Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-03
WASHINGTON GAS
BONDS IN DEMAND
Other Debentures Feature
Trading on D. C. Exchange.
Stock Deals Few.
BY EDWARD C. STONE.

Exchange today. The market opened
with $1,000 bond selling at lO3 Sale:
in similar denominations then followed
at 1884, l03, 1925, 1929, 1922 and
$500 at 1924. Washington Gas IS
Series B. sold at 1918 and 102.
Capital Traction SIS were also in good
demand, changing hands in $500 and
$1,000 denominations at 94i2. George
town Gas SIS came out on the board al
1924 in $4,000 and 81 900 sales.
In the stock division Potomac Elec-
trio Power per cent preferred sold at
1101s, So shares of Lanston Monotype
changed hands at l25 and shares at
12412, and 20 more at 124L4.
Mergenthaler Linotype opened with
rs shares selling at 100, followed by a
small sale at 1904. Merchants Trans
fer & Storage common moved at Io91z
and Federal-American National Bank
registered small sale at $50.
No sales were recorded in CAPITAL
Traction stock. The closing quota
lions were s64k4 bid and IS asked.
Latest Convention Plans.
Claude H. Woodward, chairman of
the transportation committee. sent out
special postal cards today to all bank
ers and friends booked to attend the
convention at Asheville, N c., calling
attention to the fact that the two
special trains leave Union Station to-
morrow night at o'clock. Officials of
the Southern Railway humorously re-
marked today that so important are
these two specials that they could wait
even for the President of the United
States.
Chairman Woodward announced to-
day that the reservations totalled the
record breaking figure of 288. AS the
0VkT1 1onN tow L.
likely that any further reservations will
be requested.
Chairman Luther E. Schreiner of the
hotel committee leaves here tonight to
spend tomorrow with the hotel officials,
checking and double checking the ac-
commodations for the members of the
party. The rush to attend the meeting
has made 1t necessary to take care of
the overflow by securing first-claSs
nearby accommodations.
Bank Predicts Gradual Recovery.
The Lincoln National Banks May
review expresses the belief, now largely
accepted, that the definite recovery
of business from its 1929 slump is to
take the form Of steady but gradual
rise, and finds further confirmation in
reports of May activity which are thus
far, available.
That some progress was recorded
during the month, when all factors are
considered, seems fairly assured. On
the other hand, the review says. it is
equally clear that the improvement is
moderate and probably less than that
achieved in April.
The general business trend in May
was upward, the bank finds. Retail
trade showed gains, iron and steel OPP
erationS fell of, structural steel awards
increased and general construction
gained. Check payments rose in many
important cities.
Dividend and interest payments for
May Increased by comparison with a
year ago, according to reports Of the
United States Department of Com
merce. New financing expanded. but
stock sales declined sharply on the New
York Exchange.
Early Closing Action Delayed.
The effort TO bring about uniform
earlier closing hours in Summer IN all
the Washington banks in the down.
town district is believed to have gone
by the board, so far as the coming
Summer is concerned. The present
special committee, of which John Poole,
president Of the Federal American Ma
tional Bank is chairman, has been
asked to continue its work by the
council of administration of the District
Bankers Association but the present
administrative year ends on June and
there is not suficient time for any
definite action before that date. S
The last time the same matter was
before the association special CONF
mittee put in much hard work trying
to get the banks to reach an agreement
on it, calling attention to the success of
the shorter hours in other Eastern
cities. Just enough banks held out to
halt the plan. Talk with many bank
ers indicate the plan will meet the same
fate this time. The success of the idea
depends on its being favored unani-
nnouSly. It Is not so viewed.
Wade H. Cooper, president Of the
Commercial National Bank and of the
United States Savings Bank, brought it
UP this year. He had the support of a
majority of the other bank officials in
the city and every one of the clerks.
Securities Offices Combined.
Marshall o. Exnicious will be manager
Of the new office of the Chase Securi-
ties Corporation, at 922 Fifteenth street,
which will be opened tomorrow. The
Chase corporation is connected with the
Chase National Bank of New York, and
the local Office has been in the head
quarters of the American Express Co.
on street.
The new office will be combined with
Enlistment, this action being taken as
the result of the merger of the Chase
and Equitable Banks in New York. The
Equitable personnel will be retained.
The consolidation of the Chase. Ma
tional, Equitable Trust and Interstate
Trust, ratified by the stockholders on
April "a, formally took effect at the
close of business last Saturday. The
resources of the new bank exceed
$1,000, 900, 900.
Heard In Financial District.
All trustees of the Northern Market
Co. of Washington City were reelected
at the annual meeting of stockholders,
held yesterday at the companys offices
Seventh and o streets northwest. They
are w. w. Milan Edward W. Dom
Charles Morgan, Floyd E. Davis. r. E
L. Smith, A. F. Harlan, j. EnoS Ray
IT., and Frederick L. Vogt.
Characterizing credit conditions the
country over as generally on the up
grade, the June bulletin of the National
Association of Credit Men, received
yesterday by the Washington Associa-
ton of Credit Men, states that II the
tariff muddle can be cleared the fore
cast of close to normal conditions fol
the last quarter of 1880 bids fair tc
hold good" -.
Austin 3. Rohrbaugh has been placed
in charge of the customers security de-
partment of the Washington Loan &
Trust Co. He has held an important
position with the bank for several years