Evening star., 1950-01-10
Stock Dividend Voted
By Security Savings
& Commercial Bank
By Edword G. Stone

By Edword c. Stone
Stockholders Of the Security
Savings q Commercial Bank, at
the annual meeting today, de-
clared a $4,000 stock dividend at
the rate of one share for every IS
now held, Francis G. Addison. jr.,
president, announced.
The dividend will be paid on
February 6 to shareholders of rec
ord on January 16. Since the an
nouncement of the proposed divi-
dend by the directors, the stock
has jumped from $213 to 1928 a
share. The bank has enjoyed an
exceptionally prosperous year, the
annual report showed.
Exchange Membership Sought.
James M. Johnston, partner Of
Johnston, Lemon g. Co., has ap-
piled for a seat on the Philadel-
hia-Baltimore Stock Exchange.
These exchanges merged several
months ago in an effort to in
crease trading and improve oper-
ating efficiencies. He is the first
Washington investment broker to
seek one of the 200 seats on the
merged exchange.
The $50 listed issues include
many which are widely held in
Washington. The Philadelphia
Baltimore Exchange recently re-
quested the SEC for permission
to list Potomac Electric Power
Common and Virginia Electric &
Power common, two issues which
are listed on the Washington Stock
Exchange.
The Washington firm has asked
permission to specialize In these
issues if the membership appli-
cation is approved.
Riggs Declares Dividends.
Directors of the Riggs National
Bank yesterday declared the reg
ular dividend of So per share on
the capital stock, payable Janu-
ary 16 to stockholders of record
January 8, and So per share. pay
able April Is to stock of record
April Is, President Robert v.
Fleming announced today.
Neisner Brothers, Inc, owners
of 121 variety stores in leading
cities In the Nation. plan to spend
the bulk Of their 1850 advertising
appropriations in the newspapers.
Quick and measurable customer
response to newspaper advertising
is one Of the chief reasons for this
decision. President Fred Neisner
said.
r. D. Macdonald has joined the
Washington Office of the Canadian
Commercial Corp, a government
agency for procurement and sale
of government supplies. He has
been with the Canadian Depart
ment Of Commerce.
Farwell Gets Promotion.
Fred M. Farwell, manager Of
the Washington Office of the In
ternational Business Machines
Corp. has been elected a vice
president of the IBM World Trade
Corp, and assigned to South
America, with headquarters in Rio
de Janeiro.
Mr.. Farwell has been with IBM
for % years, holding many very
important sales positions. He
served in the Army during the war,
being discharged as a major. Mr..
Farwell took his present position
here in February. 1916.
Thomas A. Kirkland of Atlanta,
Also new vice president. has been
sent to London for British Empire
sales duty.
Taxes Retard New Capital.
Virtually all witnesses before an
investment subcommittee Of the
Joint Congressional Committee on
the Economic Report cited bur-
densome taxation as a major
cause of a shrinkage of available
equity capital.
The testimony brought into
sharp focus a marked trend in
both large and small business to-
ward debt financing as against the
sale of stock. Eighty-four per
cent of all new corporate financ-
ing in 1948 was by use of debt
securities compared with 76 in
1947 and 68 in 1916, witnesses said.
The situation was deplored.
Heard in Financial District.
Raymond r. Silnmerman, vice
president of the Trundle Engineer
ing Co., addressed American Uni
versity students in business man
agement last night.
George N. Charuhas, leading
Washington agent of the Fidelity
Mutual Life Insurance Co., has
been promoted to agency SUPER
visor. The agency led all other
company agencies in 1949 business.
The Fred S. Gichner Iron Works
report an exceptional good demand
for street truck bodies in 1949.
More than 20 States were repre-
sented in the company's consumer
list.
Capital Transit is selling at a
newhigh of Is on the Washington
Stock Exchange. Hecht common
has also entered new high levels