Evening star., 1932-05-09
BOND SALES GAIN
OhD. c. EXCHANGE
Local Utilities Issues Feature
Market-NeW Bank Quar-
tiers Opened.
BY EDWARD C. STONE.

Bono LTaQulS Oll tuc WdSlilleoOAl
Stock Exchange was much better today
sions. The first bond transactions were
in Washington Railway & Electric As,
two 81, 900 sales being recorded at 80A
The next sales saw 81 500 turnover
in Washington Gas Light IS, series B,
at lo2, and 500 sale in the same issue
at 100% Washington Gas IS, series
A, then appeared on the board, $1,000
and $500 denominations changing
hands at 98A.
Interest then reverted to Washington
Railway g. Electric As, these bonds
gaining strength during the session
The market closed with two more 81 900
sales made at 81. In the stock division
two small sales in Washington Railway
e. Electric preferred were made at 83.
Capital Traction opened with single
share moving at 1915, followed by IS
more shares selling at 1912. The pro-
posed merger before Congress is keep
ing trading in this issue very light
pending the outcome.
Many Inspect Banking Quarters.
The American Security & Trust Co.
opened its handsome new quarters in
the main Office and the adjoining Office
building today, hundreds of bankers,
business men and regular patrons
dropping in to inspect the remodeled
bank. The new banking Office drew
forth extravagant praise from every
visitor Two years of very hard work
has brought its reward. Flowers from
business associates and others almost
swamped the lobby and gave it a hot
house appearance that was most ap-
pealing. The present officers of the
trust company are as follows:
President, Corcoran Thorn; vice pres
:dent, Howard Moran; secretary, Fred
erick P. H. Siddons; treasurer. Charles
Z. Howe; trust officer, David N. Hous-
tpn; real estate officer, William L.
Beale; auditor, ]. Damn Faber; assistant
secretaries, Albert H. Shillington and
Robert L. Flather; assistant trust Off
GERS, T. Stanley Holland, Arthur G.
Nichols, j. Eliot Moran and Earl G.
Jonscher; assistant treasurers, william
w. Keck, Hans w. Ireland, Percy c.
Brady, James c. Dulin, jr.; Edward E.
Swan, Richard E. Harris, Harry P.
White and Charles c. Boswell.
The bank will remain open until $50
this evening for public inspection.
Opens Branch Banking Fight.
Speaking in behalf of 10000 local
banks, which have given their depos-
itors 100 per cent safety in the smaller
communities of the United States, the
American Banker today launched a
campaign for amendment of Statewide
branch banking provisions for national
banks out of the Glass banking act of
1882, now before the Senate.
Once officially fostered, the magazine
asserts, branch banking will slowly but
inevitably destroy unit banking, and the
harm can never be undone.
Congressman voting passage of the
with faic y1vOx{c{Or, mill hn
'the death warrant of their local
banks" c. B. AFFORD, the magazines
editor. writes in letter today to every
member of Congress
Statewide branches would be an ir-
retrievable step toward concentration of
local banking resources for administra-
tion by Wall Street and for the stock
market, he declares.
Peoples Drug Sales OFF Slightly.
Sales Of Peoples Drug Stores, Inc. for
April were reported today as SLAB, 727
against 81 l,484,S67 in the corresponding
month year ago, decrease of $780, lao,
or A per cent.
For the first four months of 1882
sales totaled s5,586, ,409, in comparison
with $5, 726 439 in the like period a year
ago, decrease of S140030, or "a per
cent. In view of business conditions
both the sales for April and the four
months are considered excellent.
Sales of S. S. Kresge Co. (chain
stores) We're also reported today for
April, totaling 1887 PIT against $12,-
590,090 In April, 1881, of II per cent.
For the four months, sales totaled S38,-
GAG, 6,227, in comparison with S43,22O.16l
in the same months last year, being
down 10.6 per cent. The company Is
now operating 675 American and 80
Canadian stores.
Banking Improvement Impressive.
Impressive changes for the better in
banking conditions are pictured in
report of the Economic Policy Commits
sion OF the American Bankers Associa-
tion issued in New York today, outlining
the course of events that have reduced
bank suspensions from 522 in October
to only As in March, with returns run
ming into April indicating a period in
which more banks were being reopened
than closed. The report, made by r. S.
Hecht of New Orleans, chairman of the
commission, declares that it is confident
these improvements will continue.
Since the commission reported at the
annual convention of the association in
October. Mr.. Hecht says, ''the drop In
bank failures that was then wished for,
but could not be reported, has finally
taken place"
Stock AllotmentS Cancelled.
The Electric Bond & Share Co., ac-
cording to Washington representative,
has cancelled the allotment of stock at
$40 per share, made TO officers and en-
ployes of the concern back in March
1929. This action was taken some time
ago, but letter has just been sent out
to stockholders explaining the original
plan and stating in detail why the idea
failed and was repealed.
The letter states that the total num-
Der of shares provided for the allotment
of about 480, 900 shares to about 160
employees. The stock was not to be de-
livered until entirely paid for. Par
ticipants were to pay 10 per cent of the
subscription price and per cent in
terest on the unpaid balance until
termination OF the plan, on January l.,
1887.
The stock is now selling around $l3
a share. With such drop In price,
operation of the plan became destruc-
tive to the morale of the company the
directors state, and for that reason
cancellation of the whole plan was
voted.
Heard in Financial District.
c. F. Childs & Co., dealers in Gov
ernment securities announce that j.
Richard Garvin, formerly of the New
York and Philadelphia Offices, has be-
come associated with the Washington
Office
The District Bankers Association an
nual convention opens at Hot Springs,
Va, just one month from today.
The Anacostia Bank, Maurice Otter
back, president, will celebrate its twen-
ty-second anniversary tomorrow, having
been opened on May 10, 1912.
twenty-five banks were reopened in
April the same number as in March.
So far this year 100 have resumed busi-
ness.
sell in June $1,000,o00 bridge bonds,
probably as AIS.