Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-16

Surance Co. at 2lO. %$K%%3zA ,%*sS# &5&#
Barber 81 Ross aA f
common at 1919 s4A sSS
and M er h a hts zasA asz'ss sszzzia2
a rrafI prefe Fl I'o at W. W. NARROW
1868. Federal-American Bank stock
registered 1884,. Mergenthaler Limo
type sold in very small lots at los, ITO
shares of Real Estate Mortgage &
Guarantee preferred moved at rs and
Federal-American Co. common sold
at At.
Two sales of Peoples Drug Stores pre-
ferred were recorded at 120, while A
shares of Lanston Monotype appeared
on the board at 129l2 In the unlisted
department 95 shares of Departmental
Bank changed hands at 10. Bonds were
quite active, the largest sale being in
Washington Railway & Electric at 86
and 86l2. There was also a good de-
nand for Gas bonds. series A. Prices
were little changed
NARROW 20 Years With Bank.
Forty of the employees of Second
National Bank surprised Walter w.
NARROW, cashier of that bank, with a
testimonial dinner at the Continental
Hotel last night, in celebration of his
institution. Mr.. NARROW was presented
with gold wrist watch by his fellow
officials and employees.
He has been cashier of the bank
since 1922 and entered its service July
Is, 1909, as bookkeeper, rising through
the grades rs collection teller, discount
teller, paying teller and assistant
cashier At the annual meeting of the
bank last January he was elected a
director.
Richmond Bond Offering Made.
A banking group headed by Chase
Securities Corporation, including Barr
Brothers g. Co., Inc; A. B. Leach q
Co., Guardian Detroit Co., Inc, and
the American Bank & Trust Co. of
Richmond, is offering today $2,550,000
bonds. OF this issue S1,000,000 of the
bends falling due in 1889 are priced to
yield $50 per cent and the remainder,
due in 1863, are priced to yield 4.40
per cent. The assessed valuation OF the
City of Richmond as officially reported
for 1929 is 1865, 1861 and its net
bonded debt, $26,526,633.
Bankers Buy Drug Concern.
A substantial interest in the business
OF Sharp 81 Dohme, Inc, one OF the
Oldest and largest pharmaceutical
houses in the country, has been pur-
chased by Alexander, Brown & Sons of
Baltimore Drexel & Co. of Philadel-
phia, Charles D. Barney & Co., and
Brown Bros. & Co. of New York. An
agreement has been reached with a
group representing the larger stock
holders, composed of DR.. A. r. L.
Dohme, Ernest Stauffen, jr., and A.
Homer Smith, for all stockholders to
receive the same offer for their shares
that these stockholders have received
for their own. Thomas Hildt of Alexan-
der Brown g. Sons, will be among the
directors.
Reserve Board Borrowings Gain.
The Federal Reserve Boards condi-
ton statement of weekly reporting
member banks in 101 leading cities on
July 10 shows decreases of $51 ,0O0,-
600 in loans and Investments, OF $123,-
100000 in net demand deposits, OF $780,
100000 in time deposits, and OF $685.
100000 in Government deposits, and an
increase of $24,000,000 in borrowings
from Federal Reserve banks.
Commodity Prices Higher.
Prices of commodities during the past
week continued the advance registered
during the previous one by showing an
advance of one-haf of l per cent Tor
the week ended July 10, according TO
the wholesale price index Of the Ma
tional Fertilizer Association. The total
advance during the past two weeks
amounted to IA per cent, and since
June l to 1.9 per cent: The NUMBER OF
advances was 81 and declines ID.
The largest advances were 80 per
cent, in the group of grains, feeds and
live stock; of l per cent, in foods, and
of 5 per cent, in fats. Material declines
occurred in sodium nitrate, ammonium
Sulfate, pig iron, copper and lead.
Mortgage Company Mails Checks.
The Citizens Mortgage Corporation
yesterday mailed out its first semi an
nual dividend checks after not quite
five months of operations. The dividend
was for 31a per cent, at the annual
rate of Z per cent.
This corporation was organized by
Joseph Schiavone, former president OF
the International Exchange Bank, who
became president of the new organiza-
ton.
Heard in Financial District.
The District of Columbia Under
writer's Association will have break
fast meeting Thursday morning at $3.50
at the Arlington Hotel. This is the
first meeting of the kind the associa-
ton has held, and the speaker will be
a physician who has examined hun
dreds of applicants for insurance. H.
d. Kraft will preside.
Chesapeake Corporation first half
/ 1929 net income, $1,869,8 after ex-
penses, interest, ETC., against 81 ,806,396
in like 1928 period.
Agriculture Department says Is to %
cents bushel increase in export wheat
price over last years average may be
expected.
Assistant Cashier I. J. Roberts of
Riggs National Bank and Mrs. Roberts
will leave Thursday for a three weeks
motor trip through Virginia, North
Carolina, Pennsylvania and New Eng
land.
Jesse L. Suter, assistant manager in
the Washington Office of Hartman 81
Co., and Frank P. Morse, manager OF
the local Office of j. &c w. Seligman 81
Co., have returned from three months
motor trip in Europe. They report a
delightful tour. having visited France.
Spain, Switzerland. Belgium, England
and other places. They were both back
in their offices today.