Evening star., 1928-11-13

| and l0O3&. sSS# sSSs SS S$s
f, LanStor was less
| active, bit sold to e IT Uix.
! the extent of so
shares at l18. Washington Railway &
Electric sold at 1O01a. Chestnut Farms
| Chevy Chase Dairy preferred moved al
| 107. Sanitary Grocery preferred sole
! in a f1ve-sllare lot at l62.
Bank stock drew lot of attention
Riggs National Bank warrants again
| figuring prominently. The old stock
| sold at $40 and 566, while the fractional
warrants moved at 315 and 800. Near
| the close five shares of the bank stock
sold at 565.
National Savings g. Trust sold at sos
three transactions involving so shares
| taking place. Three shares of Federal
| American National came out at 1856. Ir
| the miscellaneous list Merchants Trans
fer & Storage sold at 107l2. The largest
bond sale was in AnacoStia & Potomac
R. r. 5s at 95A.
Predicts Railroads Expansion.
C. H Hix, president of the Virginian
Railway and its subsidiary, the Virginia
& Western Railway, recently reported
that the directors have authorized the
building of a 40-mile extension from
Elmore to Gilbert, w. Va, at a cost OF
$7,500,O00. The route through the
Guyandotte Valley opens to the railroad
an estimated 4,000.000,00 tons of coal
not yet touched by any rail line. The
Virginia & Western will connect with
Ohio at Gilbert and with a line the
Norfolk & Western is soon to build to
that same point.
President Hix considers the move of
vital importance, as he hopes it will
eventually give the Virginian an outlet
to the West and Great Lakes. His an
nouncement has aroused great interest
in Virginia and West Virginia.
Riggs Bank Votes Dividend.
The directors of the Riggs National
Bank late yesterday declared dividend
at the usual rate of Is per cent for
the period from october Is to Decem-
Der Is to shareholders of record on No
vember 80. This is not an extra, but
has been voted in order that dividends
may be adjusted incident to changes in
the banks capital structure occasioned
by the consolidation with the Farmers
& Mechanics National Bank and the
increase in capital to become effective
about the middle of December
directors of the Farmers & Mechanics
to declare a dividend covering the
same period in order to assist in making
the same adjustment. When this has
been done the consolidated bank will
pay its next dividend from December
Is, Robert v. Fleming said today. The
| %armers & Mechanics has been paying
IL per cent and the adjustment divi-
dend will no doubt be declared at this
rate.
Partners Pay Honor to w. b. Hibbs.
His three partners, w. w. Spaid, Karl
w. Corby and j, Thilman Hendrick, are
paying special tribute to w. B. Hibbs,
veteran Washington broker. They have
just had a portrait of Mr.. HibbS paint
ed by Charles WiltSchek, a widely known
New York portrait artist. The picture
is to be hung in the new oak room in
the HibbS Building on Fifteenth street
The portrait has not been placed in
position yet, but few of Mr.. Hibbs'
close friends have been given glance
at it and all declare it perfect like
ness. 'The brokers' sturdy features and
white hair have lent themselves un-
usually well to the artists brush.
Department Store Sales Gain.
Sales of department stores showed ar
| increase of per cent in october, 1928
| compared with the corresponding month
last year, according to reports made tt
Federal Reserve system by 496 stores
| When allowance is made for the fac
that october contained one more bust.
ness day this year than in 1927, how.
| ever, average daily sales were in about
| the same volume this october as a veal
ago. In the preceding month average
! daily sales had been 10 per cent larger
than year earlier.
Sales of mail order houses were 2!
| per cent larger, and those of and II
cent chain stores 6.7 per cent large
than in october year ago.
Commodity Prices Higher.
Price of commodities during the weel
ended November 10 advanced four.
tenths of / per cent, according to TIT
wholesale price index of the Nationa
Fertilizer Association. This is reverS
al of the decline of IA per cent TO
the previous week. Since July tn
index has declined % per cent ant
since october the decline has amount
ed to IA per cent. The chief advance
occurred in the groups of fats, othe
foods, fuel and textiles. A sharp de
ClLle OCCuTTGQ III Lie BIUUp VI grains
feeds and live stock.
Heard in Financial District.
The agents of the Federal Reserv
Banks have been holding a meeting il
Washington with the Federal Reserv
Board. The conference is the regula
semi-annual gathering. Only routi.s
matters are supposed to have receivet
attention of the conference.
The Great Atlantic & Pacific Tea CO
has declared regular quarterly dividend
of / on common and Its on preferred
both payable December l to stock o
record November II.
The American Ice Co., through it
subsidiary, the Boston Ice Co., ha
acquired the plant and business of tn
Utilities Ice Co., in the Chelsea distric
of Boston.
Edward G.. Yonker, president of tn
Sanitary Grocery Co., states that tn
company will retain its identity in con
nection with the consolidation wit
Safeway Stores and that local store
will continue to be operated under the
present name.
Harry G. Butcher of this city ac
dressed the national fertilizer conver
ton at Atlanta today on advertising
He is editor of the Fertilizer Review.
NEW RIJILDING REPORTED.