Evening star., 1927-06-01
PEPCO PREFERRED
AT NEW TOP MARK
Goes to 101 IL in Today's
Session-CapitaI Traction
Shares Are Active.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
The new Potomac Electric Power
51s per cent preferred stock held the
limelight on the Washington Stock
Exchange today, 1G5 shares changing
hands and the market closing 1O13
after touching 1917 earlier in the
session. The price is new high for
the stock.
Today's first sales were two
10-share lots at 101B. The market
then advanced to 101A on six trans
actions, selling at the same price
again after call, climbing to y on a
5-share deal. and closing at the figure
above mentioned.
The stock is also being delivered to
the public today, If paid for IN full.
The first instalments are also due on
this cate. The fact that the stock
was brought out at SO and is already
selling at 1013s shows the manner in
which the investment is considered by
local investors.
Capital Traction was more active
than the power stock, 175 shares be-
ing sold on the local board at 104A.
Railway and Electric preferred came
out at 915s and closed at 911a. Wash
ington Gas Light was off fractionally,
selling at 747s. National Metropolitan
sold at 396, National Bank of Wash
ingtOn at 297 12.
Bonds maintained recent levels, the
only issues out being Potomac Elec-
trio first 5s and the A and B Washing
ton Gas bonds.
Reserve Bank Credit Increases.
Reserve bank credit extended to
member banks in the local Fifth Fed
eral Reserve district increased during
April and the first half of May, due
to country bank needs for crop plant
ing, but the increase was moderate,
the monthly review of the Federal
Reserve Bank of Richmond states.
City banks actually reduced their
borrowing at the reserve bank, it
was stated, and their loans to custom
ers declined. while deposits and invest
ment increased.
Business in the district was rela-
lively better in April than in March
and on the whole compared favorably
with the volume of business trans
acted in April, 1926.
Employment is somewhat smaller
than a year ago, particularly in the
construction industry.
Months Business Drops Of.
Eighty-six wholesale and jobbing
houses, representing six leading lines,
sent confidential reports on their April
business to the Federal Reserve Bank
of Richmond. The figures show that
sales in all lines were seaSonally less
in April than in March of this year,
and in groceries. dry goods, furniture
and drugs the total sales since Janu-
ary / through April were less than
sales during the same four months of
last year.
Shoe and hardware sales during the
four months exceeded those of the cor
responding period year ago. In COM
parison with April, 1926, sales. those
of April, 1927, showed increases in
shoes, hardware and drugs, while gro
Gerry, dry goods and furniture sales
last month were lower than a year
ago.
Southern Diaries Reports Loss.
Southern Diaries, Inc, reports net
loss of S1S1 ,625 for the first quarter
after depreciation, interest and other
charges. Net sales were $2,520,S54.
Gross income before depreciation was
$121 1861.
Adopt Earlier Summer Closing.
The Farmers & Mechanics National
and the Potomac Savings banks in
Georgetown. except on certain Govern
ment pay days, will close an hour
caller during June, July, August and
September. having reached such an
agreement independently of any other
Washington banks. They will continue
to open at $50 in the morning. but
will close at o'clock in the after
noon in order to give their clerks addi-
tional time off during hot weather.
These Georgetown banks will not be
open on Saturday nights. The Frank
lin National Bank has joined the ranks
of those financial institutions which
will not be opened Saturday nights
during June, July, August and
September notice to that effect hav-
ing been recently placed in the lobby.
Big Railroad Opens Office Here.
Further evidence of the remarkable
increase in economic relations and
mutual interest between Canada and
the United States, following the recent
establishment of a Canadian legation
here, is seen in the opening today of
a Washington office, at Fifteenth and
/ streets northwest, by the Canadian
National Railways, Canada's biggest
transportation system. The new office
will include a bureau of information
on Canadian travel as we'll as u ticket
office.
The Washington office is under the
jurisdiction of +. A. Young, general
eastern passenger agent. whose head.
quarters are in New York. George
l.. Bryson, district passenger agent,
will be in direct charge. Mr.. Bryson
has had lengthy railway career, and
for many years has been in charge
of the Philadelphia office of the Ca
| madam National.
Sanitary Bond Issued Offered.
The Mercantile Trust & Deposit
Co, of Baltimore; Strother Brogden
& Co. and Stein Brothers & Boyce
are offering. at 105 and interest a
new issue of s25O.0OO Washington
Suburban Sanitary District, Maryland,
series Az per cent water bonds.
Heard i'm Financial District.
George J.. Starkey. president of the
National Bank of Washington, will
leave tomorrow for Butler County,
Pa, on motor trip. He will tour
through all that section of the coun-
try and be away about 10 days. Mrs.
Starkey will accompany him.
Edward L. Hillyer, vice president of
the Union Trust Co., took a motor
trip to Richmond and vicinity over
| the holidays.
Washington Chapter, A. I. B., eX-
poets very large turnout at the Will
lard tonight, when the new officers
| ire installed. Dancing is to follow.