Evening star., 1928-12-31
REPORTS REVEAL GAINS
FOR MANY INSTITUTIONS
Banks, Clearing House, Stock Exchange
and Numerous Business Ventures
Forge Ahead.

and 3 points. But their fluctuations
have been so slight that it can easily
be seen how they stand with the in
veStment public.
A glance backward shows that Wash
ington Gas Light led the stock division
In total share turnover among the pub
lie utilities. Next came Capital Trac-
ton, the Potomac Electric Power issues
and Washington Railway & Electric
preferred.
One of the striking features Of the
year on the exchange was the change
in popularity of some of the old-time
leaders to issues in the miscellaneous
list. Mergenthaler again stood out and
Lanston was very active, while Peoples
Drug, Sanitary Grocery. Chestnut
Farms Dairy and Barber 81 Ross COM
mon forced their way into the lime
light. Federal-American Co. common
Commercial National preferred and
District National Securities saw grow
ing amount of trading.
Bank Stocks Command Attention.
Bank stocks were strong all the year
and some were active. Riggs National
scored a high for the year of 577l2.
National Savings & Trust sold up to
521 and Washington Loan & Trust
moved up to 523. Security Savings &
Commercial figured in a very light
turnover, but climbed to SOL. American
Security & Trust got up to 462, while
the lower priced bank stocks main-
tanned notable strength during the
year.
The annual meeting of the local ex-
change witnessed the retirement of c.
c. Glover, jr., from the presidency at
his own request and the election of
George o. Watson, president of the
Liberty National Bank, as his success.
sor. More rigid listing rules were
adopted, giving local investors added in
formation and protection.
Financial History Written.
One of the outstanding events in
local banking circles during the year
now ending was the consolidation of
the Riggs National Bank and the Farm
ers & Mechanics National, of George
town. This merger brought together
the largest bank in the Capital and one
of the oldest-one that years ago passed
the century mark.
The merger gave the Riggs National
added prestige by assuming operation
of the Georgetown institution as a
branch and also adding the latter
banks Friendship branch. This impor-
tant move increased the number of
Riggs Bank branches to six. The mer-
ger become effective on December Is.
1t has also been a remarkable year
for the enlarging and beautifying of
many of Washington's banking homes.
The Washington Loan & Trust Co.
completed an addition that doubled the
size Of the building and the banking
quarters. The Union Trust Co. had
the same distinction. The
Second National erected a handsome
uptown building as the permanent home
for its branch.
The Security Savings g. Commercial
completed a fine building for its branch
on street and did still more than that
The officials extended the main bank
at Ninth and G streets until its space
had been doubled and its facilities
brought up to date in every way. Near
the end of the year the Columbia Ma
tional Bank moved back into it's old
home which had been almost entirely
rebuilt during the - months, enlarged
and made vastly more convenient for
t4lC COlAOuClulB VI DdIlklUR operations.
other banks, including the Merchants
Bank & Trust Co., made many interior
changes of Importance during the year.
New Bank Presidents Elected.
During the year Corcoran Thorn was
elected president Of the American Sc
curity & Trust Co., when Charles j.
Ball asked to be retired. Mr.. Bell be-
came chairman of the board and re-
mains active in the banking field.
Fernando Cuniberti was elected presi-
dent of the International Exchange
Bank when Joseph Schiavone ex-
pressed desire to retire. Mr.. Cuni-
berti, a former Washington resident.
from several years business
activity in New York to assume his
duties here.
August witnessed a change in presi-
dents of the Park Savings Bank, Presi-
dent Somerville being relieved by
George W. Walker, after many years of
splendid service. The bank also de-
clared 100 per cent stock dividend
during the year, this action making a
particularly important event in the
banks history.
There were many other changes and
promotions in personnel during 1928.
several banks adding new names to
their directorates. Perhaps the most
prominent national figure added to any
board during the year was the election