Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-19

Most of this stock
is presumed to be
held locally al ts2zsssis&aa2 sss&-
though Il large tge James L. Sherwood
minority holders turned in their stock
at S125 per share, accepting the offer
Of the new controlling interests.
Election of Fred S. Burroughs, repre-
senting Harris, Forbes & Co., to the
board gives the New York interests
three men on the board and leaves
three local men on the board. The
other two representatives OF outside
holdings are D. A. Pearson, who engl-
neered the long fight for the purchase
of the controlling interest, and Wilton
j. Lambert, of this city. the attorney
who acted as Mr.. Pearson's counsel.
There is one vacancy on the board,
caused by the sale of his holdings by
William King, the prominent Washing
ton coal dealer, who resides in George
town.
It is believed in the local financial
district that Harris. Forbes & Co., New
York investment bankers have great
err interest in the company and Will
take more interest in future develop
ments than any of the other Gotham
firms now carrying some of the stock.
The company is already favorably
known here, having underwritten i'm
portant issues Of local gas bonds and
in that way becoming familiar with
public utility conditions in Washington.
Lloyd Smith, president of Harris.
Forbes g. Co., stands high among New
York financiers and has made bril-
liant record in Wall Street.
Sherwood Again Heads Association.
At the annual meeting of the North
east Building Association, held yester-
day. James L. Sherwood was elected
president for the fourteenth conSecu-
tive term. The following officers were
reelected John L. Knopp, first vice
president; Henry c. Althoff. second
vice president; Schuyler S. Symons,
secretary; Julian F. Belfield, assistant
secretary; Frank M Hatley, treasurer;
James E. Payne, assistant treasurer,
and William S. Torbert, counsel.
The officers and the follWing con-
stitute the board of directors: l.. L.
Anderson, r. John Boehs, N. T. Cha
conas, Allen E. Cowles. j. D. Donovan,
j. E. Donovan, w. j. Dow, A. L. Foster,
Alfred Jeffery, J. A. Openshaw.. John
B. Rubino, James L. Sherwood, jr.;
Roy L. Swenson, N. j. Ward and
Thomas P. Hickman.
Mr.. Sherwood, the president, is wide
1y known in the section of washington
in which the association is located.
He is manager of the Brookland branch
of the Merchants Bank g. Trust Co.,
position which he has held for many
years. The last report of the building
association showed assets of $571,8o2.23.
1t was organized in 1916.
Branch Bank Nearing Completion.
George L. Starkey, president of the
National Bank of Washington, an
nounces that rapid progress is being
made on the new Southwest Branch
building which has been under erection
for several weeks. The building will be
given the finishing touches during Au-
gust and be opened for business around
September S. The exterior of the struc-
ture is of attractive design, and the in
terror will be equipped with the most
modern equipment. The steady increase
in business along the water front is
expected to insure the new bank of
steady business growth The branch is
near the property of the Pennsylvania
railroad on which an outlay of several
million dollars is being made in improv-
ing facilities for handling freight, es-
pecially perishable goods.
Ohrstrom Office Opened Here.
G. L. Ohrstrom & Co, one Of the
largest public utility investment houses
in the country, with Offices at A Wall
street, New York, is opening Wash
ington Office located in Southern Build
ing. Everard j. Carver, formerly asso-
ciated with the Century Trust Co. Of
Baltimore, and with G. E. Barrett &,
Co. of New York, is manager Of the
local office.
Financial District Notes.
The National Metropolitan Bank en-
tertained its employees last evening at
the bank with motion pictures taken at
the recent week end picnic at Piney
Point. The movies came out splendidly
and aroused great enthusiasm.
Brokers loans increased $4,000, 900
during past week to S5,813 600, 900, new
high record; reserve system ratio, 1873
per cent, against 70 per cent last week
and 67.9 per cent year ago; New
York, SIS per cent, against 687 per
cent and 631 per cent, respectively; an
announcement on 5 per cent New York
bank rate.
Hornblower & Weeks, in their July
investment review predict continu-
alton OF the recent rise in the stock
market, with no immediate pronounced
price trend in tfC bond market The
review calls attention to the fact that
in % trading days cal July adj
vances were registered in the Dow
Jones industrial averages on all but
two days.
Trading On Exchange Today.
Trading was in moderate volume on
the Washington Stock Exchange to-
day, bonds being as active as stocks.
Washington Gas B bonds came out
at los and sold in small lots at 103.
Capital Traction IS recorded q $4,000
sale at 100, Anacostia & Potomac r. r.
guaranteed IS came out at 9515, while
the other Anacostia &c Potomac issue
sold at 80 for $1,000 bond Wash
ington Railway & Electric As figured
in $4,000 transfer at 8613. Potomac
Electric IS registered 109.
In the stock division Washington Gas
stock appeared on the board for the
first time in many sessions. One small
lot sold at 1851 and 10 more shares
sold at 1875. This was particular strong
quotation as the stock is now selling
ex dividend. The closing bid was 1875
with none offered.
Barber & Ross common sold to the
extent of rs shares at 1917, Federal
American Co. preferred moved at 102,
and Merganthaler Linotype changed
hands at los. Columbia Sand & Gravel
sold at 88la and so shares of Real
Estate Mortgage g. Guarantee preferred
came out at 7as.
AS usual on the last session of the
week, the unlisted securities were call
ed of, showing very few recent price
changes.
CUMBERLAND BONDS GO