Evening star., 1928-11-14

the banking IlTHl o.
Glover &: Flather = ~
president. EdwardFrederic Earrinpton
L. Hillyer, vice
president of the Union Trust Co., vic
president: George o. Watson, preSiden
of the Liberty National Bank, treasurer
and G. j. Gockeler, vice president o
the District National Bank, secretary
The local exchange now has the larg
est number of listings since its or
ganization Trading during the pas
year has been the heaviest in many
years, perhaps since margin trading wa:
discontinued and the exchange became
mart for transactions in investment
stocks and bonds only. Membership is ur
to the full quota of 40 and much pride
is constantly manifested as business
expands.
Bids Asked on Suburban Bonds.
| Sealed bids for the purchase of series
S Of the Washington Suburban SAM.
tary District bonds issued under the
authority of the General Assembly Of
Maryland, in the sum of $500, 900, bear
ing AZ per cent interest, payable semi.
annually and dated November /, 1928
will be received by the commission al
its Office in the Evans Building ir
Washington. on or before 3 o'clock Fri
day, November %. at which time they
will be publicly opened and read.
These bonds, maturing in so years
and redeemable in 80 years, carry al
of the exemptions as to taxes of Mary
land municipal bonds, and are guar.
anteed Internationally by Montgomery
and Prince Georges Counties by in
dorsement on each bond. The issuance
of the bonds must be approved by the
Public Service Commission OF Maryland
and application has been made for such
approval.
1 Bank President Also an Educator.
Frederic E. Harrington, president oi
the Chevy Chase Savings Bank, is also
a widely known educatDr. DR. Earring
4 ton was one of the five organizers o1
h the bank in 1920, was Immediately
made a member of the executive COM
mittee and in March, 1925, was elected
to the presider cy.
The banker educator is native c1
Massachusetts,, holds degrees flom Hsr-
ward and Columbia Universities and has
also been a lecturer at Columbla
teachers College during Summer ses-
sionS. Hc stands high in the ranks o1
the Ultlonal Educational Association
and other similar organizations. Since
1917 DR.. harrington has been head
mastar ar of the Chevy Chase School, Cne
of the best known private finishing
schools il the country
Along with his many other activities
he holds membership in several CLUBS
emong them being the Cosmos and Har'
ward Clubs In Washington, and the Cen.
tury Harvard and Authors Clubs In
New York. Few bankers have peer
more regular in their attendance at the
annual conventions of the DiStrlc1
Bankers Association.
Recent call figures have revealed
marked progress by the Chevy Cnase
Bank under his leadership. On October
! 3, the bank reported deposits of $780,
ia, the highest total in the history
of the organization.
Washington Gas at New Top.
Washington Gas Light stock scored a
new high mark on the local exchange
today when one 10-Share transaction
took place at 10434. This was gain
of q point and quarter. as the last
previous sale was made at 10312.
Mergenthaler Linotype again led the
market in volume of sales. Seven small
lots at 10015 followed the two blocks of
100 shares, each selling at 1004, the
same as yesterdays closing price. Lam
ston Monotype figured in 40-share
transfer at 118
Capital Traction registered 1862,
Potomac Electric Power 6 per cent pre-
ferred moved at 1872 and the 51a per
cent preferred at 108Ts. There was a
turnover of so shares Of Railway &
Electric preferred. the price reaching
10l at the close.
Riggs National Bank warrants opened
for fractional and whole shares at 800
Later In TIE session 10 full warrants
sold at 3l8. In the miscellaneous lis
Merchants Transfer g. Storage prefer
red changed hands at 1071a, Termina
& Refrigerating Warehouse Corporation
50H, 260 shares of National Mortgage
& Investment preferred at 5% ant
Chestnut Farms Dairy preferred at 109
Bond trading opened with Chesapeake
& Potomac Telephone of Virginia S:
selling at 1031a, Washington Gas IS
series A, moving at 105H and the serie
B bonds at 107l4 and 107h. City
Suburban SIS sold at IS.
Heard in Financial District.
Peter A. Drury, president of th'
Merchants Bank & Trust Co. has beer
rendering service on a condemnation
jury Few local bankers have a NOR,
expert Knowledge of property value thar
is possessed by this bank official.
President John B. Larner of th'
WASHINGTON Loan & Trust Co., has re
turned from attending a meeting o
the board of trustees of Princeton Uni
versity Theological Seminary.
Mehlman & Co., Washington brokers
with Offices at 1919 F street northwest
today are celebrating the tenth ami
versary of their establishment in thi
city. Organized in 1918, the firm wa
a pioneer dealer in unlisted stocks anS
bonds in the District
Eugene E. Thompson, president of thI
Associated Stock Exchanges, leaves here
today on a two-week trip to the Pa
cific Coast. He will make addresses II
Kansas City and Portland, Greg, where
new stock exchanges are now being
formed, and will also speak before tht
exchanges in San Francisco and Lo
Angeles.
The Baltimore & Ohio is reported t.
be making excellent gains in traffic, al
increase of 1915 per cent having beer
recorded for the four weeks ended Oc
tober 20, according to car loading meas
ursments.
Taft Praises Life Insurance.
| Ine laCeSL pulleCln OF Lne OSCrlcC o
Columbia Life Underwriters Association
quotes Chief Justice william Howard
Taft as having this to say Of life insur
ance:
Life insurance is a wonderful aid
especially to those of us who are de
pendent upon salaries and upon pro
fesSional incomes. It Is the only wa,
by which we can make our lives happ!
in the thought that we are putting b,
something so that those who are deal
to us may live on after us and not fee
pinched or not be subject to povert,
when the bread-Winner is gone"
u. 5. TREASURY RECEIPTS.