Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-11


year.
In and Out of the Local Banks.
Corcoran Thorn, president of the
American Security & Trust Co, mas
returned to his desk after a six-week
vacation, spent in trip abroad. he
reports most enjoyable tour.
Francis G. Addison, jr., vice presl-
dent of the Security Savings & Com
mercial Bank, was observing a birth
day anniversary today, receiving con-
gratulations Mr.. Addison is one OF
the city's most active younger bankers,
is a former president of the District
Bankers Association and has held his
present position in the bank for sew
eral years. He's just AZ today.
The officers and directors OF the
Franklin National Bank have sent out
invitations to the opening of their new
bank building on Connecticut avenue,
near L street. This is the home of
the banks branch, the quarters hav-
ing been greatly enlarged in recent
months. The opening takes place on
next Monday, September 16, when the
bank will be open from. 9 am. 10
pm.
Secretary of Commerce Lamont finds
a continuance in general upward trend
in business this year, as compared with
Tic PCAAO0o "a PASsASoS
years, and a decided stead1neSS from
month to month.
New Building Association Formed.
The Chevy Chase Building & Loan
Association has just been organized, a
charter having been granted by the
State of Maryland Such an inStitu-
ton has been under discussion in Chevy
Chase for several years and its eStab-
lishment is considered an important
financial step in that territory. The
president of the new organization Is
Edward H. Jones, former president of
the Chevy Chase Savings Bank.
AS the association is Maryland cor
poration it must maintain its principal
Office in Maryland. Quarters have been
secured at 5506 Wisconsin avenue. The
officers state that the new organization
aims to furnish safe plan for the
purchase of homes in Chevy Chase and
also to provide a savings plan for the
members. In addition to the president,
Mr.. Jones. the officers are Frederick A.
Schmidt, vice president, and j. Horace
Smithey, secretary-treasurer.
The directors include the above off,
GERS and Sidney G. Cousins, r. ".
Eisinger, Diller F. Croft, M. Rea Shafer,
l.. Crem, Jr., and A. H. Ferguson, coun-
sci.
Peoples Drug Earnings Advance.
Sales of Peoples Drug Stores, Inc, for
August totaled $1,357 ,584, in comparison
with sales of 1898 AT in the same
month in 1928, or gain of asa per
cent.
For the first eight months of the
present year Peoples Drug sales
amounted to $9,792,084, against $7,062,-
891 in the corresponding period last
year. This is an increase of 1876 per
cent.
The company's preferred stock is now
selling on the Washington stock Ex-
change around lit, ex-dividend.
Local Dividends Declared.
At the regular meeting of the board
of directors of the Continental Trust
Co. held today, the regular quarterly
dividend of l u per cent was declared,
payable September 80, 1929, to share
holders of record September "a.
At meeting of the board of direc-
tors held yesterday, the regular quarter
ly dividend of $500 share on the pre-
terred stock of the Federal Storage Co.
was declared payable october is to
stockholders of record at the close of
business September 80.
Riggs Again Features Market.
Riggs National Bank stock again fur
niShed the feature on the Washington
Stock Exchange today, when the price
jumped 712 points from yesterday, one
share of the stock selling at 6171a. The
stock closed last week at 500. II
opened Monday with a sale at 59715
changed hands yesterday at 610 and
semi-annual 7l2 per cent dividend
coupled with the extra "a per cent
dividend declared late Monday, have
no doubt figured in this weeks ad.
vances. 1t closed today with 612 bic
and $40 asked.
other local stock sold today aroune
recent levels. Somebody wanted 8
single share of Capital Traction anc
paid "a for it. Mergenthaler was 104Az
ex dividend. Woodward & Lothrop pre-.
ferred came out at 108 and Railway &
Electric preferred sold at 97B.
More interest was manifested in ths
bond division today than for severa
sessions. The gas issues took the leaC
in this trading.
Automobile Exports Up.
Exports of all automotive product!
In July, 1929, totalled $49, 1886, 999 com.
pared with $46,526, 449 for July, 1928
a gain of $2,832, $50 according to De-
partment of Commerce.
Autoniotive exports for the sever
months reached value of $402, 126, 465
while in the first seven months of las
year they amounted to 5000, 461 ,131
Monthly average for first seven months
was $57,446,6 against $43, 780, 161 las
year and $36,244, 444 in 1927.
July production showed seasona
decrease, passenger car output declinin;
So per cent and trucks 19 per cent
Both. however, showed big gains owe
July, 1929 passenger car production
increasing 26 per cent and trucks 8
per cent.