Evening star., 1928-10-07

fifth reserve 6iS- ~
trict, also he'd u
gain, clearings for ~ / y.
the week ended Y ~
October 4 being n
S53.0o3, 900, against
S4s,759,00L
previous week and Francis T. Savage
80 per cent above
the figures a year ago according 10
Bradstreet's report, clearing for the
country as a whole were 22.7 per cent
ahead of the week ended September ~,
and over IA per cent above the corre-
spending week a year ego.
Local Securities Remain Firm.
Prices of local securities remained
firm during the first Saturday session
of the washington Stock Exchange
since last Spring. There was a large
attendance OF members with the presl-
dent. c. C. Glover, in the chair.
American Security and Trust Co
stock changed hands at ass and 4oo.
The week closed with a bid OF SOB on
Riggs National Bank stock but no sales.
This stock was one of the features oil
the week, having jumped 20 points
right after the announcement OF the
banks consolidation with the Farmers
Sanitary Grocery preferred, in which
interest has been keen during the past
few DAYS, opened at 1912 and closed
at 1871 on a small turnover. "a shares
of Mersenthaler sold at 1902 and
closed with sale of 1005s. Peoples
DRUG was strong,. with IS shares NOV
ing at lis.
The Potomac Electric Power issues
were firm. the per cent preferred
stock selling at 113 and the 5i2 per
cent issue at 1037k The unlisted
securities we're calisd of, very few
changes noted during the week.
Convention Highly Profitable.
Local bankers who attended the con-
vertion of the American Bankers Asso-
citation in Philadelphia,. report most
profitable session. Craig B. Hardwood
of Chicago. was elevated to the presi-
dency.
John O.. Lorsdale, president of the
National Bank of Commerce in st.
Louis, who. has been second vice presi-
dent, was elected first vice president.
Rome c. Stephenson, vice president of
the st. Joseph County Savings Bank,
South Bend, md, was chosen as second
vice president
Il propose" said Mr.. F9azelwood in
accepting the nomination, "that we
emphasize this year the study Of all
phases Of hank techriiqIs and the dis
ser1ination, OF information regarding
standard practice and efficient and
profitable bank operation In particular,
I see great possibilities and 1leed for re-
search and leadership in matters of
bank management and administration
If there islafy lesson to be learned from
studies and surveys of the banking busi-
ness which have been made in this
country. IL is the imperative necessity
for better management.
The new administration means to
promote the regional examination plan
This plan has two detectives" Mr..
Hazelwood explained. "first, more
thorough and conservative bank exar11i-
nation; and, second, the organization of
community interest for the, discussion
of bank problems We will employ In
this effect the most expert counsel we
can obtain and the best brains we can
find in our organization. ~
Savage Returns From Europe.
Francis T. Savage, former president
of the Citizens Saving Bank, which was
absorbed by the Security Savings e.
Commercial Bank about a year ago, has
returned from tour of several months
in continental Europe. He finds that
Europe has gone a long way toward get
ting back to normal since the war and
predicts more and more competition
with this country in the future.
Germany is prosperous and able to
pay: the hydraulic water resources of
italy furnish her with inexauStible sup
ply Of cheap power, while France is also
busy and prosperous, said Mr. Savage.
The former banker noted steady eco
Yon1ic advancement in all the countries
he visited, which be declares was nlosl
gratifying.
Clearing House Meeting Soon.
Victor B. Deyber. president of the
Second National Bank, and secretary OF
the Washington Clearing House ASsocia.
ton, will call meeting in q few days
fol- the election of new chairman tc
take the place of Harry v. Haynes. re-
dent Of the National Capital Bank, Il
serving as temporary chairman at the
request of the other members of the
association.
Peoples Drug Earnings Reported.
Sales of Peoples Drug Stores, Inc. for
September were reported yesterday as
S952,427, compared with S6S6,542 in
September of last year. This was an
increase of $265,8S5, or 1877 per cent.
For the first nine months of the
present year the drug company's sales
were S8,0l6,504, in comparison with
S5,76S,i39 for the same period in 1927
an increase this year of $2,246,3e5 Or
$50 per cent
The preferred stock is selling on the
local exchange at lis and the COM
mon on the New York Curb just under
70.
Financial District Notes.
r. Golden Donaldson. president OF
Commercial National Bank was back at
his desk yesterday after attending the
meeting of the convention of the An1eri-
can Bankers Association at Philadelphia,
and the first game Of the world series
In New York.
G. Bryan Pitts, chairman of the
board Of the F. H. Smith Co., has re-
turned to Washington after an ex.
tended tour of European countries.
A triple coverage group insurance
program of interest to the banking and
allied industries throughout the entire
country became effective when the Gen.
eral Baking Co. of New York, announced
Q contract providing it's more than
5000 employees in 43 bakeries, located
in "a cities, including Washington, with
group life insurance in excess OF
100000.
The Columbia National Bank will be
the next local financial institution tc
hold open house in connection with ex-
tenSlve improvements and enlargements