Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-12


the stock closed
S @aGh asked odv The Edward H. JONES'
stock has bsen the sensation of the
local board for the past two weeks,
the present advance of 40 points haV-
ing started at $50 only short time
ago. The stock has acted much the
same as several New York bank stocks
which started investors in that city
and caused so much talk about "bank
stock era"
The nearest local bank stock to the
price of Riggs is United Savings Bank.
This bank issue is very inactive, but last
sold at $500 per share.
Lanston MonOtype Active Today.
Z Lanston Monotype led the local Stock
Exchange in volume of trading today,
100 shares changing hands in single
block at 100 and five more at the same
figure. Potomac Electric Power 5h per
cent preferred sold at 1861, Union
Trust Co. shares sold at 1913; Barber &
Ross at II and Decentralization Co.
common at 49,.
: Sixty shares of National Mortgage &
Investment preferred came out at Az
and 80 shares of Real Estate Mortgage
& Guaranty preferred at 7ss. There
was good amount of bond trading to-
way III SdplUdl 1OlOIIioC 6ICC-
trio and Washington Gas issues. Quo
tationS were steady.
) Jones Heads Association.
Edward H. Jones, president of the
newly organized Chevy Chase Building
& Loan Association, is a well known
business man in the northwestern Sec
ton of Washington as well as across the
District line. Mr.. Jones was formerly
IS fI,0 ,;y,or~
Bank, is at present vice president Of
Edward H. Jones & Co., Inc, vice
president of the Maryland Publishing
Co., and president of the Rock Creek
Parklands Corp.
The new association has sent out cir
cularS calling attention to the views of
various public men and private citi-
ZenS on building and loan associations
in general. The folder quotes Presi-
dent Hoover as saying that these asso-
Citations encourage thrift and have
made their assets sound and worthy
OF confidence.
The best way to accumulate money
Is to resolutely save a fixed portion of
your income, no matter how small the
amount" is a quotation accredited to
Andrew Carnegie, while from John D.
Rockefeller is the statement, Real
opportunity comes only to the man
Will IGduy LlOIl6y.
Trust Company Raises Surplus.
The directors of the Washington Loan
& Trust Co., at a meeting late yester-
day, ordered 100000 transferred from
undivided profits to surplus. This &C
ton raises the trust company'S surplus
to $2,300,000. The capital stock is ST.
100000. Chairman John Joy Edison
presided at the meeting and President
John B. Larner's report showed that
the year is proving highly satisfactory
from a business standpoint.
Anacostia Directors Meet.
The regular 5 per cent quarterly
dividend was declared by the directors
of the Anacostia Bank at their meeting
yesterday afternoon. 1t is payable Sep
TENDER 80 to stockholders of record on
September 25. Maurice Otterback, the
president, told the directors that the
past nine months had been the best
in the banks history, adding that he
believed the full 12-month showing
would make new record.
Southern's Outlook Bright.
The matter of increasing the dividend
on Southern Railway common stock to
$40 annually, from So, or declaring an
extra payment later in the year, has not
gone beyond the discussion stage, says
the Wall Street Journal. People in close
touch with the affairs of the road
ascribe the recent run up of the stock to
above 100 to belated recognition OF the
issues real value as we'll as to the posi-
bility of an increase in the rate. They
assert Southern has been a laggard in
the rail market which followed the
O'Fallon decision and was selling out of
line for an So dividend payer.
Southern will earn almost $14 on the
common this year, against $12.53 for
1928. On $14 earnings, the stock Is
selling ia times earnings at price OF
160 On it's So dividend it yields 5 per
cent
General business conditions in the
South now are considered satisfactory.
The agricultural situation in the South
ern's territory is slightly better than
last year. Price for cotton at present Is
approximately the same as year ago,
and this years crop will be larger.
Cleaned in Financial District.
John M. Riordon, vice president of
the Bank of Commerce & Savings, re-
turned few days ago from Oak Bluffs,
Mass, where he spent his vacation.
Harry G. Meem, vice president OF
the Washington Loan &c Trust Co., has
returned from short vacation passed
with his family at Atlantic City.
CIccluSIlI 1OODcAb W TACAlAlS, PACoA-
dent of the Riggs National Bank, has
been named vice chairman of the gen.
eral committee to arrange for a Cherry
Blossom Festival to be held in Wash
ington next Spring. Fifteen other
prominent local bankers have been
asked to serve on this committee.
Vital Issues Before Bankers.
The new day in banking" as it has
been termed by many observers of the
rapid changes now going on in Ameri-
can finance, will be discussed from
many angles in the technical divisional
meetings of the annual American Bank
ers' Association convention, which will
be held in San Francisco September SO
to October 3, according to this portion
of the program issued here today al
the association headquarters. Details
of bank management, group and unit
banking, investment policies for banks
developments affecting the national
bank system, trust investments and de-
partment work. taxation, protection
from criminals, the earning powers o.
banks, inter-bank cooperation and many
other topics will all be presented BY
experts in these various phases of tht
IhIIeipeSs and thrown omen for discus.