Evening star., 1924-01-02
IS BRISK
IN LOCAL MARKET
New Year Starts Off With Higher
Prices Paid for w. r. G. E.
Shares,
MELLON CALLS FOR FUNDS
Dividend Checks Sent Out byy
United States Bank.

The Washington Stock Exchange
started the year 1924 with a good
amount of trading, accompanied by a
rise of slightly more than one point
on the part of preferred stock of the
Washington Railway and Electric
Company. This issue sold upward to
1914 on sales totaling 4S shares.
Capital Traction stock was weaker,
selling at 95 to the extent of 70
shares. and five shares of National
sold at 380
The investment side of the market
enjoyed unusual activity. Washing
ton Gas 5s sold to the extent of
$1,000, face value. at SO, with Traction
Ss hrm at 94k. Railway As gained
a quarter point to 701k, with Ward
man Park Hotel 6s selling at 991k
Mellon Issues Bank Call.
Secretary of the Treasury Mellon
has ordered national banks of the
country to pay into their regional
members, not later than today. 1914
per cent OF the proceeds of the De-
cemper 10 last sale of certificates
remaining with them on deposit to
the credit of the Treasury.
Inc call Will constitute a drain on I,
oank deposits of approximately 500
VI 'ioe. The funds being called con-
month per cent and one-year 4,
per cent certificates. The original
loan OF the government was approx
imately S340,000,000, the balance be-
This is the first dpft on last
months fiotation.
New Stock Issue Announced.
Robert Garrett & Sons of Baltimore.
spencer Trask & Co. and Marshall
fleid, Glore Ward & Co. announced
today the offering of a new issue of
SrcSd Sr,CSe,VoO OF dtoa,, per cen. cent cumulative
Credit Company at price of S25 and
accrued dividend per share to yield
per cent. Subscribers to the z per
cent preferred are offered the priv
stock, of which $4,000 shares of no
par value are being issued, at $225O
nat per share for each three shares
Of preferred stock. which they are al
loted. The company is also issuing
Sl,0O0,O0O par value of class B pre-
ferred stock
The Commercial Credit Company
owns all of the common shares of the
Commercial Credit Corporation of
New York and Montreal; CONNER cial
Acceptance Trust. Chicago, and Com
mercial Credit Company, Inc, of New
Orleans. The combined resources Of the
four companies on November 80, 1851.
after pending financing, are over
$50, 900, 600 and their combined pur-
chases for the eleven months ended
November 80, 1923. Were 6O,671,9S4.
The business of the company is the
purchasing of OPEN commercial ac-
counts, notes. acceptances, drafts, in
stallment and motor lien obligations,
all of which are secured by sdbstan-
tial margin or by lien, the average pay
ment being in about ninety days, SO
that the assets of the company are
liquid and subject to but little de-
probation. The company was founded
in Baltimore in 1912.
"Extra' Checks Sent Out.
The United States Savings Bank is
today mailing to stockholders 8 per
cent dividend checks. an extra" of
per cent having been declared in ad-
dition to the regularly quarterly dis
bursement of per cent. 1t was also
declared by directors that hereafter the
institution would be placed on an an
nual basis of 80 per cent, payable 7h
per cent quarterly, thus making it the
largest dividend payer of any local
bank.
The bank has a capital of $780, 900,
surplus of a similar amount, undivided
profits of over $4,000 and total re-
sources of more than S2.000,000. Col
Wade H. Cooper, president of the Con-
tinental Trust Company, is president,
with WILDER H. Zepp vice president
and William r. De Lashmutt cashier.
The bank is located at 14th and u
streets northwest.