Evening star., 1928-12-13

ANo~A w y . e Al
which might tend S.
to cause general So 81 q ss
wit h d ra wal OF
funds or otherwise II po,erts
injure its business.
The controller reported the nationa
banks enjoying the greatest prosperity
on record, but urged Congress to retair
the laws designed to safeguard national
banks from excessive taxation. III this
plea he referred particularly to lcgis-
lation to be taken up by certain States
Citing a statement in the controllers S
report of last year that the McFadden
banking act had justified itself, Mr.. Pole
declared it was obvious that banks in
many cases still feel that the national
bank system does not offer all the ad-
vantages that they can obtain under
State charters" He. however, added
that he had no recommendations at the
present time to remedy the situation.
Miller Stresses Personal Contacts.
Introductory to an address on The
Responsibility of Credit before Wash
ington Chapter, American Institute of
Banking, last evening at the Raleigh.
Stephen I. Miller, executive manager of
the National Association of Credit Men,
stressed the value of personal contacts.
Making friends among leaders in busi-
ness and professional life will be of
inestimable value to every young
banker, he declared. He urged the
junior bankers to make one new worth
while contact every week.
Following an intensely interesting ad-
dress on the question of credit, Mr..
Miller predicted marked prosperity in
1929. He sees greater stability in ag-
riculture, believes the coal industry
must turn the corner, looks for bet
ter conditions in the oil industry by
more reasonable curtailment of pro-
duction, foresees an increase in foreign
trade to care for Surpluses, and expects
a satisfactory distribution of goods.
While the chain stores are advancing
so rapidly there is still good place
for the independent merchant with
up-to-date methods, he believes.
I. j. Roberts, chairman of the inSti-
tute's forum committee, presided at the
meeting, which drew about 100 junior
bankers. James A. Soper, chapter pres
ident, spoke briefly, while H. H Mckee,
chairman of the Washington Clearing
House Association, brought greetings.
He hopes that some day the institute
will add a postgraduate course on
the PHILOSOPHY of Banking" He ex-
tended congratulations on the work now
being accomplished.
Metropolitan Declares Extra.
The directors of the National Metro
politan Bank late yesterday declared an
extra dividend of per cent, or double
the amount voted at this time last year.
President George w White announces.
The bank is now paying two semi-an-
5 per cent dividends and two per
cent yearly basis The latest extra is
payable January on stock of record
December %.
Mr.. white reports most satisfactory
year.
Regular, Extra, Bonus Voted.
The directors of the Security Savings
&, Commercial Bank met yesterday and
declared the regular semi-annual divi-
dend of per cent and then declared an
additional dividend of per cent. Both
dividends are payable on December 81
to shareholders of record December "a.
President julius /. Peyser reported an
excellent year.
The directors also voted special
Christmas bonus for the employees of
S per cent of their yearly salaries. The
bonus has already been distributed.
b. g. o. Dividends Also Declared.
The Baltimore & Ohio Railroad direc-
tors have declared the regular quarterly
dividends of $3.50 on common and 81
on preferred.
The dividends are both payable March
to stock of record January IL.
Stanley Co. Reports.
The Stanley Co. of America reports
net income of S202, 1892. after. deprecia-
ton and Federal income taxes and
after provisions for minority interests
in subsidiary companies, for the 13
weeks ended September 90, Net for the
SO weeks ended September 20 amounted
to $695,640. ea
Local Securities Steady Today.
Capital Traction sold at 108 on the
Washington Stock Exchange on small
turnover. Lanston moved at 119, UP Y,
from yesterday. Mergenthaler came out
at 1041s, 26 shares of Peoples Drug pre-
ferred sold at l27, Railway & Electric
preferred moved at 9915 and Washing
ton Gas Light was up y point, closing
at 1929. Potomac Electric 5Ia per cent
preferred opened at 108 and closed al
10712.
The bank stock sales opened with q
single share of Riggs National changing
hands at 555 Twenty-Five shares ol
Merchants Bank & Trust Co. :o!d al
158, and one share of Washington Loar
g. Trust at SIS. Bonds maintained re-
cent levels in quite active trading.
Riggs Bank Club Elects Officers.
The Riggs Bank Club held such an
exciting election yesterday that Miss
Esther Lau and George Dagenais were
tied for the presidency, SIS votes each
1t was necessary to draw lots to end the
''bitter" fight and Dagenais won.
John Keener was elected first vice
president, Stephen Ramsburgh second
vice president, Constance Fogle secre-
tary and George Irelan treasurer. The
executive committee includes w. H
Taylor, Frank Holmes, Harriet Barrett
Donald Mccormack, Harry Morris, anc
from the branches, B. j. Mensh, viii.
liam Hoeke, B. I. Boudren, Joseph
Keene and H. w. Burnside.
Other Financial Notes.
Secretary Mellon reports that tn,
new Treasury $500000,0OO issue ha
been heavily oversubscribed.
The District Bankers Association
new auditors section will be ORGANIZED
tomorrow afternoon at headquarters.
William ChildS has resigned as presi
dent and general manager of Child
Restaurant Co. and has been eiectet
chairman. S. Willard Smith, forme
senior vice president, has been electet
president and general manager to sue
ceed Mr.. Childs.
Buy Norfolk Bonds.