Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-22

TeacneQ 400 on LnTee-SLldIc SAFE
Federal-American Co. common climb
ed to ssh on a 21-share turnover
Terminal Refrigerating g. Warehousing
Corporation opened at 52l4 and closed
at 52Ia on sales of 40 shares. Mergen-
thaler opened at 104 and closed at
104h An odd lot sale in Columbia
Sand & Gravel took place at 1894.
In the bond division Chevy Chase
Club SIS moved at 1929 and Washing
ton Railway g. Electric general IS at
1929. Anacostia g. Potomac Railroad
SIS sold at 3d. A 500 Washington Gas
B bond sold at los. Gas stock, now
eX-dividend, was quoted at lie bid and
J 122 asked, with no sales.
) National Savings Raises Surplus.
At the annual meeting of the stock
holders of the National Savings &
Trust Co. held late yesterday, these di-
TectorS were elected. James j. Becker,
woodbury. Blair, William A. H. Church,
Walter c. Clephane, H. Rozier Dulany,
pr; Franklin H. Ellis, H. Prescott Cat
ley, William D. Hoover Walter B.
Howe, Reginald S. Huidekoper, Victor
Kaufman, Edmund D. Rheem, Frank
StetSon, Frank w. Stone, William H.
Walker, William B. Willard and Harley
P. Wilson.
The following officers were elected for
the year: William D. Hoover, presi-
dent; Woodbury. Blair, first vice presi-
dent; Frank w. Stone, second vice
president; Frank Stetson, trust officer;
Charles G. Lamborn, treasurer; E. Per-
cival Wilson, secretary; Frank r. Ull-
mer, assistant treasurer; Bruce Baird,
assistant trust officer; David Bornet,
assistant trust officer: John w. Calvert,
assistant treasurer; w. Hiles Pardoe, as
sistant treasurer; A. j. FAINT assistant
secretary; John M. Boteler, assistant
secretary, and Audley A. P. Savage,
auditor.
The regular quarterly dividend of 3 |
per cent was declared, and an extra |
dividend Of per cent was also de- |
clared. Extra compensation for the en- |
tire staff was also voted in appreciation |
OF work done last year. President |
Hoover reported the bank had enjoyed |
an unusually prosperous year.
The sum Of 100000 was carried from |
undivided profits into the surplus ac-
count making the surplus of the COM
pany $2,500,000. Its capital is 81, 000, 900. |
New Move Against Bank Failures.
AS step in a nationwide campaign
OF cooperation with banks, especially
in rural districts, for the prevention of
conditions leading to bank failures, the
American Bankers Association Is dis
tributing through its clearing house sec
ton, to its full membership of $1,000
banking institutions, detailed plan for
setting up and operating regional clear
ing house associations.
The presentation of the plan express
es the hope that it will prove help |
full in stimulating bank leadership in
each county and district in the land to |
faka fY7nY1afiiafa ctaY1c m form
Citations, thus enabling bankers to avail |
themselves OF the services and safe |
guards afforded by clearing house aSso-
Citations"
North American Votes Dividends.
The North American Co. has declared
the regular quarterly dividends of 2h
per cent in common stock on common
stock and rs cents per share on the
preferred, both payable April / to stock
of record March S.
The directors approved construction
budgets for 1929 aggregating $7,894. 600. !
The budgets are largely for additions to
electric generating plants and distribu-
ton systems to provide fer the substan-
tial growth of business and the antici- |
patton OF future demands in territories
centering in Cleveland, Milwaukee, st. |
Louis, San Francisco and Central Cali
fornia cities and Washington, the work
here including the enlargement of the
Benning power plant of the Potomac
Electric Power Co.
The exact figures are not available,
but 1t is reported that the North Ameri-
cans electric power output by its SUBJ
Sidiaries had reached new high mark
during the past year.
Commodities Slightly Higher.
Prices of commodities during the week
ended January 10 advanced three-tenths
of per cent in contrast with a de-
cline Of one-tenth Of per cent for the
previous week, according to the whole
sale price index of the National Fertil-
izer Association. Two-thirds of the adj
vance for the last week is due to a
fictitious advance in automobile prices
in the form of higher prices for bet
ter type of car, which has been substi-
tuted for the poorer one. Other advances
occurred in grains, foods, cotton and
rubber. Declines occurred in chemicals,
fats and gasoline.
Cleaned in Financial District.
Edward L. Hillyer, vice president of
the Union Trust Co., is reported to have
made encouraging improvement during
the past few days
j. William Harrington of w. B. Hibbs
g. Co., who has had long attack of
pneumonia, is reported as gaining
rapidly.
Eliot H. Thomson of the Washington
Loan g. Trust Co. has returned to his
desk after three weeks illness.
Thomas w. Brahany, partner in
Crane, Paris & Co. has returned from
cruise in the Caribbean, visiting the
Canal Zone and many other interest
3 ing places.
Edward ]. McQuade, vice president
of the Liberty National Bank and Sec
rotary of the District Bankers Asso-
citation, will leave here later in the week
for 10 days visit in Florida. He will
go to Miami and Palm Beach and visit
I. A. Fleming at Melbourne.
Rediscounts OFF S57,0OO,OOO in Week.
The Federal Reserve Boards condi-
member banks in 101 leading cities on
January 16 shows decreases for the
week of $58,000,000 in loans and in
veStmentS, of $57,000,000 in borrowings
from Federal Reserve banks, and of
$21 100000 in Government deposits.
Net demand deposits and time deposits
showed relatively little change for the
week.
Pennsylvania Railroad Co. stockhold-
ers decreased 1859 during December to
154 008 on January /, 1929, against 49,
622 year previous.
The leaders in Washington Chapter,
A. 1. B., plan the last half years work
at a dinner meeting tonight; the Dis
trict Bankers Association has an un-
usually important meeting tomorrow
night; the institute has an adding ma
chine speed contest tomorrow evening,
and the Bank Women'S Club of Wash
a. .s..r~ - Uwfl