Evening star., 1940-02-14

SlStdOt real estate OIUCer. BOCN
promotions were due to the election
of Bruce Baird as president Of the
trust company. this action at the
annual meeting leaving a vacancy
among the vice presidents.
Hanes Reports S250.0O0 Drive.
Robert M. Hanes, president of the
American Bankers Association. re-
ported to the trust division in New
York. yesterday that the association
is spending s25o0O0 year ito edu-
cate the public" about the merits
of bankers.
"The time has come" he said,
"when bankers should no longer sit
idly by and accept the abuse which
has been heaped upon them and
which takes the form, principally as
describing us as money changers.
The educational program, de-
signed to acouaint the public with
the functions and responsibilities
of bankers, is being financed by an
investment of So per S1,O00.OO0 of
total assets of each member bank
of the association. He added:
I'VE must stand up and tell the
public and Congress that bankers
are real part of the Nation, that
they are outstanding men and that
the majority are trying to do
real service to their community"
Real Estate Bonds Jump.
n11rino Tar1o,-v roo1 octoto nooI
prices on 200 issues in Eastern cities
rose 1.3 per cent, according to the
Amott-Baker monthly review. The
average price of a $1,000 bond is
now S318, compared with $314 at
the close of 1899.
Among the issues making the larg-
est January gains were National
Press Building Adj. Inc. 41as, 1850,
which gained 51a points during the
period, the report states. The same
report states that National Press
Building first 3-5s, 1850, advanced
three points during the month,
while Mayhower Hotel Co. first IS
moved up 3l2 points.
Hamilton Realty Corp. first IS re-
mained unhanged for the month,
and Washington Properties, Inc, Is
showed little change. The report
says that Boston bond issues now
enjoy the highest average price on
the Eastern seaboard. Pittsburgh
issues made the best average gains
in January
MayfoWer Hotel first IS are now
being quoted SO bid and SO asked !;
National Press Building first 3-5s.
1850, at IS bid and 80 asked; Ma
tional Press Building adjustment
income 4las at 1884 bid and 1924
asked; Washington Properties Is at
so bid and IS asked
c. e. P. Re-elects Directors.
All directors of the Chesapeake &
Potomac Telephone Co. have been
reelected as follows: Lloyd E. Will
son, president: John A. Remon, vice
president, and Philip o. Coffin. vice
president and secretary; w. w
Everett, Robert v. Fleming, Edwin
c. Graham, Gilbert Grosvenor, John
Poole, H. L Rust, jr.; John Saul and
Merle Thorpe of Washington, ano
Fred LAWS of New York City.
The Senate Banking and Cur
rency Committee has deferred action
on the Townsend bill to repeal the
1884 Silver Purchase Act, pending
further expressions Of opinion from
the State and Treasury Depart
ments. What effect such actor
might have on foreign trade is ths
main issue.
Treasury to Dedeem Bonds.
Hugh Leach, president of the Fed
eral Reserve Bank of Richmond
today notified all banks in this terri
tory that the United States Treasury
is calling for redemption all out.
standing 33s per cent Treasury
bonds of 1940-1943, dated July 16
1928, on July Is, on which date in.
te-est on the bonds still cease
There are 1858 900 900 of these bond.
outstanding. Holders of the bond!
may soon be offered an exchange
privilege.
The bad weather brought i'm.
proved trading to the Washington
Stock Exchange today, although tn,
better volume may have been du,
to investment demand.
Capital Traction SIS opened with
q $1,000 transfer at 1894, followed
by a $2,500 sale at the same prid
and another $2,500 transaction at SO
Riggs National Bank common
stock appeared on the board today
10 shares selling at 280. Capita
Transit stock also came out, q
shares moving at l412.
Depositors balances in the Posta
Savings System in December, 1898
totaled $1,279 100000, the highes