Evening star., 1932-05-10
whitney Again Exchange Head.

changed hands at 108.
whitney Again Exchange Head.
Richard Whitney has been reelected
president of the New York Stock EX-
change to serve a third term. Mr..
Whitney is a personal friend OF sew
eral leading Washington brokers who
are connected with New York Stock
Exchange houses. He has always been
a popular exchange head and his terms
of office have included some very eX-
citing as well as most difficult periods
in Wall Street history. His recent tes-
timony before the Senate Finance Com
mittee on the bear hunt" was con-
sidered almost a classic by his personal
friends.
On the Washington Stock Exchange
today much interest was manifested in
the action by the House in passing the
: bin which would merge the Washington
Railway e. Electric Co. and the Capital
Traction Co. Holders of Capital Trac-
ton are apparently holding their stock,
awaiting the Senate's action, as there
were no sales today. The bid, however,
was raised from II to 1912 and the
asked price from 13 to Is.
It was announced during the session
that Carroll Glover of Glover 6E Flather,
investment dealers, is taking a short
trip to Europe. Mr.. Glover is a former
president of the exchange, is vice chair
man of the board of the Riggs National
Bank and a director in several i'm
portant corporations.
Four Local Dividends Declared.
Directors of the Potomac Electric
Power Co. have declared the regular
quarterly dividend of 112 per cent on
the company's per cent preferred stock
and the regular quarterly dividend OF
13s per cent on the 5l2 per cent pre-
ferred stock. Both dividends are pay
able June l to stockholders Of record
May IL.
The Washington Railway & Electric
Co. directors have voted the usual quar-
terly dividend of 134 per cent on the
common stock and the regular quarterly
rs per cent disbursement. Both these
payments will be made on June l to
shareholders of record May IA.
Secretary Mills announces that the
latest offering of $75,000000 91-day
Treasury bills has been oversubscribed
about 5 to /. The lowest bid accepted
was 9s.sI7, equivalent to an interest rate
of about 0.72 per cent on an annual
basis. Only part of the amount bid for
at the latter price was accepted. The
total amount of bids accepted was
S76, 744.000. The average price of Treas
ury bills to be issued is 99.629.
New York Bank Stocks Rally.
New York City bank stocks, which
are widely held locally, figured in quite
sharp gains during the latter part of
last week after establishing a new low
record for the current year The
average yield of the l6 leading stocks on
May was 81 per cent, compared with
893 per cent on April 80 and 9.84 at
the highest point last year
1t is now reported that leading bank
stocks made good earnings during the
first quarter of this year, most of them
more than earning their dividends.
Three recent factors of special impor-
tance in the bank stock situation are
the reduction of interest rates by the
New York Clearing House larger de-
posits and the Federal Reserve so-called
recitation" policy.
Anacostia Bank Celebrates.
The Anacostia Bank is today cele-
brating its tWenty-second anniversary,
having been opened May 10, 1910. The
present president, Maurice Otterback,
was cashier of the bank when it opened
as a separate institution after having
been conducted for some years as a
branch Of the old Union Savings Bank
The late George o. Watson, who was
president Of the Liberty National Bank
at the time Of his death, was the first
president Of the Anacostia Bank. Pres
1dent Otterback became head of the
institution in 1918. The officials re-
ceived many hearty congratulations to-
day on the growth and present stand
s4g of the institution.
Financial District Notes.
For quarter ended March 81, 1882,
Drug, Inc, which owns many Washing
ton stores, reports net profit of S4, sol, :
573 after interest, depreciation, Fed
eral taxes, minority interest etc, equiv
alent to S1.30 a share on 3,50l .499 no.
par shares of capital stock. This COM
pares with S5,384,14 equal to $154 a
share in first quarter Of 1881
Columbia Pictures Corporation de-
elared regular quarterly dividend of IS
cents on the preferred stock, payable
June to stock of record May 10.