Evening star., 1928-03-13
WASHINGTON GAS
MARKET LEADER
Single Block of 1000 Shares
Changes HandS-MerChants'
Bank at New Top.
by EDWARD c. STONE.

ington Stock Exchange today. Whe
1000 shares OF Washington Gas Ligi,
stock were sold In one block at SO. tn
largest sale In this or any other stoc
on the local board in many months
It was the only sale for the day Il
Today's transaction climaXed man
weeks Of active trading In this issue a
gradually advancing prices. the stocl
closing last week at S9i4.
| Merchants Bank e. Trust Co. steel
attained new high for the year whei
II sold at l52 after opening at Isl. TIL,
first transfer In Second National IL
! 1928 took place when Is shares changed
hands at 265. Riggs National also ap
peared on the board at 507.
Fifty shares of Railway e. Elec;ri,
preferred sold at l037a, Potomac Elec
trio Power 5ls per cent preferred moveS
at 1914 and District National Securi
ties Co. preferred sold at l03. gaining {
point during the session. Lanston sole
to the eXterft of 58 shares at l09i4 ane
Mergenthaler closed at l033s aftel
opening at 1903.
! National Union Fire Insurance Co
| sold at %. while 10 shares of Chaplin
Sacks per cent preferred sold up t
| l05 A Washington Gas, series b, bab b,
! @OhhA sum az AuO dH0 Sl.JVU
! over in Cosmos Club AIS took place
] at 50.
Lower Rediscount Rates Hinted.
| The Wall Street Journal SAYS that
! signs are beginning to point to another
! downward adjustment of Federal Re.
! serve discount rates. Forecasts already
! are being made of a reduction by Mid.
summer. but it is highly possible tha,
! some of the reserve banks may return
to the 3i2 per cent level before the enc
| of Spring.
| The foreign situation once more looms
] as factor. France seems to be prepar.
j ing for currency stabilization. There
has been talk Of lowering of the Bank
of England rate. now 4'a per cent, but
such action under present conditions
| would destroy the spread between II
| and the New York rate. England hard.
| ~ can afford to run so close a parity
of rates Treasury refunding operation;
In Third Liberty bonds have been helc
| up. apparently in the expectation thai
| better conditions for Government eX.
changes will develop later on.
Spring revival OF business activity
soon will make itself evident
New Dairy Issue Offered Today.
The new sl,oOO,0Oo issue of Chestnu
Farms Dairy per cent cumulative pre-
| ferred stock was placed on the marke
today. priced at l03&s and accrued
dividend to yield 6.75 per cent. Th'
offering Is made by Crane, Paris & Co
local investment bankers. who reported
this noon that there Is lively demant
| for the stock.
The officers of the Chestnut Farm
Dairy. Inc. are: Henry N. Brawner. jr
president: Edgar N. Brawner. vice presi
dent; Herman A. Schulteis, treasurer
jeremiah N. McCarty. secretary. an,
the following are directors: Henry n
Brawner tr.: Edgar NJ Brawner. Jere
n1iah N. McCarty. Herman A Schultei,
Eugene E. Thompson and Roger !
Whiteford.
The circular states that the busines
was organized 80 years ago by the lat
George M. Oyster. jr., to do a genera
milk, cream and butter business in thi
city. The company's headquarters ar
located at Twenty-sixth and M streets
owns most modern dairy machinery an
other equipment and also operates sev
eral receiving stations at points II
Maryland. Earnings last year were re
ported as far ahead OF dividend le
quirements..
1t is announced that the American
Security &, Trust Co. will act as trans
fer agent and the Riggs National BAN
as registrar. The financial house bring
ing out the issues states that the man
agement OF the business will remain
under the direction of Henry NJ Draw
ner. jr.. who has been with the firm
81 wears.
The capitalization OF the compan,
| inclusive OF the presentsissue. is as fol
lows: First mortgage 6iz per cent bond.
due 1941. $7l2.500. the issue being liste
on the Washington Stock Exchange an
last selling at i06: mortgages lothe
real estate). Sit4.019: 81. .O0O, 900 z ne
cent preferred. offered today. and 1880
shares OF no par common stock. TIL
proceeds OF this issue will be used /
reimburse the company for improve
ments. rearrangement OF capital an
other corporate purposes.
Conference Committees Named.
All committees for the tenth annu;
Maryland and District OF Columbi
Conference Of Life Underwriters To b
held In Baltimore, May II. have bee
appointed and include the foilowin
washington insurance men:
Local general chairman. Henry 7
Bryarly: finance. II. Cochran Fishf
and q. c. Chaplin; registration. A. v
Defenderfer. O. Lea Stab!er. Kari t.
Hoffmann: transportation. Frank !
Strunk. Mrs. Mary W. Drown. Edwar
srasi1ears; speakers. A. l.. Baldwin
Paul Sleeper, Joseph A. Mari: public
ity. A: d. Carpenter. Z. g. Adams an
D, Fulton Harris
Dinner. d. J. Harrison, J. Alien Ms
ohik and II. l.. Choate: music. Norma
Edward p. Kern
Local Dividend Declared.
At meeting late yesterday after
noon the directors Of the Riggs Nation,
Bank declared the regular semi-anniis
dividend Of $3.50 per share on III
banks stock. The dividend Is payabl
on April l6 10 stockholders Of recor
March 81.
The directors of the Federal Amer
can CO. have declared the rcguia
quarterly dividend Of $50 per shai
on the preferred stock and a diyiden
oi 80 cents per share on the comm0
stock. Both dividends ere payab
April J. 10 stockholders Of record o
March 90. This is the concern white
Is uDder the management OF the off
cers OF the Federai-American Nations
Bank.
The Baltimore Stock Exchange yei
serday approved the listing 0f 81 $50
| 900 first preferred s,Ock. So, 2,202 81
second preferred stock and .03,I
shares 0f n0-par common stock Of II
Mortgage Security Corporation Of Anne
lea of koFfoIk and Washington.
LIsman Addresses Bond Club.
Frederick J. Lisman Of New Y0r
addressed the monthly luncheon Of II
| Washington Bond Cub yesterday al II
Carlton Hotel Wlnsl0w U.s. Van ID,
Yanter, presiding. The head NJ II
keA York Stock Exchange firm took h
| subject the Trend NJ the Bond Bus
ness Since 1880" tbe year Ia which |
started business az broker. Mr.. LII
Insn spoke especially of The deyeloi
hnens of public utility Investments. sta
ing that no other industry but the aut,