Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-25


small lots, epenineb
at 101 and closing - - -
at 1915. c. B. Ha1lewosd
Two 10 share
sales we're recorded in National Metro.
politan Bank stock at 400. 1t was the
first sale in this issue in a long time, the
last having been made at 405. Another
hank stock appearing on the board was
Federal. American which moved to the
extent of only 10 shares at. 1856.
Seventy shares of Potomac Electric
Power ST. per cent preferred stock
moved at 1895, The 6 per cent issue
moved at 1874 Firemen's Insurance
Co. came out at 3712, Peoples Drug
Store. again changed hands at l22
Bonds maintained their recent levels in
moderate trading. The largest sales
were in Capital Traction SIS at 10i Il
and, In Railway q Electric As at 9212
Stock Purchaser Issues Statement.
Relative to the reports that outside
interests are endeavoring to obtain
control of the Washington Gas Light
Co. by securing a majority OF the
stock, D. A. Pearson. New York
financier. who has been accommodating
the shares. made the following state
ment today:
several months ago. as the repre-
sentative of small group of investors,
Of which am one. undertook to buy
a block of Washington Gas Light Co.
stock. which was then selling In the
neighborhood of $50 a share. 1t was
not our intention to- buy control. nor
have we made any attempt to do so.
would have it distinctly understood
that I have not purchased this stock
on behalf of any holdings company,
"My interest in the management of
the corporation is merely that which
might be expected of any other stock
holder. namely, that the company
should be managed with the highest
possible efficiency, which would rebound
not only to the advantage of the stock
holders. but also of the consumers.
who are the Washington public.
may add that my friends and I, after
careful investigation. placed certain
valuation on the stock and set that as
the limit of the average price we were
willing to pay.
THE fact that we accumulated most
of our stock at lower prices enabled
us to pay higher prices for certain
large blocks The stock We now own
has already reached the average
valuation set by our experts. We are
In local banking circles today the
opinion was expressed that 1t would
take a long time for any individual Or
grouo of outside interests to obtain
voting control of the company. The
stock is distributed among some 1,7o0
holders, who are so widely scattered
that 1t would take good while for
purchasers to get in touch With the
largest investors Another reason is
that many large blocks are tied UP IN
estates and the sale of this stock would
involve extended negotiations.
A. B. A. President Once Messenger.
Craig B. Lakewood, the new rresi-
dent Of the American Bankers Asso-
citation, started his business career as
a messenger in the First National Bank.
Chicago. He has been vice president OF
the Union Trust Co. since 1917, hav-
ing first gone with the bank as adj
vertising manager. later taking charge
Of the credit department and organic
ing the new business department. In
1910 he was made assistant secretary
and then assistant to the president.
He has been a director since 1921.
Mr.. Hazlewood is chairman of the
board of the Lake Shore Trust g. Saw
ings Bank. He has been active in the
American Bankers Association for many
years. as a member of the executive
council from Illinois, chairman OF the
State legislative committee and serving
on the economic policy and other COM
missions. One of the organizers OF the
State bank division, he is also former
president of the Bankers Club of Chi
cago and of the Reserve City Bankers.
The new American Bankers Associa-
V1fA Ii CfniRuOn
Chapter, American Institute of Bank
ing; has degree from the University
of Chicago and was born IN East
Aurora, N. Y, in 1888.
Auto Production Slightly Lower.
Production of motor vehicles in the
United States in September was 4l3,722
of which 358,962 were passenger cars
and 54,850 trucks, according to Depart
ment of Commerce. This compares with
461 1856 passenger cars and trucks in
August ard 260,3 in September, 1927.
In August 400,593 passenger cars and
60,763 trucks we're produced and In
September, 1927, there were 226,443
passenger cars and 1924 trucks.
Canadian production in September
totaled 81 1913 passenger cars and trucks,
against 81 ,24S in August and 1882 in
september year ago.
For the first nine months, production
In the United States alone totaled
3,469075 cars and trucks against 1906
672 in corresponding period of 1927
There were 1904 237 passenger cars and
404,838 trucks produced. compared
with 2,540,312 passenger cars and 366,
$50 trucks in 1927.
Heard in Financial District.
Eugene E. Thompson. president Of
the Associated Stock Exchange. has
been In Montreal to visit the exchange
there. 1t is an exchange that does an
immense business.
In observance of the twenty-first an.
r1iversary of the Bank of Commerce &
Savings, Alexander Wolf. a director
has invited the entire board to be hi.
guests at dinner at Harvey's on the
evening of November T.
The regular monthly dinner and oper
meeting of the Washington Banl
Wolnen's Club will be held at The Par.
rot this evening. President Lois A
White, who has recently recovered from
a severe illness. will preside for thu
first time in some months and Their
Will be several prominent guest speakers
The u. S. Shipping Board has an
proved the application of the American
Export Line for loans totaling abou
S4,500000 with which 10 build fou
passenger vessels to operate be
tween New York and Mediterranean
ports. The loan will be three-fourtl
Of the cost of the ships.
Clarence Saunders, founder of Piggl
Wigsly Corporation, plans a new ma
tional system of chain stores. to be con
trolled by Clarence Saunders Corpora
ton, a holding company
Joseph Schiavone, former presiden
Of the International Exchange Bank c
this city, who is now in the STEAMSHIP
ticket and insurance business. ha
opened branch Office in Baltimore
The District Bankers AsSociatio
council of administration will meet to
morrow afternoon. The most importar
matters TO come are further plans fc