Evening star., 1928-05-17
SECURITIES FIRM
ON EXCHANGE HERE
Washington Gas. Capital
Traction and Mergenthaler
Are Active.
By EDWARD C. STONE.

ington Stock Exchange today, recen
levels being maintained. A SS-shart
block of Capital Traction sold at losl2
SIS shares of Washington Gas moved al
es, Merchants Transfer & Storage
opened ct lo77s and closed at loS
Mergenthaler figured in sS-share
transfer. closing at lois4,
Peoples Drug Stores preferred came
out at li6ie. Railway & Electric pre-
ferred sold to the extent of a. shares
at fo0I~. Potomac Electric Power 8
per cent preferred changed hands at
iilSs and the Sis preferred moved at
1914.
BOND trading was led by Potomac
Electric Consolidated SIS selling at lOSS4
and 1885 on a $4,000 turnover. Cap
ital Traction SIS sold at l04 and lo4'4.
while a $l0o Washington Gas b sold al
1855.
ferred stocks and Sanitary Grocery pre-
fcrred have been added 10 the list sell
ing ex dividend.
Potomac Savings Bank IS Years Old.
The Potomac Savings Bank of George
town will be IS years OLD tomorrow.
This bank opened its doors on May Is,
1908, with a capital of $4,000. and the
late Joseph G. Waters as president.
After occupying TWO other locaeiors.
the institution established Itself IN It's
present home on the northwest CORNER
of NJ street and Wisconsin avenue, upon
the death of Mr.. Waters George w. Oh
fntt vice president was elected rresi-
dent, serving until his death in 1928.
when he was succeeded by Henry w.
Ofutt. the present incumbent.
The other officers of the bank at pres
ent are Alphonse NJ Baer. vice preSi-
dent; B. Agee Bowles, vice president;
c Wendell Shoemaker, cashier; Elmore
Z. Burdette. assistant cashier: Emory n
Bogley. secretary, and George w. Oh
futt, attorney,
The directors include william P. Ames,
William w. Anderson, A. NJ. Baer.
Emory H Bogley, B. Agee Bowles, VIII
liam H. Clarke. Davenport B. Eigm.
James C. Hoyle, DR.: Malcolm w; MOT
gan. George w. Offutt. Henry w. OF
futt. NJ. Wilson Offutt. Or. Anthony NJ.
Raw C. w. Shoemaker. j. William Stchl-
man. Henry A. Storm and j. Clinton
Tribby
The bank is now the oldest savings
bank in the District of Columbia De-
posits at the last call Of the controller
amounted to S3,27o,S62; capital, si00.-
900: surplus and undivided prof1ts,
Si49, ,496.
Praises Campaign ON Fraud.
President E. II. II. Simmons OF the
New York Stock Exchange has sent q
letter to bankers in the city StreSSing
the splendid results that have followed
the campaign against the promoters
and sellers of fraudulent securities dur
ing the last four years. He says thar
bankers and brokers have played large
part In the fight against these swindlers
and millions of dollars have been saved
70 innocent investors
The education OF the public" he
saws. enabling discrimination between
good and worthless securities, has made
great progress The investors OF the
Nation now are being taught TO invesu-
gate closely the offerings which are SUD-
mitted TO them, to look carefully into
every proposal made TO them 70 buy
securities, to accept nothing which they
do not know TO be safe and 10 OBTAIN
banking or other professional ADVICE
where they have the slightest doubt
Mr.. Simmons praises the work OF the
Better Business Bureau and urges con-
unued efforts against all sWtndiers.
Liberty Bond Offerings Halted.
Secretary Mellon states that the books
closed on May Is for the purchase OF
Third Liberty Loan 4L per cent bonds
nj the offered price Of 1904 and ac-
craed interest. This offering was 70 be
terminated on May l6. but Mr.. Mellen
explained that the Federal Reserve
hanks on May Is had received tenders
Of bonds aggregating the required
amount of $4,000 900, and the Treas
ury exercised its right TO terminate the
offer. No further tenders Of Third LIB
ertys under this authorization VIII DO
accepted.
Draw Savings for Speculation.
The majority Of bankers have always
strongly opposed the withdrawal Of saw
iags funds for use In speculation. Bear
ing on this subject. the following note
from the New York Herald Tribune Is
especially timely.
Private adyices from some of the
inner circles Of New York savings banks
indicate that officials Of these i1stitu-
fiong are beginning to become alarmed
at the rate at which funds are being
withdrawn for use in stock market
speculation Although Withdrawals are
usually larger during the Spring sea-
son, savings bank officials report that
being made are admittedly for the pur-
pose Of purchasing stocks on margin.
At meeting Of one local board Of
directors recently report on survey
Of New York savings banks indicated
that such Withdrawals we're being
noticed throughout the city. With the
new personal loan plans. the decline
IN bond yields, withdrawal Of funds for
use in the stock market. and efforts by
the large commercial banks 10 draw IN
savings deposits, the oid-Iifle savings
banks are finding much 70 complain OF
these days"
Heard In Financial District.
Robert v. Fleming. president Of the
Riggs National Bank, has been ccn-
fined 70 his home few days with ill-
ness
Charles r. Howe, treasurer Of the
American Security H. Trust Co, is IN
New York for the remainder Of the
week.
Philip r. Dodge who has Just turned
over the presidency Of the Mergenthsier
Linotype Co, 10 his son, had held the
once since 1891.
The Chesapeake H. Ohio has declared
the regular quarterly dividend Of $3.50
per share on common stock. payable
july !. 70 stock Of record June 8.
The Pennsylyania Railroad has ap-
piled 20 Interstate Commerce Commits
sion for authority 10 acquire control Of
the Baltimore H. Eastern Railroad q
5Ssniie hpe extending from Love PORT
20 West Denton. Mo through purchase
OF capital stock for SI9i 500.
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FOREIGN EXCHANGE.