Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-11
tANSTON SELLS UP
TO SIZE PER SHARE
National Savings & Trust
Also Gains 20 Points-0ther
Local Issues Active.
BY EDWARD C. STONE.

Lanston Monotype stock, which closed
yesterday at lit, opened today at INA
and then figured in sensational ad-
vance to 125. The opening sale was 10
shares. Five shares then changed
hands at 117l2, 10 at 118, 10 at 119, 10
at 100 and single share at the 125 top
the days turnover being As shares The
sharp advance was no doubt due tc the
declaration of an extra dividend of IS
cents per share in Philadelphia yes
terday.
National Savings e. Trust Co. stock
also drew special attention. Five shares
sold az SIS, is points above the last
sale; five more touched $50 and 10 more
changed hands at 579 District Ma
honal Bank stock sold at 2l5.
Mergenthaler Linotype was active and
strong, an even 100 shares selling at 108
railway d Electric preferred sold at So,
Merchants Transfer & Storage common
at ITO and Peoples Drug Stores prefer
red at 100. Capital Traction moved in
several very small lots at 70 and Poto-
mac Electric 512s per cent preferred at
Bonds were in fair demand again to-
gay with practically no changes in price
levels.
Lacey New Columbia Cashier.
Robert H. Lacey has been elected
cashier of the Columbia National Bank
succeeding Arthur N. Mitchell, who re-
Gently retired on account of his health
Mr.. Lacey has been assistant cashier
going to the Columbia in 1928. after
starting his banking career with the
American National Bank, which later
became merged with the Federal-Amer-
lean. His first position with the Column
bia was that of bookkeeper, his ad-
vancement having been rapid through
various other important positions since
that time.
Mr.. Lacey was born and reared in
washington, Is graduate of the Ameri-
can Institute Of Banking and has been
active in the work of Washington Chap
ter for several years. He has been
treasurer and assistant secretary and
during the present year chairman Of the
membership committee, playing an i'm
portant part in lifting the enrolment
to new high record.
The new bank cashier is World
War veteran, having been wounded in
action at the Marine, and also in the
Argonne. He is a member of Costello
Post, American Legion. His election
sumed his new duties today, President
Frank j. Stryker announced.
Richmond Cuts Rediscount Rate.
The Federal Reserve Board announces
that the Richmond Reserve Bank has
reduced the rediscount rate from 4la to
4 per cent, this action having been
taken by the board at yesterdays meet
Ing This leaves only Atlanta, St Louis
and Minneapolis with Az per cent
rate. The New York rate Is 31a per
cent and the rest of the Reserve banks
are charging per cent.
The consolidated statement OF the
Federal Reserve banks on April 8. made
public by the Federal Reserve Board,
shows decreases for the week OF SIS
100000 in holdings of discounted bills,
S343Oo 900 in bills bought in open mar
ket and S3,10O,0o0 in United States
Government securities. Member bank
reserve deposits declined $4,000, 000
Government deposits $13,200.0 600 and
Federal Reserve note circulation $lT.-
100000, while cash reserves increased
S125OO0OO Total bills and securities
were S523OO.000 below the amount re-
ported week ago.
A. /. b. Delegates Nominated.
At meeting Of Washington Chapter,
American Institute of Banking, last
night the names of so members were
placed in nomination to go as repre-
sentatives of the local organization to
the annual convention Of the institute
to be held at Denver next June. The
election of delegates will take place
April "a, and those selected to represent
Washington will leave in time to attend
the sessions In Denver from June 10
to 20.
Announcement was made yesterday
that the annual golf tournament Will be
held late in the Spring, at which the
silver trophy donated by w. w. Spald,
q former president Of the chapter and
of the District of Columbia Bankers
Association, will be competed for.
Lanston Declares Dividends.
a. ..4Iv~ - +La Iooa ~ If directnrs
Of the Lanston Monotype Co: In Phila.
delphia yesterday an extra dividend OF
as cents per share and the regular quar-
terly dividend of $l.75 per share were
declared. Both dividends are payable
May 81 to stockholders OF record May
81.
w. Woolworth Co. has declared the
regular quarterly dividend of so cents
share, payable June to stock OF record
April 81.
Brokers' loans increased $26, 000, 900 in
week TO $3,994,00 Federal reserve Sys.
TEN ratio at BIS per cent against 1913
per cent week ago and 1913 per cent
year ago: New York ratio, 76.6 per cent,
against 1913 per cent and 81.9 per cent,
respectively; no announcement on re-
discount rate, which remains at 312 per
cent.
The number of unemployed persons
In the fifth district has remained UNI
cording to Federal reserve report.
Some additional work developed In Ger
tain industrial plants. Number OF jobs
will probably increase soon, especially
for workers in building trades and un-
skilled laborers who seek employment In
road work.
Heard in Financial District.
One day this week 10 local banks
aent in reservations for ITO seats at the
pre-convention dinner of the District
bankers Association, to be held at the
Columbia Country Club next Monday
evening. ut looks as If the attendance
would be as large as the turnout for
the opening ball game on the same
date" President Waller opined today.
The boards of governors OF the New
Curb Exchange have voted. to close the
exchanges on Good Friday. April Ii,
and Saturday, April 10. This action no
doubt means that the washington STOCK
Exchange will be closed on the same
dates.
Many local bankers were in Rich
mond today, attending the annual meet.
ings of the stockholders association OF
the Federal Reserve Bank.
Roger w. Babson called on Crane,
Paris & Co. and other local financial
houses this week on his way from
Florida to his home in Massachusetts,.
The Chesapeake & Ohio Railway has
been authorized by the Interstate Com
merce Commission to construct a
15-mile extension of its line in Raleigh
County, West Virginia, between Edw,ght
and Surveyor to cost $685. 70.
The Seaboard Air Line Railway has
applied to the Interstate Commerce
Commission for authority to issue
$1,284,00O bonds, consisting of 1858 900