Evening star., 1928-10-11

1 OCANob AiACd Oll ally Eft21f&2t2& #8, $8SftAl8s
recent Government N S3
short term issue, M %3
Secretary Mellon - McKee-
explained that the
! heavy oversubScription could not b
taken as gauge of the money mar
/ ket. AS usual, the banks are tn,
largest subscribers, and the rate wa
| liked in consideration of the fact tina
some Government Short-term issues ar
now selling on the market to yield
slightly higher return than that givel
by the new issue.
The new loan was made necessary b.
the Treasury's expenditures in com
pletely retiring the Third Liberty LOAF
curing September, at which time ther
were also the usual heavy quarterly in
tereSt payments on other obligations.
Henry H. Mckee. president of tn
National Capital Bank, YVES elected
chairman of the Washington Clearin,
House Association at special meeting
| held late yesterday at the Nationa
Metropolitan Bank, filling q vacanc,
caused by the withdrawal of Harry v
Haynes from all local banking affilia.
tionS. Mr.. Mckee had been serving
as acting chairman of the association
at recent meetings
Mr.. Mckee is one of the best knowr
bankers in the city and has a nationa
reputation as an authority on thu
McFadden banking act, which wa.
passed by Congress about two years
ago. He is member of the District
Banking Association, at present beine
vice chairman of the committee or
taxation and serving on the law anc
legislation committee.
At the special meeting Frank j
Stryker, president of the Columbis
National Bank, was elected a member
OF the clearing house executive com.
mittee to fill the vacancy caused BY
the. election of Mr.. Mckee to the
Craftsmanship.
Washington Gas in Limelight.
For some time there have been re-
ports that a pool" existed in Wash
ington Gas Light stock, which is one
of the issues on the local exchange
The stock has been climbing slowly
for several months the chief reason
given being expected favorable reports
on the valuation of the company, this
long talk having recently been CON-
pleted by the Public Utilities Com.
mission.
Stock pools" are elusive things that
are hard to find. That one exists il
Washington Gas is questioned by lead.
ing local financial observers. They say
however, that there has been some re.
cent buying by persons outside of the
city, probably New York brokers.
One statement can be made def
nitely. The North American Co. il
not after any controlling interest il
the Washington Gas Co. In fact it il
not after any interest in the company
North American is not in the gas bust
ness and has no intention of enter
ing it.
Extensive plans for expanding the
work of the District Bankers AsSocia-
ton were discussed in detail last eve
ming at meeting of the officers, council
of administration and standing COM
mittee chairman, when President Robert
" Fleming was host at the Metropolitan
Club
Three big questions before the asso-
citation just now are the adviSability OF
establishing a fiduciary section, safe
deposit section and audit section. The
rapid growth of the trust business has
made it highly desirable that the asso-
citation have a section devoting par
ticular attention to this branch of bank
ing. The other two proposed sections
are also held vital to progressive asso-
citation work and the feeling expressed
at the gathering was heartily in favor
of both.
The associations regular Fall meeting
takes place Monday night at the
Willard. These and other matters will
come in for special attention at that
time. w. w. Spaid, chairman of the
committee drafting the necessary con-
stitutional amendments, will meet his
group this afternoon.
Peoples Drug Is Market Leader.
Heavy trading in Peoples Drug Stores
preferred featured today's trading on
the local exchange. One hundred and
forty-five shares changed hands, the
market opening at 116 and closing at
11612, a gain of Il points over the last
previous sale.
Ten shares of Chestnut Farms Dairy
common sold at $50, new high, and
very much above recent bids for the
stock. Washington Gas sold to the
extent of SO shares at 991a. Railway
& Electric preferred came out at 100H2
and Capital Traction registered los
Merchants Transfer g. Storage sold al
I081a, and Mergenthaler at 101 on q
74-share turnover.
Federal American Co common moved
at As. Commercial National Bank al
258, Potomac Electric Power 5l2 pei
cent preferred at 1087s, and one share
of Sanitary Grocery at 1929 Bank
of Bethesda stock sold at 70, points
under the last sale. There were sew
eral bond transactions at recent levels
The exchange will be closed tomorrow
Columbus day.
Teller Elected Assistant Cashier.
George F. Hoover, vice president OF
the Northeast Savings Bank, announces
the election as an assistant cashier oi
Julian o. Cardin, who has been note
teller. The directors advanced Mr.
Cardin because of his loyalty and faith
full service, having been an employe OF
the bank for the past nine years. He is
a product of the American Institute OF
Banking, graduating in banking funda-
mentals in 1922 and in standard bank
ing economics in 1924.
Cleaned in Financial District.
All local banks will be open tomor-
row as usual The banks in Maryland
however. take day off, as they do in
New York.
Peoples Drug Stores common sold on
the New York Curb yesterday at 76A
gain of 67s points on the day, l,20O
shares changing hands. The low of the
year is SO.
Joshua Evans, jr, executive of the
vice president of the District National
Bank, has returned from short busi-
ness trip to New York.
All the local broker offices will bt
closed tomorrow while the New York
Stock Exchange takes a days rest.
Announcement was made yesterday
of the formation of Lee BenoiSt & Co.
q new local financial firm, which. vii
engage in underwriting and developing
banking, investment trust and public
service issues Headed by Lee Benoist
president, and Leo. K Drury, vice presi
! dent, the new concern will maintain
| Offices in the Southern Building
"a HKLoc hin ntn,n nffioa Of the Cnlnria