Evening star., 1939-08-03


This is the second important re-
port to come out picturing conditions
in the Capital in the first seven
months of this year The first re-
port related to bank clearings, which
disclosed that Cancelled checks in
Washington in the period under re-
view totaled S688, 8,752 ,077.50, an in
crease of s28, $3.50 ,629 SIS over the cor
responding months in 1888.
Investment Dealers Happy.
Investment dealers in Washington
we're unusually happy today over the
reception accorded the public offer
ing of 1862, ,538 shares of Washington
Gas Light common stock at S29 so
per share.
Brokers said the response in the
Cauital was more than up to
expectations, and reported that a
large amount Of the stock has al
ready been sold here. Some dealers
were so enthusiastic they expressed
the opinion that as much as S3,000,-
600 worth of the stock would be
taken locally.
The entire offering involves more
than S10,000,000 in stock, making
one of the biggest public utility
common stock sales to appear on the
boards in long time.
Two reasons were given today for
the interest in the gas stock. One
was the record made by the COM
pany over so many years and the
other pointed to the vast amount of
money to be awaiting investment.
Preston to Address Bankers.
Preston Delano, controller of the
currency, will be one of the chief
speakers at the 55th annual conven-
tion of the American Bankers Asso-
citation at Seattle September 1928,
it was learned here today. He will
address one of the morning sessions
of the national bank division. DR..
H. H. Preston, dean of the School of
Business at the University of Wash
ington. will appear on the same
program.
R. E. Gormley, superintendent of
banks for Georgia, will speak at a
meeting of the State bank division
Another speaker will be Fred L.
Kend, director, Bankers Trust Co.,
New York He will report at the
savings division session on the meet
ing of the International Chamber of
Commerce at Copenhagen, at which
he was chairman of the A. B. A.
delegation.
Stewart Mcdonald, Federal hous-
ing administrator, will be another
Government official on the program.
Financial District Gossip.
Harry G. Meem, president of the
Washington Loan & Trust Co., will
leave the Capital next week for a
visit in Denver, Colo, and an ex-
tended tour of other parts of the
West.
Irving Zirpel, secretary and as
sistant trust officer of the Union
Trust Co., has returned to the bank
from months vacation at Tall
Timbers in Maryland.
c. Thomas Clagett, jr., is attend
ing the Travellers Insurance Co.
training school for underwriters at
Hartford. He will soon complete
the four weeks course.
J. S. Bache & Co. have completed
a study of the New York City transit
systems with respect to plans re-
lating to unifcation, the Washington
Office announces.
The Potomac Electric Power Co.
reports for the IL months endeed
June 80 net income of 81, lao 507
after Federal income taxes, depreci-
alton, interest, amortization, ETC.,
compared with $4,563,006 in the IL
months ended June 30, 1888.
Washington Chapter, American
Institute of Banking, will open the
first semester on Monday, September
18, in the new quarters in the
American Security Building.
Electricity production for public
use during June totaled 1882
10000 kilowatt hours, an increase
of 18 per cent over May and IA per
cent ahead of last years June out
put, the Federal Power Commission
has reported.
Today's Trading on Exchange.
In lively trading on the Washing
ton Stock Exchange today, go shares
of Washington Gas Light preferred
stock sold at 1071a, unchanged.
Lanston Monotype appeared on
the board, As shares selling at As.
Potomac Electric Power SIX per cent
preferred moved at 1151a.
Washington Gas SIS, 1860, were
strong, two $1,000 sales being regis
tered at 1912. Capital Transit was
up u today, scelling at 1914 for a 10
share lot.