Evening star., 1928-06-07
BANK SHARES RISE
ON EXCHANGE HERE
"Mergy" Also Is Strong.
Mellon Leaves Tomorrow on
Way to G. 0. P. Meeting.

While the District of Columbia Bank
ers' Association went into session at
Montauk Beach, Long Island, this
morning for a three-day program, bank
stocks on the Washington Exchange
we're not only active, but strong, NOV
Ing up from / 10 points. MerSen-
thaler Linotype also was on the up
grade, Selling at l02 eX-dlvldend, as
coronsred 10 the previous sale of 10l,
Reports from Boston this morning
showed sales of Mergenthaler there at
10il. early this morning, eN-dividend
American Security & Trust Seld IN
tnrre blocks at ass. ASA and ass. as
COMPARED TO A5I yesterday. Riegs
moved in two blocks at S3S, as COM
pared to top Of 537 yesterday, whlie
Merchants Bank & Trust turned over
three blocks on a rising market OF from
IS3 70 1886.
Carital traction SIS proved the lleav-
lest transaction on the bond side Of
fhe exchange. with $500 selling at
fo4 washington Gas SIS went at 100 IS
en- increase Of 4 over yesterday.
Mellon Leaves Tomorrow.
Secretary os the Treasury Mellon
nlans to leave washington tomorrow
riohy or Saturday morning Tor ms
home al Pittsburgh, to prepare Tor 'oe-
nart,lre Sunday as head Of the Penn
sylvania delegation 10 the Republican
,sfional convention al Kansas C1tE.
D,lestioned concerning both politics ana
tSe credit situation which appears 10 De
firl,tening somewhat, the Secretary
reSolntely determined TO say no'hlne
new" The Federal Reserve 6oafo ;
statement stood for itself, he Salo.
With the moving up of the redlScounI
rs,LD.e1 Reserve HANK OA
kansas CITY from 10 1 q per cent, ell
ferfive today. ali IL Of the reserve banks
of the country are now at the higner
level having raised their rates from the
universal per cent. The increase
Was accomplished over a period OF sew
eral weeks, since the first raise went
into effect.
Convention Opens Today.
Sessions of the bankers convention
a. Nontauk Beach opened at 9.5o
this morning with three guest speakers
on the program. Fred n. Shepnero,
John j. O'Connor and District Comnlls-
sioner Sydney F. Taliaferro;
Local bankers are eagerly aWaltilg
announcement OF the allotnent pS ,lle
treasury Department to Federal he-
serve districts of their shares OF the
rev June offerings Of the Government.
Two series were offered. dated June 10,
one per cent certificate OF SIX
months and the other a nine monthS
STs certificate.
Fifteen t,lrstees were elected TO serve
for the ensuing year at the annual
meeting of shareholders OF the East
washington Savings Bank YESTERDAY
Officers will be elected at the nrst meet
ing Of the new board next lueSoay, n
IS trustees are: John G. w. beali'
LANES A. Donolloe. Gratz E DunKun1,
Teuis Fiemer. John Ford, W. P. 9
Eazen. Michael A Lynch, Charles a.
McCarthy. Henry H. Mckee, Morris e
NARROW, William N. Payne. lr, SaInueI
II walker. John c. Weldon, Francis
r. WeIlers and John G. Yost.
133 New Banks Organized.
There were 1873 new banks and trust
ronnsnses organized in the United
States IN the first four months OF the
year. against I94 in the same perioo
last year. according 70 the American
Banker. The falling of vas ATTRIBUTED
10 more rigid conditions under wnlcn
charters are granted, Pennsylvania led
with charters for Is, while Illinols,
Arkansas and Texas followed with Z
each, New York and New Jersey each
accounted for six new banks or trust
roy7nanies. Three Of the i33 new ones
are located IN Maryland.
Sufficient work viii probably be avail
eble during the Summer TO take care OF
nearly ali labor in the fifth Feoeral re-
serve district. according 70 monthly
summary issued by the Federai reserve
Rank Of Richmond Employment con-
ditions ia the local district continued
unsatisfactory. it Was said, and more
workers were idle, or working part time,
than for several Spring seasons.
Some improvements. however, oc-
r,1rred between middle of April and
middle Of May. Opening of large yoa-
unle OF construction work has taken
many men from ranks OF the uneTn-
oioyed In neighb0rhood Of Rlcnniono
and in several other localities large In
dustrial plants are being erected.
WORKERS In textile sections continue
mart time labor. and a seasonal decline
In coal production has reduced operat-
time at the mines. Farmers are using
ing time at the mines. Farmers are
using more additional labor for plant
ing. and tobacco factories are working
fun time.
Volume Of general business transacted
iy fifth district IN April and early May
wag about UP ~ seasonal level ana pros
poets for the next few months I'M
proved over those Of two or three
months ago.
Bond Offerings Drop,
MAY offerings Of new bonds droppeo
more than 500 900 900 from the Aprn
figure giving il slight lead over jan
usrv and February. according 10 sur
vey By the Wall Street Journal. May
offerings aggregated $549, 1892, as
compared with sg49 .9s5 900 in April ana
Ss6f, ,I05, 100 in May 1927 With the
sole exception Of March, each month
this year has fallen behind the corre-
spending month Of 1927 Marcn last
{ wear was easily the smallest month OF
the first six
New offerings by months for the first
five nNuths Of the past three years
follow:
1929 1927 1925
Han sgzi,0iS. 500 1855 5s5 900 s470.ozs.010