Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-10
LOCAL FINANCIAL NEWS.


surprising in the announcement that was
made today of the intention of the Mer-
genthaler company to pay its regular
quarterly dividend. as we'll as the usual
extra dividend at this time Of the year OF
5 per cent, making a total dividend at this
time Of ~ per cent.
Still 1t was reassurng to some minds to
learn Of the official announcement as the
practice OF passing the dividend period. es-
pecially on the part Of industrial con-
Germs. has become a somewhat familiar
phase of the existing financial situation.
This skeptical frame Of mind Is rather
characteristic Of the attitude of some at
this time. and 1t is supposed that this is
largely to blame for the failure of the
predicted effect Of the recent call for
statements from the national banks OF
the country.
1t was generally thought that after the
banks had made their showing and had
exhibited their strength in cash those
of them who. under pressure of fear OF
what might possibly happen at some
future time, had been accommodating more
ready cash than was required, or was
needed, or, in other words, had been
boarding, would cease that practice and
allow their overplus of money to come
again where it could be used.
but that boarding continues on the part
of individuals and of banks. so that for
this reason, as we'll as for others rather
discouraging views are held as to when
cash payments will be resumed by the
banks In New York city and elsewhere.
Another sure dividend payer at this
time is the Norfolk and Washington
Steamboat Company. which intends soon
to pay not only the regular quarterly
dividend of 3 per cent. but in addition. an
extra dividend of per cent. making IN
all a 10 per cent dividend to its stock
holders. In addition the company is call
ing in and paying off its bond issue at q
other boats for its use at cost OF ABOUT
$500, 900.
The capital of this company is one mill
lion dollars. so that 1t is quite evident
the business has increased In volume
There are other local concerns which
make a good showing. both In point of
earnings and In economy OF management:
and for that reason the securities listed
on the local exchange and representing
these concerns have retained fairly good
level in the face Of the shrinkage which
has taken place in other markets.
Quite the largest buying OF, any one Sc
curity at the meeting today Of the stock
Columbia Fire Insurance Company was
called. Over eleven hundred shares were
sold. and the price paid throughout was
IL. One broker was the buyer. and the
selling also mainly came from one broker
At the close the demand was still for
stock at that price. but there was no more
to be had at that figure.
The price paid was exactly what is
mentioned in the announcement made to
the stockholders by the directors Of the
offer to reinsure the business of the COM
pany as the figure that the stock would
probably realize in the event the proposed
liquidation was made ami the assets of
the company were distributed among the
stockholders.
Since this announcement was made Mr.
Willard. the largest individual stock
holder. has come out In a circular urging
the stockholders not to give their consent
to the sale Of the business of the COM
pany and the consequent liquidation. 1t
is supposed that an effort Is being made
to- secure proxies on this question. but
whether the transactions today in the
stock had anything to do with the coming
meeting Of the stockholders is. of course
not known. although it is stated that al
ready more than the necessary majority
has been secured for the proposed plan.