Evening star., 1934-01-08
Ready for Annual Meetings.


well as several savings banks and trust
companies, are ready for the annual
meetings of their stockholders set for
tomorrow, January 9.
So far as indicated in advance, there
will be comparatively few changes or
additions to the local bank directorates
Vacancies caused by deaths during the
year will naturally be filled at this time
and a few new directors are always
elected.
Following the organization meetings,
the official families are expected 70
remain as about as they stood during
1888. Directors of the Washington
Mechanics Savings Bank elected a
new vice president only a few days
ago, Franklin P. Williams, who has
been a director for years and also
member of the Executive Committee.
Ratification of the plan of the Riggs
National Bank to sell S1,500,000 pre-
ferred stock to the Reconstruction FL
nance Corporation, as announced re-
Gently, will be asked at tomOrroW's
meeting. This move is similar to that
taken by many of the larger banks
all over the country in carrying out
President Roosevelt'S request for the
expansion of bank capital and the re-
sultant enlarging Of credit.
economic Progress SnOWn.
Some interesting data is now avail
able, indicating the advance that has
taken place since last March. For eX-
ample, says Henry CleWs & Co., be-
tween March and November the yield
to manufacturers from monthly pro-
duction increase 48 per cent and their
payments in wages alone rose 45 per
cent In comparison with November.
1882, the same month last year showed
a 20 per cent increase in volume Of
manufacturing production, a 26 per
cent increase in receipts and % per
cent in wage payments.
The estimated decrease in unem-
ployment is placed at 100000. These
figures cannot be ignored and bear
out the contention repeatedly stressed
in these advices that notwithstanding
the complex situation prevailing trade
is now moving ahead
OF course, the most pressing query
at the moment, is, what of the COM
ing year? But if progress could be
made under last years very trying
conditions, it is not too much to ex-
pect continued betterment, the sur
vey says
Today's Trading on Exchange.
Trading opened the week on the
Washington Stock Exchange with small
sales of Potomac Electric Power So per
cent preferred changing hands at 106.
Later in the session the same corpora
tion'S per cent preferred stock sold
at 1r9l2. Washington Railway & Elec-
trio referred came out on the board
at 8414.
In the bond division Potomac Elec-
trio Power consolidated SIS moved to
the extent of 81 900 at 1929. Wash
ington Gas SIS, 1860, figured in 81 500
turnover at 104. The days largest bond
turnover was in Capital Traction SIS,
two 81 900 sales being registered at g.
The days prices were practically the
same as they were at the close of last
week.
Heard in Financial District.
Quarterly Income Shares, Inc, has
declared a distribution of cents, pay
able February l. to stock of record
January is, according to New York
dispatches.
The John R. Thompson Co. has de-
clared the regular quarterly dividend
OF rs cents per share, payable January
25 to stock of record January Is.
The District of Columbia Institute of
Certified Public Accountants will hold
its first meeting of the year tomorrow
starting at $50. Able speakers have
been secured.
Directors of Lee Rubber & Tire Cor
poration have declared a dividend of 20
cents a share on the capital stock. This
is the first dividend paid by the COM
pany since 1923.