Evening star., 1935-01-08
DIVIDENDS VOTED
BY RIGGS BOARD
Payments on Both Common
and Preferred Stocks
Are Ordered.
BY EDWARD C. STONE.

tnelr regular meeting HelQ ldte yes
terday afternoon. Following adjourn
ment President Robert v. Fleming an
nounced that there had been declared
the regular semi-annual dividend on
the preferred stock of the bank, pay
able on February / to stockholders of
record December 81, 1884. 4
Mr.. Fleming also stated that the
board had declared the regular quar-
terly dividend on the common stock
of 50 share. payable January Is, to
stockholders of record December 81,
1884. and 50 share, payable April
IS, 1885, to stockholders of record
March 30, 1885.
New Bank Directors Elected.
Twelve Washington banks held
their annual stockholders meetings
this noon and, as noted elsewhere in
The Star, elected directors for 1885.
Seven new directors were named and
practically all the present directors
were reelected.
Riggs added four, Ernest E. Norris,
vice president of the Southern Rail-
way Co.; Lloyd B. Wilson, president of
the Chesapeake g. Potomac Telephone
Co.; George O. Vass, vice president
and cashier of the bank, and Hilleary
G. Hoskinson, another vice president
of the bank.
Lincoln National added two new
members to the board, Franklin w.
Harper. president and treasurer of the
E. Morrison Paper Co. and T. Howard
Duckett, Prince Georges County
banker and chairman of the WASH
ington Suburban Sanitary Commits
sion.
The Hamilton National Bank elect
ed Thomas N. Beavers to the board,
the new member being vice president
of Peoples Drug Stores, Inc, and wide
ly known in business circles here.
The National Savings & Trust Co.
is also holding its annual meeting to
day, the session being due to open at
4 o'clock.
Sharp Upturn Reported.
Definite evidence of a decided up
turn in national sales and collection
conditions during the holiday season is
revealed in the January survey by the
National Association of Credit Men,
details of which were received here to-
day. The study covers SO ajor COM
mercial markets in the country
The extent of the betterment is es-
pecially noticeable in a comparison of
figures for the past December, and
those of December, 1888. In sales, for
instance, 80 cities report good as
compared to only eight reporting
good" sales in December, 1888. In
collections the number reporting
good" rose in the year from to %.
Those cities reporting good" sales in
the current survey are: Phoenix, Ariz. !;
Los Angeles, Calf; Oakland, Calf;
San Francisco, Calf New Haven,
Conn; washington, DC; Tampa, Fla;
Chicago, Ill; indianapolis, Ind; Ot-
tumwa, Iowa; Wichita, Kans.; Louis
vile, KY; New Orleans, La; Balti-
more, Md; Detroit, Mich; Flint,
Mich; Grand Rapids, Mich; Mime
apolis, Mimi; Charlotte, N. c.; Grand
Forks. N. OAK; Knoxville, Tenn;
Memphis, Tenn; Austin, Tex; Fort
Worth, Tex; Houston, Tex; San An
tonic, Tex; Waco, Tex; Salt Lake
City. Utah; Lynchburg, Va; Norfolk,
Va; Richmond. Va; Roanoke, Va;
Seattle, Wash.
Those cities reporting good" COL
lections included Baltimore, Md, and
Lynchburg, Norfolk, Richmond, and
Roanoke. Va.
Besides these cities which reported
good" in the sales and collections
classifications. 81 reported sales as
fair" and SIS found collections to be
"fair"
Changes in Bank Items.
Twenty-eight member banks in 10
leading cities of the fifth Federal Re-
serve district make weekly reports of
condition to the Federal Reserve Bank
of Richmond.
Between November IA and Decem-
Der IL in 1884 there were greater
changes in the statement than in
any other recent month. The total
loans and discounts showed net de-
cline of $4,000, loans on stocks and
bonds rising by S67900O while all
other loans decreased by $751 900.
The reporting banks also decreased
their investments in securities by
$1,297000, and reduced their reserve
balance at the reserve bank by So,
10000 between the middle of No
vember and the middle of December.
Cash in vaults rose by S1,366,000
during the month, a seasonal increase
due to a need for additional cash with
which to carry on the holiday trade.
Demand deposits declined $7.259,000
during the month under review, and
time deposits dropped $1,182,000, the
latter a usual development at this
time of year when withdrawals from
savings accounts are made for pay
ment of taxes and holiday purchases
None of the 28 reporting banks were
rediscounting at the Federal Reserve
Bank of Richmond on either Novem-
ber IA or December IL, the Richmond
Bank reports.
Insurance Directors Named.
At the annual meeting of the stock
holders of the Firemen's Insurance
Co., held late yesterday, the old board
OF directors were reelected as follows:
Edward c. Baltz, Millard T. Dixon,
Raymond K. Espey, Leroy Gaddis, jr.;
Parke A. Galleher. William w. Hoff-
man, j. Logan Hopkins, Albert W.
Howard, Charles H. Kindle, John H.
Snyder. Schuyler S. Symons, Albert
w. Walker and James M. Woodward.
Washington Railway & Electric As
opened trading on the Washington
Stock Exchange today, $1,000 selling
at 991a. Washington Gas IS, 1858,
appeared in $1,000 sale at 101A,
while Washington Gas IS, series B,
moved at 1895. Potomac Electric
Power IS were strong, $1,000 sale
taking place at ITO.
Potomac Electric Power 51a per
cent preferred stock again registered
Ill and Mergenthaler Linotype came
out at 80, same as other recent sales