Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-04
LOCAL FINANCIAL NEWS.

Stockholders Of the Union Trust Company
/ today received q circular laying before
them the recommendation OF the directors
for the Increase Of the capital stock to two
millions OF dollars by the issue Of eight
| hundred thousand of new stock. The Issuing
| OF the new stock, as stated. is for the
| purpose, among others. Of providing the
| necessary funds for the cost Of the new
| banking house and office building now
| about to be erected by the company at the
southwest corner Of 18th and H streets
| northwest.
| Under the terms Of the plan proposed for
| the approval Of the stockholders, the new
stock is to be offered to the stockholders at
$40 per share each stockholder to have
the right to subscribe at the price named
for two shares of the new issue for every
three shares Of stock OF the original ISSUE
The payment Is to be made In twelve eQua!
instalments. the first on the hrst day OF
day OF December, 1907.
On the latter day certificates OF stock VIII
be issued bearing date OF January z, 1Voo'
idends and WILL for all purposes, be on the
| footing Of the stock originally issued by the
| company. The action Of the stockholders on
this proposition fs to be taken at speciai
meeting to be held October II. 1895
In the event any OF the new stock re-
mains unsubscribed for by the stockholders
1t Is to become treasury stock. to be SOLD
| in the discretion Of the board Of directors.
There was not much done In the way Of
| business at the meeting today OF the stock
| exchange. The changes made In the quo.
tations Of the various securities were not
numerous or important.
When the stock of the Metropolitan Bank
was reached in the call q dividend
announcement was read from the bank. 1t
stated that q semi-annual dividend OF Six
per cent would be paid the 18th instant.
l 1t noted nv of the hrOker6 that
this was q change Of two per cent In the
| rate since the last semi-annual dividend
In speaking about the matter at his OF
| flee, Mr.. Parker. the president OF the bank.
said that the change was due to the amount
| of money that was in the large banking
| and office building. which the bank was
| erecting on 18th street, which for the pres
ent was unproductive. -. -" 80
The construction has been slower than
was anticipated and 1t was thought best
| for the present dividend period to change the
next dividend at the old rate Of eight per
cent.
Owing to the increase In the number Of
savings banks In this city. which now num-
Der ten. some consideration has been given
! to plan for bringing them together In
the form of an association for mutual bene-
| At and aid just as Is done In the case OF
national banks and trust companies.
At the present time these institutions are
eligible for membership In the Bankers
Association Of the District and several OF
| them are already enrolled. But the pur-
| pose Of new organization would be to
enable the individual members to keep in
touch with those in their line Of business.
| so that assistance as well AS counsel could
be extended when needed.
Today's Government Receipts.
National bank notes received today for
redemption. $564. $50; government receipts
| from internal revenue, 81 Zoe, POI: customs.
| 81, 1874 ST.: miscellaneous, 81, 1856; expendi-
lures, 81 $50 600.