Evening star., 1935-01-04

about $4.500,000. ~
The Christmas nor.,au u.K,ew
club idea has Do""'u H. "' "'"'
taken on renewed vigor as the date
for the closing of entries has ap-
preached. 1t appears that most of the
old members are going back in the
1885 clubs and that many of the new
arrivals in the city during 1884 have
also taken up with the thrift plan.
In several instances, the banks report
twice as many enrollmentS as they
had at this time last year. A good
many of the 1884 members are sub
scribing larger sums this year, also.
It will be some time before the total
amount is known and reported to the
District Bankers Association.
The banks having clubs this year
include American Security g. Trust,
Anacostia Bank, Bank of Commerce
g. Savings, City Bank, Columbia, East
Washington Savings, Hamilton, Lib
erty, Lincoln, McLachlen. MunSey
Trust, National Bank of Washington;
National Savings g. Trust, Riggs, Sec
ond National, Security Savings d Com
mercial, Union Trust and Washington
Loan & Trust.
McKnew Opens New Offices.
D. H. McKneW g. Co., investment
bankers, have moved into more GEN.
trallv located Offices on the second
floor of the National Savings & Trust
Building, the new quarters being most
oJi1 1fa1n
Through membership in the Wash
ington Stock Exchange, ticker service
and direct wire connections with New
York correspondents. the firm is now
rendering complete investment bank
ing service.
Richard M. Smith, who has been
manager of the bond trading depart
ment in the Washington Office of
Hemphill, Noyes g. Co., has become
vice president and already assumed
his new duties with the McKneW
firm. He was associated for several
years with the local Office of Gillet &
Co. of Baltimore.
Before coming to Washington Mr..
Smith was engaged in the investment
business in Birmingham Ala, where
he formerly practiced law. A native
of Fauquier County, Va, he attended
St. Lawrence University. Canton, N.
Y, and the University of Chicago.
Donald H. McKneW, the head of
the firm, has been active in the flnan-
cial district here for several years.
Local Dividends Declared.
The Board of Directors of the
Terminal Refrigerating g. Warehous-
ing Corp. has declared the regular
semi-annual dividend of $1.50 per
share on the total outstanding stock
of the company, payable January Z
to shareholders of record on January
3. The board met yesterday. Secre-
tary j. johnson announces that for
the past 10 years the stock of the re-
frigerating company has consistently
paid 6 per cent annually on its pr
value of $50 a share
The Board of Directors of the
John H Wilkins Co., coffee merchants.
have declared the regular semi-annual
dividend of per cent on the out
standing preferred stock and a
dividend of $150 per share on the
outstanding no-par common stock
Both dividends are payable January
Is.
The Perpetual Building Association.
Eleventh and E streets, has reduced
dividends to Az per cent, effective as
Of January /, 1885. The announce
ment states that surplus of cash
and scarcity of loans has brought
about the reduction. The notice ITO
the public adds that "uninvested
money has no earning power. 1t can
not create income. The strong cash
position of the association, combined
with scarcity of acceptable mort
gage loans is the basis for this con-
servative policy" The company now
has assets of over S36,000,00O.
Investment Code Facts Asked.
Y. E. Booker. chairman of the In
vestment Bankers Regional Code
Committee in district No. 13, which
includes Washington, Maryland, Vir-
gln1a, West Virginia and the Caro-
linas, has sent letters to all registered
investment dealers asking for special
information bearing on the fair prac-
t1ces code, which the Investment
Bankers Association now has in oper-
alton.
Dealers are asked to write the COM
mittee describing the procedure used
by each firm in accepting and con-
f1rming orders to buy and sell, botlr as
principal and agent. and present copies
or forms used. Dealers are also re-
quested to give list of new statesmen
employed since June /, 1884, with
complete information about their pre-
Vious investment banking experience.
Copies OF all forms used in obtaining
consent to call upon or telephone in
dividuals at their residences are also
asked.
The Booker letter states that the
majority Of code violations to date
have been due more to ignorance and
carelessness than to deliberate intent.
The requested information will show
just how familiar the dealers are with
the new fair practice rules. The facts
are requested with the full support of
the National Code Committee.
Heard in Financial District.
Thomas w. Brahany, manager of
the Washington Office of E. A. Pierce
& Co., stated that Robert K. Cassatt
and Joseph w. Wear, partners in Cas-
satt & Co., are to become members of
the Pierce firm. The CasSatt firm will
change to an investment house only,
customers in the stock department be-
ing invited to use Pierce's facilities.
Trading on the Washington Stock
Exchange, which showed lot of New
Year pep yesterday, was dull today.
As bid and asked prices were checked
off, but one sale took place, small
lot of Mergenthaler Linotype stock
changing hands at 80. same as the
last previous sale. Terminal Refrig-
Grating g. Warehouse Corp. stock was
quoted exdividend today, the bio
standing at 3312.
After being in effect two and half
years, the Governments 2-cent tax
on all bank checks expired with the
ending of the old year. The passing
. Of the levy will take a great weight