The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-11-16
RAILWAY STOCKS
FEATURE SESSION
NLOCAL CHANGE
Preferred Issue Sales To-
tai 500 Shares With
~ Point Gain.
OTHER LOCAL NOTES
Van Strum Named President
To Succeed Fradkin-Mel-
Ion Calls IN Funds.
OTHER LOCAL NOTES

Exchange yesterday represented an
abb continuation of the Improved
activity that began about Two
weeks ago. Prices held extremely
arm throughout the day, especially
in the case of Washington RAILWAY
and Electric preferred. which netted
a gain Of III points at the close
Of trada
Stock Of the Washington Railway
and Electric Company proved the
active feature Of the day. The conn
mon issue was traded In to the ex-
tent Of 500 shares at 40 with 40
of the preferred shares selling from
s3h to IS. the last price being
made for small odd lots The sales
In common were made at the rate
Of 100 share lots
Potomac Electric Power general
mortgage II, which have supplied
the market feature since their ad-
vent into local trade. were again
conspicuous. selling to the extent
of $50.0O0. face value. at 103. Wash
ington Gas S. had limited sales
at san.
Capital Traction stock sold at 30
In restricted amounts. rs shares OF
Washington Gas Light stock sold
at 4sh with Lanston slightly bet
ter at TAN.
e. Call funds were offered at 6 per
cent with per cent offered.
Can for Funds.
Secretary OF the Treasury Mellon
yesterday called on all national
banks having proceeds of the No
vember 1 sale of Treasury certin-
Gates to pay into their regional
members BY Thursday next. per
cent of such proceeds, together
with the balance outstanding aris-
Ing from the September is issue OF
notes and certificates.
The two payments will combine
approximately s35.0o0.ooo.
Bonus for Employee
At meeting of the board of d.
rectors of Riggs National Bank, the
following resolution pertaining to
Thanksgiving bonus for employees
was adopted:
To such employees as are now and
who were in the employment Of
the bank OF July l, 1921, a sum
equivalent to one months salary.
In making this announcement ii
was the understanding that the en-
ployes of the bank should be in
formed that il is the purpose of the
bank to continue the payment of ad-
dittonal compensation should the
earnings of the bank justify the
same and should living costs con-
tinue materially above normal fig
ures.
The additional compensation.
therefore, is not contemplated as a
permanent policy of the bank other
than as il relates to these two fac
m HnfA 0frNr~
power and abnormal living costs.
Salary adjustments will take care
Of normal conditions and additional
compensation is only intended to
take care of abnormal conditions
Personal
Frank p. Hartman. jr.. cashier of
the Merchants Bank was absent yes
terda< on account of indisposition.
Bankers Meet.
The Council of Administration of
the District Bankers Association
held a meeting yesterday afternoon
in President John B. Larner's office.
New Corporation Head.
ii. NJ. Van Strum yesterday as
sumed the interest OF James ]. Frad-
kin in James ]. Fradkin and Com
pany. and has been elected president
of the corporation. which is located
at 927 Fifteenth street northwest.
Mr.. Van Strum has had extensive
connections in Washington, being
connected with the War Department.
where he had charge of the sale of
millions of dollars worth of surplus
property. He is also well Known in
the Northwest. where he was in
business prior to coming to Wash
ington.
Mr.. Van Strum' plans to devote
considerable attention to the new
twenty payment plan for the pur-
chase of New York stock Exchange
securities, which has been Instituted
by the firm