The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1922-03-22
FINANCE COMPANY
TO CUT RATE ON
PREFERRED STOCK
international Directors to
Consider go, at Meet
ing-Other Notes.


International Finance Corporation
have called a special meeting Of
the stockholders to be held on April
IL 70 pass upon q resolution reduc-
ing the . Rer cent requirement on
the next h&ue of preferred stock.
The corporation was organized at
time when money rates were ex-
tremely high, hence, its first issue
of preferred stock carried a re-
auirement of 9 per cent. With the
exception OF about $50 900, the first
Issue ,of . per cent preferred has
been subscribed, and II Is now
planned to reduce the next issue to
Der cent.
This move on the part Of the cor
, poration Is In keeping with the
present trend toward lower money
rates. and II is the sense of the
board that the 8 per cent issue be
limited in order that other issues
may be placed at even lower rates.
Present stockholders of the Inter-
national viii be given the oppor-
tunity to subscribe TO the few re-
naming shares OF 9 per cent stock.
and subscriptions will be accepted
In order Of their receipt.
II Is pointed out that by reduc-
ing the interest rate on the next
issue. present preferred stockhold-
ers VIII be much benefited, as this
saving will tend to Improve the
earning power Of the common
stock they hold
II IL reported that the question
OF listing the 9 per cent preferred
issue on the local stock exchange
has oeen discussed. and II lis
thought by some that just as soon
as the issue Is tully paid, applica-
p tion for listing will be made OF
this issue, about 100000 has been
fully paid for and issued, the other
portion now being paid for on a
monthly basis.
The officers Of the corporation re-
port decided increase in the de-
mand for its services. The financial
statement as OF January 81 last.
shows an increase in current as
sets OF s14o.544.72 over December
81 last. with an increase Of ga
5o3.37 In surplus and undivided
pronts during the same month.
International Exchange Bank.
The International Exchange Bank
Is being put through an Intensive
renovation which includes fresh
painting. enlargement Of certain de-
partments made necessary by in
creased business, etc. This institu-
tion, which opened about seven
months ago, now boasts total as
sets Of approximately $3.50. 900. and
deposits rapidly nearing the $780,
600 mark. a truly remarkable
Showing.
Frederick w. Donnelly. mayor Of
Trenton, N. J.. is the banks most
enthusiastic out-of-town booster.
Standard Makes Application.
1t Is understood that the Standard
National Bank. formerly the Stan
dard Savings Bank, which has been
an associate member of the Wash
ington Clearing House Association.
has made formal application for
fun membership in the association
New Bank Building Progre..inE.
Work on the new Farmers and
Mechanics National Bank Of George
town is progressing rapidly, a sur
vey Of the property would Indicate.
The concrete floors of the institu-
tion will be poured today. and after
that the walls will go up rapidly.
1t is expected to have the building
under roof in another month, while
the formal opening has been set for
Saturday. September %.
Personal.
II. L. Selby, cashier Of the Farm
ers and Mechanics National Bank.
has been on the sick list for the
past month.
Call for Funds.
Secretary Of the Treasury Mellon
Yesterday called on all banks hold
ing proceeds arising from the Feb
ruary 1 sale of certificates to pay
into their regional members so per
cent Of the balance Of such funds.
approximating S10O.3sO.OOO.
Extra Dividend Declared.
Directors Of the Washington Me-
chanics Savings Bank have declared
the regular quarterly dividend Of 2
per cent plus an extra disbursement
Of l per cent, payable to stock
holders of record March 81.
Local Securities.
A total OF $4,000 bonds. face
value, changed hands yesterday.
Railway Is were Iirm at $50, -Po-
tomac Consolidated SIS eased after
the opening TO 91%, but closed firm
at S2k: the general IS of the same
company were wanted at .99ik.
Lsnston. the active leader of yes
terday's market, was very quiet. but
held strongly. soy bid and 81
asked. One sale at SOI2.
Washington Gas shares advanced
to 81.