Evening star., 1928-11-19

The m arke 42SSEzz A2sfaAsSsE4
opened with 45 C. C. Glover. Jr.
shares Of Capital
Traction selling at 1867. Several frac-
| tionai sales in Riggs National Bank
warrants took place at 315. The old
stock sold at $40. There was conSidera-
BILE activity in Mergenthaler Linotype,
/ the stock opening and closing at 1007s.
Columbia Sand & Gravel came out at
90 and closed at 9134. Two hundred
shares of National Mortgage g. Invest
ment preferred registered 55s, five
shares of Potomac Electric Power per
| cent preferred came out at 111l2 and
| the market closed with the only bond
| sale of the day, Cosmos Club Alas,
changing hands at 90.
1t was reported on the exchange that
the vice president. Edward l.. Hillyer,
had been operated upon in local hos
pital this morning. An expression Of
sympathy was passed.
Reports Money Market Improving.
The Federal Reserve Boards Novem-
ber bulleton, just issued, says that, de-
spite the highest level of rates, recent
conditions in the money market have
been somewhat easier" The early
| Autumn peak of credit demand has
been passed. the bulletin says, without
causing the banks to increase their bor-
rowings at the Reserve banks.
Pressure of the high rates, it is de-
clared, has been felt most by operators
in the security. market and least by
persons engaged in trade and industry.
This was because the rise in rates dur
ing the past year has been larger for
other open market loans, while the
advance in rates charged to CONNER
cial customers has been still smaller
1.-THE present high level of money
rates." the bulletin declared, reflects
the combined effect on the money mar
ket of large loss of gold and of
firm money policy by the Reserve
banks during a period in which the
volume Of bank credit continued to ex-
pand."
Park Savings Declares Extra.
The directors of the Park Savings
Bank have declared an extra dividend
of per cent according to announce
ment by Robert S. Stunz, vice presi-
dent and cashier. The directors also
voted to transfer $4,000 from undivided
profits to surplus, making the savings
banks present surplus $150,000. This
is the bank which recently paid 100
per cent stock dividend to its share
holders.
Peoples Drug Dividends Voted.
The directors of Peoples Drug Stores,
Inc, have declared the regular quar-
terly dividends of 25 cents on the COM
mon, payable January 2 to stockhold-
ers of record December 8, and 1922
on the 6A per cent preferred, payable
December Is to stock of record De-
cember /. The preferred stock is on
the Washington Exchange and the
common on the New York Curb. The
last reports showed steady increase
in sales.
Completes Two Terms Service.
Charles Carroll Glover, jr., member
of the investment firm of Glover 6s
Flather, is this week completing his
second term as president of the Wash
ington Stock Exchange. The annual
meeting takes place Wednesday and
1t is understood that Mr.. Glover does
not wish reelection. He is one OF
the best known younger flnanciers IN
the city. His father. Charles G. Glover,
sr., one of Washington'S outstanding
figures for half century, is new seri-
ously i'll at his residence on Massa-
chusetts avenue across from American
University.
Institute Theater Party Tonight.
This will be a big night for Wash
ington Chapter, American Institute Of
Banking, as the annual theater party
takes place at Polls with 1.-The Silent
House" as the attraction. The play
opened here last night and made a
decidedly favorable impression. A full
house is expected this evening when
many OF the leading bankers in the
| fIaiV frfa u 4,,,,
enjoy the show and help the institutes
expenses.
Heard in Financial District.
j. William Harrington of W. B. Hibbs
d Co., one Of the best known brokers
In the city, has been confined to his
home for several days with an attack
| of pneumonia
j. William Roberts, manager of the
K street branch of the Security Saw
lngs & Commercial Bank, has returned
from weeks vacation passed in
southern Maryland. where he found
the hunting especially good.
Edward j. McQuade, vice president
OF the Liberty National Bank and a
director in the Mergenthaler Linotype
Co, leaves here tonight to attend the
directors meeting in New York tomor-
row and the annual meeting on We'd
neSday Mergenthaler stock is so large
| ly held here that the annaul report is
always awaited with interest
THOMAS w. Brahany of Crane, Paris
6 Co. has returned to his office after
several days illness with neuritis.
Auditors Invite Bank Presidents.
Local bank presidents have been in
vlted by j. Damn Faber, president of
the Bank Auditors and Controllers
Conference, to attend the meeting
Wednesday at the University Club,
when Deputy Controller of the Cur
rency E. H. Cough will speak This or
ganization is soon to become a part of
the District Bankers Association and
the banks have been asked to name
representatives to assist in forming the
new section. These representatives
| alsa laa lSss,. -; =