Evening star., 1928-11-18
PRICES HOLD FIRM
ON D. c. EXCHANGE
Worlds Economic Status Is
Stronger, Klein Says; Clean
ingS in Financial District.
BIZ. EDWARD c. STONE.

preferred came out at 1882 and this
was followed later by a i0-Share sale
of the common at IT'S, same as the
peak price established some time ago.
Two bank stocks appeared on the
board, 10 shares of National Savings &
Trust moving at 502, two points above
the last previous sale. The other
transaction was in American Security
81 Trust shares which registered 452b
After call 10 shares of Mergenthaler
Linotype sold at 1005s and Is shares
at 1908. A single share of Potomac
Electric Power 5l2 per cent preferred
changed hands at 10s7e. The un-
listed stocks also we're called of and
quotatiorE remained practically un-
changed.
In the bond division Washington Gas
6s, series A, sold at 105A in three $500
transactions. washington Gas SIS
moved at l03A, for q 81, 900 bond. The
closing sale was a $1,000. Potomac
Electric Consolidated at 10l.
Active in Banking Nearly 80 Years.
Floyd E. Davis, president Of the Lin
coin National Bank, has been actively
interested in the banking profession
for nearly 30 years. So quietly does he
carry on his business affairs that few
but his closest friends realize that he
is one of the busiest bankers in the
National Capital. Yet such is the
case
A glance at old banking records
shows that he was elected a director
in the Lincoln National on June 8, 1899.
On January IL, 1906, he became Sec
end vice president and on July 8, 1909,
first vice president of the same insti-
tuition. His brilliant record as q junior
oficial caused his election to the presi-
dancy on July 10. 1918 From that day
to this he has piloted the Lincoln bank
over course that has resulted In
steady expansion.
When he took the helm the bank had
resources Of 81 2.226,o00, deposits of ST.
10000, capital of 100000, surplus
100000, and profits amounting to
$4,000. The last Controllers call on
october 5 shows that during the inter-
vening IS years the banks resources
have climbed to 397, while de-
posits have reached $6,o67,93 The
the surplus and undivided profits to
S652,2O6.
To show what Mr.. Davis does with
his idle time it is only necessary to
mention that he is a director of the
Mutual Fire Insurance Co., of Sandy
Spring, CrongreSs Hall Hotel Co.,
Washington Loan & Trust Co., Bank of
Commerce & Savings, National Union
Fire Insurance Co., Northern Market
Co. and the Bank of Bethesda. He is
president of the Floyd e. Davis Co.,
treasurer of the Columbia Permanent
Building Association. as we'll as direc-
tor in the Baptist Home for the Aged.
and a trustee in the John Dickson
AErs nF AlNA
finest farms in Montgomery county.
nd, and has a special fondness for
raising high-bred cattle.
Worlds Economic Status Stronger
Continuance of the improvement in
The world economic situation which has
taken place in recent years" is indi-
Gated in material of the second volume
cf the Commerce Yearbook for 1928,
dealing with foreign countries in 1927,
says DR.. julius Klein. head of the bu-
reau of foreign and domestic commerce.
Additional countries have succeeded
in stabilizing their currency. and with
very few exceptions the moneys of all
the countries ale stabilized either de
facto or de jure. Production of COM
nadities as a whole and in most indi-
vidual countries now exceeds pre-way
volume and international trade is ap-
preciably greater" DR.. Khein continues.
THE only serious unfavorable feature
IN the world economic situation in
1927 was the continuance of political
end economic disturbances in China,
there conditions fortunately took a
Urn for the better during the Summer
,f 1928"
Little Alarm in Brokers' Loans.
As President Simmons of the New
'Tork Exchange sees the brokers' loans
situation, it does not constitute men,
ece to credit conditions. He describes
the great growth in borrowings of this
character as a far-reaching revolution
IN business Gains in brokers loans
have been offet by the almost complete
disappearance of the old fashioned
prime commercial paper. More and
more" he says. Eve must accustom our
oelves to financing of the business
turnover through the use of brokers'
'7ans. instead of through commercial
psner. or unsecured banking advances. "
This viewpoint. asserts the Wall
Street Journal. fits in with the opinion
rrevailing in the highest banking cir
cles. 1t indicates that the continued
o~ransion in collateral borrowings,
v'hich appears inevitable. will be
~atched with greater equanimity in
1eculatrve quarters.
Heard in Financial District.
That bankers and their families are
ling to turn out in record numbers to
+he Institutes theatar party at Polls
tomorrow evening is indicated by latest
reports to the chanter's officers on the
sale nf tickets THE Silent House" is
considered an exceptionally good at
traction.
Robert Y. Fleming. president of the
District Bankers Association and OF
the Riggs National Bank, has been ap-
pointed a member of the executive
council of the american Bankers
Association for the District of Columbia
bis
The Washirqton Bank Women's Club
Miss Lois A. White president will hold
its next meeting on Saturday. November
a. at the home of Miss Mary j. Win
free, tho first vice president
Lo"al banks are now signing contracts
for the cooperative sdvertiSiro of nevt
wears Christmas SAVINGS Clubs. which
cDen on tho first nf December. 1t +
hoped that 1920 will surpass the record
amount saved this year
Chain Stores Report on Earnings.
The statement of United Cigar Store.
co. OF America as Of June 30, 1928. flieC
with New York Stock Exchange, shows
total assets Of $1o5. .993.111. agains
$l03 .O87.7S9 on December 81. 1927. anc
proht and loss surplus of sig, ,42l ,09S
comparing with S19.70l SAT. Current as
sets were S38 198.7 75S and current liabi,i
ties S6.512.817 compared with $37,7s4
092 and S6,4l4 465, respectively on De.
Gerber 81. 1927.
The statement of Schultz Retail
stores CORPORATION as Of June 80, 1925
shows total assets of $34306, ,242 corn
pared with $34.758 028 on December 81
1927 and proflt and loss surplus $6s33.
419 against $6823,852. Current asset
were $16.374 ,596 and current liabilitie
S2.e1314 as compared with $I5.6s0o2
and S3,336.04o, respectively, on Decem