Evening star., 1943-05-27
Substantial Advances
Recorded on D. T..
Stock Exchange
Survey Of Five l943
Months Reveals No
Important Declines
BY EDWARD c. STONE.

BY EDWARD c. STONE.
substantial advances, with no i'm
portant declines. have featured price
moves on the Washington Stock EX-
change in the first five months of
this year, a survey reveals
Riggs National Bank common
stock has topped the list with a gain
of 37a. points. having climbed from
247A to 285. American Security &
B. Trust shares have moved up II
points from 181 to 1873. while WASH
ington Loan & Trust stock had add
ed 10 points in going from 200 to
30
Recent transfers in other listed
bank stocks have shown practically
no changes. Riggs National pre-
ferred is now selling at 1929, Ma
tional Bank of Washington at 10O1s.
National Savings & Trust at 205,
Prince Georges Bank & Trust at
2312 and Bank of Bethesda at 30.
Among utility issues, Capital
Transit has moved up to 30 from 26
Norfolk & Washington Steamboat
stock added points, the last sale
taking place at 130. Potomac Elec-
tric Power preferreds have gained
point or more, and Washington
Railway & Electric preferred has
added 81. points this year. Wash
ington Gas issues have been partlc
ularlv active the common gaining 5
points. the $3.50 preferred 81 points
end the s5 preferred 3 points.
In the miscellaneous list Mergen-
fhaler Linotype made the best show
ing with a jump of nearly IA points.
Lanston Monotype has added 3D.
and Security Storage 4 points. Gar
fnckel common has moved from to
III. and the preferred from Is to
27l2. Woodward & Lothrop common
has gained IL points and the pre-
ferred is firm at l20. Bonds have
been very strong throughout the
year. but advances have been mod
est except in Georgetown Gas IS,
which have risen full points.
Transit Declares Dividend.
Directors of the Capital Transit
Co. at the monthly meeting today
declared a dividend of so cents per
share on the outstanding stock. pay
able July to stockholders of record
at the close Of business June IA.
This is the same amount as the
company paid in the first quarter,
making ST for the first half year.
Dividend payments in the full year
l942 totaled $l75.
At today'S meeting the board di
rected that sl250OO be set aside
from the undistributed earnings of
the second quarter Of l943 to be add
ed to the property adjustment re-
serve.
The directors also voted TO set
aside 100000 out of such earnings to
be added to the reserve for postwar
requirements.
Longer Hours to Meet Needs
Addressing the May meeting of
the District of Columbia Control,
Controllers Institute OF America, at
the Carlton Hotel Tuesday evening,
Brig. Gen. William c. Rose. chief OF
the executive services of the War
Manpower Commission. made these
comments on the 48-hour week in
the District.
"On the basis of our limited eXpe-
rience in the operation of the 48-
hour week in non-governmental
establishments in the District, l be-
lieve that We can assume that the
major effect Of the longer WorkWeek
will be reduction in the number OF
rev employees hired either to replace
men withdrawn by selcctiVe service
or to meet increasing labor require
ments
In general. business activities in
the District of Columbia are still
increasing. but the increased work
load will be met through longer
hours worked by existing employees.
This will also make It unnecessary to
further complicate present congcs-
ton by importing additional num-
bers of workers into Washington
from other areas
2O-Cent Dividend Declared.
Directors of the National Mortgage
L. Investment Corp. have declared
dividend of 20 cents per share
on account and in diminution of
accumulated and unpaid dividends
on the companv's preferred stock.
PAYABLE June Is to stockholders OF
record June 5, President Joseph B.
Schaaf announced today.
All Washington banks, building
and loan associations. investment
houses and the Washington Stock
Exchange will be closed next Mon
dav for the observance Of Memorial
Dav which comes on Sunday. Notices
of the closing were posted in the
Stock Exchange Offices today.
The Office of Price Administration
has announced two changes IN "a
ton banking regulations. One per-
mits customers to use larger en-
velopeS. one to contain 1000 and
the other 5000 coupons or stamps
for deposit or transfer. instead OF
the smaller envelopes with a 500
limit
Hugh Leach. president of the Fed
sral Reserve Bank of Richmond. has
notified Washington banks that
patrons wanting checks mailed to
banks in payment of War bond re-
demptiOns must be extremely care
full in their instructions. Bond own
ers must place the name and loca-
tion Of the bank on the back of
their bonds and make it clear they
are not using their home or busl-
ness addresses.