Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-13

no attention to the &&$A
desires of their de- RI n
positors so far as Ez
. the pure base of J. Thilman Hendrick.
sound stocks is
concerned. The commissions go to the
stock brokers and not to the banks. SO
the officials are not interested. Most
of the banks buy such stocks only as
a personal favor.
This situation makes it fairly easy
for dishonest security statesmen to go
out through the country and unload
great deal of worthless stock on would
, be investors. Many are also caught by
telephone calls or kilograms. II the
rural community residents go to some
city they probably know nothing about
the soundness of the brokerage houses
and may get into the wrong ones. That
has happened many times.
To remedy the situation, the maya
zine suggests that the banks in the
small towns buy sound stocks for their
.sdepositorS and add a reasonable COM
mission to the brokerage commission
for the service. They will then be
financially interested in rendering such
sservice. derive fair profit from 1t
Sand have the interest of their deposit
stors at heart. The desire to have their
Scustomers prosper will make them care
Sful and cautious.
The magazine might have added that
Smany small banks are already doing
Siust this sort of thing. A banker which,
ga depositor may have known Tor 20
SyearS will take better care of his finan-
scial needs or wishes, so far as stocks
are concerned, than most strangers
susually do. And no small-town resi-
sdent will object to paying his home
Shank a reasonable sum for such i'm
fportant service.
Furthermore. if the depostor does
Snot want to take from his savings ac-
scount, he can make a modest loan
Sand put the stock up as collateral:
gcommunity banks is already spreading
Gas the amazing interest in stocks OUT
SSide of the cities has put iinancierS
sface to face with a new problem IN
protecting savings accounts.
Lanston Dividend Declared.
Directors of the Lanston Monotype
sCo held their regular monthly meeting
sin Washington yesterday instead of in
philadelphia. The session was held in
sthe directors room of the, National
metropolitan Bank, President George w.
white being a member of the board
u. Thilman Hendrick of this city, chair
imam of the board, presided
! The regular quarterly IL per cent
dividend was declared, the payment to
he made on November 80. At the con-
clusion of the meeting Chairman Hen
irick announced that the volumes of sales
for the first six months of the present
year was about the same as during the
corresponding period in 1928.
The company'S stock is in strong
position on the local exchange, the last
sale having taken place at 100.
Riggs Bank Stock Advances.
Stock of the Riggs National Bank re-
peated its recent performances and
scored another new high mark on the
Washington Stock Exchange today. The
advance, however, was more conServa-
tive than it has been in the past two
weeks, single share selling at 521, up
one point from yesterdays close. 1t
closed the week with GIG bid and $50
asked.
Five shares of Washington Loan g.
Trust stock sold at 5321 Il, and 100 shares
Of Washington Savings Bank stock sold
in the unlisted securities division at 16
Potomac Electric Power 5l2 per cent
preferred was the most active issue to-
day, 178 shares selling at 1862 and 10
more at 1067s. Ten shares of Wash
lngton Gas Light came out at 131 12,
while Railway & Electric preferred sold
at 971s. Bonds were rather quiet.
Advertising Committee Meets.
The advertising committee of the Dis
trlcG Bankers Association held an i'm
portant meeting this forenoon to con-
slider the details for the extensive adj
vertising campaign which was outlined
at the last annual convention.
President w. j. Waller has called q
special meeting of the association for
next Friday afternoon at headquarters
for the consideration of this vital mat
ter. 1t is proposed to bring the services
offered by the banks more closely to
public attention. According to present
indications, the newspapers and the
radio will be employed to do this.
At the special meeting the cost nf
such campaign will be considered and
definite action taken by the associa-
ton. The advertising committees work
in the past has been brilliantly sue
cessful, especially in connection with
Christmas saving clubs.
Southern Declares Dividends.
The Southern Railway has declared
regular quarterly dividends of So on
common stock and $1.25 on per cent
preferred stock. Common dividend is
payable November l to stock of record
october l and the preferred October Is
to stock of record September %.
Keith Albee- Orpheum Corporation has
declared regular quarterly dividend of
SITS on preferred, payable October l
to stock of record September 81.
Orpheum Circuit, Inc, declared regu-
lar quaterly dividend of So on preferred,
payable october / to stock of record
September 81.
Heard in Financial District.
A. c. Flather, one of the managers of
the Washington Office of G. M. P.
Murphy & Co., has returned from
three-week vacation spent at
Eaglesmere, Pa.
j. Edgar Probyn of Probyn & Co.,
correspondents of w. E. Willard & Co.,
has returned from sales conference
of branch Office executives held in New
York. The local Office has been moved
into the Investment Building.
General Motors stockholders num-
bered 14O,1l3 in third quarter, new high
record, against 1852 in like 1923
Earnings of the American Ice Co.
this quarter equal to those year ago
would indicate nine months income
before depreciation and taxes of $751; 100,
600, or 10 per cent above that for 1928
Brokers loans increased $122 600, DOC
in the past week to $6,474 900, 600. new
high record; Reserve System ratio 70 {
per cent, against 1872 per cent last week
and So per cent year ago; New York
Bank, 75.4 per cent, against TOT per cent
and 66.9 per cent, respectively; no an
nouncement on per cent New York
Bank rate.
Stock Split Voted.