Evening star., 1935-09-20
D. c. FIRMS GET
. ALEXANDRIA ISSUE
Brown, Goodwin & Booker
! Share Offering With
Richmond Bidder.
BY EDWARD C. STONE.

UUU Clty OF AtAdHuIld, Nd', oelAol IA,
offered for sale by the R. F. c.
Competition for the issue was keen,
there being approximately 10 bidders
The successful bid was AZ cents per
$1,000 bond above the next highest
bidder.
The bonds are being reoffered at
prices to yield from OBS of per cent
on the shortest maturities. to $3.50
basis for the longer bonds.
It was stated this morning that the
bonds are being rapidly taken by in
Vestors and it was expected that the
entire issue would be sold out by the
close of business today.
Drive to Strengthen Banks.
The Federal Deposit Insurance Corp.
has undertaken program designed to
give the country still stronger bank
ing structure. aimed eventually at the
wedding out Of all weak banks. 1t is
reported that considerable preliminary
work has already been completed. The
program is expected to bring about
some mergers. in connection with
which the Federal agency will take
bver the assets of the weaker banks,
separating the good from the bad and
then putting these banks in with the
sounder institutions.
The new program calls for Nation
wide canvass of all the banks which
are members of the Federal Deposit
Insurance Corp. to learn which ones
need special attention. The corpora
ton says there will be comparatively
few banks which will be placed with
others. Such action will be taken in
Instances where communities are over
banked and no consultations will be
to the disadvantage Of stronger insti-
tutions, officials say.
Institute Consuls Named.
B. Bruce FrantZ, American Security
& Trust Co., was appointed chief
consul by Chapter President j. Earle
McGeary today. He is graduate OF
the Institute of Banking Benjamin
Franklin University, and is connected
with the trust department at the bank
Other members of the committee in
clude:
Henry P Hoffman Second National
Bank, associate chief consul G. Craw-
ford Turnbull. Morris Plan Bank, as
sociate chief consul Donald w. Now
bray and Merrill w. brennan, Amer
ican Security g. Trust Co.; j. Ken
nedy Ireland and Miss Leona E.
Draeger, Washington Loan & Trust
Co.; Ernest E. Dooley, Columbia Ma
tional; George R. Galleher, Lincoln
National; Claude w. Kniseley, Riggs
National; E. A. Ginnetti, Second Ma
tional Dock r. Farthing, jr, Ana
costa Bank; Thomas j. Norris, Com
merce & Savings; William E. Boil and
Bernard M. Grant, City Bank; Will
liam c. Cox, jr., McLachlen Bank;
Miss Dorothy L. Covert, Security Saw
sngs g. Commercial; G. Rudolph
Schreiner, Citizens Bank, Alexandria;
Miss Ethel Ann Loeb, Alexandria Ma
tional; E. Wallace Schreiner, First
National, Alexandria.
S. Mason Wagner, National Bank of
Washington; Ralph H. Mittendorff
and Miss Esmer Frock, American Sc
curity g. Trust Co.; Theodore B. Bog
ley, Munsey Trust Co.; Douglas r.
Smith, National Savings & Trust:
Thomas c. Talbert, Union Trust Co.;
Francis M. Durrance, Hamilton Ma
tional: Mrs. Gertrude c. Wick, Lib
erty National; George NJ. Rowzee, jr..
Lincoln National; Neal N. Herndon.
National Metropolitan; Frank U.
Rodger. Miss Frances E. Nagle and
Stephen o. Porter, Riggs National;
Donald Hollingsworth, Second Ma
tional; Frank M McGeary, jr., W. B.
fIibbs g. Co.; C.. William Mccormick,
United States Government Insolvent
Banks; Herman A. LipkovitZ, Farm
Credit Administration, and Lundeen
". Steele, Washington Loan & Trust
Co.
Storage Dividend Declared.
Directors of the Security Storage
Co, meeting late yesterday declared
the regular quarterly dividend of
H1.25 per share on the capital stock
of the company. Secretary c. P. Ra-
kenburg announced today. The divi-
dend is payable october 10 to stock
holders of record October S. C. A.
Aspinwall is president of the company.
Sales Of American Stores Co. for
August totaled sS,022,422, against |
S8,253, ,842 in August last year, a de- |
crease of 1921 ,420 or 28 per cent |
Sales for the first eight months of
1885 amounted to S77,15677O, an in
crease of 0.2 per cent over the like |
period year ago. For the five weeks
ended August 3 of this year sales |
n & nor rent bjoher x,por
ago.
Gov. George J. Seay of the Federal !
Reserve Bank of Richmond has sent |
word to all banks in the territory that |
the reserve bank has full information |
on the new United States savings |
bonds, sometimes called baby bonds, |
which were put out for small investors. |
The bonds are purchasable at any
post Office. The Richmond bank ALSO
announces the latest offering of $50
100000 in Treasury bills, on which |
tenders will be received up to Monday
afternoon.
Bank Clearings Lead Nation.
Bank clearings in Washington for
the week ending September l8 were
s68 per cent ahead of the same week
last year, compared with an average
gain in the other leading cities in the
United States of 20 per cent. New
York City alone had gain of 1873 per
cent. Other cities in the fifth district
we're far behind Washington In the
weeks returns Clearings in Baltimore
O.4 per cent better than year ago
and In Richmond were of 2.8 per cent.
The Bureau of Labor Statistics re-
ports that the value of building per-
mits in August rose to s87, ITO 900. al
most double the total of S44,633, 900
for August, 1884, and the highest
level for any month since October,
1881.
Capital Transit Improves.
Capital Transit stock recorded three
snnall-lot sales on the Washington