Evening star., 1928-06-18

| GNSO W SUCK mar ~ ~ V@152.@I
ket activity. 81
Banks have been skzzzk- lAE1zllE
borrowing increas- u
ing amounts from "'0" Le"n'
the Federal Reserve centers, il
was observed, during a period when the
1ounoation for Federal Reserve credit
was contracting. But in recent davs
II was pointed out. interest rates had
risen. and the steps of the Reserve
board to protect its credit had induced
| tne lending banks to pass pressure on
! 70 the borrowing public as evidenced
py tne rise IN open market money rates
ana the closer scrutiny to which many
loans are subjected"
| Production Holds I'm.
| Reviewing trade conditions, the board
/ noted that the volume of manufacture
ing production had shown little change
| curing recent months, and department.
store and wholesale sales were a trifle
smaller than last year. largely because
OF unfavorable weather. Price move
ments IN the wholesale markets were
SAID 10 nave been slightly upward, be-
cause of increases In selling rates for
copper, ENC. grains, cotton and live
| stock
| In ruling attached to its bulletin
Ior bank information 1t was stated that
tne board held that deposits made by
mutual savings banks, Morris Plan
banks and personal credit unions with
national banks might be classified in
accounting as amounts due to banks"
Deposits OF building and loan associa-
tons and OF cooperative banks of the
Massachusetts type. however. were
ruled to be deposits for classification
with ordinary private and business de-
posit totals.
Firm Opens Washington Office.
Samuel McCreery &, Co., investment
bankers. of 1918 Walnut street. phila-
delphia, Pa are opening a Washing
ton office today under the MANAGEMENT
OF Robert G. Johnston, with offices in
the Smith Building, si5 Fifteenth
street. This company Is a we'll estab-
lished Philadelphia f1rm dealing in in
vestment securities. The firm is a
member cf the New York Stock Ex-
change and the Philadelphia Stock
Exchange
Robert Johnston has been associated
with J. A. w. Iglehart g. Co. Invest
ment Bankers. for the past three years
and he is well known throughout the
city.
Savings Bank Handsomely Decorated.
The redecoration of the banking room
OF the Northeast Savings Bank has lust
been completed and presents a most at
tractive appearance. The beams of the
| ceiling have been done In Circassiar
walnut. while the panels are finished In
| gold. All the side walls are repreSen-
tation OF Caen stone. The combination
and blending of the various shades
makes striking and harmonious in
fGFfnR -ta
Woe comment among the banks pa
irons and the directors have reason to
/ be proud of the changes.
The bank, which is located at 900 H
street northeast. has just transferred
$4,000 TO surplus. declared the regular
per cent semi-annual dividend and an
extra dividend OF per cent, payable
June 80. The present officers are L. P.
Steuart. president: Charles R. Talbert
first vice president: George F. Hoover.
second vice president and W. Reginald
Lewis, cashier.
s6,0oo.oeo Spent on Development.
washington bankers were intensely
interested in the development at Nom
tauk Beach, Long Island, as they viewed
! IT during the recent convention. More
than $4,000, 900 already has been spent
on the Montauk Manor Hotel and the
surrounding territory. The property,
owned by Carl G. Fisher and his asso-
ciates, Is IL miles long, extends to the
eastern tip Of the island and from the
ocean TO the Sound. Over so miles of
road already have been constructed.
Local bankers were informed that an
other hotel Is soon to be built near the
present one and two new mortgages. one
for 81 ,000, 900 and one for $4,000, 900,
have just been recorded at Riverhead,
L. !. The construction OF long board
walk on the beach and a new bathing
pavilion Is planned this work having
already been started. Carl Fisher is
the man who developed the Miami
beach. 1t Is safe TO predict that the
District Bankers Association will 60
back to Montauk again before many
years for another convention
Bankers on to Philadelphia.
The last of the local bankers repre-
senting Washington Chapter, American
Institute OF Banking, went TO phtla-
deiphia today TO attend the annual
convention. They were most enthuSi-
astic over the campaign TO elect 7.
Hunton Leith TO the National Council.
A campaign OF several weeks has been
conducted, with z. J. McQuade as head
political campaigner Leith's chances
appear excellent The only factor that
| is likely 10 initiate against his election
lis that Baltimore also has a candidate
In this territory.
| Philadelphia reports that this will be
| the largest gathering Of bankers the
| city has ever entertained, $500 dele
gates.
Heavy Trading on Exchange.
Trading was unusually heavy on the
| Washington Stock Exchange today.
| Riggs again sold at 535, Second Ma.
| tional came out at 270. American Sc
curity & Trust at 453M and District
| National at 244
| Capital Traction sold at l07%. Poto-
| mac Electric 512 per cent preferred at
| l07 Washington Gas. 95iz; Washing
| ton Railway e. Electric preferred, 99l2:
Lanston. ii5s., and Mergenthaler at
i0l u. 1912 and l0ias.
Merchants Transfer ~ Storage pre-
| ierred moved at 109M In the bond
division Washington Gas, series A, sold
| At i05. Chesapeake IL Potomac Telc-
phone 5s sold at 1907 and G. a. r.
| Tel IS Of Virginia at 1903. The closing
bond sale was In Barber 81 Ross 6las.
q $4,000 transfer being made at 95.
Capital Traction Is now being quoted
| ex-diyidend. Other stocks In this tist
are Peoples Drug and Woodward 81
Lothrop preferred
Heard In Financial District.
Edison d. Olds, vice president and
turned 10 his desk today, after a week
spent In New York, following the
bankers convention.
Lawrence A. Slaughter, vice president
Of the Commercial National Bank, is
planning 10 leave Washington shortly
for his vacation al Saranac Lake, ". Y.
He Is improving rapidly
Hilleary l.. Cffutt, vice president Of
the District National Bank, Is back at
his desk after q few days illness with
q severe cold.
| n Easailau 1InaLaar has hecnrna aasn.