Evening star., 1928-04-17
GAS LIGHT STOCK
REACHES NEW HIGH
American Security and Trust
at ass Also Touches
Peak for 1923.
BY EDWARD c. STONE.

Washington Railway & Electric pre-
ferred was the most active stock on the
beard, opening and closing at l02iS al
though a i00-Share lot sold at 1921.
The days turnover was fS6 shares, Cap
ltal Traction moved at i0eis. Potomac
Electric Power u per cent preferred
at 1885, while 81 shares of Mergcn-
at los :. while 81 shares of Mcrgen-
Two bank stocks were out, Farmers &
Mechanics National selling at SIS and
american Security s. Trust at ass. q
new high for the year and gain OF )
points over the last sale. u c. Paper
preferred gained point during The
day, opening at 90. selling at a0ls and
closing up another half point. Sanitary
Grocery preferred was again strong at
llo on a turnover OF IS shares. Mer-
chants Transfer & Storage preferred
registered l08,
Capital Traction SIS opened the bond
market by selling at lo4. A $500 trans
fer IN Gas IS, series b, was followed
by $500 sale at los. Railway s. Electric
Is sold at 9SS. for a $1,000 bond. while
$1,000 Potomac Electric Consolidated
changed hands at loS9. The last sale
was baby bond, Gas &. series A.
which sold at l03a. Today'S total vol
0me Of trading was well up with some
If last weeks biggest sessions.
New Stock Issue Offered To-day
i An issue Of ] l.25o shares OF National
Woodworking Corporation Z per cent
+. cumulative preferred stock, par value
SI00 per share, and / $50 shares OF
! common stock, no par value is being
/ offered locally today by c. f. Moran
tS Co. investment bankers, located at
! iTi6 II street northwest. The National
/ Woodworking Corporation is Wash
] lngtou concern started in 1912, the
! plant being at 50 New York avenue
/ northeast The company furnishes
! uill work to contractors.
/ The new stock is offered at Si2o per
/ unit Of cne share each 10 yield about
/ Tie per cent The proceeds from the
! sale OF the preferred shares will b.
/ used for the retirement of all existing
mortgage and bank Indebtedness and
i for other corporate purposes AS soon
/ as the stock has been sold the company
! intends 70 make application for its list
/ ing on the Washington Stock Exchange
c. f. Moran. head OF the firm Offer
ing the issue, announced today thai
the major portion Of the stock alread,
had been sold The earnings statement
as OF December 81. 1927. reports tina
sales during the past FIVE wears totalee
S2.269,4T9 gross profits on sales we're
$3a33o6 expenses e24l.4I2. and me-
profits for the five years $751; .s93
Bankers Hear Important Reports.
The regular April meeting of the Dis
trict Bankers Association was held al
headquarters yesterday afternoon. with
President W w Spatd in tho chair.
The members heard several important
reports. which were adopted and ordered
filed
The association also adopted reSoht-
tons on the death Of John C. EckioH.
for many years vice president of the
Second National Bank Before his long
period Of III health MFR, EckIofI was 1ne
Of the city's most active bankers
The bankers also gave Endorsement TO
the resolutions passed recently By Wash
inEton Chapter. American Institute Of
Banking. relative 10 the candidacy OF
T Hunton Leith for pace on the in
stituie's executive council
The remaining business was purely
routine Conversation after adjourn
ment Indicated that the convention
plans are coming along splcnnidlg
Insurance Men Change Positions.
Ii is announced that James r. Burns
manager OF the Warrington real estate
department OF the Massachusetts Mu-
tuai Life Insurance Co. has been made
manager Of the companys ioaning ca
srations in the Southeasiern STATES. H3tn
headquarters az Atlanta His cashier
there will o. Carroll l.. Smith.
E. B. woodruff OF Cleveland has been
assigned 10 the Washington office. Mr.
Burns, who came here from Louisville.
Ky, was most successful in expanding
the con1panys loans in this territory.
Condemns Reducing Savings Interest.
Opposition 10 reduction Of interest
paid deposstors. as proposed BY some
bankers 10 meet the situation caused
by dimlnsghing margins Of bank earn
| ingS. is expressed by j. r. Sartori.
/ president Security Trust & Savings
I Bank. Los Angeles. IN an article IN tne
/ current issue of the American Bankers
/ Association Journal.
tOne Of the easiest ways To meet the
f. problem would be 70 reduce Interest
4 pail depogitors, but il might prove the
/ most inoppOrIune. for reduction would
I challenge deposstosg to transfer their
savings to some financial institution
1 not affected by tbe reduction, MFR.
sartori says They would tand cor
f dial seic0nle az many thousands OF
financial institutions catering 20 tbs
sa9ers business although not themselves
2
drawn savings from the banks and de-
+ posifed CT invested them elsewhere,
4 "A Ieasening ~ the interest rate
would ezDose our savings business 70
general onslaught from competing
I financial institutions eager 20 capitalize
/ jest such an opportunity
I Hoxton Reports on 1921 Business
In reviewing the operations ~ fhe
- Naas faf
the past year william w. Hoxton,
chairman and Federal Reserve agent.
states;
''rhe aggregate volume of business
transacted In the fifth Federal Re
serve district in 1927 Was moderately
beiow the high level reached III 1925,
although the tobacco and textile indas-
tries had better year IN the more re-
cent period.
Probably the chief faetor which ad-
Yefaely affected business waE ibe de-
cline to construction work IN the cities.
Nialeij df0DFe0 approximately tHlfd
ander the total for the preceding yeaf
Cisaned in Financial District.
f. E Keectl ~ CO announce that
! Ben Talbot formerly London CORE
eDondent of the HeB YORK Eup and one
/ time financial editor 0f the New Y'Gk
K9eDlng Mail hss become aAS00iated
yiih tfe firm ia the stock department
! T. A Slaughter wee president NJ the
Commercial National Bank, reports tHai
/ applications are coming ln rapidly fof
reservations for fbf June baukers' con
senii0n lie IL chairman VI tile tfshss
uFg tai3eu esmn11tLee
II ~ elFgias ~ ca are offering al 8
Drlfe 81 Yejd SIS per cent al issue o'
f375 coo first mortgage fee q per rent
sinking fund efid bonds. secured ny
tie land and the Ambassador 9n fie-
YaioF APARTMENT building and garage
4ndef construction in Pittsburgh
3Be Wall atfeet journal mentions q
member NJ ii1e New YORK gHib Wha
anIa ll.sa lnatl ~ 600 fnf g l1lfil Aenl