying a
commission of slap $50 to Kuhn,
Loeb & Co. and Steyer & Co. of New
York.
This is an unnecessary and
f1agrantly eXtortionate sum-" Mr..
Churchs brief said. THE bankers
overreached the railroads through the
III. I'll dfCn 1iF1 n tfI
terms. The time has come to re-
examine the interlocking financial
relations of carriers and bankers and
particularly the group of bankers in
volve6l In the case at bar"
Fifth District Rediscounts Decline.
Rediscounts Of the Fifth Federal
District Reserve Bank again showed
decline during the week ended
July 10. The rediscounts Of the bank
in that week were $23.92S, decline
Of $S25 900 as compared with the pre-
ceding week, when the rediscounts
showed a gain of $685., 900. LAST
week bills bought in the open market
by the bank were S9,222,0 900. an in
crease of $296,000 over those of the
preceding week. Gold reserves, total
reserves and total resources of the
compared with the totals at the close
of business on July 6.
Urges More Trust Education.
In his address before the American
Institute of Banking in Detroit, Fred
erick p. III. Siddons Of this city urged
more education among bank employees
regarding the functions and value of
the trust department. He declares
that much business is lost because of a
lack of general knowledge inside the
banks of the lasting advantages derived
from trust service. After educating
the employees Mr.. Siddons would per-
form the same service for the public
through extensive advertising.
The speaker declared that a banks
directors ought to be in hearty sym.
pathy with the trust department and
able to bring a large amount of bust
ness to it. Highly paid solicitors are
also needed, he said. They cannot be
men who are sent out to secure small
savings accounts. They must have a
knowledge of the trust subject, be ac-
uuainted with it's legal aspects and
must not create the impression that
they are purely canvassers for bust
ness. First of all they must be sold on
the trust proposition themselves. The
trust department today should be one
Of the most active departments Of the
bank IL 1t is to enjoy proper expan-
sion.
Banking Firm Year Old Today.
The investment banking firm Of Y.
E. Booker & Co. is just a year old to-
day, having opened its doors with 7.
e. Booker as it's head on July Is, 1926.
The brokerage house has been un-
usually successful IN developing an
excellent business in only IL months.
The company is located at 1903 II
street northwest in very attractive
offices in charge of an efficient staff.
1t is undoubtedly true that the period
of getting established has been much
shorter than it often is and Mr..
Booker and his associates have rea'
son to feel highly gratified with their
success. They received many con-
gratulations today from friends who
recalled their anniversary date.
The firm has a seat on the Wash
change records will show that Mr.
Booker has done a large amount of
trading during the year.
Financial District Notes.
Bankers are extending deep sym
pathy to Wallace NICK. Stowell, man
ager of the Lincoln National Bank
branch at Seventeenth and H streets.
on the death of his wife. The funeral
was held this forenoon, with inter.
ment in Rock Creek Cemetery.
New life insurance purchased from
United States companies was 81 per
cent greater during the first six
months of this year than during the
same period Of 1926, the increase for
June being 10 per cent. according to
a report by the Association of Life
Insurance Presidents to the Depart
ment Of Commerce.
Vice President John M. Riordon OF
the Bank Of Commerce & Savings in
speaking OF the institute convention
recalled that just 20 years ago the
National Bank Clerks Association
held a convention in the same city
He and many other young Washing.
ton bankers attended, and it so hap.
| pened that the Washington ball club
was there during the same week