Evening star., 1929-05-13
BOND RETIREMENT
IS SCHEDULED SOON
approximately $4,000, 900 in
Securities to Be Re-
deemed Here.
BY EDWARD c. STONE.

S5,000,00 in these issues to be paid OF
since the first day of May.
Those to be retired in the near fu
ture are the 81, 100000 Potomac Electro
Power firsts, which will mature on Jul.
/. 1929.
The other bonds figuring in the S5,
600. 900 total were the $2.496, 900 Wash
ington Railway e. Electric 6s of 1888
called for redemption on May l anC
paid off at that time at 102 and in
terest
1t has been long time since three
such important local bond issues have
been removed from the securities lis
in such a short period of time. Tht
greater part of these bonds have beer
held by local institutions and individu'
ais. This fact indicates that there viii
be considerable buying in other loca
bonds in the near future. Such buying
has already been felt on the local stocl
exchange.
1t is understood that there is to bt
no new financing at present In connec'
ton with the retiring of any of the
three issues Many investors will ma
turally turn to other local bond issues
and take advantage of the prevailing
low prices. They will also act in time
to prevent any loss in interest.
Twenty Years i'm Banking.
William C.. LOCKER, manager of the
Connecticut avenue branch OF the DIS
trict National Bank. is just rounding
out 20 years in the banking profession
Born in Baltimore in 1870, the son OF
the late Admiral T. H. LOCKER, U. S. N.
he came to Washington as boy, was
educated in the public schools gradu-
ated from the old Central High School
in 1889 and went into the insurance
field at once. He was with the Potomac
Fire Insurance Co. until the great Bal
timore fire in 1904
Mr.. LOCKER then joined the force OF
Col. B. r. Green, who was engaged IN
construction OF the New Natlonal
Museum from 1904 to 1909. He Is one
of the three bankers who joined the
staff of the District National on its
opening day. September 10, 1909. He
worked up through every department,
was elected an assistant cashier In l92O
and made a branch manager In 1874.
The Connecticut avenue brancn mas
grown very rapidly and is used by a
large number of the banks customers
because of its convenient location.
In 1900 Mr.. LOCKER married Miss Mar
raret Barber, daughter of the late John
A. Barber of Maryland. Mrs. LOCKER
is one of the owners of Felicity Manor
Farm in st. Mary's County, Md, which
has been in her family since colonial
davs and was one of the Lord Baltimore
grants.
Odd-Lot Trading Features Market.
The Washington Stock Exchange
ooened the week with trading confined
to odd lots and no marked price
changes.
The first three sales were in Capital
Traction at 9612 Norfolk & Wash
ington Steamboat Co. again sold at SUI
and Potomac Electric Power 6 per CEN
preferred registered ll3.
Washington Railway & Electric pre-
ferred recorded four sales, opening a
o7Ik. advancing an eighth and CLOSING
at on. Commercial National Banl
stock moved at 262, Chevy Chase Dairy
preferred at lot, and Sand q Grave
preferred at 80.
Lanston Monoype sold off bit. Il
opened at 131 and closed at 1902
There was a turnover OF 120 shares o.
Real Estate Mortgage & Guaranty pre-
ferred at 715 and five shares at 7ss.
II is worthly of note and quite un-
usual that not a stock on the loca
board is now being quoted ex-dividend
Growth in Exports Explained.
Growth of United States exports OF
finished manufactures, largely automo-
tive products, machinery. and iron and
steel, continued at an accelerated pace
in the first quarter of this year and
was responsible for more than four
fifths of the increase of $213 1000, 900 in
value of exports over the same period
of 1928, according to Department OF
Commerce analysis. Imports were in
substantially larger quantity, but there
was a sharp drop in the average i'm
port price.
of aoVHf
over the same period of 1928 and OF 65
per cent over the same period of 1922
Average export price showed little
change from year earlier.
Excess of merchandise exports over
imports in first quarter of 1929 in
creased to $298 900, 900 from $133, 3,000.-
600 a year earlier. There were, how
ever, net gold export of S120,00000 q
year earlier, and foreign loans amount
ed to S274,000,oOo.
Heard in Financial District.
Jesse L. Suter of Hartman 81 Co. viii
leave Washington Thursday and sal
Saturday on the steamship Lapland fol
a motor tour of Europe. He will land al
Cherbourg and first go to Spain, later
motoring through Southern France
Italy and Switzerland and then visit
London and the Devonshire country
Mr.. Suter expects to be back in Wash
ington about July Is.
j. Thilman Hendrick, chairman of the
board of the Lanston Monotype Co. and
partner in w. B. Hibbs g. Co. and mem
ber of the Washington Stock Exchange
sailed from New York for Europe today
He will combine business and pleasure
during three months stay abroad.
B. A. Mattingly, former local news
paper man and now secretary of the
Central Trust Co. Of Chicago, is visit
ing Frank P. Morse and others in the
financial district. The Central Trus
is the bank controlled by Charles G
Dawes. Mr.. Mattingly became associ.
ated with Mr.. Dawes when the latter
was connected with the Treasury anc
later was with him during his vict
presidential campaign.
The National Safe Deposit Association
holds its annual convention at Balti-
more this week. on Thursday, Friday
and Saturday Charles E. Howe. treas
urer of the American Security g. Trus
Co., is among the speakers. Washington
will send large delegation of safe de.
posit men.
Chairman Norbeck of Senate banking
and currency committee, has introduced
an amendment to the Federal Reserv'
act to permit State member banks o
the system to establish and operat'
branches in foreign countries and in
sular possessions of the United States.
The Interstate Commerce Commission
has granted the mayor and City of Bal
timore permission to intervene In tn
case of the application of the Pittsburgh
Il West Virginia Railroad to acquir
the Western Maryland Railroad.
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