Evening star., 1927-04-26
FORAKER ELECTED
TO EXCHANGE HERE
Eastman, Dillon Manager Be-
comes Misunderstanding
Is Broader Today.
BY EDWARD C. STONE.

elected to membership in the Wash
ington Stock Exchange today. The
new member, who was born in Gin
cinnati, Ohio, has lived in this city
since 1898, is a member of the Metro
poIitan and Chevy Chase Clubs and
the Sons of the Revolution. The firm
of which he is the Washington mana
ger recently moved into the wilkins
Building, at 1912 II street, and greatly
enlarged the scope of its business. The
firm carries membership in the New
York Stock Exchange and several
others and has now added a bond de-
partment.
Mr.. Foraker takes the seat on the
local exchange made vacant by the
death of Sanford n. Whitwell who for
many years held a high position with
the Washington Gas Light Co. 1t so
happened that the election came on
the applicants thirty-fifth birthday.
Incidentally the exchange member
ship is now up to 40--the full
strength permitted by the bylaws.
Exchange Trading Very Broad.
Trading was broad and lively on
the Washington Stock Exchange to-
day in both stocks and bonds. Farm
ers and Mechanics National sold at
300, National Bank of Washington at
298, Second National at 23112 and
Union Trust at ESQ.
Capital Traction came out at 105,
Potomac Electric preferred at 10SA
Railway and Electric preferred at 9212
Merchants Transfer and Storage com.
mon at 114A and Peoples Drug Stores
preferred at 10SR. Mergenthaler reg
istered 10 and Lanston recorded sew
eral sales at 97h.
CoN0ftaI oftay1 Ea xryora IL Cos
6s, series A, sold at 104A, and Barber
& Ross 612s registered SO.
Southern's Earnings Lower.
Net income OF the Southern Railway
Co. for the first quarter is estimated
at SO 3,5S3 900, after taxes and charges,
equal after preferred dividends to
$2.18 a share on the common, against
81 ,343 900, or $2.76 share, in the
first quarter of 1925.
Peoples Drug Dividend.
The directors of Peoples Drug Stores,
Inc, have declared the regularly quar-
terly dividend on the 80 per cent
preferred stock, payable May IS to
| stockholders of record at the close of
business, May /.
Council Meeting Next Week.
Washington bankers will leave here
the last Of this week for Hot Springs,
Ark, to attend the annual Spring
meeting of the executive council of
the American Bankers Association,
which opens next Monday and con-
tinues for four days.
Those going from Washington in
clude John 3. Larner, president Of the
| Washington Loan & Trust Co., who is
| a member of the A. 3. A. Commerce
and Marine Commission; George o.
| Watson, president of the Liberty Ma
tional Bank, a member of the Public
| Relations Commission; Howard Moran,
president of the District Bankers AS
| sociation and vice president of the
American Security & Trust Co., who
| is a member of the executive council
| of the savings bank division; Harry
V. Haynes, president of the Farmers
& Mechanics National Bank, who is
serving a three-year term as mem
| ber of the executive council for the
| District of Columbia, and Z. r. Mount.
| joy, who represents the national bank
division of the A. B. A. in Washington.
| Reports will be presented covering
every department of banking. Presi,
dent Melvin A. Taylor of Chicago will
preside. Matters to he considered
make it the most important gathering
of bankers previous to the annual
meeting next Fall.
Linotype Sales Satisfactory.
| officials of the Mergenthaler Limo
| type Co. report that sales are holding
up in a very gratifying manner.
| The Indianapolis Tribune placed the
| largest recent order, calling for 1O
machines The Blanchard Press OF
| New York comes next with an order
| for s. The American Racing Record
| is just now buying 5, while hundreds
of firms are reported to have ordered
| or been shipped / or more machines
| in the past four weeks. A new type
face has proved so popular that 200
| different newspapers have recently
adopted it.
In connection with the sessions of
| the American Newspaper Publishers
| Association and of the Associated
Press, being held this week at the
| Waldorf Astoria, the company is again
exhibiting various types OF machines
to newspaper men from every part
| Of the country. This plan was car
ried out last year most successfully.
| Thorpe Lauds Savings Bank.
''Savings banks are confronted with
new problems of competition today
| no less than any other business,
Merle Thorpe, editor of Nations Busi-
ness, declares. "They are in the
same struggle that characterizes all
| industry.
Building and loan associations, EN-
ployes' savings associations, credit
| unions, are competing for the bust
| ness of the saving depositor," sai6
| Mr.. Thorpe. Security dealers are
| Offering stocks and baby bonds. The
| commodity market displays attractive
| inducements to place surplus funds
| in everything from clothing to auto
| mobiles. How well savings banks
have met this competition is shown
in increased deposits Of over billion
dollars in 1926"
Bank Women Meet at Dinner.
The members of the recently or
ganized Washington Bank Women's
Club had business meeting and din
ner at Hotel Hamilton last evening
at which a very large percentage OF
the charter members were present.
Qualifications for the admission OF
new members were freely discussed
and rules covering this matter
| adopted The next membership elec
ton will take place in July, and after
that quarterly.
Women with experience in banking
and who are employed in local banks
will be eligible to membership in the
new organization.
Delegate Election Thursday.
There will be a meeting of Washing
ton Chapter, A. I. B., Thursday eve
ming at 7:45, at the chapter rooms
when delegates for the national con
vention in Detroit will be elected
Fifty-five members have already beer
nominated, from which list % are tc
be chosen. The election promises tc
be a spirited affair.
officers will also be nominated for
the local chapter for the coming year
This, too, will make interest in the
meeting run very high. There will
be no banking classes on that evening