Evening star., 1923-12-13
DIVIDEND DECLARED
BY CITIZENS BANK
rotomac Officers Reelected.
Stock Trading Quiet on
Local Exchange.

Directors OF the citizens ss,iny.
lam nave declared a semi-annusl
oiVidend OF per cent, payable on
december 81, to stockholders OF rec-
ord December 20, it was announced
this morning. In addition s1oooo
was voted to the surplus account
"hlch increases this item to $50 ooo
me declaration OF this dividend
nrmly places the Citizens on daa.
mite dividend basis, inas1nucb az +btz
will be the third consecutive dis.
bursement to stockholders. Al ia,
or the progress the institution a.
making can be gained from the fact
that 1t has seen fit to declare three
dividends and place $4,000 to sur
pluS' though organized only in April.
1919.
Potomac Elects Officers,
Officers and directors of the Potomac
Savings Bank will serve without ey-
ception. during the ensuing year. the
Sin va meeting of stockholders and
ussrectors mas determined. This is one
or the few local banks that has honor
ed assistant cashiers by placing them
on the board of directors, this honor
ueine conferred on w. Edmund Free
Ihe Potomac is Differed by the fol
lowing: Henry w. Offutt. president:
Alphonse NJ. Baer, vice president: r
Agee BoWles. vice president ana
and George W. Offutt. attorney, In
addition TO the cashiers assistants
named above.
Bank Absorption Praised.
Absorption of the Exchange Banr.
ao.n street and Pennsylvania avenu
nounced in detail in yesterdays Star
ELECTED much favorable comment In
local financial circles today.
Unanimously It is agreed that the
est OF the Exchange Banks stock.
whether for Mr.. Drury's personal in
terest or for atflliation with the Mer-
chants Bank and Trust COMPANY.
tricts not too strong banking situa-
tlon. While Mr.. Dru~y does not dis
close his plans az this time. it is
understood the Exchange Bank vii
chants, which will give to the paren
bank three branches. the others be
Ing located at Dupont Circle and I'll
Brightwood.
H; H. Hevenor. president of II
Exchange Bank, rendered his resig-
nation simultaneously with the ar
quisition of the institution by Nlr
Drury, but ii is believed the remain
der Of the official personnel will re
main in charge for the time ben-
with the Merchants Bank and Tru
Company their regulatory body.
1t is understood approximate
, 200 shares of the outstanding 5.0np
constituted Mr.. Drury's purchase
Trading ON Local Exchange.
Washington securities resumed nor-
malcy on the local Stock Exchang
tLis morning in d session devoid o.
features. Lanston Monotype again
bs'oke into the sale column with TWEEN
ty-tfve shares changing hand at ~.
as did National Metropolitan Bank.
which sold TO the extent OF ten shares
at 2s0. Railway preferred was firm
at Il Il, but common eased off to 69ss
on one sale of eleven shares. Capita
Traction changed hands at 97A.
Bonds were dull and uninterest
ing. Capital Traction 5s brought
94ss. Metropolitan railroad 5s, 99i2.
and Potomac Electric general and re-
funding IS. los q.
S. W. Straus & Co. are offering an
issue of $l2,000.0oo first mortgagr
'61a per cent four to twenty-six-yea
serial coupon bonds. secured by the
land and thirty-two-story building,
now being erected in Chicago TIL"
the Straus Safe Deposit and Trust
Company. the directors and officers
of which are also directors and Of
ficers of S. W. Straus & Co.
The entire building has been leased
to S. W. Straus & Co. for a period ex-
tending beyond the last maturity OF
the bonds at a net rental OF Se25.000
annually to January. 1927. and ST.
100000 annually for the remainder O.
the term of the lease, which sums
are more than sufficient TO meet til"
interest and principal payments.
Surplus Cars on Increase.
The number of surplus freight ca
continues to increase with the sea-
sonal decline in the demand for trans
portation.
On November 80 the railroads OF the
United States had 153.057 surplus
freight cars, an increase of 4i,260
over the number on November -
The actual reported car shortage on
November 80 was only 1856, while
decrease of $50 within approximate
week.
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