Evening star., 1940-05-01
Capital Bank Stocks
Selling Around Best
Prices for 1910
National Savings
Shares at Highest
Point in Years
BY EDWARD C. STONE.

ing at the years highest marks or
close to the best 1910 prices, survey
OF present quotations discloses.
The latest sale in National Savings
d Trust Co. stock at 5000 a share was
the highest price reached in many
years. The last sale in American
Security e. Trust Co. shares at
S249.50 share compares with an
earlier sale this year at s252. The
last sale in Liberty National was
registered at s170, up from sl66.
Riggs National Bank common sold
yesterday at s27S share, off two
points from an earlier 1910 quota
ton. Washington Loan & Trust Co.
stock has changed ownership this
year at only one figure, $24750, while
Bank OF Bethesda, which is also list
ed on the board, has moved at the
one price OF S35 share. $40 share
now being asked for this issue.
Several bank stocks listed on the
exchange have yet to register their
first 1910 sales. National Capital
Bank stands at $3.50 bid and SITS
asked: Commerce & Savings records
$500 bid. none offered; Lincoln Ma
tlonal 5000 bid, none offered: Riggs
National preferred $lOl so bid, and
National Bank of Washington sl21
bid, with none quoted for sale, the
survey discloses
Origin of House of Morgan,
The House of Morgan" recently
In the llmelight when the huge
financial institution decided to in
corporate and discard its former
privacy. indirectly harks back to M
street in Georgetown, according. to
records relating to some of the early
masters of capital
The book, The Masters of Capi-
tai written 20 years ago by John
Moody, connected with Moodys
financial reports, says that the great
financial houses of Wall Street near
~ all started as firms engaged in the
dry goods or clothing business. That
was true OF the Morgans. Brown
Bros. Kuhn, Loeb and others. Most
OF the money in those days was
employed chiefly by merchants and
the wholesale handling of merchan-
disc was among the most profitable
of undertakings.
In the year 1911. Moody says,
16-year-old dry goods clerk, George
Peabody, was thrown out of en-
NlnEn1pnt Nv no I,,r &c III
brothers little store in Newbury-
port, Mass. He then went with an
uncle to Georgetown, D. C. (since
incorporated with Washington, and
opened small retail dry goods store
there.
Peabody Fortune $4,000, 900.
After some years in GEORGETOWN
he moved to Baltimore, established
branches in Philadelphia and New
York and at the age of AZ went to
London and founded the merchant
banking house of George Peabody
& Co., which later became J. S.
Morgan e. Co. In London. the chief
financial center of the world, George
Peabody represented the greatest
and most profitable field for the in
vestment of capital. the American
continent, as yet unscratched.
Peabody amasSed fortune of $40
900 900, became the greatest philan-
throplst OF his time. refused a title
Of nobility from Queen Victoria and
died in 1869. A statue was erected
in Londons financial district to his
memory. When Peabody retired in
1864, Junius S. Morgan became the
head of the business.
The elder J. P. Morgan, as a Young
man, worked in the Peabody Offices
in London. According to the rec
ords. he absorbed many of the tech
nicalities of commercial banking
which Peabody originated, at least
IN part, in Georgetown, during the
years when he was a struggling
young merchant.
Dulin to Arrange Dinner.
Ord Preston, president of the Dis
trict Bankers Association. an
nounced today that the annual pre-
convention dinner will be held at
the Columbia Country Club on
Thursday, May 16, and that James
Z. Dulln. Jr., treasurer of the Amer
1can Security & Trust Co., has been
named chairman of arrangements.
5. William Miller. treasurer, Union
Trust Co.. is vice chairman.
More than $50 bank officers and
directors are expected at the din
ner. Chairman Dulin is arranging
an interesting program A golf
tournament will be held in the af-
ternoon, the winner to secure the
Robert V. Fleming Golf Trophy.
There will also be other prizes.
Building Status Praised.
Frank Hardings, executive secre-
tary OF the American Society of Res
ldent Appraisers, addressing the Dis
trlct Building and Loan League YES
terday, lauded the building situation
IN Washington, stating that this ter
r1tory and the Pacific Northwest
are the brightest spots in the coun-
try at present.
Horace Russell, Chicago, general
counsel of the United States Saw
lnes ana Loan League. was an honor
guest at the luncheon and spoke
briefly on current legislation
The league voted to hold the an
nual outing for members and guests
on June 10 at the Washington Coun-
try Club, the Committee of Ar
rangements being made up of
Chaplin Bauman. chairman; John
j. Kolb, c. Gay Harrell, Wilfred H.
Blanz, C. j. Bergman and r. E.
Hotze.
Financial District Comment.
Silas E. Moore. veteran employe
OF the National Metropolitan Bank
and assistant manager of the Wash
lngton Clearing House Association,
who has been confined to his home
with illness, is reported as some
what improved.
An1Of1o tho rot,ortc hoarl k1, -