Evening star., 1928-10-15

% per cent preferre'
~ moved at lib an
1870 IT, the 5la iSSu
changed hands a
1081s and 1083l Mergenthaler Linotyp'
| figured in a 55-share turnover at 100 q
Capital Traction came out today a
los for two 10-Share lots. Chestnu
Farms Dairy common jumped 10 point
to 100 for 10-share lot. Two share
| of District National Bank stock sold a
239. Bonds we're quiet on the loca
exchange today.
! The board of governors of the eX
change will hold a meeting soon to TAX
| action on trading in rights in connec
! ton with the exchange of Farmers &
! Mechanics National Bank stock TO
Riggs National stock. The consoli'
/ dation now in progress brings the mat
! ter up at this time. Letters explain
! ing the merger plan and its relation tt
the bank stocks involved have beer
! in hands of the stockholders of boil
! institutions for some time.
Reserve Officials Among Speakers.
Among the Federal Reserve and othe
officials who are expected to speak a.
the dinner of the Baltimore Clearing
House Wednesday night will be Ed
mond Platt, vice governor of the Fed
eral Reserve board; J. w. Mcintosh
controller of the currency and ex-otlc1t
| a member of the board; William w
HoXton. chairman of the board of th
| Federal Reserve Bank of Richmond
and George j. Seay, governor OF th'
Richmond institution.
The dinner rendered to Federal Re
serve officials will precede the forma
| inspection of the new building Of th'
Baltimore branch of the Richmond
bank on Thursday. The usual meeting
of the board of directors of the Rich
mond Federal Reserve Bank will take
place in Baltimore on this occasion, ano
following this officers of banks which
are members of the fifth Federal Re-
the new building.
Institute Attendance Reaches 404.
Chairman A. E. HenZe of the educa-
tional committee of Washington Chap
ter, American Institute of Banking, an
nounced today that the enrolment fo1
the first semester had now reached 404
That is per cent ahead of last yeal
and is considered as normal growth
The new class in business English
and letter writing has started off witt
much enthusiasm Twenty-one stu.
dents registered on the opening nigh
and several more are planning to join
The instructor is Arthur Deering, whs
is connected with Catholic Universit,
and also gives lectures in New Yorl
and Richmond each week. The cours,
is not in the A. 1. B. list. but wa!
started here in response to a specia
demand.
The meeting of the institutes boare
OF governors at the home of Miss Mabe
V. Royce on Saturday evening was
devoted largely to routine matters.
Harrison Again Heads Southern.
Fairfax Harrison, who has just beer
reelected president of the Southern
Railway, became head of the syster
on December l, 1913, SO that he has
guided the roads destinies for nearly
Is years. Although his ancestors are
from the Old Dominion, he was born ir
New York City in 1869, graduated from
Yale, took course at Columbia anc
started his career as a New York lawyer
Law brought him in contact with the
Southern, and he became vice president
Of the road in 1906, taking full charge
seven years later. 1t is interesting te
note that he got his Christian name
from a distinguished ancestor. Lore
Fairfax an intimate friend of George
Washington
Department Store Sales Gain.
Sales in Washington department
stores averaged higher in September
of this year than in the same month
in 1927, according to the Federal Re.
serve Bank of Richmond. The gain wa!
4.8 per cent. Lynchburg, Baltimore
/ LlinIa1,onvaI Uo 1e,
| had increases. Norfolk and Huntington
sales showed decline over September
| 1927. Twenty-SiX stores in the fifth
/ district showed larger sales and % {
slight falling off.
Embassy Reports Trade Progress.
Trade between Poland and the Unitet
! States reached a new record in the frs
! half of this year with a total vsAue o
| $27. 7.S27, $50. Polish imports of Ameri
! can goods increased Al per cent over th
| imports for the same period last yea
| and exports from Poland to this countr
| increased 10 per cent. The Unitet
! States retained second place among tn
countries of origin for Poland's i'm
ports, accounting for 16 per cent of tn
total.
Bankers to Meet This Evening.
The Fall meeting of the Distric
Bankers Association takes place thi
evening at the Willard, the meeting be
ing open to the accredited representa-
tiveS of the various banks. At leaS
four very important matters are to com
up for discussion, the addition of fldu
ciary section. safe deposit section audi
section and the proposed eStablishmer
of credit bureau. Adoption of thes
four proposals will greatly expand tn
work of the association and mark tn
present year as one of the most i'm
portant in the history of the local OF
ganlzation.
Heard in Financial District.
The Western Union Telegraph c.
reports for nine months ended Septem
ber 80, 1923 (month of Septembe
1928 estimated), net income of $11
306.880 after depreciation, interest, Fed
eral taxes and rent of leased line
equivalent to $11.04 a share earned o
l ,024074 shares of stock outstanding g
|, end of period. This compares wit
$11 ,290, ,074, or $11.3l share on 997
; 866 shares, in first nine months of 1922
Rapid progress is being made on tn
new entrance to the Merchants Ban
, g. Trust Co, on the H street side Whic
is to replace the corner entrance. TIL
corner space in the lobby will eventual
be turned over to the banks woma
customers.
Local stock board rooms were crowde
this morning at the opening of tn
J market, when the leaders again main
} tanned strength. The caution sigma
put out by many big brokerage house
caused many traders to watch the
stock more closely.
S. S. Kresge Co. for the nine month
} ended September 80 reports net prof
of S10,246,079,> equal to S2.75 a Shar
against $9,O95 1928, or $2.44 share i
1927.