Evening star., 1923-03-09
SOUTHERN CHANGES
!. DIVIDEND DATES
Preferred Stock Also Back on
S Per Cent Basis-LoCaI
Financial Notes.

he southern Railway Company
Las declared a scmi-annual diYidcnd
of -: per cent on the preferred
stock, payable April 20 to stock
holders of record March 90, accord
ing to announcement made at the
meeting OF the companys directors.
The action OF the directors in de-
.claring this semi-annual dividend at
this time means that payment dates
for those dividends in April and
November are to be resumed. MAX
.ng the dates the same as prior to
federal control.
During tho control period pre-
ferred dividends we're paid in June
and December. The preferred divt-
dend was resumed in October 1922,
when 2i2 per cent was declared pay
per cent dividend was paid Decem-
her 80. 1921. Only one 2l2 per cent
dividend was paid in 1922. instead
"f the per cent annually paid
previously.
Declaration of the 21e per cent at
this time means that Southern rail-
way preferred is again on per cent
annual basis.
Heads National Mortgage Co.
George E. Walker has been elected
president of tho National Mortgage
and Investment Company, to succeed
H Rozier Dulany. Mr.. Dulany was
elected chairman of the board OF
directors
Other officers reelected at the an
nual meeting this week are: L. E.
Breuninger vice president and man.
ager, and William D. West. treasurer.
The newly elected president is d
lumber dealer and has the following
banking connections. Vice president
Park Savings Bank, director Federal
American National Bank and director
Citizens Savings Bank.
International Bank Dinner.
Officers Of the International Bank
were hosts last night to the newly
elected directors of the institution at
a dinner in the Racquet Club. Those
present were Thomas W. Brahany.
Frank r. Essex, George A. Harris. W.
r. I.auck, Thomas B. Lawler. Faber j.
McFadden, w. II. Price of Baltimore,
Edward A. Stuart, William L Symons:
a. c. Waller, John r. Waller and
Frank P. Scully of Boston.
New Treasury Issue.
Subscriptions to the new Treasury
certificates were reported to be COM
ing in a fair volume today. but not
with such rush as in some OF the
previous offers. The majority of sub
scribers much prefer the year issue to
the six-nonth issue. judged from or
ders received by local banks. The
interest rate of Az per cent for the
longer period is more attractive than
the AZ per cent for the half year, in
view of the outlook for easy money
after tho first rush of industrial &C
tivity this year has passed.
The rate on both issues is a trife
above the market price of similar is
sues. Secretary Melons statement
Yesterday that no serious considera-
tion was being given to any further
Increase in rediscount rates Of fed
eral reserve banks. and that credit
conditions promise to be easily equal
to the demands made upon the banks.
tended 10 allay the anxiety Of some
who had become a little nervous
about money conditions
Am. Tel. & Tel. Financing.
When shareholders of the Ameri-
can Telephone and Telegraph Com
pany ratify the proposal to increa Sc
the authorized capital stock of the
company by S25o.000. 900 on March 27
the company will have capitaliZa-
tion OF 81 l,OO0, 900 900.
On December 81 last of the $3.50.
100000 authorized stock S699, 400
was outstanding. While no stock
offering is contemplated during the
present year, the limit of the present
authorized share capital of $750.000.-
900 will he reached this year in view
of the stock needed to meet commit
ments under the August "a, 1922, offer
10 shareholders for conversion Of
bonds and for subscriptions already
made under the employees stock plan
of May I.