Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-08-15
BANK STOCKS HIT
NEW PEAK PRICES
Riggs Sells at 500 Today and
American Security &
Trust Shares at AL.
by EDWARD G.. STONE.

BY EDWARD G. STONE.
Riggs National and American Sc
curity & Trust stock scored new peaks
for 1927 on the Washington Stock Ex-
change today.
Riggs reached 500. a gain OF 10l2
points since the last sale. The stock
opened with a 1O-share sale at 490,
followed by 5-share sale at the same
price The next sale covered 10 shares
at 495 and then came the final trans
Ter of 10 shares at 500.
American Security & Trust regis
tered one 5.share sale at AL, the high
est previous mark reached this year
having been Ais. Federal-American
National came out at 32S, the same as
the last quotation.
Capital Traction closed at 104H.
Potomac Electric So per cent pre-
ferred opened at 1924 and closed at
102h. Ten shares Of Washington
Railway & Electric preferred sold at
92A and 100 shares of Merchants
Transfer & Storage preferred at 1928.
Banks Ready for Crop Moving.
The banks of the country are enter
ing upon the crop-moving season with
smaller amount of Indebtedness at
the Reserve banks, and with easier
conditions prevailing in the money
market than at any time since the
corresponding season of last year. ac-
cording to the Federal Reserve Bull
letin for August.
The Reserve Bulletin gives the first
formal opinion of the board about the
current money market since the re-
duction of rediscount rates by Federal
Reserve banks was begun by the Kan
sas City Federal Reserve Bank on
July 90. Since then. st. Louis, Boston,
New York. Cleveland, Dallas and AT.
lanta have reduced their rediscount
rates from per cent to 81 per cent.
1.-The recent cost of short-term
money rates." the board said, latter
slight seasonal increase around the
first of July, has been downward, as
shown toward the end Of the month
by a decline of rates for call money,
time loans on Stock Exchange collat-
eral and bankers acceptances to a
level lower than at any other time
this year"
Insurance Agreement Reached.
Home Insurance and Maryland Cas-
ualty have entered into a working
agreement under which agents of the
Casualty Co. will give Home their fire
business and Homes agents will turn
over to the Maryland concern such
casualty business as they obtain, ac-
cording to Highland Burns. president
of the Maryland Casualty Co. Home
Insurance has assets of $91 .604 900.
and Maryland Casualty reports S40,.
100000. The Maryland company has
an extensive business in Washington
and it's new associate is one of the
largest fire insurance companies in
the United States.
Seaboard Seeks I. C. C. Bond Permits.
The Seaboard Air Line has request.
ed authority from the Interstate Com
merce Commission to issue and pledge
$804,O Of 6 per cent first and con-
solidated mortgage gold bonds due
1945 to reimburse it's treasury for ex-
penditures made in retiring equipment
trust certificates.
The Seaboard Air Line asks author.
ity to procure authorization and
delivery of 81 $500 Of first and con.
solidated per cent mortgage gold
bonds in reimbursement of expendi.
lures made during the period January
1, 1927. to June 30. 1927, for additions
and betterments.
MARKET conservatism Urged.
d While easy money will undoubtedly
tend to support stocks Of investment
caliber. Hornblower & Weeks in their
August Investment Review express
the belief that the need for conserva.
tism Is evident in view of the fact
that the industrials have advanced
practically 20 points in 20 trading
days. They add, From now on, with
int
business conservatism present, the
stock market trend will become more
and more dependent upon technical
conditions
Heard I'm Financial District.
Lawrence A. Slaughter. vice presi-
dent OF the Commercial National
Bank, has gone to Saranac Lake, N.
y, for several weeks vacation.
Z. j. Gockeler, vice president of
the District National Bank, and sec.
rotary OF the Washington Stock Elk.
change, has gone to Margate City,
N. j.. for the remainder of the month
Harry M. Wheeler Of w. B. Hibbs
q Co. has returned from a vacation
passed at Woods Hole, Mass; New
London, Conn. and Rye. N. Y.
n. u. Meem. vice president of the |
washington Loan & Trust Co.. has
gone with his family for a months
vacation at Atlantic City.
Jesse l.. Suter of Hartman & Co.
Is passing part Of his vacation at |
christmas Cove on the Maine coast.
Francis M. Savage is spending few
Gays on the Eastern Shore before sail.
ing for Europe early in September.
Other Financial Notes.
The International Telephone & Tele.
graph Co. today announced in New
I ok that it had acquired a controlling
interest in the Companhia Telephonica
Rio Grandense, which handles most
of the telephone business in the states
or Sac Paulo. Parana, and Rio Grande
40 Sui in the southern part of Brazil.
The Department of Commerce has
issued a trade bulletin on the cur.
rency systems Of the Orient which
contains information of considerable
Vaiue. Last year our total trade with
Asia and Oceania was valued at an.
ooroximately two and quarter billion
1oilars, only a portion of which was
in American currency The
great bulk of it was settled in rl,nees
dei. ven. npSOS nH yN0,,pAc