Evening star., 1928-12-19

fer & Storage common came out at 130
up one point. The preferred sold a
| l08.
Riggs National Bank stock registered
$50. Chestnut Farms Dairy preferred
1864, Chevy Chase Dairy preferret
1861, Peoples Drug Stores preferred
127 and Potomac Electric Power, 5L
per cent preferred 108A D. G.. Pape
preferred came out at 49, Chaplin Sack
per cent preferred sold at 107. Bond
retained their activity of yesterday anC
also recent price levels.
Further Dividends Announced.
At the meeting of the board of di
rectors of the American Security s
Trust Co.. held late yesterday, the reg
ular quarterly dividend of 3 per cent
with an extra dividend of 2 per cent
on capital stocks was declared, payable
January 10 10 stockholders of record a.
the close of business on December 81
The transfer books will be closed from
the 1st to the 18th of January, both
days inclusive.
The board of directors of the Mer.
chants Transfer & Storage Co., yes
terday declared a semi-annual dividend
of SIS per share on common stock ano
the regular quarterly dividend of $1.75
January / to stockholders of record
December 81. Books will be closed from
December 81 to 81, inclusive.
The board of directors of the National
Metropolitan Bank today voted the
usual Christmas bonus for the employees
thus joining the long list of local insti-
tutionS adding Joy to the holiday sea-
son. President George w. White is
greatly pleased with the progress made
by the bank this year.
Company Votes Large Dividend.
BY vote of the directors, Vasco Prod
ucts, Inc, on January ! viii distribute
/ out of its net earnings of over $37, 900
| total of more than $4,000 in the form
of an 8 per cent cash dividend, payable
to all preferred stockholders Of record
December 20.
Through new affiliation with the
newly former merger, Vasco Sales
| Corp. of New York, which combines
American Druggist Syndicate and
Vivaudou, Djer-Kiss, Melba and Mavis
toiletry lines, this Brentwood, Md, con-
Germ, which will continue manufacturing
as before, expects to triple its sales
volume and production during 1929.
Friday Addresses Bend Club.
David Friday, director of the National
| Bureau of Economic Research, address,
ed the Washington Bond Club at its
monthly meeting yesterday at the Carl
| ton Hotel DR.. Friday predicted that
there will be no marked Tightening in
money rates in the near future and also
sees little easing in rates under present
| financial conditions. Currency needs
for the largest holiday trade in history
viii force banks to increase their redis-
counts some $300000,000 during the
next four weeks, the economist asserted.
After the first of the year there will
be an increase in imports of gold and
this will aid the money situation, Dr.
Friday continued. He said the world
is producing gold that flows into
monetary channels at the rate of $780,
| 900 900 a year and stated that the
United States will get the larger share
of this, as it is the only Nation able to
absorb large amounts of surplus gold
DR. Friday told the club that the past
| year has been disappointing to the bond
men because of the situation in the
money market, and analyzed in detail
the forces which brought these condi-
tons about. The meeting was largely
attended and the economists talk
much enjoyed.
Trust Committees to Be Named.
The executive council of the newly
organized fiduciary section of the
| District Bankers Association will have
a meeting tomorrow at headquarters.
This section is under the Craftsmanship
of F. P. H. Siddons.
The work of the section is to be
divided up under five important COM
mittees soon to be named. They will
cover Standardization, trust law and
| legislation, life insurance trusts District,
State and Federal taxation of trusts
and a committee on education and
publicity.
Heard in Financial District.
Secretary Edward j. McQuade of the
District Bankers Association read a
Christmas telegram from I. A. Fleming
at the luncheon today in which the
veteran financial writer sent greetings
of the season to all Washington bankers
from his Winter home in Melbourne,
! Fla.
President M. D. Rosenberg of the
Bank of Commerce & Savings was be-
| ing felicitated today on the occasion of
his birthday. Mr.. Rosenberg, who is a
lawyer as well as banker, has been at
| the head of this particular bank ever
since it was founded.
| Eugene E. Thompson, head of Crane,
Paris & Co., has returned from short
| trip to New York
E. j. McQuade, vice president of the
I Liberty National Bank, has returned
| from attending the monthly meeting of
the directors of the Mergenthaler Limo
type Co. in New York.
| w. w. Spaid of w. e. Hibbs & Co. is
back at his desk after brief business
trip to New York.
Seligman Buys Bank Stock.
Nickerson & Co., Inc, have acquired
100000 shares of common stock of
Hungarian General Savings Bank, Ltd
of Budapest. These shares will be de-
posted with the Central Union Trust
Co. of New York against the issue OF
$4,000 American shares each represent
ing five Hungarian shares. The Ameri-
can shares, it is expected, will be offered
in the near future.
For the first IL months of this yeAs
the F. g. w. Grand Stores have in
creased sales 90 per cent over the same
period last year. December sales alone
are expected to show an increase OF
about 10 per cent, according to advices
sent to stockholders.
The brokerage house of E. A. Pierce
g. Co. is testing out a moving picture
screen for carrying general market in
formation while the ticker is carrying
the daily quotations. If the plan, being
tried in Philadelphia, Is success, 1t
will be installed in the Washington Of
flee and elsewhere.
Prices of commodities during the
week ended December is declined two
tenths of per cent according to the
wholesale price index of the National
Fertilizer Association. The chief de-
clines were in grains, feeds and live
lstock; foods, rubber and coffee. Ad-
vances occurred in finished steel, petro-