Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-16


with q fine board
room and broker
age wire service.
This latest step George A Garrett.
gives the Keech
company two offlceS in Washington,
under the direction Of George A. Gar
rett, resident partner in the firm. The
4irm. which has membership In many
different exchanges, has been in busi-
ness in Washington for several years.
The main Office, which Is now located
In the Metropolitan Club Building at
H and Seventeenth streets, first had its
local office at 1910 H street.
The firm moved into its present
elaborate quarters about. two years ago
in order to provide for expansion and
also have Offices on the ground floor.
For some years the brokerage frm
maintained q branch Office in the Carl
Fridley, jr., is in charge of the ONCE
In the Mayhower.
Security Loans OF s76,OO0,OOO.
The Federal Reserve Boards condi-
ton statement of weekly reporting
member banks in leading cities on June
10, made public here today, shows de-
creaSeS for the week of $85, 100000 in
loans and investments, $4,000, 900 in
lCO dClAAoA10 0CHOoAto dAAA PS9yOOVtVVO IA
time deposits, and an increase of $14,-
100000 in borrowings from Federal
Reserve banks.
Loans on securities declined $4,000
900 at reporting member banks in the
New York district, S23 000, 900 in the
Chicago district and $76,000,000 at all
reporting banks.
IAN other" loans increased $4,000
600 In the Boston district and declined
mn nm IN tho NoOn DISTRICT ard
$l3 100000 at all reporting banks.
Local Dividends Declared
The Federal-American National Bank
b Trust Co. has declared the regular
quarterly dividend Of so cents per share
on the banks stock, payable July to
stockholders of record June 26. The
Fe0eral-American company has de-
clared its regular quarterly dividend Of
$3.50 q share on its preferred and 80
cents share on its common stock.
This Is payable July l to stockholders
Of record June 18.
Directors of the National Mortgage
& Investment Co. have declared 2
per cent dividend, payable July 10 to
stockholders of record on July So. ac-
cording to announcement by James P.
expressed much pleasure over the fact
that they were able to vote a dividend
at this time, considering the action an
encouraging business sign.
Directors of G. C. Murphy Co.
g. 10 Cent Stores, declared the regular
quarterly dividend Of 50 per share on
the per cent preferred stock, payable
July to stockholders Of record
June 20. M
American Stores Adds Units.
Tonnage sales Of American Stores
Co., which has more than 20 stores in
washington, for the first 81 weeks of
1881 were ahead Of the corresponding
period Of 1880, although dollar sales
were somewhat less owing to the lower
prices for commodities. The company
is continuing its policy of intensive
rather than extensive development, and
Is devoting its efforts this year to build
ing up further the JohnStown, Pa, and
upper New Jersey territories which 1t
entered some time ago and the new
territory around Syracuse, N. Y, which
Is entered for the first time this year.
These efforts have produced salts
factory results so far and should be re-
Elected in favorable way in. income
accounts for the current year.
American Stores had In operation on
December 81, 1880. total of 2,728
stores, representing an increase of
"a stores during the year. The increase
last year took place to some extent in
new territories which now are being
developed, including 80 stores which
were acquired in the Syracuse territory.
Washington Exchange Active.
On the Washington Stock Exchange
|eoday Capital Traction opened ex divi-
|dend at Ban for 10 shares, but adj
|vAnced to close at IS.
Potomac Electric Power So per cent
preferred figured in several small lot
sales at l10& and HOY.
Washington Railway & Electric
preferred was one Of the most active
stocks In today's market. 1t opened at
|S9ss and closed at 8912, sales totaling
100 shares.
Lanston Monotype figured in nine
sales, transferring 10 shares, the type
stock opening at 901s and closing at so.
Peoples Drug Stores preferred was
more lively than usual, opening with
|30-share sale at 1003a, followed by other
small lot sales at the same figure.
Bonds were neglected, only one sale
being recorded.
Heard In Financial District.
Local bankers regretted to hear that
walter e. Eddy had resigned as secre-
'tary Of the Federal Reserve Board on
account of lii health. Mr. Eddy had
been with the board since the inception
'of the Reserve system. It is expected
that E. M. McLelland, acting secretary,
will fill the vacancy.
It is announced that the meeting Of
the directors of the Baltimore & Ohio
Railroad, scheduled for tomorrow, has
been postponed until June "a, because
|of lack of quorum.
James B. Edmunds, general passen-
ger agent for the Chesapeake & Ohio,
and C. e. Bowen, city passenger agent,
win be in charge Of the Bankers Spe-
Icial' which leaves Washington for Hot
'Springs, Va. tomorrow evening.
The board Of governors has approved
the recommendation Of the Convention
|Committee that the Twentieth Annual
|Convention Of the Investment Bankers
Association Of America be held at
white Sulphur Springs, w. Va, from
November z TO IL, instead Of from Mo-
'venber to 5, as previously announced.
'The change was considered desirable
because Of conflict of the flrst-chosen
Al