Evening star., 1923-04-13
STOCK DIVIDENDS
PAID By, NV. BANK
Capital Raised From s75,-
600 to $780, ,000-RaiIway
Common Active, Higher.
BY /. A. FLEMING.

The Northwest Savings Bank, Of
which Francis NJ. Savage is president.
is taking the lead among local hnan-
cial institutions In declaring q stock
dividend. In. this instance the divi-
dend is 49, 1-s@per cent. which in
creases the capital stock of the insti-
tuition from $4,000 to. 800, 900.
The dividend Is payable to share
holders Of record April s.. giving TO
each holder Of 25 shares 8 Ia shares
Of new stock.
The directors have requested that
all fractional shares shall be sold to
certain members Of the board OF di-
rectors who have been selected for
that. purpose, and who will consoli-
date the fractions for the purpose OF
%here IT win work for the benefit OF
the bank. ,s-s
When the stock is placed on q divi-
dend basis the fractions. will not par
ticipate unless consolidated into
whole shares
1t is the purpose of the manage
ment to continue to increase the
surplus rather than to pay dividends
in the near future.
Draws Down $5s.77o,7oO.
Secretary Mellon this morning
called upon repositories containing
proceeds Of the sale of Treasury cer-
certificates to pay into the various
regional banks $23,770,70O, and for
banks holding the balance OF the
proceeds of the January Is certifi-
Gates to pay in all of the remainder.
The banks have had these amounts
for an unusually long time. as the
Treasury was SO fattened by income
tax payments that 1t has not needed
the certificate cash.
Washington Gas S.
Washington Gas Company officials
are about ready to announce a S3,50o--
proceeds to be used for the retirement
of the outstanding IN per cent notes.
1t Is the intention of the officials to
make campaign for the purpose of
placing these bonds with consumers
and employees.
There is to be a convertible pros
vision in the proposed bond issue that
may never be used unless Congress
gives the Washington Gas Company
the right to issue preferred stock.
It is a matter Of public knowledge
that the capitalization of the company
is exactly the same as when incor-
porated half century ago. -
Unlike other corporations the utili-
ties Of Washington cannot increase
their stock.
They are afraid even to make appli.
cation, fearing that some impossible
rider will be saddled on to the cor
poration.
In other states public utility COM
missions have this matter in hand,
and corporations reimburse themi
selves for capital expenditures by in.
creases in stock, rather than by put
ting additional mortgages on their
property.
There is probably not another corr
poration in the country, organized
fifty years ago, still operating with
the same capitalization as when or
ganized.
Railway Common Active, Firm.
There was an active, steady demand
for Railway common on today's ses.
the first time since the Pepco case
ruling by the Supreme Court the ac-
tion was accompanied by slow and
gradual advance.
Opening at 66N the stock moved
steadily with liberal trading TO 6s and
closed very strong. In all $50 shares
were absorbed by the buying. the
! usual liberal 10-share liquidation and
! some few 1o0-share lots. But the
market closed higher than It open
Washington Gas fell back a point
on the bond issue announcement go.
ing. from 4sh to 4s.
Washington Market shares brought
SO.
A few shares of Capital Traction
brought ss1a and the SIS sold at s6h,
A. & P. IS sold at 81. =,
Change About May I.
1t is expected that the present con-
troller of the currency will retain Of
fee until the end of the present month
when he will assume his duties 40
governor of the Federal Reserve
Board and be succeeded by CONTROLLED
Dawes