Evening star., 1938-01-11

lOtal sales IN 44O stores IN the
United States in December, 1897, we're
2 per cent less than sales in Decem-
Der, 1886, but cumulative sales in
the Nation in 1887 were per cent
above sales in 1886.
Riggs Bank Declares 50 Extra.
Directors of the Riggs National
Bank at the monthly meeting yester-
day, declared the regular dividend on
the common stock of 81 share and
an extra dividend of So a share. both
payable January IS to shareholders of
record January 10, President Robert
v. Fleming announced. The board
also declared the regular 50 dividend
on the common stock, payable April Is
to shareholders of record March 81.
1898.
Mr.. Fleming stated that the regular
semi-annual dividend had been de-
clared upon the preferred stock of the
bank, payable February / to share
holders of record as of the close of
business January 10.
Mr.. Fleming announced also that
the board had authorized the trans
fer from profit and loss to surplus
account of $4,000, and the setting up
of additional revenues in the banks
reserve for retirement of preferred
stock fund, wherewith to retire, by
lot, in accordance with the boards
action of this date. 100000 in pre-
ferred stock on March /. 1888, and in
connection with the 1000 shares of
preferred stock, so called. the books
would close on January %, 1888.
National Officer Speaks.
More than 200 members of the Dis
trict of Columbia Life Underwriters
Association held their January lun-
Cheon at the Willard Hotel this noon
when Hogar J. johnson, first vice
president of the national association,
was the guest speaker.
Mr.. Johnson spoke on What Are
We After" and his address was one of
the best heard by the insurance men
In a long time. The underwriters were
most enthusiastic over having a rep
resentative of the national organi-
cation address them at this time
Paul H. Primm. president of the
local association, presided. Several in
teresting reports were presented re-
lating to the associations winter ac-
tivities.
Good 1888 Business Forecast.
c. F. Burton. president of the City
Bank, predicted today that there will
be an upward turn in business after
frSf ~ ~f
1888 should prove highly satisfactory.
With money plentiful and interest
rates low, there would seem to be no
reason for an extended recession, he
said
Mr.. Burton lays good deal of
blame for the present setback at the
feet of automobile manufacturers, who
forced dealers to take more cars than
they needed Their policy keeps pro-
duction at top speed for time and is
helpful. But if the cars are not sold
there is a sudden slowing up in pro-
duction which in turn shuts off a vast
amount of buying power and is HARM
full. That is what happened several
months ago, Mr.. Burton added.
These overtaxed inventories should
be reduced as spring approaches and
bring one of our most important in
dustries back to more normal condi-
tions. Similar improvement is ex-
pected to develop in other lines, the
banker asserted.
Five New Bank Directors.
AS noted elsewhere in today's Star,
i've Washington banks added new di-
rectors at annual meetings of the
stockholders held today.
The Security Savings g. Commercial,
Columbia National Second National,
Washington Loan e. Trust Co. and the
National Metropolitan added one new
member each. The other banks. meet
Ing today, reelected the old boards.
Several of the banks also held Or
ganization meetings right after elec-
ton of the directors No important
changes were reported.
Today's Trading on Exchange.
Potomac Electric Power Co. 6 per
cent preferred stock sold at l13A on
the Washington Stock Exchange to-
day.
City e. Suburban IS figured in two
$1,000 transfers at IS. unchanged from
the last previous sale. Bid and asked
prices on other issues were practically