Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-24

local market observers for the sudden
jump in the bids
The North American Co. already
holds by far the greater part of the
outstanding common stock, and recently
offered to take over the remainder on
q basis of five North American shares
for one share of Railway common. This
offer focused attention on the local
stock and even higher bids were pre-
dicted by exchange members today.
Washington Gas bonds led trading
in the bond division during today's SEES
sion Of the local exchange. The market
opened with $4,000 Gas IS selling at 101
Sales of $4,000, 81 900 and $1,000 Gas
IS. series B. were then recorded al
1857, 81 900 more of these bonds selling
later at the same quotation. Gas IS
series A, registered l0ll p in $500, 500
and $4,000 transactions
Trading in stocks was rather light
A single share of National Metropolitan
Bank stock sold at 400. National Bank
of Washington sold at 308. Potomac
Electric Power 6 per cent preferred
came out at 1l2. Federal american Co
common moved at 46s4 and Merchants
Transfer & Storage common 1T.
Two hundred shares of Real Estate
Mortgage & Guarantee preferred sold at
7i2, and 80 shares of Terminal Refrig
Grating & Warehousing Corporation at
81. Mergenthaler Linotype figured in
a tiny sale at l0434 and Chevy Chase
Dairy preferred in another little sale
at lO7.
Chairman Drury Of to Europe.
Peter A. Drury, chairman of the
board of directors of the Merchants
Bank 81 Trust Co, leaves Washington
late today for New York, and sails to-
morrow on the lie de France for two
month tour of Europe. Mr.. Drury
goes abroad nearly every Summer. 1t
was in April of this year that he turned
the presidency of the bank over to
Rolfe E. Boiling. Since then he has
taken life a bit easier. and devoted
much more time to his important per-
Sonal business interests.
Credit Men Seek Law Change.
Lister T. Watts, president of the
Washington Association of Credit Men,
at the association meeting yesterday at
the Hotel Raleigh. announced appoint
ment of a special legislative commit
tee to make a thorough investigation OF
the mechanics lien law for the District
of Columbia and to suggest legislation
for the protection of creditors who fur
niSh labor and materials on building
opera tions.
-.
the E. G. Shafer Co., and former preSi-
dent of the Washington Association of
Credit Men, was chosen to head the
committee. Other members are: Wal
ter E. BesSer. Charles w. Clayton,
James E. Collifiower, P. j. EiChhorn,
Thomas A. Flynn, c. v. Griffin, r. M.
Harper, Louis NJ. Hewlett, George w.
Huguely, P. ]. Mcmahon, G. H. Mark
ward, Lawrence Maus, H. H. Mckee,
0-sII z Il
dons, Henry E. Stringer, w. J. TaStet,
S. P. Thompson, Jay T. Ward and
Frank W. White.
The study will be made as a result of
vigorous protests from building ma
terial houses of the weakness of the
present law.
Bank President Going Abroad.
julius l. Peyser. president of the Sc
curity Savings g. Commercial Bank,
sails for Europe next Saturday on the
Leviathan. accompanied by his family.
BY appointment of Col McNutt, ma
tional commander of the American
Legion, he has been invited to be one
of the Is delegates to represent the
Legion with the commanders tour. The
delegation will attend the formal open
ing of the new Legion home in Paris, at
which officials from all the allied ma
tons will be present.
The delegation will visit London,
Brussels, The Hague. Interlakeli. Rome,
Venice. Budapest, Vienna. Munich and
Belgrade. where they will attend the
convention of the Federation Interalliee
Des Anciens CombattantS.
American Ice Earnings Higher.
Net earnings Of American Ice Co. and
subsidiaries for June after interest, but
before Federal taxes and depreciation,
were $906,799. This compares with a
net Of $70l ,403 in June, 1928, a gain
Of over 2e per cent, and with 1921 1874
in 1927.
The company's net for the first six
months of the year, after interest but
before Federal taxes and depreciation.
was 81. l07 1923, which compares with
81 ,607 ,582 for this period last year.
gain of over 81 per cent, and with
1894, 764 in 1927.
Heard in Financial District.
John B. Larner, president of the
washington Loan & Trust Co. is hav-
ing a fine vacation at Miff1intown. Pa.
He will be in Washington for the next
meeting of the banks directors on
August 7.
Lawrence A. Slaughter, vice president
of the Commercial National Bank. will
spend the week end at Upper Saranac.
N. Y. and return there the middle of
August for his annual vacation
Robert ]. Earnshaw assistant cashier
of the Washington Savings Bank, is
passing his vacation with his family
at Cape May, N. j.
Irving Zirpel, secretary of the Union
Trust Co., is taking months vacation.
part of which he will spend on motor
trip.
John L. Newbold president of the
Merchants Transfer & Storage Co. and
a director in the Federal-American Ma
tional Bank. has gone to Switzerland.
where he will remain for an extended
visit.
Harry E. Mayer. a director of the
Bank of Commerce and Savings. is at
Lake Champlain, where he will remain
until October
Leon Tobriner general counsel of the
Federal American National Bank with
Harry King, a director of the same in
stitution, is spending a month at
Mackinac.
Other Financial Notes.
Local bankers are receiving copies of
the address Of Henry H. Mckee on "A
Banks Secondary Reserve" made at the
annual convention of the District Bank
erS' Association. Copies are being sent
out by the association and also by the
Federal Reserve Bank of Richmond.
Alex Brown 81 Sons of Baltimore an
nounce that the issue of Sharp &
Dohme, Inc, shares of $3.50 cumulative
convertible preference class A stock has
been very heavily oversubscribed.
United States June motor production,
545,252 cars and trucks, against 604, 900
In preceding month and 396, 1876 in June,
1923; six months. 3.223,090 against D.
20l ,521 in like 1928 period.