Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-15
LANSTON LEADER
ON EXCHANGE HERE
Type Shares at New Top.
Trading Lighter Today
Than Recently.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Local securities were strong again
today ON the Washington Stock EX-
change. although trading was rather
light. Ianston Monotype made a new
top, selling fractionally higher at
1904. 1t closed at 100, the turnover
being so shares.
Potomac Electric Power 51a per
cent preferred stock sold at 10l 1s to-
day, a fraction under the new high
reached yesterday. Washington Gas
Light came out at 1915 and closed
at u.s. Potomac Electric per cent
preferred changed hands at 1O812.
Norfolk & Washington Steamboat
stock came out at 292 u. Two shares
of American Security & Trust sold at
400, and one share of District National
at 23S12. Ten shares of Merchants
Transfer & Storage preferred moved
at 1919. FederalAmerican Co. COM
mon, stood at "a.
In the bond division Capital Trac-
ton SIS sold at par and "a. In the un-
listed department Cosmos Club AIS
changed hands at 85A in one $1,000
transaction.
First Post. Convention Luncheon.
The luncheon group made up of
members of the District of Columbia
Bankers Association held the first
gathering since the Hot Springs con-
vention at the Willard today.
The new president, W. W. Spaid,
presided, Howard Moran having lifted
the heavy burdens Of management
from his own shoulders and laid them
gently upon the broad, athletic Shout
derS of his successor. Naturally the
big topic of conversation today was
the recent four-day sojourn at the
Virginia resort, the brilliant success
of the annual event being universally
acclaimed.
Thomas w. Brahany, newly elected
member Of the council of administra-
ton, was among those present, caus-
ing much interest by showing the
members Col. Lindberghs autograph,
which he secured while at the White
House as the Presidents guest.
Semi-Annual Dividend Voted.
At the meeting of the board of di-
rectors of the Chevy Chase Savings
Bank held on Monday it was voted
that the usual semi-annual dividend
of 2 per cent be paid on July 1 on the
capital stock outstanding OH June 20,
and that the transfer books be closed
from June 20 to July /. The members
of the board expressed their great
satisfaction in the progress of the
bank, as the assets are now well
over $500, 900 and mounting rapidly.
The Chevy Chase Bank is one of
the youngest financial institutions of
the District having been formed in
December. 1921, and its growth has
been most satisfactory.
Officers Named; Dividends Voted.
At the meeting of the board of
trustees of the East Washington Saw
ings Bank held yesterday the fol-
lowing officers were elected: John c.
Yost, president; Samuel II. Walker,
vice president; Lewis Flemer vice
president, and Charles A. Mccarthy,
Secretary-treaSurer.
A semi.annual dividend of z per
cent and an extra dividend Of ] per
cent on the capital stock of the bank
have been declared. payable on June
30 to shareholders Of record June 20.
Sanitary Issue Due Tomorrow.
1t is expected that Merrill, Lynch
& Co. and Crane, Paris & Co. will to-
morrow offer an issue of $4,000 900
Sanitary Grocery Co. convertible
cumulative 61a per cent preferred
stock. Other local investment houses
will also handle a part of the issue.
The Sanitary Grocery CO. is a Della
ware corporation which has a large
number of stores in Washington. The
par value of the new stock will be
100. The preferred will be con-
500. The preferred will be con.
mon.
Bankers Buy Railroad Stock.
1t was reported in New York today
that Adams & Peck, investment bank
ers, have purchased 10000 shares, or
approximately one-half, Of the out
standing common stock of the Vir.
ginian Railway Co., one of the three
railroads serving the harbor of Hamp.
ton Roads, which the Chesapeake &
Ohio proposes to lease if terms can
be agreed upon. OF the $31,271,509
common stock of the Virginian, $780,
203 800 is deposited in voting trust,
which also holds all of the preferred
stock Virtually all of the voting
trust certificates are owned by heirs
Of Henry II. Rogers.
Mellon Extends Bond Time.
Secretary Mellon has extended to
June 80 the time for exchange of
called second Liberty loan bonds for
the new 32s per cent 20-year Treasury
bonds.
Approximately one-fifth of the out
standing second Liberties have been
converted, latest Treasury figures Civ
ing the total conversion as $170, 000,
600.
Strike Aids Western Maryland.
The soft-coal strike is improving
rather than cutting down the earn
ings of the Western Maryland Rail
way, just as President Byers intimated
some time ago. In the first week i'll
June coal and coke freight was ? per
cent better than the same week last
wear and showed a better percentage
of gain than did other freight. Total
estimated earnings We're S41O,6S5,
against $407,766, an increase Of $2,91S,
or l per cent.
Other Financial Notes.
Sales of the 446 Liggett drug stores
in May were $4.764, 4S0, an increase of
the five months this year 3,846, 1855,
a gain of $3,253,127 over the same Pc
Rod of 1926.
John r. Baer & Co.. Baltimore, have
been awarded the $4,000 issue of
Westminster, Md. Az per cent bonds
at their bid of 101 .1249. Despite the
sma,lness of the issue, there were
nine separate bidders.
A special meeting Of stockholders
Of United Cigar Stores Co. of America
has been called for July Is to vote on
a proposal to split the common shares
21a for l.
robert Garrett & Sons, Baltimore
and Washington. have been awarded
an issue of 100000 Frederick County,
Md, public school Az per cent bonds,
dated July /, 1927. The bonds are of.
fered to the public at prices to yield
from nor cent to (l5 Dnr cent &C.