Evening star., 1928-03-09
PEOPLES DRUG PFD.
TOUCHES NEW HIGH
Washington Gas Strong in
Today's Trading on the 10.
cal Stock Exchange.
BY EDWARD c. STONE.

SildTcS SeilltiS NJ oS ana ~ U1OIS u
S9i.. Capital Traction came out a
trio preferred was also strong. Scllin
up to l04
Thirty shares Of Mergenthaler Limo
! type registered l04. Terminal Refriger
ating &, Warehousing Corporation stoc
sold at so. while one transaction In Pc
tomac Electric Power per cent pre-
| ferred was recorded at Ill.
Merchants Bank g. Trust Co. sold a
ISL. American Security g. Trust at As
and Union Trust at 3l3. Bonds wer
neglected. In the unlisted department
| 100 shares of Chapin-Sacks s per cen
preferred came out at los.
Richmond Reserve Ratio Up.
Due largely to a decrease in direc
borrowing at the Federal Reserve Banl
of Richmond in the form of rediscounts
the reserve ratio Of the local fifth dis
trict rose sharply during the first weel
in March, standing at 70.34 per cent OF
March 7. compared with 6497 per cen
The week before.
Bills discounted dropped from s29.,
IL 1000 to S24.375. 900. and acceptance.
bought in the open market from $16,'
l07 900 to $l4726.000 Total bills ane
securities at the Richmond bank were
s47,54e, 900 on March Z. compared with
S5427l 900 February 80.
In the Federal Reserve system as {
whole there was also a decline In vol
ume OF Reserve Bank credit in use
total bills and securities standing al
81 .2243l5o0o. against Sl,244, ,e2e, 900 thu
! week previous.
Local Bank Auditors Confer.
The newly organized Conference q
Bank Auditors and Controllers held I
luncheon yesterday at the Nationa
Press Club. at which A. r. Burbett. con
froller OF the Merchants National Banl
| of Baltimore. was the chief speaker. Mr.
| Burbett also Is connected with the ma
'ional organization. He told OF tn,
problems that faced the Baltimore or
eanization when 1t started. and CAV,
manv suggestions TO the members o.
the Washington association.
j. Damn Faber. auditor of the Ameri
car Security & Trust Co. presided a
/ the meeting. Eleven auditors and con
trollers were present. and several other
have expressed the intention OF joirini
before the next meeting In two weeks
The national organization. which is az
flliated with the American Bankers AS
Soctation. has prepared a program fo
the present year which will be followed
here so far as the subjects have specia
local importance.
insult Names Local Representative.
The Utilities Securities Corpora,io,
announces the appointment OF Wagga
man d Brawner. Inc. as exclusive rep
resentatives for the sale OF prior lier
preferred and preferred stocks spon
Sored by them.
The corporation specializes in tn,
securities OF the Commonwealth Ediso,
90. Peoples Gas Light & Coke Co. o
CHICAGO. Middlewest Utilities Co. Chi
cago Rapid Transit Co. Midland rJtili
ties Co and the National Electric Powe
co: and several other similar issues
| Tnese companies comprise the Insu]
group and have over 300 900 stockhold
ers. many OF whom are located i,
washington and vicinity.
Insurance Expert 10 Speak Here.
The District Life Underwriters AS
Sociation announced today that tn
next monthly meeting will be held A
the Hotel Gordon next Wednesda,
March IA. beginning at 6:l5 O'Clock
The speaker viii be Dwight G. Johnso,
OF Philadelphia. '
| Mr.. Johnson Is a member OF the fac
uity OF the University of Pennsylvania
ne Is native Of Iowa. The notice O
MS engagement here SAYS that he Sc
cured license to sell life insurance a
sne age OF IL and that at the age OF q
ne mad become million dollar writer.
| For a number Of years he has write,
enough insurance TO remain IN tha
class Today's announcement also saw
that the tenth annual MARYLAND an,
District OF Columbia conference will h
neio IN Baltimore on May II.
Treasury Issue Likely I'm Nav.
| Ine United States Treasury NAV offe
reiunding issue In May In exchane
Tor the third Liberty bonds, Accord
ing 10 Secretary Mellon, the Treasur,
mas not yet made any definite plans 10
iurfher refunding. but IL market con
oitions are satisfactory It viii not wal
until June. the next regular financing
Possibility OF a long-term issue as tn
next medium OF exchange for thir,
Liberties is being considered by In
| Treasury, va
Bank and Other Dividends.
Maurice Otterback. president OF tn
nnacosIia Bank. announced today tina
the directors at a meeting late yeSter
Gay declared the regular quarterly diyi
dend OF per cent. The directors wer
informed at the meeting that the bank
deposits had make a s39. 600 gain be
tween the December 81 call and IN
call Of February 20.
The -Albee- -Orpheum Corpora
ton declared an initial quarterly divj
dend OF IA per cent on the 7 per Ger
cumulative preferred stock today. nav
aDr @ hpfii 10 stock OF record March i.
The American Telephone A. Tele
| graph VIII soon be In the 81, 900 900 90
class. in assets. In fact, the next an
nual report may show assets In exces
ot " 900 100000 as IL reported 81. .949.
osoooo December 81 last. a gain q
sios 5ss 900 ever the correspondino dat
OF the preceding year.
Circular on Airpiane Stock,
O. M p, Murphy IL Co. have issued
circular on The Progress OF Aviation,
! concluding as follows: I'm the earl
stages of any engineering development
| revolutionary changes are likely 10 oc
cur. Prophecy sA 10 what c0mpanie
wlll be the ones 10 grow ls, Therefore
particularly difficult, but those whic
were early In the field are adeqIatei
! financed. and have managemen
awake " the need Of being among In
| tranFfs IN bclfHllHc achievement ar
naturally the most likely 10 benefit frof
the growth Of The industry"
Heard In Financial District.
George u. Cbipmsn, resident parine
o! Hartman H. Co. has returned fr0f
short business trip u New York.
Ezra Gould reports that Florida
having an excellent season so far as iii
tourist business Is concerned lie sas
thst there Is an unusually vide repre-
ssntation from the Northern States thi
year,
w. w SDaid president Of the Distrit
Bankers Association. is expected bac
from Florida next Tuesday, IL Is re-
ported at Hibbs that he has hung u
some fine golf scores
The Bank Messenger, nut out by In
| Federal i-Amertcan National Bank, say
| about savings
'FInm 80 10 So years at avefaQ