Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-11
PRICES HOLDFIRM
OND. c. EXCHANGE
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE
Banks Vote Extra and Regu.
lar Notwithstanding
on Checks.
BY EDWARD c. STONE.

by EDWARD T.. STONE.
Local stocks were steady on the
Washington Stock Exchange today in
en- active market Capital Traction
opened the trading, 81 shares selling at
rs. Potomac Electric Power per cent
preferred featured the session by OPEN
ing at 100 and advancing to 1909, sales
totaling As shares. The 5la per cent
Potomac Power issue came out at 104 y
There was a single sale in Washington
Railway & Electric preferred at 94s4.
Bank stocks drew more attention to-
day. Fifteen shares of Riggs National
sold at $50, 10 shares of American Sc
curity & Trust at ABS ard 20 shares of
Federal-Amerlcan National at 1922.
Peoples Drug Stores preferred again
sold at lot and l071s in small lots;
Mergenthaler Linotype figured in a
65-share turnover at lot, same as yes
terday's prices. Forty shares of Chaplin
Sacks 8 per cent preferred sold at 100
In the bond division Potomac Electric
Consolidated SIS moved at 101, Railway
& Electric 4s at "a and Capital Trac-
ton SIS at 90. City e. Suburban IS
recorded a $4,000 sale at 80 and An
nacoStia 81 Potomac r. r. SIS changed
hands in $4,000 sale at 80 and 80.
Gas bonds were around recent levels.
Potomac Bank Officers Named.
At meeting of the board of di-
rectors of the Potomac Savings Bank
this forenoon Henry w. Offutt was re-
elected for the coming year; Alphonse
NJ. Baer and B. Agee BowleS, vice
Emory H. Bogley, secretary, and Ell
more T. Burdette, assistant cashier.
George w. Offutt was appointed az
torney.
The annual stockholders meeting
was held yesterday in Alexandria. ana
the proposed 40 per cent stock divl-
dend approved. The par value of the
stock will be reduced from 500 per
share to $50 per share. This will give
present stockholders five shares tor
every one now held and the stock divi-
dend will add two more shares, so
that each shareholder will receive
seven shares of the new stock.
The following directors were re-elect-
ed at yesterdays meeting: William r.
Ames, William w. Anderson, Alphonse
M. Baer, Emory H. Bogley, B. Agee
Bowles, William H. Clarke, Davenport
B. Elgin, James C.. Hoyle. DR.. Malcolm
w. Morgan, George w. Offutt, NJ. Will
son Offutt, Henry w. Ofutt, DR.. An
thony M. Ray, C. Wendell Shoemaker,
j. William Stohlman, Henry A. Storm
and j. Clinton Tribby.
Union Trust Declares Extra.
At the regular monthly meeting of
the board of directors of the Union
Trust Co., held late yesterday, an extra
Christmas dividend of per cent was
declared, payable December 18 to
stockholders of record December Is. At
the same meeting the regular quarterly
dividend of per cent was also declared.
This disbursement is payable January
Is, 1880, to stockholders of record De-
cember 81, according to announcement
by Edward j. Stellwagen, the president
The directors of the Continental Trust
Co. yesterday declared the regular quar-
Wade H. Cooper announced today. The
dividend is payable December 81 to
shareholders of record December %.
President Rolfe E. Boiling, president
OF the Merchants Bank & Trust Co.,
announced today that the directors of
the trust company have declared the
regular semi-annual dividend of 3 per
cent. This dividend is payable on De-
cember 81 to stock of record Decem-
Der 81.
The recently declared quarterly divi-
dend Of $1621a on Peoples Drug Store
preferred stock will be paid on Deem
Der Is and the IS cent dividend on the
common stock is payable on January 2
Caution Urged in Cashing Checks.
Local bankers have been startled to
learn that good many Christmas Saw
ings Club checks have been stolen in
apartment house mail boxes and that
the merchants have been cashing these
checks quite freely. The banks are to-
day calling attention Of the merchants
to the fact that these checks are not
made out to the bearer, but to a spe-
ciflcally named person. That makes the
merchant, rather than the banks, liable
for the losses.
Local merchants are being warned to
be sure that the persons presenting
these checks are known personally by
those cashing them. All the stolen
checks have of course, carried forged
signatures when presented for cashing
The more daring crooks have gone still
further than this however, and have
forged the entire check by obtaining
blanks and filling in the amount as well
as some fake name to whom 1t is 70
be paid. The Christmas savings checks
are made out on special blanks with q
picture Of Santa Claus on them, so
this forgery had to be very carefully
planned in advance.
Washington bankers suggest that all
these checks should be cashed at the
banks, except in the numerous cases
where the identification is certain.
Columbia Building Directors.
Melvin C. Hazen, Thomas P. Bones
ami L. Perry West, directors in the CO.
lumbia Permanent Building Association
of the District of Columbia whose terms
expire, were reelected last night at a
meeting of stockholders for terms OF
three years, beginning January /.
Other directors in the association are
Floyd E. Davis, Albert H. Taylor, Al
pheus E. Riddle, William P. Richards
Howard r. Norton and Fred A. Smith.
Riggs Bank Club Election.
The annual meeting of the Riggs
Bank Club. social organization of Riggs
National Bank, held yesterday, resulted
in the election of the following officers
for the new administrative year: Georg(
H. Morris, president; William E. Brooks
first vice president; E. E. Fisher, SeconC
vice president: Miss Jane Kennedy, sec
rotary. George M. Irelan was reelected
treasurer.
The executive committee include
Mrs. Elsie w. Boteler, Mrs. Mildred F
Hoeke. Kenneth N. Alvey, Emory G
Shanks and Daniel E. WisecarveI
Branch representatives are Rober
Mellefont. Dupont Circle; Joseph
Keene. Park Road; Miss Eva Kicker
Farmers e. Mechanics and Friendship
Heights; Mrs. Myrtle Wolfe, Seventh
and I streets; Louis Quintzer, North
west.
LOnsdaIe LaudS Bank Service.
President John G. LonSdale of tn
American Bankers Association, writin
in Trust Companies Magazine, asserts
Let me emphasize the fact that tn
trust department is one of the most i'm
portant divisions of a bank; that a
such it deserves the hearty encourage
ment and cooperation Of the head c
the institution; that our field grow
steadily with the wealth and increase