Evening star., 1922-12-14
extra DIVIDEND ON
REAL ESTATE TITLE
Directors Order 10 Per Cent
for 1922-Union Trust
Extra, $4,000.
BY !. A. FLEMING.

; AT a meeting of the Real Estate
Title Insurance Company's board of
directors the regular semi-annual
dividend for the half year was de-
clared and in addition an extra dis
tribution of per cent was ordered.
In this declaration the directors
repeated the action taken last June.
SO that the stockholders of this COM
pany have received 10 per cent on
their holdings for the year 1922.
Beg Your Pardon:
The statement was made in this col
umn yesterday that the shareholders
of the Union Trust Company would
receive a Christmas present OF $4,000.
or l per cent extra on the capital
stock Of that institution.
AS a real matter of fact they Will
receive gladstone offer of $4,000.
the same being an extra dividend of
per cent. payable December "a.
This Is in addition to the regular
II. per cent dividend for the quarter
which is payable in January.
More Extras Coming.
II is stated that other corporations
will hand their shareholders some
thing extra in the way of Christ
mas bonus In the immediate future.
It Is a fashionable movement at this
season Of the year and the extras that
have been declared on many stocks In
the great list of the New York Stock
Exchange indicate that 1922 has been
A prosperous year for banks and cor
porations as we'll. while the econo-
mics introduced and the new method
of frequent restocking by merchants
has enabled them to make a much
better showing from the standpoint of
profit than in 1921.
Less for Reserve Banks.
The twelve federal reserve banks
and their branch offices have not
made the money in 1929 that they did
n 1921. There has probably been less
discounting by member banks during
the year than in any OF the years
since the system was founded.
Easy money prevailed during the
entire year. with a few fiurries. and
this despite the periodical financing
operations of the United States Treas
ury.
1t is estimated that the regional
banks have earned. gross. not more
compared with $122,s65.Ooo in 1921;
s1s1.9s7. 900 in 1920. and s102. .Ss0.5s3
in 1919.
Expenses this year are estimated
at $35.000.000, as compared with
sss.OSS. 900. s:s.sse.ooo and s2o.S41.79s
for the three preceding years. re-
spectively.
Net earnings for the four years
1919 to 1922 $I6.0o". 900. sS..os7.0o0.
1922 to 1919, $4,000. ss2.0S7.ooo
5l.4os.OJl and SS2.o5S,'3o. reSpec-
lively.
After paying per cent dividend to
stockholders, the balance of the earn
ings must be paid into the Treasury
until the surplus equals the capital
stock-6 per cent of the capital OF
all national hanks in the reserve dis
tricts: then 10 per cent Of the net will
be placed in the surplus account and
the balance to the Treasury.
Six banks have passed the surplus
requirements while Richmond. Chicago
Philadelphia, Cleveland. Dallas and st.
Louis have not.
The franchise tax may be used to re-
tire government bonds but the net for
this year will not so far in that line.
Railway common was active i'll a
small way this morning. but lively as
compared with the slow movement for
the last week or two. small lot sold
at to-, and then 100 shares in lots of
ren to thirty shares changed hands at
e5'2 This price was bid at the close.
Lanston sod at III, to IS. but all in
onc-share lots that could not be taken
as a criticism of the market
American Security and Trust stock
form at 2s4.
Bonds were very slow. with sale of
Georgetown Gas IS at 30.
Warrington Chapter.
The first open meeting of the year.
held Tuesday evening. December IL,
1922, was a success from every stand
point A. P. Nelson Of Wisconsin de-
iivered a very fine heart to heart"
talk on Real Requirements of Real
Bankers"
4 vaudeville program was present
ed. Dancing took up the remaining
part OF the evening. 1t is hoped the
remaining open meetings will be as