Evening star., 1930-06-23
PRICES ARE LOWER
ON D. c. EXCHANGE
Bonds Hold Firm, but Stocks
Show Effect of
Selling.
By EDWARD C. STONE.

Prices were somewhat lower in some
issues on the Washington Stock Ex-
change today The largest amount of
trading was in Merchants Transfer g.
Storage preferred, which opened at 90
and closed at e5A on a turnover of
100 shares.
Capital Traction sold in small lots
at so, ex-idfvidend: Potomac Power So
per cent preferred moved at IO63. Lib
erty National at 200 National Savings
q Trust at 545, LaTlston at 1T and
Mergenthaler at e7..
Bonds were in fair demand around
recent levels
New Security Bank Director.
Stacy M. Reed, treasurer of the c. A.
snow Co. and of the Argonne Co, has
1een elected director in the Security
savings g. Commercial Bank, according
70 announcement by Vice President
Francis G. Addison, jr. Mr.. Reed has
oeen with the Snow Co. since 1915 and
viii be one of the city's younger bank
directors.
He is a graduate of the National Uni
Versity Law School, having the degree
of L. L. D., is also q member of the
District of Columbia Bar, Stansbury
Masonic Lodge, an associate member of
Delta Theta Phi Legal Fraternity and
the Board of Trade. He is native of
Fredericksburg. Va.
Agents Attend Old Point Meet.
Harold D. Kraft, general agent in
Washington for the State Mutual Life
Assurance Co. of Worcester, Mass, left
here today for Old Point Comfort, Va,
to attend the annual general agents
conference and convention of that COM
pany. j. A. Marr, associate general
agent, and H. Gordon Edmonds will also
attend the convention. Mr.. Mari has
recently been elected to the executive
committee of the State Mutual Field
Club, an ONCE he has won through con-
sistent larger production over a period
of years. A number of the leading pro-
ducers of the State Mutual from all
parts of the country have visited Wash
ington during the past few days.
Legge Seeks Aid of Bankers.
Alexander Legge, chairman of the Fed
eral Farm Board, suggested to the ma
tfonal officers of the Mortgage Bankers
Association of America in session at
Chicago that a definite program of CO.
operation be developed between the
board and farm mortgage bankers
throughout the country.
Mortgage bankers IN your organiZa-
ton lending millions of dollars of insur-
ance funds on the security of farm lands
are in strategic position to assist the
farmer directly and to help the Farm
Board keep in direct touch with farm
problems" said Mr.. Legge. THE Farm
Board looks favorably upon the appoint
ment OF contact committee properly
representative of mortgage bankers and
insurance company investors to advise
the board with reference to economic
questions involving land utilization and
trends in agricultural finance"
Bank Deposits Up "a Per Cent.
Debts to individual accounts. as re-
ported to the Federal Reserve Board by
banks in leading cities for the week
ended June 1S, aggregated S17,074, ,000,-
0C0, or "a per cent above the total re-
ported for the preceding week and 8
per cent below the total reported for the
corresponding week of last year
Aggregate debts for 141 centers, for
which figures have been published
weekly since January, 1919, amounted
to $16,172, 900 000 compared with $13,-
013,O00, 900 for the preceding week and
$I6,610,000.000 for the week ended June
ls Of last year.
Bank Heads Change Rapidly.
After running along for many months
without any changes among the presi-
> dents of Washington banks, there have
recently been three in almost as many
weeks. The first came when Joshua
Evans, jrr took the helm of the District
National Bank and Robert N Harper
became chairman of the board Then
the death Of Frederic E. Harrington
brought John G. Walker to the preSi-
deney of the Chevy Chase Savings Bank,
while few days ago John D. Howard
was elected to guide the Seventh Street
Savings Bank, August H. Plugge becom-
4aaxw S41~r f,~S%a, 1f -
these three changes, the last move of
this kind took place when Wade H.
E Cooper was elected president of the
Commercial National following the
merger with the Continental Trust Co.
Heard in Financial District.
The Federal Reserve Board is going
TO the very limit in an effort 10 help
business. The reduction to a 212 per
cent rediscount rate gives business the
benefit of the cheapest funds in Reserve
history. In times past the restorative
OF cheap money has always worked out
favorably.
Only a little more excavating remains
70 be done before work on the founda-
tion of the new annex to the American
Security & Trust Co. will be started
When construction starts the new
building will be run up TO- stories
Eastman, Dillon & Co. announce the
admission TO general partnership OF
Loring Dam, H. Lawrence Jones and
winthrop Sargent, jr. Mr.. Sargent and
Mr.. Dam will be associated with the
Philadelphia Office and Mr.. Jones will
be q floor member of the firm on the
New York Curb Exchange.
Norfolk 81 Western estimates May
net operating income at $3,050,O00, as
against S3.865, ,101 in May, 1929: net
income after taxes and charges ap-
proximately $2,l00,000, against $685.
s9s
motor vehicles operated by the New
York Philadelphia & Norfolk Railroad
between Norfolk, Port Norfolk, Old
Point and Cape Charles will be in
vestigated by the State Corporation
Commission with a view to reductions.