Evening star., 1923-06-21
FEDERAL AMERICAN
.|NCREASESD|v|DEND
Rate Is Raised to 10 Per
Cent-0ther Dividends-Re-
port of Land Bank Head.

An increase from per cent to 10
per cent and authorization to trans
fer $4,000 from undivided profits tn
surplus was voted by directors cf
the FederalAmerican bank at
meeting yesterday.
The surplus fund of the bank now
totals s550,000 with about 100000
remaining as undivided profits. The
quarterly dividend of 21z per cent
will be payable July 1 to stockhold-
ers of record June %.
Rapid progress has been made by
the Federal since the con-
solidation of the two institutions, de
spite the fact that the bank has been
carrying large real estate holdings
In point of capital it is second
among the national banks of the
District and it's deposits are in eX-
cess of S11,000.000.
Plans for the erection of the new
Federal-American National Bank
building on the site formerly oc-
cupied by the Federal National Banl,
are still under consideration. Several
designs, IT is understood. have been
submitted. but no definite action has
Washington Market Dividend.
Directors of the Washington Market
Company have declared a semi-an-
| nual dividend of per cent. or 81 50
share, payable June 80. TO stock
holders of record June 2S.
District Guaranty Dividend.
The usual quarterly 2 per cent divt-
den on preferred stock was declared al
a meeting of the directors of the Dis
trict Guaranty Corporation YESTERDAY.
Inc company also authorized the pay
ment of So a share on the common
stock, both payable July l.
Bond Issue to BE Launched.
Announcement was made yesterday
| by the Mount Carmel Retreat House
Society OF Washington, that 1t is
! about to offer 100000 ten-year .
| dated March 10, 1928, offered at par.
| and accrued interest, in denomina
tions of 500, $500 and $1,000. j. Leo
| Kolb. 923 New York avenue. Is
| treasurer. Circulars sent to Catholi'
| laity stress the investment features
| OF the issue.
! Cities Service Company i'm May.
The statement of earnings of Cities
Service Company for the year ending
| with May 81. 1923, shows marked i'm
provement over the corresponding
| period in 1922, while the same i'm
provement is shown in earnings for
the month of May this year as COM
| pared with May of last year. Gross
| earnings for the twelve month period
| totaled s16,15S.219. as compared with
| Sl2,926,120 in the preceding year. Net
! earnings were $15,665,347. as agains
s12.474.532. and. after interest charges
| and dividends net to common stock
| and reserves totaled S8,145.1Ss, which
! was the equivalent of $3.50 a share.
as compared with S5,43S,5s7 in the
preceding year. which was equal I"
S11.70 share earned on the common
4 stock
| In the month of May gross earnings
] were S1,5S9,994 as compared with
s1,435.323 in May. 1922: net was
s1.541,31o. as against $1.4o4.210. and.
! after interest and dividends, S907,15l
was earned on the common stock. as
\ compared with sS12.s44 in May, 1922.
Reports Condition Good.
vuleske Walden. president of the
conference here this week advised the
| presidents Of the other land banks
that the situation in the second dis
! trict, comprising the states of Mary
! land, Pennsylvania. West Virginia.
Delaware and the District of Colum
| bia. was. on the whole. satisfactory.
Mr.. Vaiden's brief official SUMMARY
! however. points out that the district
| is somewhat disturbed by the move
ment of labor to the north, particu-
larly from Virginia
| I'VE are affected" he said, by the
movement of labor to the north, but
! things generally are looking very
well and collections are very salts
! factory, indeed. We think the late
spring and excessive moisture may
curtail crops to some extent, but not
| seriously"