Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-12
PEPCO PREFERRED
GOES TO NEW PEAK
Reaches 1O2 IA in DEALINGS
on Washington Stock Ex-
change Today.
By EDWARD G. STONE.


Potomac Electric 51a per cent pre-
ferred stock reached 1924 today on
the Washington Stock Exchange, a
ton sold off to 1912. There was con-
siderable trading in Washington Rail-
way Il Electric preferred at 92's and
Mergenthaler again sold ut 11212.
Icderal-American National Bank
stock came out at 32S, a gain of four
points and the peak for 1927. Riggs
National sold at 1891. an advance of
more than four points over recent
sales and half Il point Il bove the best
quotation of the year. Ten shares of
Bank of Bethesda stock moved at
60. a gain of IS points since the last
sale. National Savings & Trust, which
sold yesterday at SIS. was quiet today.
with 500 bid and $40 asked.
In the unlisted department Chaplin
Sacks s per cent preferred sold at
1902. The usual Friday calling of this
list found few changes. The asked
price on Munsey Trust shares is now
] 80 and 104 on Raleigh Hotel stock.
Base ball stock stands at 81 bid and
10 asked.
Two Sanitary Grocery Dividends.
Sanitary Grocery Co. has declared
an initial quarterly dividend of 81 per
share on the common stock, payable
September 10. 1927, to stockholders Of
record september /.
The company also has declared the
regular quarterly dividend of $l.62l2
per share on the preferred stock, pay
able September l to stockholders of
record August 10. The preferred stock
is selling in Washington around 102
and the common quotations on the
New York Curb Exchange are close
to 235.
Pay Tribute to ClaugIlton.
Many bankers will attend the fu-
neral this afternoon of Richard T..
Claughton, vice president of the
Washington Stock Exchange. Presi-
dent G. G. Glover, jr., and Secretary G.
j. Gockeler were to represent the ex-
change, Mr.. Glover also acting as a
pallbearer. Among those attending
from the Commercial National Bank.
where the deceased was {; director for
many years, were to be James II. Ba-
den and Lawrence A. Slaughter. both
vice presidents. Before his health
broke down, Mr.. Claughton was very
prominent in the financial district and
his death is mourned by an unusually
large number of personal friends.
Decline in Bills Discounted.
The total bills discounted during the
week ended August 10 by the Federal
Reserve Bank of Richmond totaled
only S17.324 900. This compared with
S19. 161 200 for the previous week,
itself an exceptionally low level, and
$1S.9S2 900 two weeks ago.
bn re fntn oil {0 1A
posts and Federal Reserve note liza
bilties combined was 69.43 This is
higher than last week. when the ratio
was reported at Richmond as 1921.
For the II Federal Reserve institu-
tons combined, the total bills dis
counted during the week ending
August 10 was Sab, 105 600. which is
drop of $32 .2GS. 900 in the course of
the week. Bills bought in the open
market are reported this week to the
amount of S175,707 900, compared with
Suisse 900 for the week ended
August 3.
Trust Conference Dates Set.
The third midcontinent trust con-
ference of the American Bankers
Association will be held in Minneapolis
and st. Paul September 1 to 3. under
the auspices of the national bank and
trust company divisions of the associa.
ton, it is announced in joint call to
the members in the conference region
issued by M. A. Traylor, president of
the American Bankers Association:
&. w. Carey. president Of the national
bank division. and Edward J. Fox.
president of the trust company divi-
sion.
The meetings will be devoted to dis
cuSsions of problems common to all
trust companies and banks with trust
departments. covering the latest ap-
proved methods and practices. The
reports will be awaited with much
interest by bankers in Washington.
Another RediscOunt Rate Cut.
The reduction in it's rediscount rate
TO SO per cent by the Dallas Reserve
Bank is in line with general policy
under way throughout the country.
Up to July 80 the entire system was
on n 1 per cent basis. The first
change from this level was effected
by the Federal Reserve Bank of
Kansas City on that date. when it re-
duced its rate from 4 to 31a per cent.
This was followed by similar action
at st. Louis on August 4, New York
and Boston on August and Cleve.
land on August IL.
Heard i'm Financial District.
]. Newton Brewer. vice president
of Swartzell, Rheem & Hensey Co.,
is leaving today to spend month
with his family on Great Diamond
Island. in Casco Bay, just out of Port
land. Me-
Clarence T.. Normcnt. chairman Of
the board of directors of the National
Bank of Washington, will return from
Atlantic City some time next week.
p. j. Mcmahon, assistant treasurer
of the Munsey Trust Co., is at At.
lantic City. He will be back at his
desk in about two weeks.
Executive Vice President John NJ
Riordon Of the Bank of Commerce &
Savings has reached Seattle in his
tour of the Northwest.
Other Financial Notes.
The Acacia Mutual Life Association
with headquarters i'll Washington, has
opened Il branch office in the Panama
| Canal Zone. The office is located at
Balboa Heights and is in charge of
Richard G.. Taylor
An issue of 81 $4,000 State of Mary.
| land Az per cent general construction
| bonds, due August IS, 1880 to 1912,
will be offered August %.
|
NEW YORK MARKETS.
| NEW YORK August 10 (P-Rye