Evening star., 1928-04-24
RIGGS AT NEW TOP
. ON EXCHANGE HERE
Washington Gas Also Hits
Peak Level in Trading on
Local Market.
BY EDWARD c. STONE.

which long has sold at Sis.
Washington Gas also reached another
new top today. going from 90 to 92is
and closing at 92ia in light trading.
Washington Railway s; Electric pre-
ferred came out at l02, of IA from the
last sale. Columbia Sand & Gravel
again sold at par, and one share of
Mergenthaler Linotype came out at 102.
Commercial National Co. preferred
moved at los and Potomac Electric
Power 5i2 per cent preferred at l0Sas
The first bond sale was in Capital Trac-
tion SIS. which sold at l04. Anacostia
& Potomac r. r. SIS moved at 100.
There was a 81 900 transfer in WASH
ington Railway s. Electric 4s at $685..
The newly listed Peoples Drug Stores
! preferred stock appeared for the first
| time. the bid being l09, with ll0 asked
but there was no trading. The new
listed Chestnut Farms Dairy issues also
appeared. The opening bid on the T
per cent preferred was l04i.. with 100
asked. The bid on the common was 6S
Ford Using Washington Patents.
Stockholders of the Virginia Plate
Glass Corporation are much enthused
over the report that the Ford Motor Co
has taken over the companyS patents
and is now using them in Detroit The
! Virginia compny has been carrying on
experiments in this city in the car barn
at the foot of Four -and-a-Half street
] southwest for seven or eight years The
machinery for making plate glass under
these patents has been set up in Detroit
and is reported to be ready for opera
tions on large scale.
Credit for the development and COM
pletion of the patents is largely due TO
the efforts of George G. Roberts Mr.
Roberts is the originator of a number
Of innovations and patents. also of for
mulas for the ingredients entering into
different glass products. In recent
years he has devoted most of his time
to making optical glass and plate glass
by new methods.
/ The process, which the Virginia COM
/ pany officials expect viii be widely
/ adopted in the Ford plants. is much
different from that commonly in use.
/ The plan has resulted in the saving of
| much time and labor.
Richmond Change in Effect.
The advance in the rediscount rate
| of the Federal Reserve Bank of Rich
| mond 10 Al per cent went into effect
| in the fifth district today. following the
| announcement late yesterday. This is
| the second advance in the Richmond
| rate this year the last increase. TO 4
| per cent. having gone into effect on
January IS. The 3ia per cent redis-
| count rate had been in effect since Au-
gust l6. 1927.
The Richmond banks increase fol-
| lows similar action at the Chicago.
Boston and ST. Louis banks in the latter
| part of last week. II is generally be-
Iieped In the financial district that
| these revisions will be followed in close
order by the other Federal Reserve
| banks.
The Richmond bank was one of the
| first OF the regional banks to increase
its rediscount rate in January. and its
| action was the forerunner of similar
| action by all IL reserve banks.
There has been some increase in
borrowing by member banks in the local
| fifth district recently The Richmond
| banks statement last week showed dis
| counted bill holdings of $33 1853, 900.
! This compared with s31 ,008. 900 the
week before and S26, 6,376,000 a year ago.
| The reserve ratio also was lower. stand
ing at 63.99 per cent. compared with
| 1873 per cent year ago.
Bank Plans Housewarming Monday.
Invitations have been sent out by
Victor B. Deyber, president of the Sec
ond National Bank. In behalf OF the Of
1cers and directors. inviting leading
bankers, business men and other citi-
zens 10 attend the opening OF the new
home OF the uptown Office, at l33l-l333
O street. next Monday. The reception
| will continue from 10 am. 10 9 in the
evening. This uptown branch Is In a
| new Office just completed by the bank.
The equipment OF the new banking
rooms is now practically installed The
| building Is a distinct addition TO the
financial district.
Wholesale Prices Advance.
Wholesale prices Of commodities ad-
vanctd four-fiftns Of i per cent during
the week ended April 81. according 70
| the index compiled In headquarters here
/ by the National Fertilizer Association
Sharp advances occurred In grains, and
| moderate ones in hay. live stock, fats
textiles and gasoline. A sharp decline
| occurred in tobacco. due TO change In
types. and more moderate ones IN rub
Der and sulfate Of ammonia
Based on 1925 as 100 the index Of 449
| commodities for the past week was 48
per cent higher than for the like week a
year ago. The index stood at 963 per
cent for the week ended April 81. 95 6
the previous week, 953 two weeks ago.
956 three weeks ago, and 934 four
! weeks ago Except for the advances in
few commodities, the index shows a
tendency toward stability rather than
toward an adPance
Investments Show Increases
The Federal Reserve Boards condition
statement Of 645 reporting member
| banks In leading cities az of April 10
shows increases for the week Of x27.-
~ A iFs
loans and discounts and OF $4,000 900
In time deposits, and decreases Of sl5.-
900 600 In net demand deposits and Of
&ee 900 900 In Government deposits.
Heard in Financial District.
Secretary Hoover says that business
conditions throughout the country are
improving and also announces that
contracts for the new Government
buildings VIII be let within the next
Frank w Stone, vice president of the
National Savings ~ Trust Go, has re-
turned from q short motor trip 10 New
York
T.. r. MGuntjoy Washington repre-
sentative u the American Bankers As
9ociatiDn has returned from the cxecu~
tige council meeting IN Chattanooga
the home city III President Thomas e.
/ Preston.
March motor vehicle production in
the United States, according 10 the De-
pattmcnt OF Commerce, was 4l2,s25
units, of which 57i ,40s were passenger
cars and Al AZ we're trucks This eom-
pares with 3z3.5i4 units In February
and 5g4 443 Ia March, 1927. and brings
the total fIrstrguarter production VI
y6s ,032 passenger cars and trucks
against S3s 1873 for the same period 0i
1927 and i0s i94 f0t 1926
A new issue III 800 900 GTeenbriei
Joint stock Land Bank NJ C0yingtOn
Va. per cent farm loan bonds ig be
ing offered by & r. Childs ~ Co, priced
a. l02 ana accrued interest. 10 yielc
! about AIS per cent