Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-16
TRADING IS BROAD
ON EXCHANGE HERE.
Railway Common Out at 255.
Pepco Preferred Is Active
at 1O1 7-8.
BY EDWARD c. STONE.

In broad and active trading on the
Washington Stock Exchange To-Day
Washington Railway & Electric COM
mon made one of its rare appearances,
10 shares selling at 255. This is the
same as the last sale, when it reached
the high mark for the present year
Railway & Electric preferred also
came out, 4S shares of this stock
selling at the recent level of 81 r..
Capital Traction sold at eX-divi-
dend at 103A. The most active stock
on the board was Potomac Electric
Power 5la per cent preferred stock,
ISL shares of the new issue chang
ing hands at 1918. Several bank
stocks were out, Commercial National
selling at 26S, Union Trust at $50, ana
10 shares Of Riggs National at $50.
Peoples Drug Store preferred regis
tered 1O91A, and Potomac Power per
cent stock held firm at 1854. On the
bond side Capital Traction 5s came
out at 1919 and 101 y, Potomac Elec-
trio Consolidated IS at 1924. Wash
ington Gas IS at 101%, Gas 6s, series
B. 1861, and Chesapeake & Potomac
Telephone of Virginia 5s 101A. In
the unlisted department 10 shares of
North Capital Savings Bank sold
at IA.
Two Bank Board Vacancies.
The recent death Of Walter II. Klop-
fer leaves a vacancy on two bank
boards in this city. the Park Savings
and the Second National. Word of
the passing of Mr.. Klopfer at the age
OF 67 years was telegraphed to the
Washington bankers at their Hot
Springs convention and caused gen
eral regret among his wide circle of
ct 10. IHr boon.
Iy felt by Victor r. Deyber of the Sec
ond National. as he had been connect
ed with the bank for many years, and
his advice and counsel was considered
of great value. 1t is possible that 1t
will be some little time before the va
cancies on the two boards are filled.
Riggs Deposits Now S45,245,551.
The Riggs National Bank has re.
Gently compiled a report showing the
growth in deposits since 1915. The
statement shows that in June, 1915,
total deposits were $8,727,562. They
increased with almost amazing rapid
ity during the war, and in 1919 had
mounted to $23,738,131. Then they
settled back little during the next
two years, again entering new ground
in 1922 From that time they moved
forward steadily, until in June, 1926,
they had reached $42,819, 1896. June
of the present year finds the total de-
posits at $45,245,551.
Grocery Issue Put Out Today.
The new issue of s2,5OO,OOO convert
ible 61a per cent preferred stock of
the Sanitary Grocery Co. was placed
on the market today by Merrill,
Lynch & Co. and Crane, Paris & Co.
It is priced at 100 per share and ac-
crued dividend. The stock is convert
IDLE into three shares of common for
one of preferred up to December 81.
The company reports that in 1925 net
profits after taxes were 1854. $50,
equivalent to 4.21 times dividend re-
quirements on the new preferred. 1t
is stated that the executives who
have built up the business of the 312
grocery stores in Washington and vi
entity will continue in service.
Three Banks Declare Dividends.
At a meeting of the board of direc-
tors of the Lincoln National Bank
this forenoon. President Floyd E.
Davis presiding, the usual seminar
nual dividend of per cent was de-
clared. 1t is payable on July l to
stock of record on June 20.
The directors of the Security Saw
ings & Commercial Bank yesterday de.
clared the regular quarterly dividend
of 4 per cent, according to announce
ment by President Julius I. Peyser.
The books close on June 25 and the
dividend is payable on June 80.
The directors of the Potomac Saw
ings Bank recently declared the regu-
lar semi-annual dividend of per
cent. this disbursement being payable
on July to stockholders of record on
June 20.
Mellon Makes Liberty Loan Offer.
Holders of Second Liberty Loan
bonds. both Second As and Second
ANS, who may not desire to exchange
them for the new 33s per cent Treas
ury bonds of 1943-47. are now given
the opportunity. until the close of
business on June %, to sell their
bonds direct to the Government, with
the understanding thai the lowest Of
fers may be accepted, if satisfactory
to the Secretary of the Treasury. This
procedure will save commission
charges to the seller and to the
Treasury.
Accordingly. Secretary Mellon in
vites all holders of Second Liberty
Loan bonds to submit proposals for
the sale of these bonds. From the
lowest proposals received the Treas
ury expects to purchase a limited
amount of such bonds. All proposals
should be handled through a bank,
trust company or recognized dealer,
who will deal with the Federal Re-
serve banks, which are the official
agencies for the Treasury in these
transactions.
Heard in Financial District.
President George L. Starkey of the
National Bank of Washington has re-
turned to his desk after 10 days vaca-
ton passed on motor trip through
a large section of the most attractive
parts of Pennsylvania.
President Peter A. Drury of the
Merchants Bank & Trust Co. is spend
ing a few days at his Summer home
in the Blue Ridge Mountains, at Blue
mont.
At the recent Hot Springs conven-
ton, the local bankers association
passed a special resolution compli-
menting Miss Grace M. Bromley for
her very efficient work as assistant
secretary during the past year. she
was also presented a fine travelling
case at the family dinner.
S. w. Straus & Co.. in conjunction
with a group of investment dealers,
offer at par $12,0O0,OOO first and re.
funding closed mortgage 51a per cent
sinking fund bonds of the Ambassador
Hotel Corporation, due 1947.
Liggett Drug Stores sales for the
first five months of 1927 were $685.
S46.885. comparing with $20,593,75S for
the corresponding period of 1925. an
increase of $3.253,127, or 1873 per cent.
Roberts Entertains A. 1. b. Officers.
I. J. Roberts, president of Washing
ton Chapter, American Institute of
Banking, was host last night to the
officers and board of governors of the
chapter at his home, 1880 Jefferson
street northwest.
The guests included James A.
SOOer first vice loroSidepf. 10. |