Evening star., 1928-12-12

l0l Il, District Ma
tional Securities preferred at 102
One hundred and fifty shares of Ma
tional Mortgage 81 Investment preferred
sold at 55s.
In the bond division Capital Trac
ton 5s sold at 1035s, Washington Ga
IS, series A, at 103, and the B bond
at 107A. Barber g. Ross 61ss changed
hands at 81.
ID. C.. Retail Trade Stands Out.
The percentage of increase in retail
sales in Washington in October owe
October, 1927, according to the Fedora
Reserve Bank of Richmond, was 81 pc
cent.
The percentage of increase in retail
sales since January over sales durinl
| the first 10 months of 1927 was g.,
| per cent.
The percentage of increase in October
1928, sales over the average Octobel
during the three years, 1923-25, wa
| 1873 per cent.
| There was decrease in stocks OF
hand in Washington stores on October
| 81, compared with stock on hand Oc.
tober 81, 1927, the decrease being S pei
cent.
There was an increase of 14.2 per cent
in stock on hand October 81, compared
with the last day of September.
Another interesting comparison show:
an increase of 35 per cent in the per.
centage of retail sales in October to The
average stock .carried during thai
month.
The percentage of total sales since
January to average stock carried dur.
ing each of the 10 elapsed months was
| 275.8 per cent.
The percentage of collections in Oc-
tober to total amounts receivable on
october was 1914 per cent.
The percentages are more favorable
than those In almost all the other cities
in the fifth district. The figures are
based on reports from 80 representative
department stores in this locality.
Banks Vote Dividends.
President Edward j. Stellwagen of the
Union Trust Co. announced today that
the directors late yesterday declared an
extra Christmas dividend of per cent
This extra and the regular quarterly
dividends make total return of IL per
cent for the year. The extra Is double
the amount declared year ago at this
time
President Wade H. Cooper of the
1OAtAlc1td1 11uSt W. IEPUIkS u6CIdTa-
ton by the board of directors of the
regular quarterly dividend of ~ pei
cent. The disbursement is payable De-
cember 81 to stockholders of record al
the close of business on December %.
The National City Bank of New York
has declared quarterly dividend OF
$3.50 per share, and the National City
Co. dividend of So, both payable jan
uary to stock of record December Is
A good deal Of this stock is held In
Washington.
The Postal Telegraph g. Gable Co
has also declared a regular quarterly
dividend of SITS on the preferred stock
payable January to stock of record
December 81.
Potomac Bank Officers Elected.
Following yesterdays annual meeting
the directors of the Potomac Saving
Bank met today and organized for tn,
| year by electing Henry w. Offutt. pres
| ident; Alphonse NJ Baer, vice president
B. Agee Bowles, vice president; G. Wen
| dali Shoemaker, cashier; Emory n
| Bogley, secretary; Elmore T. Burdette
assistant cashier, and George w. Offutt
| jr., attorney.
Henry W. Offutt, who was re-electe,
| president, has been an active bushes
| man in Georgetown for approximate.
| 40 years. The late Joseph c. Water
| was the first president of the bank
| George w. Offutt succeeded him in 1911
| and held the Office until his death, hi
brother taking the helm in 1923.
Henry Offutt came to Washington
from Potomac, Md, which in his boy
| hood days was known as "Ofutt'
Crossroads" He has seen the Potomac
Savings Bank grow until it now has as
sets of more than $4.000.000. At today
meeting the directors voted the regula
semi-annual dividend of per cent.
Heard in Financial District.
| n. Fl. Mckee, chairman of the Wash
ington Clearing House Association, viii
bring greetings from that organization
to the Institute Forum this evening a
the Raleigh, the dinner beginning at
o'clock. DR.. Stephen l. Miller has ar
rived in the city and is filled with tn,
latest practical ideas on credit"
Secretary Mellon announces that TIN
books will close today on the Decembe
offering of $500,000,000 4H per cen
Treasury certificates.
The United States shoe manufactur
erS reported output of 33,300160 pair
crease of 7la per cent over Septembe
production of 81 600, 1886 pairs, ACCORDING
to Commerce Department. Shoe pro
duction during the first 10 month
totaled 295,206,580 pairs, which, com
pared with previous correspondent
periods, was exceeded only in 1928. Pro
duction in same period of 1927 wa
294. .108,l10 pairs.
Declaring 1.-The orgy of extravaganza
in the trading on the New York stoc
market has invited investigation, Sena
tor King has given notice he intend
to introduce bill which would prohibi
any banks connected with the Fedora
Reserve System from making loans G
extending other forms of credit t
brokers where it is obvious that sue
credit is to be used for purely specula
tive purposes or to be used for carry
ing marginal accounts