Evening star., 1928-11-02
PRICES HOLD FIRM
ON D. c. EXCHANGE
Interest CenterS in Riggs
Bank Stock and Warrants
as Result of Merger.
BY EDWARD C. STONE.

Prices remained firm on the Washing
ton Stock Exchange today. Interes
centered in Riggs National Bank stool
and in the warrants in connection with
the merger with the Farmers & Me.
chanics National.
Riggs National Bank warrants were
quoted at 285 bid and 295 asked, but
there were no transactions recorded
Riggs Bank stock was quoted at 53(
bid and $50 asked.
The stock has recently been selling
at $40 and SIS. The rights are figured
above $40 per share. The difference wa;
absorbed in the price of the rights.
Capital Traction was strong again
today, selling fractionally higher at
105B. Mergenthaler Linotype figured
in another heavy turnover The days
transaction reached 270 shares, the
stock opening and closing at 10012.
Sanitary Grocery preferred was
strong opening at $50 and closing up
point, 80 shares changing hands.
Small sales were recorded in Potomac
Electric Power 515 per cent preferred at
| 109 and 1091s.
Federal American Co. common was in
! the limelight. with 85 shares changing
| hands. The stock opened at 5512 and
closed off an eighth. Bond trading was
confined to Washington Gas issues at
recent levels.
Votes Dividend; Elects Officers.
The Terminal Ice & Fuel Co. has de-
clared Sc per share as its usual annual
dividend on it's stock, payable Novem-
ber / to stockholders of record as OF
| october Z.
The following directors and officers
of the corporation have been elected
| for the current fiscal year: Directors,
John S. Blick, c. Chester Caywood, r.
S. Miller, Wrisley Brown, Francis j.
Becker, G. W. Forsberg, Simeon t.
Price, r. D. Marshall and Morris w.
| Bennett.
Officers are: Wrisley Brown, chair
man, board of directors; Francis j.
Becker, secretary to board; John S.
| Blick, president and general manager; !;
C. Chester Caywood, vice president and
counsel; Charles B. Chandler, Secre-
| tary and service manager; Robert E.
| Holt, assistant secretary: r. S. Miller,
| treasurer; C. M. Elliott, assistant treas
urer; H. Bosch, engineer, and r. D.
Marshall, auditor.
Wholesale Trade Lags
Wholesale trade in the United States
continued in approximately the same
volume in September as in August.
When allowance is made for the sea-
sonal increase, however, wholesale sales
in nine lines reporting to the Federal
Reserve System showed a decline of
per cent from August.
Meat packing and furniture firms
reported the largest increases in sales
in September, compared with the pre-
ceding month, while sales of boots and
shoes showed largest decline.
In comparison with the same month
year previous, the volume of whole
sale distribution in September was
slightly smaller. Seven of the nine re-
porting lines showed decreases in
sales, varying from less than per cent
in the case of groceries to about IA per
cent in the case Of shoes, while meat
packing and furniture firms showed
substantial increases.
Copper Improvement Held Marvellous.
THE recent impressive improvement
of the copper market reflects the emer-
gence of the industry from a condition
of chaos into one of stability" says the
Union Trust Co, Cleveland. This bet
terment is not mere temporary condi-
ton.
1.-THE great change in the copper
trade has been brought about by the
combined efforts of the important fac
tors in the industry over the last seven
years." says the bank in its business
magazine, Trade Winds. THE industry
has attained high efficiency in both its
production and marketing operations.
1.-THE immediate causes of such inn
provement are to be found in the de-
cided increase both in domestic and in
outside world demand, and In rational
production program. These factors have
served to reduce copper stocks and to
induce firner markets.
"In the field of production prices are
still close to the prewar figure, while
wages, material and transportation
range from so to 100 per cent above
their prewar levels. The ability of the
industry to show profitable operations
| in the face of this situation reflects
marvellous achievements in cutting pro-
duction COSTS
Heard in Financial District.
Herbert c. Harris of 2007 R street
| has been appointed manager for the
| Washington district of the Fidelity
Investment Association, which has Of
| fees in the Commercial National Bank
building. He is the youngest man the
company has yet promoted to this po-
sition, being only % years old. He is
former student at Emerson Institute,
George Washington and Northwestern
Universities.
The broker houses in Washington
will be closed as usual on election day,
when the New York Stock Exchange
and all the other big markets of the
country are also shut down. The local