Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-05

So. and a block of 100 shares of Ma.
tional Mortgage g. Investment prefer.
red at 5l2.
Melon on Money Outlook.
Capital Traction bonds led this divi.
sion. opening at l03ls and closing al
1924. Chesapeake g. Potomac Tele.
! phone SIS sold at 1907, and $1,000
| Railway e. Electric Is at %. Only
baby bonds changed hands in the Gas
issues. Chaplin Sacks 8 per cent pre-
| ferred was active in the unlisted stock
| list. selling at 1917.
Secretary Mellon said today that HI
did not believe the investor should bt
influenced by the present situation ir
the short-term security and money
market. He was discussing the new
I Treasury 3ss bond offering.
The Secretary said that interest rate
| on the offering just being made was the
same as that of last July Is in connec.
| ton with the retirement of the second
Liberty bond issue. His statement was
/ considered indicative that the Treasury
| feels that the future holds healthy
| outlook
Treasury officials indicate that they
! expect the money situation will offer
some easement after the quarterly divi.
/ dend payments and the end of the fiscal
| year operations.
Secretary Mellon indicated today that
| the final operation for the retirement OF
the third Libertys, redeemable on Sep
tenher Is, will be short-term issue.
Treasury officials said today that the
| long-term issue had been planned since
| the first of the year. but delayed be-
cause of the successive rediscount rate
1 SyaN t%xT& Io EoAn hnS, be
Gold Eagles in Greater Demand.
| The United States minis, were forced
gold eagles this year, because of the
large gold exports requiring both coin
and bullion. This brought the unusual
result of the minis turning out 1929
TAG. more new coins during the fiscal
year 1928 than the year before. but with
an increased valuation of sci ,209, $40
the national minting for 1928. being
/ 252, TIC, 1856 pieces, valued at S262. 1856. 1877
against the 1927 production Of 296.0i0,-
084 pieces, with valuation of si4l,-
147.l27.
Bond Club Head Princeton Man.
Kenneth s. Wales, recently elected
president of the Bond Club of Wash
ington, has been at the head of tht
Washington Office of Bonbright 81 Co
since January /, 1922. He graduated
from Princeton in 1917, served as Q
second lieutenant in the Air Service
until 1919. taking up his residence here
| early the next year. He was connected
| with Hambleton a. Co. in the f1nancia
district until taking charge of his pres.
| ent office.
Mr. Wales is president of the Dis.
trict OF Columbia Society, Sons of thu
| American Revolution. and Is deput,
governor of the Mayflower Society. He
1 Is also a member of the metropolitan
and Chevy Chase clubs.
The Bond Clubs new president l.
only 80 years old, married and has two
children His home Is at 2709 Thirty
| fourth place. His first efforts in be.
half of the local Bond Club next Fal
viii be to start campaign for Is new
| members. then to arrange for addition.
al regular meetings during the year.
Convention Hall Officers Elected.
Directors of the Washington Con.
vention Hall Co. Inc, have elected the
! following officers for the ensuing year
John s. Blick, president and genera
manager; Fred A. Spieer and H. X
BURNER, vice presidents: Frank E. Chi.
SELF. treasurer: Albert ID. Gardner sec.
rotary and superintendent, and G
Chester Caywood. The board of direc.
tors, In addition TO the officers, is com.
posed OF William A. Rodenberg. chair.
man; Eugene S. Cochran, c. w. Fors'
berg. Thomas p. Gore and Samuel X
Mullen.
The Washington Convention Hal
Co.'S preferred stock Is listed on thu
Washington Stock Exchange, the las
sale being made at 90.
Heard in Financial District.
E. p, Wilson. secretary Of the Nation
al Savings 8, Trust Co. is taking ;
months vacation, most of which h
viii pass at a resort On Lake Cham
plain.
Walter j. Harrison, vice president o
the Commercial National Bank, Is OF
motor trip through New England
He will spend the latter part OF hi
vacation at jamestown. r. I.
Lanier p McLachlen, president O
the banking corporation by that name
Is spending his vacation at Connec
ticut resort. He will be away from tn
city about month.
Frank w Patterson. financial edito
Of the Washington Post, has resigne
his position, having bought a thrivin
newspaper and printing plant In Ma
nasSas, Va. which he will take over II
the near future, Maj. Patterson wi
be much missed from the financial dis
trict. but will be Gloss enough To kee
In touch with his many friends
| The current issue Of the Southern
Banker has an interesting account q
the District Bankers convention a
Montauk Point and also makes gpecis
mention OF the cageless counters ides
which was originated by John Pool.
president of the Federal-American Ma
tional Bank. Mr.. Poole recently pat
ented this counter idea and the South
ern Banker says the ghekels are com
ing his way very rapidly,
Other Financial Notes.
Local bankers are much pleased wit
the returns ON the June 80 call, 'whir
show such favorable situation her
In few days the complete figures f.
every bank in Washington will /
available for publication, presenting III
exact totals for the national and SAY
ings banks and trust companies
The price Of commodities advance
one-fifth of ] per cent during the wee
ended June 80, according to the whole
sale price index compiled by the M
tional Fertilizer Association This TO
lows an advance Of one-half of ! D.
cent for the previous week, but III
index is now lower than 1t was II,
weeks ago. The advance was due
textiles and fats, especially To cotto
cotton yarn, wooden yarns. buTlap, hem
silk, lard, butter and corn oil
Local bankers are saving the
sppetiteg for next Wednesday. II
weekly luncheon was omitted this wet
rs IL cams on the holiday.