Evening star., 1915-12-29
FIFTH REGIONAL BANK
DECLARES A DIVIDEND
Richmond Reserve Institution Pays
5 Per Cent and Claims to
Have Made 8.
Local Financiers Welcome the IN
expected Checks-Georgetown
Gas Stock Sells at 70.
BY I. A. FLEMING.

National banks of Washington and
the Continental Trust Company, mem
bers of the fifth regional bank OF the
federal reserve system, located at Rlch-
mond, Va, were made happy this morn
ing by the receipt of checks calling for
5 per centum per annum on their SUD-
scriptions to the capital stock OF the
regional institution.
Richmond has the honor of being the
first of the twelve regional banks IN
the great system to pay DIVIDENDS on
it's stock From time to time its state
ments have shown its resources well
employed. and it has been about the
only one of the twelve that has oeen
able to make any money during the Pc
riod of money plethora.
1t is provided in the federal reserve
law that dividends shall be paid on the
capital stock of the regional banks at
the rate of per cent per annum, TO be
cumulative, but banks have not ex-
pected that the regional institutions
could meet this requirement in times
when money was more or less OF a
drug on the market.
In the circular letter sent out from
Richmond, under date of December 2l.
but received by local bankers this
morning. George ]. Seay. governor OF
the regional bank, states that the
bank has earned sufficient. net, after
the payment of all expenses, to pay
per cent on the amount of capitai
paid in. A detailed statement of the
earnings is promised after the close
of the year.
"A certain percentage of the organiza-
t!on expenses are legitimately entitled
to be absorbed by future earnings, and
portion of current earnings must be
set aside for such expenses"
Gov. Seay promises that the l per
cent due to complete the per cent divi-
dend will be paid in the near future.
The capital stock of the federal re-
serve bank of Richmond so far paid in
is 1854 900, SO that a payment of 5
per cent, had the stock been paid in a
year ago, would require S167,70o. but
the stock was paid in in three INSTALL
ments, November 2, 1914; February 2,
1915. and May 8. 1915.
Georgetown Gas 70.
sold on the local exchange this afternoon
at 10. This transaction is notable, as it
is the first sale of the stock made in
many months-the first of the year. and
probably the first of two years and over
Most Of this stock is owned by three
or four parties closely identified with the
corporation itself. that is. outside of the
majority ownership. which is centered in
the Washington Gas Company. but does
not control, and the question of the
legality Of these holdings is now. and has
been for months. awaiting the decision Of
court.
Tho Washington Gas Company COM
paratively recently held an option on
the minority holdings, but did not ex-
erctse 1t. recognizing the limitations of
the La Toilette law and the possibil-
tiles Of objection from the utilities
commission
The stock some years ago was
quoted around $3.50 a share. perhaps
higher, and the last sale previous to
today's transaction was around 100.
The stock has been passed in the
daily calls without mention. 1t was
offered today at 10. and the bids. start
ing around so, were advanced until
sale was made at 40.
The entire market was just about as
dull as possible sale of Washing
ton Gas was made at AZ. and Potomac
Consolidated 5s at 9sA completed the
list
Greene Cananea Dividend.
Directors of the Greene Cananea Cop
per Company meet today to take action
on a dividend. 1t is said that a l per
cent payment, the first since May, 1914,
will be made. The Greene Consolidated
IOpptl tOiHIsiiy, 10 OWIcu ny tHc
other corporation. yesterday declared 90
cents a share distribution
Condition of the Treasury.
The condition of the United States
Treasury yesterday was:
Net balance in general fund, sl0s,-
47s,777.
Total receipts. S2.24s.5e3.
Total payments, s1,594,oss.
The deficit this fiscal year Is s4s,-
es6,s62. against a deficit of s5s,43s.os6
last year. exclusive of Panama canal
and public debt transactions.