Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-23

curing Tie pTeSeIlI
year of 261a points. the price on jan
uary having been 1852.
Capital Traction figured today In
small-lot sales Selling ex-dividend, the
stock opened at 92H and closed at
921s on a turnover of 70 shares. FIFTY
shares of Washington Railway q Elec-
trio preferred sold at 9714. Potomac
Electric Power 51a per cent preferred
figured in two small sales at 1864.
Mergenthaler Linotype moved, ex-
dividend, at 104 and 1041s, Columbia
Sand & Gravel preferred came out at
86L, Federal-American Co. common
sold at As and the preferred at 101A
and l00%. Commercial National Co.
preferred sold at 1914.
Bonds were again in good demand.
Capital Traction, Washington Gas ana
Potomac Electric Consolidated IS lead
ing the trading. Quotations remained
around recent levels.
Banks Cut Reserve Borrowings.
Member banks decreased their in
debtedness to the Federal Reserve banks
by $40O00,000 during August. due
chiefly to- growth of $80,0OO,0OO In
holdings of acceptances.
The Federal Reserve Board in making
this announcement yesterday IN Its
monthly bulletin, said Developments in
the credit situation during recent weeks
have been a seasonable increase in the
demand for currency, consequent IN
crease in the demand for Reserve bank
credit and a continued f1rnlness IN
money rates" q.
1.-THE growth in Reserve bank credit
arising out of demand for currency"
the review continued, has occurred IN
face of further imports of gold, but
has not resulted in an increase Of the
Indebtedness of member banks at the
Reserve banks, which. in fact, showed
a decline during August from $1,045,-
900, 900 to $1.005, 100000.
THE principal factor in this decrease
in Indebtedness was growth between
the average for the last week of July
and the last week in August of $50, 000,-
900 in reserve bank holiday acceptances,
a growth that exceeded by $25 ,000, 900
the increase in currency demand. Men,
Der bank credit during the month show
ed little change in the aggregate"
More Local Dividends Declared.
The directors of the Commercial Ma
tional Bank have declared the regular
quarterly dividend of 2 per cent, pay
able october l to stock of record Sep
TENDER %.
The Commercial National Co. direc-
"a per cent on the preferred stock:
payable October l to shareholders Of
record on September %.
The board of directors of the Co
lumbia Sand g. Gravel Co. have de-
clared the quarterly dividend of $l.75
per share on the preferred stock. The
disbursement is payable September 80 !,
to holders OF record September %. /
The Norfolk & Washington Steamboat !
Company directors have voted the usual
quarterly dividend of per cent. This |
payment date is also october / to share |
holders of record September 81.
Kraft to Welcome Delegates.
Harold D. Kraft, president of the /
District of Columbia Life Underwriters
Association, will welcome the delegates |
to hte fortieth annual convention of !
the National Association of Life I'm
derWriterS, which opens at the May |
flower Hotel Wednesday. District Com !
missioner Taliaferro is also to speak. |
Mr.. Kraft, as head of the local as
ISOLATION. has been working for several |
months to make the convention sue |
cess. Local committees have gone the |
limit in their preparations. About $50 |
delegates are expected. Many will bring |
their wives and families, so that the |
number of visitors will be far in excess |
Of this number.
How to increase sales of insurance |
will be the general theme of the con-
vention.
Local Men Win Golf Honors.
The golf team representing Washing |
ton Chapter, American Institute of |
Banking, defeated the Baltimore Chap |
ter team Saturday afternoon at the |
Manor Club. Chairman H. F. Kimball |
of the athletic committee announced |
that the Nassau system was used and |
the local golfers won 1712 points out |
Of "a. The members of the local team |
were:
Patrick Cook, Riggs National; w. B. |
Robinson, Bank of Brightwood; George |
P. Grau, American Security & Trust; |!
Aubrey o. Dooley, Federal-American
T. Edward Norris, Mount Vernon Saw
ings; G. p. Jones, Union Trust: Frank
M. Perley and H. F. Kimball, both
American Security & Trust.
Bank Stocks Grip Attention.
Washington bankers report a steadily
growing interest here in New York bank
stocks. Last week. was a particularly
interesting week in some Of these issues.
Gains of some of these New York
stocks from the close of the previous
week to Saturday, September 81, were
as follows:
Closing bid Net gain
Bank BANK Of New York 4 90
Bankers Trust ........ 24s 80