Evening star., 1937-03-25
D. c. BANK STOCKS
STAY NEAR PEAKS
Riggs National Is Highest
Priced With 26.Point
Gain in 1887.
BY EDWARD c. STONE.

BY EDWARD u. S1ONL.
Bank stocks are now selling on the
Washington Stock Exchange close to
the highest marks of the present year
and of 1886. For many months they
have been forging ahead, most Of the
transfers being at higher prices than
the last previous sales.
Riggs National Bank common is the
highest priced bank issue listed on
the Washington Exchange. The stock
has gained 26 points this year, the
1887 low being $50 and the high, made
a few days ago, 356. Riggs National
preferred is selling at 1912 against
q low for the year of 101.
The last sale in American Security
& Trust Co. stock was made at 302.
against first sales this year at 290.
Washington Loan g. Trust Co. stock
sold the other day at 290, after selling
as high as 300 share this year. The
last sale in National Bank of Wash
ington stock was recorded at 1875.
Other bank stocks on the ex-
change have not registered many
recent sales although bid and asked
quotations have been strong. The last
sale of National Capital Bank stock
was made at 1872. Strangely, the
last sale on the exchange in Liberty
National Bank stock was at the exact
same figure, 139l2. National Savings
g. Trust has also sold at 1897 this
year. The last bid for Lincoln Ma
tional stock was 200 and for Bank OF
Commerce g. Savings 200 The bid
for Bank of Bethesda is now "a and
Prince Georges Bank g. Trust Co. IL,
with q asked.
Much strength has also been dis
played by bank stocks which are not
listed on the exchange but are sold
over the counter. Latest quotations
by Johnston, Lemon & Co. show bids
of 1875 for Anacostia Bank Stock, 1412
for East Washington Savings, 36 for
Hamilton National, 240 for National
Metropolitan, with 280 asked. los for
Security Savings g. Commercial and
los for Union Trust Co. stock.
Sales Manager Advanced.
Thomas j. Watson, president OF
International Business Machines Corp.
today announced the promotion of L..
Howell La Motto, divisional manager,
to take full charge of all the COM
pany's business with the Federal Gov
ernment IN all parts of the United
States. He will also have general
charge of all business with State,
county and city governments, and will
cooperate in handling foreign gov
ernment accounts. He will serve as
aiaison representative between all divi-
sions of the corporation and the Gov
ernment, and will have the final
authority on all contracts with the
Government the announcement stated.
Mr.. La Motto will make his head
quarters in Washington. The new
position, 1t was stated, is one of the
most important in scope and re-
sponsibility ever intrusted by the COM
pany to an individual. The company
has maintained a Washington Office
for many years.
Pierce Lauds S. E. c. Work.
"A. Pierce, head of E. A. Pierce &
Co., New York Stoc.s Exchange firm,
says that after two years OF regulation
of the stock markets by the Securi-
ties and Exchange Commission, he is
convinced that the securities and ex-
change act has been good thing Tor
the brokerage business.
Mr.. Pierce was from the first in IA
vor of regulation, spent many weeks IN
Washington when the bill was under
discussion, and gave full cooperation
to those in charge Of formulation OF
the securities and exchanges bill
Wall Street has been worried ever
since the Stock Exchange regulatory
bill became an act about the allegedly
baleful effects of it," said Mr.. Pierce.
80 far as I can see, none of the
things that were predicted in the way
of harmfulness to legitimate commits
sion business have eventuated."
Fahay Stresses Reserves.
The Federal Home Loan Bank Sys-
tenn was compared to the mortgage
banks of European countries by John
H. Fahay, chairman of the Federal
Home Loan Bank Board in an address
In New York. Mr.. Fahay asserted that
1t is just as important to have ade-
quate reserve facilities in the mortgage
finance field as to have Federal
Reserve System in the commercial
bank field.
While the mortgage bank systems
abroad are not identical with the Fed
eral Home Loan Bank System, they
incorporate substantially similar prin-
ciples," he said.
''If the Federal Home Loan Bank
System had been esta blished Is years
ago and attained its present strength,
we would not have encountered the
grave troubles which developed in the
urban mortgage field beginning in
1880 and eliminating in the necessity
for the Federal Government to step
into the breech and organize the
Home Owners Loan Corp" he de-
clared.
Exchanges Close Tomorrow.
The Board of Governors of the
Washington Stock Exchange announc-
ed today that the exchange would be
closed tomorrow, Good Friday. The
New York Stock Exchange and many
other big exchanges will also be closed
Washington banks will be open as
usual
President R. E. Wood announced ir
his annual report that employees o1
Sears, Roebuck & Co.. either directly
or through the employees savings AMI
profit pension fund, own near
ly one-sixth of the capital stock O.
the company. OF the total issue O
5,576.478 shares, go per cent is II
che fund and 6,115 employees directl.
own '359,343 shares, or 6.56 per cen:
he said.
Loans to banks and trust companie
have been 81 per cent repaid, according
to the monthly report Of the Recon
struction Finance Corp. These loan
represented advances made to 7,48
banks and trust companies. The dis
pursements totaled $l,977 ,470,527. Tn
amount paid at the close OF Februar
fofoJed a 7Q1 654 C77