Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-11
PRICES ARE STEADY
ON D. c. EXCHANGE
SmaII-Lot Trading Again Pre-.
walls, With Bonds in Bet
ter Demand.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
In a market characterized by further
snall-lot trading, prices remained little
changed On the Washington Stock Ex-
change today. :,
Capital Traction was bit lower, SELL
ing at 97l2, although the turnover vas
confined to one very small sale. In
spite of reports of good earnings and
prospects. Columbia Sand & Gravel
preferred made a new low at GOA on
sale of 10 shares
Peoples Drug Stores preferred chang
ed hands at 1884,, this stock being On
from levels prevailing a month or TWO
ago. Recent reports revealed a sharp
percentage gain in sales for March and
for the first three months Of the pres
ent wear, but the stock has recently sold
off slightly in the over-the-counter sales
in New York. Present prices here APP
pear In line with the New York quota
tions.
preferred came out at 107a4, Whhe
Mergenthaler Linotype figured In one
sale at 1071a and another at lOI34.
There was 100-share turnover IN Ma.
tional Mortage & Investment preferred
a. 53z.
sales in three bank stocks were re-
corded. Twenty shares OF Second Ma
tional came out at $50, 10 snareS OF
Union Trust Co. stock moved at $50
and a small lot of Riggs National regis
tered 566ls, practically the same Is tne
last privous quotation.
More interest was manifested IN bonoS
today. A $4,000 and $1,000 sale IN
washington Gas IS, series A, took place
at 1925. Washington Railway 81 Elec-
trio Is saw a 81 900 transfer at Be ana
a $500 sale at the same figure. The
market closed with $4,000 Potomac
Electric Consolidated IS moving at 1Ol II.
Through an error on the trading sheet
Yesterday, 1t was stated that local gas
stock sold lower than it did. The last
sale was made at LOT. No sales were
recorded in the stock today, the market
closing with 1051z bid and lot asked.
Credit Bureau Plans Pushed.
The special committee appointed
many months ago by the District Bank
ers' Association to consider and work
out plans for the establishing OF a
credit bureau, is buSily engaged In per-
fecting arrangements for establishing the
bureau. The committee consists OF two
representatives from the national banks,
two from the trust companies, two
more representing the savings bank
group and two others the State banks.
President Robert v. Fleming said to-
day that he believed the. committee
would be prepared to make COM
plete report to the association the lat
ter part of this month, perhaps on
April 26. After the report Is made to
the association. the next step will nat
turally be to secure the approval OF the
various banks.
The aim of such an association is
wholly protective. The purpose is
largely to prevent overborrowing by
bank customers, perhaps using the
same collateral for loans in two diff
ferent banks. Any abuse Of bank credit
privileges will come under the province
of the bureau.
In many cities such bureaus func-
ton under the clearing house aSsocia-
ton. This is usually where the banks
belong to a State organization. In
Washington, where the banks have their
local association, it is believed the bu-
reau can be made to function very
successfully under the bankers organ
ization, perhaps more satisfactorily
than under the Washington Clearing
House Association. The information
obtained is, of course, of highly conf
dental nature.
Bankers Go to Richmond.
A large delegation of Washington
bankers will go TO Richmond to attend
the annual meeting tomorrow of the
Stockholders Association of the Federal
Reserve Bank of Richmond. H. H. Nc
Kee, president of the National Capital
Bank, will head the delegation as chair
man of the stockholders committee.
The officers will make the usual an
nual reports, and directors will be elect
ed to fill the terms Of any of those
which expire. While the association has
10 official connection with the Federal
Reserve Bank of Richmond, the annual
kussion of problems common to all
Bankers.
New Investment House Here.
The Boston investment banking firm |
of Strabo v. Clagett & Co. is opening |
an Office in the Washington Building in. |
this city. E. Joseph Aronoff will be |
resident manager, and associated with |
the branch are a number of men for |
merly with F. H. Smith & Co. Among |
these are C. King Fierstone Charles v.
formerly manager Of the Baltimore Of |
flee of F. H. Smith & Co.
Heard in Financial District.
Albion K. Paris, the oldest member |
of the Washington Stock Exchange |
and founder of Crane, Paris & Co., |
will make an address next Tuesday |
evening before the Columbia Historical |
Society on 1.-The Washington Stock Ex- |
change" The meeting will be in the |
Cosmos Club Assembly Hall. Mr.. Paris |
is exceptionally well informed on this |
subject.
The program for the open meeting of !
Washington Chapter, American Insti- |
tute of Banking, April Is, in the audi |
forum of Mckinley High School, Sec |
ond and T streets northeast, was an
nounced yesterday. President James A. |
Soper Of the chapter, will preside, and |
present certificates to students who |
have finished midyear courses. The |
Security Club Of the American Security |
g. Trust Co. will present the play, THE !
Whole Towns Talking" Dancing VIII
follow.
A meeting Of the newly elected board |
of directors of the Bank Womens Club |
of washington will be held Saturday !
evening at the home of Miss Mary Jane
Winfree, the president, 1917 Twentieth
street northwest.
Hilary W. Lucke, an assistant vice
president of the National City Bank,
was special guest at the District
Bankers Association luncheon at the
Willard yesterday noon. He gave an
informal talk on the credit situation as
viewed by New York bankers which
proved intensely interesting.
As Others View Local Banks.
"Trust companies occupy command
ing position at the Nations Capital, 10
which visual evidence is given by their
stately and impressive buildings" says
Trust Companies Magazine. The first
trust company at washington, D. c..
was the National Savings & Trust Co,
chartered under District law in 1867.
two years after Eincoln's assassination.
The next trust company to arrive on
the scene was the Washington Loan
g. Trust Co., organized in 1889 and