Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-30
Gland of the Sky" Is Chosen
as Site of Annual
Convention.
RAIL WAY STOCKS PROVE
FEATURE ON EXCHANGE
Capital Traction and w. r. G. E.
Issues Prominent in Short
Session Sales.
BY EDWARD C. STONE.

ulbSE6SI mas De6u aroused
local financial circles by the decision OF
the District of Columbia Bankers AS
ISOLATION TO hold the twelfth annual
convention at Grove Park Inn, Ashe-
vile, N. c., in the Land of the Sky
Previous conventions have been held at
Deer Park, Md, White Sulphur and
Hot Springs, Va, and the last two at
Montauk Point, Long Island.
This year the convention committee,
headed by George o. Vass, vice presi-
dent of Riggs National Bank, have
selected one of the most notable resorts
IN the world as the mecca for the June
pilgrimage of the association. AShe-
ville's altitude of 1890 feet above sea
level assures a delightful temperature,
while the mountains which surround
&c are the highest In Eastern America
and provide many marvellous rides for
the motorists.
The famous Biltmore estate of the
late George Vanderbilt will be open for
o visit by the bankers and the Asheville
Chamber of Commerce will present the
keys of the city to the delegates from
washington. Because of the eXcep-
tional opportunities for sightseeing and
the social affairs that have been ar
ranged, there are indications that there
viii be an unusually large number of
ladies accompanying the bankers. A
program of exceptional interest and i'm
portance will be presented and the COM
mittee Is urging attendance by q large
representation of officers and directors
from every member bank.
Attendance is not limited to members
Of the District of Columbia Bankers
Association and, as in the past, there
will be present many from other lines
Of business more or less closely related
TO the banks. A number of distin-
guished guests have also been invited.
The annual golf and tennis tourna-
ments have been arranged as well as
. putting contest for the ladies. The
bankers will leave here on two special
trains about s pm. on June over the
Southern Railway and reach home on
Monday morning. June g. Claude H.
woodward, president of Mount Vernon
savings Bank, is chairman of the
transportation committee.
Railway Stocks Lead d. C. Market.
Capital Traction and washington
Railway 81 Electric preferred led the
volume of trading on the Washington
Stock Exchange yesterday.
Capital Traction figured in six small
lot sales, all made at 80, the stock still
selling ex dividend.
washington Railway g. Electric pre-
ferred opened with 40-share block
selling at 81. The sale was followed by
i've more 10-share lots changing hands
ut s7k.
Potomac Electric Power per cent
preferred moved at 112Ls, and the
company's 515 per cent issue came out
at 10814 on 25-share turnover. Three
bank stocks appeared on the board, two
shares of Riggs National selling at 528,
three Of Merchants Bank & Trust at
las and IS National Metropolitan
changing hands at 375.
In the bond division Capital Traction
6s sold in $1,000 and two $4,000 de-
nominations at 90, while Washington
Gas Series B baby bonds came out at
10415. The unlisted securities were
also called of but few changes noted
for the week.
It was q memorable week for the
local exchange, the new headquarters
being opened and the volume Of
trading showing quiet substantial gains.
One Of the high lights was an advance
of so points in the price OF washington
Railway q Electric common to $50.
Hhe preferred has also attracted much
more attention in recent sessions.
Lincoln Bank Reviews Trends.
The Lincoln National Banks April
outline of business calls especial atten-
ton to the fact that present plans for
construction and repair work during
the year call for an expenditure OF
$1,000 100000 This enormous outlay,
even though only part OF it is actually
made, Is held as one of the chief
hopes for a speedy relief of the I'M
employment situation.
The bank calls attention to the re-
ports that some improvement has al
ready taken place Furthermore q
xecord-breaking volume OF new con-
etruction work has already been started.
"T1ae final key to the employment situa-
S1on," the bank says, which Is vtgor-
GUS and sustained upturn in general
business, is still delayed. The prin-
cipal production tndices for March con-
tinue to show the mixed trends which
began to develop in February after
the opening squirt Of the year"
After reviewing the steel, automobile
cotton and mill situations, the sum-
mary concludes: mo real recovery OF
the construction industry is possible
1t is generally agreed, until the volume
of new residential work returns to
something like its normal proportions
The progressive easing of interest rates
Is expected to promote this, although
how quickly any marked effect may be
looked for from that quarter Is un-
certain"
Commercial Stan Entertained.
President Wade II. Cooper OF the
Commercial National Bank entertained
the other officers, employees and their
guests at q get-together party last night
at the Mayflower Hotel. The Com
nnercial family" recently enlarged by
the consolidation with the Continental
Trust Co., enjoyed a thoroughly de-
lightful evening of dancing, refresh
nnentS and varied musical numbers
The committee In charge Of the ar
rangements was composed of Thelms
Courtney, George Haskins, Helen Best
and Daniel A. Radice.
New York Bank Stocks Active.
Local bankers have been commenting
on the strong, active market in the
shares of leading New York banks ir
the over the counter market during thu
past week A long list of issues moved
sharply upward, showing gains at thu
close of from to 325 points. The lat
ter was made by shares of the FRS
National Bank Of New York, the high
ast-priced bank stock traded in, which
advanced from bid price on Thursday
of $6,025 to closing bid Friday o.
$3.50.
Shares Of these seven banks reached
thigh record prices for the year to date
First National, Seward National, Bank
Z kers' Trust, Brooklyn Trust, Count,
Trust, Guaranty Trust and UniteS
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