Evening star., 1923-09-11
RIGGS BANK VOTES
BIG STOCK MELON
100 Per Cent Dividend, Pay
able on October 15-Trad.
ing on Exchange-Notes.

Directors of the Riggs National
Bank yesterday declared a stock
dividend OF 100 per cent in addition
to the regular semi annual disbursc-
ment of 13 per cent on the 100000
capitalization, both payable OIL Octo-
ber Is, to stockholders of reco.d
September 80.
This declaration is comformable
with reflnancing plans of the insti-
tuition announced last June. which
also provided for the sale of $4,000
additional capital stock, at par, at
the ratio of ono share of new for
every two shares of old held When
this Is completed the institution Will
boast a capitalization of $500, goo,
with SI,000,000 surplus and approx
mately 100000 in undivided profits
Announcement of possible future
additional stock dividend of froll 10
70 10 per cent, ACQUIRING f"o,n profits
OF securities company which will
be organized to take over the real
estate of the outside offices of Riggs.
is premature by at least a year.
omciais of the institution declare.
Treasury Loan Quickly Taken.
600 of Treasury 414 per cent certifl-
Gates of six-month maturity, offered
yesterday. is meeting with quick re-
sponse throughout the country. il
was unofficiaIly learned this morning.
Applications for the certificates yes
terday, II was said, indicated larse
oversubscrfption to the issue.
BANKERS, generally. expressed great
admiration for the judgment of Sec
retary Mellon in making the new GER
tif1cates 4 u S instead of lower rate
There had been some expectation
throughout the country of per
cent interest rate on the new loan,
especially as some government paper
has sold on that basis recently The
4A rate was interpreted to indicate
2 slight Tightening in the money mar
ket
1t Is understood there will be no
more government financing until De-
cember.
1924 Vacation Club Started.
Memberships in the 1924 vacation
savings club of the Standard National
Bank are now being sought. This in
stitution, which is the local pioneer
in this unique system of savings. has
operated clubs along profitable lines
during the past several years, amass-
ing total of more than $4,000 in the
season just passed.
L ne CIup functions along llnSS SINH
lar with Christmas savings clubs,
members making systematic pay
ments for any amount they may be
able to maintain. The savings are
disbursed in plenty of time to cover
expenditures of the vacation season.
Big Convention Delegation.
Present indications point to a heavy
attendance of District bankers at the
annual convention of the American
Bankers Association to be held at
Atlantic City the latter part of this
month.
Among. the latest who have signlfed
their intention to attend are John
Poole, president of the Federal
American National who, with Mrs.
Poole. will entour there several days
in advance. Charles B. Lyddane, vice
president of the same institution, with
Mrs. Lyddane, will likewise motor to
the resort several days in advance.
Maurice d. Rosenberg, head of the
Bank Of Commerce and Savings. with
John NJ Riordan. cashier of the in
stitution, will also attend. Harry V.
Haynes, president of the District
Bankers Association, is already on
the ground.
This representation will be aug
mented by probably twenty to thirty
other local tinanciers.
Mount Rainier Bank Approved.
state Bank OF Mount Rainier Nd, into
the First National Bank of Mount
Rainier, with capitalization of S25, 900.
was yesterday approved by Controller
Of the Currency H. NJ. Dawes.
Bankers on Vacation.
II. c. McCeney. cashier of the Stand
ard National Bank. is spending a va
cation at Atlantic City, n. ].
w. j. Waller, vice president of the
Fede-al-Anerican National Bank Is
vacationing on an automobile tour.
without destination.
Local Stocks Lower To-day.
Weakened prices. with the excep-
tion of Mergenthaler and Capital
Traction stock, were brought out in
trading on the Washington Stock Ex-
change this morning. The former
was firm at 160. while the latter held
unchanged at 101.
Railway common, inactive lately,
sold to the extent of one share at
61%, while fifteen shares of the pre-
ferred issue dropped to 70% and 701a.
Riggs Bank rights were easier at 81.
On the bond side of the market. Gas
6s brought 101 and Capital Traction
5s 81.