Evening star., 1927-05-08
LOCAL STOCKS SET
NEW HIGH MARKS
Washington Bankers Return
From A. B. A. Council
Meeting in Hot Springs.
By EDyy ARD c. STONE.

transfer of 80 shares.
Capital Traction closed the week
at 1047s after touching 105 on Fri
day. Potomac Electric Power pre-
ferred came out at 10SSs, Federal
American Co. common sold at 81, and
so shares of National Mortgage 4
Investment preferred moved at 3 a
In the bond division, Washington
Gas Light Is, Series A, sold at l039s
while the B bonds came out at l0o IS
Potomac Electric Power general and
refunding IS changed hands at lOS
| The usual calling of the issues in the
unlisted department showed very few
changes.
Bankers Back From Convention.
| George O. Watson. Howard Moran
and Harry V. Haynes have returned
| from the Spring meeting of the ADV
| sorv council of the American Bankers
| Association at Hot Springs, Ark t., T.
Mountjoy viii return early this week
and John b. Larner has gone on &c
California.
Mr. Watson reports an unusually
interesting session. The reports Wers
comprehensive, one of the best ones
relating to financial conditions abroad
This and many other important
statements will be forwarded to the
members of the association in tho
near future.
Glimpses Of the appalling flood dam
age were obtained by the local bank
ers on their way West. Mr.. Watson
who went by the Southern route, was
delayed on the trip, but the delay
enabled him to study the effects of the
disaster in several different localities
He told members of the local Stock
Exchange Yesterday that he had never
seen anything comparable with condi
tions al they now exist in the South.
Investment Bankers to Meet.
Eugene f. Thompson. head OF
Crane, Paris & Co. will leave Wash
ington tonight to attend the Spring
meeting of the board of governors
of the Investment Bankers Asso-
citation of America to be held at
White Sulphur Springs, w. Va. The
four day session opens tomorrow.
Important topics, especially those
relating to the investment securities
business. are scheduled for considera
tion at the executive sessions. Future
loans to foreign, and especially the
basis of these loans in view of recent
comment on this subject by Govern.
| ment Officials, are expected to be dis
cussed freely.
Paul V. Keyser Of Washington, one
Of the associations officials. will also
attend the White sulphur sessions.
Makes Strong Insurance Plea.
Edward A Woods, in his plea for
more insurance bequests in aid of
phila nthropic causes, told the District
Life Underwriters Association last
week that the estate of the late Henry
n. Frick of Pittsburgh has not yet
been settled.
Mr.. F'rick has been dead eight
years. He left several millions to va
rious institutions, including hospitals
These were residuary gifts to he paid
after all settlements with relatives.
The estate was SO large and involved
that the many institutions are still
waiting for the funds willed to them.
And other gifts have been discontin-
ued because of the impression that
the Frick beQuests would supply all
the financial needs.
Mr.. Woods used this instance to
make the point, that bequest insur.
ance means that any institution will
get its money at once on the death
of the donor. While the percentage
Of broken wills is amazing. he said
| money Willed through an insurance
policy cannot be tied up by anybody.
Keith i'm Big Amusement Combine.
The second combination of motion
picture interests outlined this year is
| nearing completion and is expected
to take it's place among the Big
Five" Of the industry when stock.
holders of Pathe Exchange. Inc. vote
this week upon a recapitalization plan
which will fuse it's activities with
those of the Keith Albee- Orpheum
vaudeville circuits and the Cecil b.
de Mile producing group.
Upon completion of the present pro.
gram, the new Pathe group will have
an integrated organization which will
coordinate the production, 1isttibu-
ton mad exhibition of pictures. II
will take rank as one of the leading
factors in the motion picture industry,
along with the Paramount-Fa Famous.
Lasky Corporation. Metro-Goldwyn-
Mayer, the Stanley-F'irst National
West Coast Theaters group and the
Fox Film and Theaters companies.
Merle Thorpe Among Speakers.
Merle Thorpe, editor of The Ma.
speakers at the National Fertilizer AS
| sociations annual convention at
White sulphur Springs, beginning on
June 5. taking the new competition
between industries as his subject.
Charles G. Parin, director of re-
search for the Curtis Publishing Co:
Sir John Russell, international agri-
culturist; Virgil Jordan. economist of
the National Industrial Conference
Board, and f. st. Elmo Lewis of De
troit will also speak. The head.
quarters of the association are in
Washington, Spencer l.. Carter being
president.
Market Overbought. says Moody.
Moody's weekly financial review
says in part:
Corporation profits during the
first quarter Of the year in the ag-
gregate just Il shade better than n
year previous. They are doing well
to equal those of last year. but it will
be increasingly difficult TO keep on
doing it.
THE stock market is beginning to
look overbt ught. Brokers loans
have been expanding; the bank loan
ratios are higher In New York than
outside, and call money has lately
risen above time. All that one may
reasonably look for. however. is a
large reaction rather than a bear
market"
Pays S20O,000 for Exchange Seat.
James b. Williams jr. one of the
Wall Street brokers. who paid the
record price of 100000 for a seat
on the New York Stock Exchange,
formerly resided in Cumberland. Md.
He graduated from Lafayette Uni
yersity in 1922 and decided he would
apply his economic training In Wall
street. On arriving there he entered
the employ of Tobey & Kirk. The
World says of him:
Mr.. Williams began his financial
career with a nominal capital. Sew