Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-17
.PEPCO PREFERRED
MARKET LEADER
Goes to 1902 Again Today in
Heavy Turnover on the
Exchange Here.
BY EDWARD C. STONE.

ton StOck lOudS' lle oIOSN
opened at 1919 with a turnover of
lat shares in five transactions. There
was one sale after call at the same
price, followed by a turnover of liz
shares at 1902, running the days trans
fers up to 270 shares.
Capital Traction, selling eX-dividend,
closed at 1898. Federal-American Ma
tional sold at 800, Lanston at par and
National Mortgage & Investment pre-
ferred at S@s. Only one bond sale was
recorded, Gas 6s, series A, going at
104
In the unlisted department very few
changes have been noted during the
week as shown when the list was
called off today.
Sanitary Grocery Issue Sold.
It was announced today by Eugene
Il. Thompson of Crane, Paris & Co.
that the new issue of 81, $780, 900 con-
vertible 61a per cent Sanitary Grocery
Co. preferred stock had been far over
subscribed. This issue was brought
out yesterday at 100 and accrued
dividends. 1t is understood that
action will be taken soon to list the
issue on the local Stock Exchange.
The stock is convertible into common
at the rate of three shares of preferred
More New Offerings Today.
Stroud, Kurtz & Co., at their office
in the Transportation Building, and
Halsey, Stuart &c Co. are today offer
ing $12 100000 Iowa Public Service
first mortgage SIS, due in 1857, at 971a
and interest. This means a yield of
over SIG per cent. The Iowa Public
Service Co. is under the management
Of the United Gas Improvement Co.
An offering of $11 ,847 900 City of
Baltimore per cent coupon bonds and
registered stock is also being made
today by a syndicate. The bonds are
priced at 991a, to yield about 4.04 per
cent, and the stock at 991R, to yield
around 4.038 per cent, to maturity.
Dividends and Other Notes.
Farmers and Mechanics National
Bank yesterday declared the regular
quarterly dividend Of SO per share,
payable July ] to stockholders of
record on June %.
The Anacostia Bank yesterday de-
clared the regularly quarterly dividend
of per cent, payable July /, stock of
record on June 81, President Maurice
Otterback announces.
President Joseph Schiavone Of the
international Exchange Bank enter
tanned the officers and directors at a
dinner last night at Villa Roma.
Insurance Men to Meet Here.
The managers and sales representa-
tives Of the southern division Of the
Continental American Life Insurance
co. of Wilmington, Del. will hold a
convention at the Hotel Hamilton, this
city, tomorrow. The convention will
be attended and addressed by Presi-
dent Philip Burnet, Vice President A.
A. Rydgren. Agency Manager f. f.
Gendron and Norman f. Ellsworth,
general manager, Southern division.
The convention will conclude with
banquet in the evening. which will be
attended by the managers, sales rep
resentatives and their wives, together
with several invited guests.
Montgomery Home From Europe.
William Montgomery, president of
the Acacia Mutual Life Association.
the large Masonic life insurance or.
ganization which has it's Headquarters
IN Washington. is at his desk today
following a stay of six weeks in Eu-
rope. Chief among the matters which
engage Mr.. Montgomery upon his re-
turn are plans in connection with the
associations building program, now
avenue northwest with commence.
ment Of preliminary work on a 10.
story structure, the first unit in a pro-
posed group of three. During Mr..
Montgomery absence J. p. Yort, Sec
rotary and actuary of the association
has been in active charge.
Better Cotton Outlook Noted.
w. f. Lewis, manager Of the
DftiNa nf
the Willard, has received from the
New Orleans office a most compre.
henSlve review Of the cotton situation
prepared by /. V. Shannon. the in.
formation being accompanied by
map showing all the areas inundated
by flood waters of the Mississippi and
its tributaries.
Mr.. Shannon believes that the re-
auction in planting this year will
sufficiently shorten the next crop, so
that cotton will again sell above the
sumption running at a high rate,
and substantial reductions in this
years crop the view is taken that
cotton raisers are again entering a
period which will later mean real
prosperity.
He believes the peak Of production
attained last year will not again be
matched in many seasons. The cycle
Is definitely turning i'm favor of the
growers, the writer asserts. While
prices are likely to be higher, they
are not likely to climb far enough
to check mill demand, at least for a
good while to come.
Past A. I. b. President Praised.
The governors OF Washington Chap.
ter, A. /. b.. have passed the following
resolutions commentators of the serr-
ice rendered the institute during the
past year:
Whereas, the progress and develop
ment of Washington Chapter, Ameri-
can Institute of Banking, during the
past year, have been of an eXtraordi-
nary nature, and
Whereas, those of us in close touch
with chapter affairs realize that the
splendid results obtained are due in
large measure to the mastery leader. |
ship OF our retiring president, T. Hun |
ton Leith,
Now, therefore, be It resolved, |
that, at this, the first meeting of our
new administration, we, the members |
Of the board of governors, here
by express our deep appreciation Of |
Mr.. Leith's unself1sh devotion and I'M |
firing efforts in advancing the best |
interests of the chapter"
Nine Insurance Trustees Elected.
The annual meeting yesterday of the !
stockholders of the American Fire In
Sllrancc Co.. of the District of Column.
bia, resulted in the election Of nine |
trustees for the ensuing year, as fol- |
lows: Charles Schafer, j. A. Maedel, |
Francis A. Blundon. A. #. Jorss III. |
n. Bergmann, G. M. Emmerich, Max |
Walten, Harry M. Packard and Carl |
j. Bergman. the last three named go
ing on as new trustees.