Evening star., 1927-04-28


Reserve Bank of Richmond will gath
er at the Virginia capital on Friday
May 13, for their annual meeting, ac'
cording to Victor B. Deyber, presi
dent of the Second National Bank
who Is chairman of the organization
John Poole, president Of the Federal.
National Bank, is vice
and Robert V. Fleming
president of Riggs National Bank, is
a member Of the advisory board. The
committee is arranging a first class
one-day program, which will be an.
nounced soon. 1t is expected that
all the Washington bank.
ers, who are shareholders. will attend.
Power Issue Is Offered.
The Potomac Electric Power Co,
has sent out notices to customers and
employees, announcing the opportunity
to subscribe for shares of the new is.
sue Of $2,500,00 non-voting 5h per
cent cumulative preferred stock at
the price Of $99 per share. Subscrip.
tions will be received from May 2 to
May at the office of the company
or at the banks and investment bank.
ing houses associated with the power
company in the sale.
The shares may be purchased on
the full payment or installment plans.
The company is reServing the option,
in the event of oversubscription, to
reduce the allotments or reject sub
scriptions. 1t also has the right to
extend the allotments to an amount
not exceeding $5,000,000.
Upon receiving notice of the num-
Der Of shares allotted, the subscriber
will make his first partial or full pay
ment June /.
Market Letter Touches on Floods.
That the Mississippi River should
be made deep waterway up to st.
Louis, in order to prevent future
flood disasters, is suggested in one
of B. F. Keech G. Co.'S market letters,
received by George Garrett, manager
of the Washington office. The letter
says: 1.-THE Mississippi flood, while at
present rated as disaster, may
easily become turning point for
renewed and tremendous prosperity
in America. These floods are pre-
yentable and the fact that they are
permitted to recur is a grave indlct-
ment of the American people for gross
negligence. The remedy is so well
known that it seems idle to discuss it.
1t is to make deep waterway to st.
Louis, converting that city into a sea
port and making the entire Mississippi
River part of our coast line for ocean
vessels The time has come for action.
'Dredge the river and pile the
dredging on the levees, making the
country absolutely safe from over
flows. Impound waters on the branch
rivers providing irrigation and hydro
H11n CnCt hn half
a. billion dollars and the construction
work will tax the utmost energies of
the steel and cement producers of the
country and will utilize all idle labor
for a decade. 1t will be the greatest
industrial work in the history of man
kind and the most profitable. 1t will
pay for itself within so years after 1t
is finished and be a wealth producer
forever after"
Local Securities Hold Firm.
Local securities We're firm on the
Stock Exchange today.
Potomac Electric Power preferred
came out at 108%. 200 shares of
Barber e Ross common sold at 80,
PEOPLES Drug Stores preferred reg
istered 10Sh, and Capital Traction
hands at 1051s.
On the bond side Barber & Ross
6bs sold at 98, Washington Gas 6s,
series B, came out at 105A, and
Potomac Electric Power 6s sold at
1OS. Not a share of the recently active
bank stocks appeared on the board
today.
Train Control Orders Received.
Officers of the Miller Train Control
report that the Chicago,
indianapolis & Louisville Railway has
contracted with General Railway
Signal Co. to install the Miller induc-
tive system of train control on It's
engines and tracks on two full divl-
sions of the road. One division IS
from Hammond to Monon, Ind, and
the other from Monan to Indianapolis,
q total distance Of 163 miles. Inc
work has already started.
Provisions are also made in the con.
tract for extension on other parts OF
the system. AS announced some
time ago. the Miller control is being
installed on the Toledo-Detroit divi-
sion of the New York Central.
Bank Resources Increase.
Controller Mcintosh reports a slight
increase in the combined resources
of the 1928 national banks report
ing in the United States, Alaska and
Hawaii following the March 23 call.
At the same time, he reported that
time deposits, as compared with the
two previous calls, had increased, al
though there was slump in demand
deposits.
Combined resources totaled S25 500, ;
lat 900, as compared with $25,6S3 SAY,
600 when the previous call was issued
last December 81, and $24,893, ,665, 900
on April II, 1926. Loans and dis
counts. including rediscounts, totaled
$13, ,647 $40 900, an increase of S74,-
365 900 since the first of the year and
S346, 1884 900 during the past year.
Demand deposits, including govern
ment deposits of $241 ,945 900, amount
ed to $10,672,286,0 600, comparing with
$40 ,906, ,90S,000 in December and $10,-
691 1893 900 one year ago.
Heard i'm Financial District.
President John B. Larner of the
Washington Loan & Trust Co. has
left the city to attend the Spring coun-
Gil meeting of the American Bankers
Association.
E. f. Mountjoy. deputy manager of
the National Bank Division of the
"A. A.
Washington tonight for Hot Springs,
Ark, to attend the same session.
Herbert Il. Smithers of New York,
in charge of the stock department of
Eastman, Dillon & Co., was a visitor
at the Washington offices of the com
pany today.
Deep regret was expressed in the
financial district over the death of
Fitzgerald, who had been
with the National Metropolitan Bank
for % years, and was with the old
Citizens Bank before that institution
was taken over by the Metropolitan.
An account of his successful career
appears elsewhere in The Star.
Net profit of LoeW's, Inc, for 28
weeks, ended March 13, was $3,S87,-
654, after depreciation and taxes.
EQUIPMENT INQUIRIES.
NEW YORK, April 28 CP.--In.
quiries for equipment costing 12,000,-