Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-07

x
In the stock d. 49,
vision Washington
Railway g. Electric mkaaA3E y
preferred changed Georse o. Watson.
hands at 9SA,
same as other recent sales. Fifty shares
az Firemen's Insurance Co. moved a.
"a and 20 shares of Potomac Electric
Power 5I2 per cent preferred sold at
i0sl5. The days final sale was an odd
lot transaction in Mergenthaler Limo
type at 81.
George o. Watson, president OF the
exchange, has returned from his va
cation and is again presiding. Mr
watson is president of the Liberty Ma
tional Bank and this is his second year
at the head of the local exchange.
while he has been away at his sum
lner home on South River, Vice Presi-
dent Edward L. Hillyer has presided at
most of the daily sessions. Members OF
The exchange consider that business has
held I'D very well during the Summer
when financial conditions everywhere
are taken into consideration.
The first transaction In the newly
listed Columbia Medical Building Cor
poration stock Is still to be recorded,
the bid being 100. The Norfolk IL
Washington Steamboat rights have
been stricken from the list, as they ex-
PRED yesterday.
Warner Meeting Grips Attention.
The large number of local holders Of
Warner Bros. motion picture stock are
intensely interested in the meeting OF
directors scheduled for 8 O'Clock this
afternoon in New York. The big issue
at stake Is whether the present dividend
: will be continued, be reduced or be
passed.
H NJ. Warner. president Of Warner
Bros Pictures, Inc, has just returned
from a six-week trip to Europe. On his
arrival in New York he would give no
hint of what dividend action might be
taken at today's meeting, thus keeping
the stockholders and Wall Street traders
In the dark.
The stock has jumped around ire
Mendously during the present year. The
high for the year is 00A and the low
3SA. The stock closed yesterday at
36as and the present dividend is 81 q
year. The company owns what were
formerly the Crandall theaters in
Washington. that being one reason why
% much of the stock Is held locally.
Local Dividends Recently Voted.
The directors of the Washington Rail-
gay & Electric Co. recently declared the
Usual semi-annual 2I2 per cent dividend
on the company's preferred stock. pay
able December l to shareholders of rec
ord on August 16. Holders of the stock
OF record on August Is bearing the
stamp changing the time and manner
Of payment of the dividend thereon,
from semi-annually to quarterly will re-
eeive half of the semi-annual dividend
on September !.
The directors have also voted the reg
ular i q per cent dividend on the COM
lnoA stock. payable September l to
shareholders of record on August Is.
The regular quarterly dividend of the
Potomac Electric Power Co. Of / u per
cent on the per cent preferred stock
has been declared. The Is per cent
quarterly dividend on the 5h per cent
preferred stock has also been voted.
Both are payable September ! to stock
Of record August II.
The ia per cent quarterly dividend
and the extra u per cent, which were
declared some time ago, are payable
August 80 TO stockholders Of record
August 20.
Peoples Drug Sales Improve.
Sales of Peoples Drug Stores, Inc,
for July were reported today and show
Improvement over last year. July sales
totaled sl,372,l70, compared with 81
300, 202, an increase OF $62.s68. which is
an increase of 4.6 per cent for the
month. Sales for the first seven months
Of the present year amounted to So
S03,549, In comparison with So, 432, 1913
In the corresponding period last year.
This Is an increase of Sl,l59,751, or 1877
ner cent. so far in 1880. The local
company's preferred stock Is listed on
the Washington Stock Exchange and
the common on the New York Curb.
Bankers Finish Golf Contest.
~ The finals in the golf tourney con-
Quoted by Washington Chapter, Ameri-
can Institute of Banking, have been
played of and George P. Grau, jr., OF
the Central Branch Of the American
Security g. Trust Co. carried on the
flonors, defeating Thomas j. Davidson
of stein Bros. & Boyce. He will be
awarded the w. w. Spaid trophy at the
open meeting of the institute in Sep
TENDER.
T. Edwin Norris of the Mount Vernon
Savings Bank won third honors and
w. B. Robinson of the Bank Of Bright
wood came in fourth. There three
banker golfers will also be awarded
prizes for their athletic ability.
When Recovery Will Arrive.
Recovery from the current depres-
sion may be expected TO ensue upon the
gradual readiustment of inventories
tktIOuEn LlhIi0-OO~IllOubAl OA bAAN
part of distributors and reduced output
on the part Of producers" says the
Guaranty Trust Co.. The progress OF
this readjustment VIII be renected IN
rising commodity prices. AS the evil
dence of impending improvement be-
comes clearer, stock prices also Will re-
spond to the more optimistic expecta-
tons of business men. The revival Of
activity will be facilitated by low money
rates and by any improvement that may
by that time have been achieved IN the
general banking situation through the
nuuidation of security loans.
"Expansion of industrial output anc
trade volumes will proceed gradually
with setbacks from time TO time as y
%anuears that demand IN various lines
! has been over estimated. In general
however, the rising trend OF business
will result in more employment anc
larger pay-rolls, with a greater aggre'
nate amount of purchasing power avail
shle for the buying OF consumers goods
The resulting increase in consumption
will, in turn, further stimulate trade
and industry.
IAN Of this. of course. represents
slow and irregular process covering
period of many months The most re-
liable indication Of Improvement IN IN
underlying situation-namely, definite
upturn In commodity prices-has no
vet appeared; but recent declines in in
5 yentories of manufactured goods ant
advances in stock prices suggest tina
such an upturn may reasonably be ex
pected in the not distant future"
Vice President w. j. Waller Of tn
Federal-American National Bank an,
last years president Of the Distric
Bankers Association, Is planning 4
short visit Mt Rehobeth Beach, leaving
here for the week end.
Richard Hatton. financial editor o
ste WASHINGTON Herald Ia taking hi