Evening star., 1923-12-12
NEW CORPORATION
DECLARES DIVIDEND
Mortgage and Guaranty Com
pany Votes Initial Pay.
ment.

Directors of the Real Estate Mort
gage and Guaranty Corporation yes
terday declared their initial semi-an-
nual dividend of 4 per cent on the
preferred stock of the company, and a
common dividend of 2 per cent, which
Is at the rate of per cent per annum
On the present market value of the
stock. Both disbursements will be
made January 6 to stock of record
December 81, Vice RESIDENT Roy l..
Neuhauser reported
The corporation has proved an un-
qualified success, officials aver, and on
December boasted discounts and sur
plus of approximately $4,000. Cap
ital stock outstanding totals about
half million dollars.
Michael A. Weller, president OF the
NJ A. Weller Construction Company
and director of the National Cap
ital Bank, was added to the board of
the corporation at yesterdays meet
ing. as was Horace Z. Smithy, vice
! president Of n. L. Sansbury & Co. and
Bank.
The company was organized BY
prominent local bankers and business
| men and is officered by the following:
Louis +. Breuninger, president of the
Citizens Savings Bank, president:
Thomas SOmerville. president of the
Park Savings Bank, vice president:
Roy l.. Neuhauser, vice president of
| the Citizens Savings Bank. VIC
president, and Gen. Anton Stephan
general manager of Dulin &: Martin
treasurer.
Railway Common Active.
Common stock of the Washington
| Railway and Electric Company again
| occupied the limelight on the Wash
! ington Stock Exchange this morn
! ing. a total of 40 shares changing
ownership at 20, the high level for
| the present movement. Most of to-
! days sales We're made in small lots
of ten and twenty shares, inter
spersed with two sales of 100 shares
each.
An anticipated early disposition of
the valuation suit of the Potomac
Electric Power Company. now pend
ing before the District Supreme
Court which will possibly culminate
in a melon" of approximately $4.-
200 to common shareholders. is
responsible for the renewed activity
at higher prices.
The remainder of the list in todays
session was moderately active at ur
changed prices.
Bankers Back Mellon Plan.
Secretary Melons proposal for
vision of the federal tax schedules
has been heartily indorsed by the ad-
miniStratiye committee Of the Amerl
can Bankers Association; The com
mittee reiterated opposition to the
proposed federal bonus for able
bodied service men, though ii favors
full aid for the disa bled. 1t will en-
list the support of members Of the as
| sociation in favor of these policies.
adopted at the suggestion Of the eco
nomic policy commission.
New Move in Bankruptcy Case.
Ex-Judge 2. l. A. Lieghley has
been named new special master to
hear evidence bearing on the solvency
or insolvency of the Cleveland Dis
| dount Company by Federal Judge
has been handling the case, asked
to be relieved.
Immediately after the announce
ment. of the appointment receivers
for the discount company said they
would ask Judge Lieghley for SOL
venoy hearing at the earliest pos
81 bile time.
Judge Lieghley will be called upon
to hear bankruptcy proceedings
against the company growing out Of
the amended petition allowed by Fed
eral Judge Westenhaver. His hear
ings will not be final. but viii be re
Judge Westenhaver, who will render
the decision.
Branch Bank Over Top.
Deposits of the Park road branch
of the Riggs National Bank totaled
s.. 1.000.565 at the close of business
; December 10. and thus prematurely
attained the goal that had been set
for its first year of operations.
This subsidiary was thrown open to
the public on January last, with
| s240,000 deposits.
Rail Settlements Made.
The United States Railroad Admin
| istration today announced final set
tlemeEt of accounts arising out or
federal wartime control with four
railroads. The Erie line was held
| TO be entitled to a $5,000.000 pay
ment. the Central of New Jersey TO
s4,500.600. the Seaboard Air Line
Shawmut Railroad Company to 1926,
600.
Mortgage Bonds Offered.
s. w. Straus & Co. have purchased
and are offering an issue OF $475.0o0
first mortsSSe two to fifteen year
secured by the land and Lincolnshire
Club Hotel. at Charles street, adja-
cent to Beacon street, Boston.
Coupons are payable December /
and June 1.
Roads Value Discussed.
Arguing for the fixing OF $4,000
600 as federal valuation for the
Great Northern railroad system,
Ralph Budd. president of that cor
poration, told the Interstate Com
merce Commission today that any
northwestern transit railroad in the
same territory would need a Is per
cent rate increase over the charges
made by the Great Northern to earn
a fair return.
The Great Northern, however, will
in all likelihood be able to render its
present service at present rate levels
Mr. Budd said because of the high
efficiency of its plant and the 10
cation of industries alond its lines
Tentatively, the Commission has
fixed a value on the property of the
Great Northern at $396. 1000.