Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-03

hands at 97A and
Columbia Title In --1R1''''A 'A ~
surance Co. at 8. b. Chesterman.
Two banks stocks
appeared on the board, 10 shares OF
Commercial National again selling at
235 and five shares of Riggs National
commanding $50. Both type stocks
also figured in sales, Mergenthaler
Linotype selling in three l0-share lots
at 10734 and 20 shares OF Lanston
Monotype coming out at 1l6.
Peoples Drug Stores preferred was
strong at 1884,, the highest recent
price, while in the volume of trading
Carpet Corporation was large, lS2
shares selling at 26ia.
Bond trading was confined to Wash
ington Gas issues, Potomac Electric
consolidated SIS and Washington con-
solidated title IS, all at firm prices.
Morris Bank 20 Years Old.
The Morris Plan Bank of Washington,
of which Bertram CheSterman is presl-
dent, is Joining with Morris Plan banks
all over the country in celebrating our
ing the month of April the twentieth
anniversary of the establishment OF the
first Morris Plan Bank in this country.
The first Morris Plan Industrial Bank
was founded by Arthur j. Morris OF
Norfolk, Va, in that city in 1910, to eX-
tend to the individual the credit faclll-
ties of a banking institution. Since the
organization of the first small bank, ITO
of these institutions, with 178 offices OPP
Grating in lat cities have been founded.
The combined number OF loans made by
all of these institutions since the or
ganization of the first bank, according
to local officials, amounts to 6,500,000,
totaling $1,5oo,o00,0oo.
Reserve Amendments Favored.
The Senate banking and currency
committee has favorably reported out
the following minor amendments to the
Federal Reserve act:
Amendment to section 9 and section
324O, granting Federal Reserve Board
discretionary authority in assessment OF
costs of examining member banks
against banks examined, and amend
ment to section % of the act. prohibit
ing any member bank making any loan
or granting any gratuity to any bank
examiner or assistants who examined
such banks.
The following bills, which have al
ready been passed by the House, were
favorably reported by the Senate COM
mittee:
Bill providing for the erection Of a
Federal Reserve branch at Pittsburgh,
cost of which is not to exceed 1915 900.
A bill authorizing coinage of 50-cent
piece concentrating the, seventy,fifth
anniversary of the Gadsden Purchase.
A bill amending sections and 9
of the Federal Reserve act permitting
cancellation of Federal Reserve Bank
stock held by member banks which
have ceased to function in certain
cases; amendment to section 9, au-
thorizing Reserve Board to waive notice
by State banks and trust companies Of
intention to withdraw from membership
in Federal Reserve Bank.
An amendment to section 10 of the
Reserve act permitting a member bank
to rediscount with a Federal Reserve
bank the same amount of paper OF
single borrower as a national bank may
acquire from single borrower under
section 5000 of the Reserve statute; and
q bill providing for the discontinuance
Of coinage of $3.50 gold pieces.
Lockwood to Manage Office.
Chester w. Lockwood is now asso-
ciated with Maynard, Oakley & Law
renee, members of the New York Stock
Exchange, as manager of their Wash
1ngton branch. The firm is tempo
rarily located in the Securities Build
ing until its permanent offices in
the Shoreham Building are completed,
on or about the 1St of May.
Mr.. Lockwood was formerly manager
Of the Washington offices Of Hartman
& Co. having been employed by them
for the past eight years. He was a
member Of the class of 1919 at Har-
ward University.
At the outbreak of the World War
he Joined the Navy and attended the
Officers Training Corps at the United
active service in the patrol zone. He
is the son Of the late Thomas w. Lock-
wood, jr.
Financial District Brevities.
The Riggs National Bank has pub
lished folder since the call of March
~ showing capital of $4,000, 900, sur
plus and profits of $3,796,300 and total
resources of $57,011 200.
The old buildings next to the Ameri-
can Security & Trust Co. are coming
down rapidly, the banks new building
project getting away to good start.
Charles D. Light is back at his desk
in the local Offices Of the National
City Co. after several weeks passed at
Charleston, 8. c., and Asheville, N. c.
He is again in excellent health.
Frank j. F. Thiel, resident partner
Of M. j. Meehan & Co., has returned
from a conference of the partners held
in New York.
Members of the New York Stock Ex-
change are asking that the exchange
be closed on Good Friday and Satur-
day before Easter, April 10 and 10. If
such action is taken, the Washington
Exchange will also take the two days OF.
Agricultural implements exported in
February, valued at $21 ,292,477 by the
Commerce Department; increase of 100
per cent over 1929 month and new
high record.
Bankers here today commented on
the big increase in brokers' loans dur
ing the past week. The report leaves
no doubt about the public going back
in the market. The public should bear
in mind, the bankers say, that this
IS q very selective market and too much
care and caution cannot be used in the
securities being purchased.
The physical volume of business han
died In 1929 by the Federal Reserve
Bank Of Richmond was greater in every
department., except in fiscal agency
work, than that handled In 1928, ac-
cording to the fifteenth annual report
of the institution made public by Will
liam W. Hoxen, chairman and Federal
Reserve agent.