Evening star., 1927-05-19
WASHINGTON GAS
MARKET LEADER
Riggs, Commercial National
and MergenthaIer at
New Top Prices.
BY EDWARD G. STONE.

NVW IVY iVCos
BY EDWARD G. STONE.
Seven transactions, involving 100
shares, made Washington Gas Light
stock the leader on the local exchange
today, the stock closing strong at
| 747s. Riggs National sold up to ass,
and Commercial National opened at
2671R, new highs for the year. Mer-
| genthaler climbed to 11112, another
new top. Capital Traction closed at
104A, Potomac Electric Power was
firm at 10S and Peoples Drug Stores
preferred sold at 10712. Trading was
quiet in the bond division, recent pre-
vailing prices remaining firm. Poto-
mac Electric Power preferred was
added to the stocks selling ex-dividend.
Coupon Payments Deferred.
| AS the Washington Auditorium
| Corporation was unable to sell all
| of the authorized issue of the z per
| cent second trust bonds, the Organi-
zation is at present unable to meet
other pressing obligations and at the
| same time pay interest now due on
the bonds. President Robert N.
| Harper announced today that the di-
rectors, with the approval of many
of the larger bondholders, had voted
! to ask the holders of these bonds not
to detach the coupons, but leave them
on the bonds for later payment.
The corporation has prepared a
| circular explaining the financial situ-
alton, this showing that unforeseen
expenses in improving and making
| changes in the interior of the Audi
| torium were not provided for in the
| original financing. These improve
| ments included the installation of the
pipe organ, decorating of the walls
and ceilings, furnishing special rooms
and the installation of a runway to
| the exhibition hall.
President Harper reports that
| business has been growing steadily
and he expects it will continue to do
so. 1t is believed that within three
years the corporation will be able not
| only to meet all running expenses,
| but interest payments as well. The
| bonds are amply secured. according
| to the appraisal of the Rel Estate
| Board, exclusive of the furniture and
| the organ. The first mortgage bonds
amount to 100000, at 6 per cent,
while $115,000 of the per cent sec
ond mortgage bonds have been sold,
the outstanding bonds thus aggre-
eating 1000 The steady growth
of Washington as a convention city
is proving most advantageous to the
Auditorium.
Bankers Add Golf Tournament.
C. H. Pope, chairman of the
bankers convention sports committee,
announces an innovation this year at
Hot Springs in the way of a golf
tournament on the first afternoon,
Thursday. June 8. Prizes for low
gross and low net will be given for
this event. Players in this tourna-
ment will be divided into class "A''
and class "B," according to their
handicaps--1S holes medal play-com-
bined net scores of one class "A" and
one class ''B" player to count.
The class "a" will include all hav-
ing handicaps Of 18 or less. The class
"B" will include all having handicaps
of over 1S--no handicap. however, will
exceed 80. The contest will be open
to any one attending the convention.
Players may make up their own
matches. The selection of the class
IA" and class 'B'' player will be in
the hands of the caddie master at Hot
Springs, who will match both classes
after all contestants have started.
This selection will be made from a
"blind pool"
Serving with Mr.. Pope on the COM
mittee are r. p Wilson, vice chair
man; Clyde B. Asher, Herbert T. Shan
non, Charles Fl. Doing, Ezra Gould,
III II De-,
ton.
Maryland's Banking Status High.
"The establishment of country clear
ing houses, better bank management.
better supervision, public education
in sound economics and banking and
advanced training for bank officers
are the essential features in any for
Ward-looking program for banking
progress" declared Craig B. Halle
wood. vice president of the American
Bankers Association, in an address
before the annual convention of the
Maryland Bankers Association.
In analyzing the causes of bank fail
ures. Ma. Hazlewood said: Maryland
has a population of 6.551 people for
each bank, in contrast with an aver
age population of 1900 people per
bank in those States which have had
the greatest number of failures. Bank
charters should not be granted where
population and wealth are obviously
insufficient, or where there are al
ready adequate bank facilities. State
banking departments should be given
sufficient discretion in the matter of
granting charters to remedy the pres.
ent overbanked situation in many
States.
Bank failures" asserted Mr.. Halle
wood. "are less numerous in the old
established States, where legislation
Is time tried, where per capita wealth
Is larger, where money is being loan
ed out instead of borrowed from with
out. where the control of banking is
perhaps in the hands of men of broad
er experience, where industry is more
highly diversified and the valley of
one business is offset by the peak
in some other"
VIII Close Saturday Nights.
President Julius 1. Peyser of the
Security Savings & Commercial
Bank announced today that the di-
rectors had voted not to open the
bank on Saturday evenings during
June, July, August and September.
Thls action Is taken following the
recent announcement by President
Coolidge regarding the closing of all
Government departments on Satur-
day afternoons.
Another Bank to Expand.
1t is announced by President Peter
A. Drury of the Merchants Bank G.
Trust Co. that arrangements have
been completed for enlarging the
banks working space and that the
safe deposit vaults will he removed
to the basement. This department
will be given spacious quarters under