Evening star., 1950-09-11
Good Earnings Bring
Advance Of 10 Points
In City Bank Stock
By Edward Stons .


City Bank Stock, quoted in the
over-the-counter market, has re-
Gently jumped 10 full points from
10 to 80, the move being based on
the banks good earnings, it was
stated in the financial district
today.
Trading in the counter" mar
ket also has been much more
active in other issues, Lincoln
Service common having climbed
to SIS on a gain Of five points. 1t
has moved up II points since
March. when it was quoted at A.
Washington baseball stock has
dropped from 95 to rs since Clark
Griff1th obtained complete control
Of the club stock. The stock was
quoted at 95 during most Of. the
baseball season, the 20-point quo
tation drop being of recent origin.
Federal Services Finance Corp.
6 per cent preferred stock has
been called for redemption on
October / at los. Federal Services
Finance common is now selling
at Al.
Bank stocks, aside from City
Bank, have shown few changes
during the summer. Anacostia
National is now quoted at 225:
Bank of Silver Spring. 1872;
Hamilton National, 48; Industrial,
IT: Munsey Trust, 1875; National
Metropolitan, 81; Second National,
110; Security Savings & CONNER
cial. 212; Sherlington Trust, II;
and Suburban National. "a.
Bond Conversions Mount.
American Telephone & Tele-
graph Cos 31ss Of 1859 had been
reduced to $88. .087, 100 by August
81 as a result of tenders of these
debentures in exchange for capital
stock. That was less than 1870 of
the amount of the issue outstand-
ing year ago. The 31ss were Of
fered for subscription by stock
holders of A.T.&T., in May, 1949,
in the amount of 1896. .372, 300.
Beginning September l. 1949,
they became convertible into capi-
tai stock at $3.50 a share. This
privilege is exercisable by sur
render of 500 in debentures and
$50 cash for each share issued.
Pan American Adds Service.
Pan American World Airways
Will begin service on September IS
over the transatlantic routes now
operated by American Overseas
Airlines, Willis G. Lipscomb, vice
president traffic and sales, an
nounced today in New York.
On that date Pan American will
formally take over AOA for ST.
100000. The combined airlines
will have behind them the expert
ence of nearly $4,000 transatlantic
crossings, Mr.. LipScomb noted.
World Bank Aids Trade.
The World Bank has published
the first issue of Direction of In
ternational Trade" The monthly
bulletin reports in terms of
United States dollars detailed
figures on the trade of 80 coun-
tries, virtually the whole of the
trading world.
Off1cials expect net income of
the Norfolk & Western Railway.
which has been trailing 1949. to
be above last year in the nine
months ending September 80. For
the year, profits may reach 81 on
common against $500 a year ago.
Bankers Trust Co., New York,
has been appointed paying agent |
for $1.6 million City of Bristol,
Va, lA per cent, 21a per cent and
3 per cent sewer bonds, maturing
serially January l, 1954-79.
Members of the Chamber of
Commerce Of the United States
have elected a committee to nom
mate next years officers, Clem D.
Johnston Of Roanoke, Va, repre-
senting this area.
Transit Comes Out at "a.
Capital Transit sold on the
Washington Stock Exchange to-
day at 40, first sale in several
sessions. Price was same as the
last previous sale.
Five hundred shares of Poto-
mac Electric Power common
opened the week at 1874 and
Washington Gas $3.50 preferred