Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-05
TRADING IS ACTIVE
| ON D. c. EXCHANGE
Traction at so Bonds ii
Better Demand Credit
Bureau Facts Sought.
BY HOWARD c. STONE.

D4 GDWAkS1 ~ GAOkNAs
Local securities were fairly active on
the washington Stock Exchange today
after yesterdays holiday.
Ten IO-share lots of Federal-Ameri-
can Co common changed hands at
2oN, making this issue the most active
stock during the session.
Capital Traction held so on turn
over of only IL shares. 1t closed with
zo3z bid and SOFA asked. In q 10
sliare sale of Mergenthaler Linotype, the
stock held its recent price of 90hs.
Peoples Drug Stores preferred re-
corded a small lot sale at 100 and 100
shares Of National Mortgage 81 Invest
ment preferred came out at B. The re-
manning trading was In the bond divi-
sion.
washington Gas IS, series A, moved
ct 103 for q $1,000 bond, while six
500 bonds Of the same issue sold at
iO2sa. Gas IS, series B, figured In q
larger turnover, opening at 1854 and
closing with $4,000 sale at 100.
washington Railway & Electric As
registered $4,000 sale at 1914 and
Capital Traction SIS sold at 86.
1t is interesting to note that not
single issue on the local exchange Is
now selling ex-dividend, something
quite unusual.
Credit Bureau Methods Requested.
Some 20 bankers in leading cities Of
the country have recently requested fun
information as to the methods used in
the operation Of the District Bankers
Association Credit Bureau, which has
now been in successful service for two
years, according to Robert v. Fleming,
who was designated by Chairman H. H.
Mckee of the washington Clearing
House Association to represent the city
at the conference Of clearing house Of
ficers ut the recent "A, B. A. convention.
The up-to-date methods OF protec-
ton In use among the local banks made
o distinct impression at this conference
in charge OF the bank management
commission. Frank w. Simmons, chair
man of the commission on banking
practices and clearing house functions,
smoke most enthusiastically OF methods
In use in washington. Mr.. Fleming
was asked for complete details on the
credit bureau operating methods and
also regarding the work OF the Bankers
Protective Committee.
The local credit bureau is one OF the
first of the kind to be established any
where in the country. Richmond Is De-
lieved to have started the. first one.
The local bureau is operated by mutual
agreement between the banks instead
of by clearing house rules, the differ
ence being considered Of much sig
nificance by many bankers. The local
association being confined to one city,
il is In better position to conduct sucn
bureau than any OF the State associa-
tior,s, this fact being one reason for its
marked success. The forms used here
have been forwarded to many bankers
ia all parts Of the country with the
view to their adoption elsewhere.
-..4.. r.e,.-.z m~uRx.
sidney r. Taliaferro. vice president
Of the Riggs National Bank, In charge OF
the trust department has recently sent
a QUESTIONABLE to q dozen Of the lead
inr banks Of the country regarding
their practices in keeping trust depart
ment records. The questions referred
to whether for general bookkeeping pur-
poses. securities are listed at par or
market value; whether the figures at
which they are listed are changed from
time to time; how no par stock IS car
ried; whether real estate Is carried on
separate ledgers, and II so at what value
and whether the values entered on real
estate are altered from time to time.
The matters which were the subject
of the Questionnaire relate 70 the gen.
eral bookkeeping and preSuppose that
subsidiary records are kept showing the
actual values Of securities from time
to time.
The replies Of the banks have been
summarized and the Riggs National
offers the data to any Of the other local
banking institutions which may wish 1t.
The answers are OF wide interest.
1874 More Pennsy Stockholders.
Pennsylvania Railroad stockholders
totaled 212,31l October /, an increase
Of 4,157 over the previous month and
an advance Of 1854 over October Of
last year.
While portions. Of this advance in the
number Of Pennsylvania shareholders
may be directly traced to the allot-
ments Of new stock TO stockholders and
employees in the last two years, there
has been also q marked tendency toward
o wider distribution Of the stock among
permanent investors generally.
The average holding Of all stockhoid-
ers is steadily declining. having reached
. new low figure Of 6I.13 shares this
month.
Cleaned in Financial District.
Another Washington bank president
who recently celebrated q birthday Is
Edward j. Stellwagen, head Of the
Union Trust Co. Mr.. Stellwagen has
been the president of the trust COM
pany for exactly 80 years and has been
active in the. financial district for an
even longer period He is q director in
the Capital Traction Co., the Raleigh
Hotel Co. and Capital Park Hotel Corr
poration and for many years was on the
board Of the Washington Gas Light Co.
Many washington bankers and bro
kers look for a little stronger market
now that the election is over. A so-called
uncertainty has now passed out Of the
picture The fact remains, however, that
earnings prospects, trade conditions,
and probable soundness Of dividends
are more vital factors in market moves
than are elections.
Lee H. Bristol. vice president Of the
Bristol-Myers Co., has been elected o
director Of J. O. White & Co., Inc Mr..
Bristol Is vice president Of the ASso.
ciatinaa ~ NaAiaxaAi AAa.arklcAxs