Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-12-02
LINOTYPE LEADER
ON D. c. EXCHANGE
MergenthaIer Stock Changes
Hands at 106-0ther
Sales Recorded.
BY EDWARD c. STONE.


Diversified trading featured the clos
ing session of the week on the Wash
ington Stock Exchange yesterday. Mer-
genthaler Linotype was the market
leader, opening and closing at LOG on
120-share turnover.
Riggs National Bank warrants again
changed hands at 305. One share of
National Capital Bank stock moved at
$50. Potomac Electric Power 512 per
cent preferred sold at 1882 and Wash
tngton Railway & Electric sold once
more at 1894.
Eighty shares of Columbia Title In
surance Co. sold at 1914 and five more
at IA. Federal-American Co. common
closed at Sale, and the preferred came
out at 1922. Two transactions in Mer-
chants Transfer & Storage preferred
took place at 108 Thirty shares of
Chestnut Farms Dairy preferred brought
lot.
The first bond sale was in Wardman
Park Hotel SIPS at 1045s. Potomac Elec-
trio Power 6s registered 1912 and 1083s.
The same corporations consolidated SIS
sold at 1925. Washington Gas SIS
changed hands at 1043s and there were
also some small sales in the A and B
issues.
Sanitary Grocery preferred stock re-
change for Safeway Stores, with which
the local grocery system has become af-
flliated, has been removed from trading
on the Washington Exchange. First
trading in this issue on the local board
took place around los and the last
transactions were around 100.
New Clearings Record Looms.
With Washington bank clearings for
the first II months of the present year
reaching the sum of $1,305, 744, 1887, it
figures will SurpasS anything in the his
tory Of the local clearing house aSSocia-
ton.
Clearings for the whole of 1927
amounted to $1,385, 1877, 1926. The local
clearings in December of last year
amounted to $125, 581 ,25227. Assuming
that December clearings this year will
at least be as large as last year, the
1928 total would be 81 1925, 441.94.
The difference between this total and
the 1927 figures is $43, 42S,015 and it
is safe to say that the increase during
the present IL months will mean an
even larger figure.
Bank RenOvations Completed.
The Washington Mechanics Savings
Bank, of which Ezra Gould is president,
has completed the extensive renovationS
going on for several months in the
branch at 1903 Georgia avenue north
west and carried on business amid the
completed surroundings for the first
time yesterday.
The entire front of the old building
was removed and replaced with white
limestone. The building was extended
back the entire length of the lot, or
ITO feet, giving considerable added
depth. New vaults of the latest
safety design have been constructed as
well as an entirely new safe deposit
equipment. CagelesS counters have been
installed in the main banking room
and the entire lobby redecorated and
rearranged President Gould will oc-
cupy new Office In the front of the
main lobby and there is provision for
board room and other Office space
on the balcony. Special lighting facili-
ties have been provided and the entire
building is heated by gas.
The Georgia avenue branch has been
steadily increasing its business this year,
having made gain of nearly 100000
many congratulations yesterday on the
banks new quarters.
Business Activity Increasing.
Business activity, as shown by check
payments and building contracts, was
materially higher during the past week
than in the previous week, according to
the Department of Commerce. Check
payments were also materially higher
than in the corresponding period of
last year, but building contracts were
somewhat smaller.
Steel operations showed some decline
from the level of last week, but were
on a materially higher level than last
year; and the general average of iron
and steel prices was above that of both
last week and last year. Cotton re-
ceipts were materially larger this week
than last and considerably above last
years levels. Price of cotton is also
higher than either last week or the
corresponding period of last year.
Club Payments Begin Tomorrow.
First payments on the 1929 Christmas
savings clubs in Washington are due
tomorrow. A large number of people
joined the 1929 clubs yesterday right
after receiving their checks for the
1928 savings. The clubs are being con-
Quoted by 80 local banks for the COM
ing year, the largest number yet par
ticipating. The banks expect to in
crease the $4,000 membership of last
year and to have deposits of over
100000.
The club plan is simple. There are
no membership fees, dues or fines. After
deciding upon the amount desired for
next Christmas, the members furnish
a signature and deposit weekly or semi
monthly the amount required to pro-
duce the total wanted. Weekly deposits
may be so cents, 81, 50, SIS, $40 or $40.
IF deposits are regularly made and
completed the banks add interest at
the rate Of per cent per annum and
on December l the member receives
his check for all he has deposited.
Heard in Financial District.
I. A. Fleming started for Florida last
evening. He will visit Miami for two
or three weeks and then settle at Mel
bourne for the Winter and Spring. Mr..
Fleming was delighted with the flowers
sent him by the bankers luncheon
group and others on his seventy-eighth
birthday anniversary last Thursday.
Allen c. Clarke, the secretary, an
nounces that the annual meeting of the
stockholders of the Equitable Life In
surance Co. will take place at BIG
Fourteenth street on January at 2
O'Clock.
J. e. w. Seligman g. Co. announce
that Alexander l. Henderson, Henry c.
Breck and Kenneth j. Hanau have
been admitted to partnership.
The Union Trust Co. has joined the
other 90 local banks which conduct