Evening star., 1928-12-05

| has been climbing to hlgner levers
| steadily for several weeks.
Other local issues were firm today.
Seventy shares of Chestnut Farms
Dairy preferred moved at 107. Potomac
Electric Power per cent preferred ap-
reared on the board at 112 and closed
at 1l17a. The sig per cent stock sold
at 1882.
| Washington Railway & Electric pre-
ferred sold to the extent of 65 shares
at 995s. Capital Traction figured in
15-share sale at 1912, up half point
from yesterdays close.
Mergenthaler moved at 1053s and 105l4
and Lanston Monotype came out at
118X4. Firemen's Insurance Co. moved
at 38 and Federal-American Co. COM
mon at 542s.
The only bank stock trading was in
Riggs National warrants, which changed
hands at 305 and 307. All the bond
trading was in Washington Gas issues
at recent levels.
With Same Trust Company SO Years.
Frank w. Stone, vice president of the
National Savings & Trust Co., holds an
unusual record in that he has been with
the same institution 38 years. In just
seven years after he obtained employ
J
president and also made director, which
positions he has held ever since.
Born on Staten Island, N. Y, Septem-
Der %. 1865, he was the son of a noted
historian and nephew of former presi-
dent of Brown University. Educated
in the public schools in Jersey City and
in business college, the young man be-
came engaged in the book publishing
business. After eight years he became
so interested in finance that he deter
mined to enter the banking field, the
would-be banker coming to Washington
and obtaining his first position with
the above mentioned trust company
in 1890.
Mr.. Stone has always maintained a
keen interest in affairs outside the walls
of the bank During the World War
he was particularly enthusiastic in
pushing the great Liberty loan drives
He is a member of the Sons of the
American Revolution, City, Columbia
Country and Lock Tavern Clubs, and
American Bankers Association. And,
according to Who's Who in Finance
and Banking he is also thirty-sec-
ond-degree Mason, Republican and
Baptist. .r
Chain Stere Sales Increase.
Sales of S. S. Kresge Co. for Novem-
ber totaled $13,034,248, against $12,-
010 1892 in November, 1927, an increase
of 8.5 per cent. Eleven months sales
were $122,519,069, against $1l0,721 1854
last year, an increase of 106 per cent.
The McCrory Stores report November
sales of $3,444,275, compared with
| 1926, ,307 last year, ga per cent in
| crease, while sales for the II months
/ totaled $33,880, ,299, against $32, ,478, 1856,
an increase of 4.3 per cent.
| F. & w. Grand 5-10-25 Cent Stores,
Inc, report sales for November totaling
$1,718921, a gain of 50.7 per cent over
the $1,140,203 total for November a
year ago. For the II months period
sales totaled $13,773, ITO, compared with
$l0,6l5,821 during the same period last
year. an increase of 29.7 per cent.
Directors Honor Late President.
At the regular meeting of the board
of directors of the First National Bank
of Sandy Spring a special tribute was
paid TO the late Alban G.. Thomas, who
was the leading spirit in the banks or
ganization and its president for "a
years. From the time the bank was an
untried experiment until it became ar
assured success, Mr.. Thomas gave II
untiring devotion and wise counsel
Resolutions have been sent to the family
expressing the sense of loss which al
the directors feel in the passing of such
an able official
Banks Rushed With New Accounts.
New permanent savings accounts have
been started in surprising numbers dur.
ing the first three days of the present
week. These accounts are being opened
with funds saved in the 1927 Christ
mas savings clubs which paid theil
checks to members last Saturday
. Some of the depositors who are open.
ing the new accounts have used theil
entire Christmas savings check as theil
] first deposit. This Is not the rule, how
ever, although nearly all say the money
is taken from those checks. While loca
bankers state that they make no money
on the Christmas club accounts be-
cause of the large expense involved ir
handling them, yet they see some very
tangible results in the opening Of these
new accounts.
AS already stated, the new Christ
mas savings club accounts for 1929 are
coming in faster than ever. Washing
tonianS are getting more and more
thrifty each year. At least one local
bank has almost as many members now
as it had when the joining period
ended a year ago.
Change in Monetary Situation.
The Federal Reserve Board notes a
considerable change recently in the
monetary situation. The gold move
ment shows a reversal, holdings of the
system decreasing almost $lO,000,000
The cause is renewed activity in ear
marking, and demand from Canada
| r1.rI k1I SNN1rnncnI 11no IV 1o -
week, with almost all of total secured
by Government obligations. Reserve
officials believe England is determined
to lose little or no more gold.
The change in the trend of brokers
loans was very great last week, nearly
all of the increase being by New Yorh
banks Borrowings from the New YORK
Reserve Banks increased $131 600, 900
rejecting the gold loss and heavier de.
mand from member banks. The recent
heavy increase in call money rate i:
seen as thus explained.
Heard in Financial District.
Friends announced today that LAME
P. McLachlen, president of the McLach
len Banking Corporation. was celebrat
ing his birthday. In the morning ma!
he received many good wishes and con
gratlllatory notes. One of these card
contained a very artistic drawing of
Scotsman on it, beneath which wa
the humorous reference: This Is you
birthday, but be careful how you spen
! it."
Mr.. McLachlen has been bank pres
ident since October IL, 1922, shortl
after the death of his father. Whe
he was elected he was 33 years Of ae
and was the youngest bank presider
in Washington.