Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-12-09
SAVINGS BANK CUTS
INITIAL MELON"
Chevy Chase Declares 2 Per
Cent Payment-0ther Lo-
Cal Financial Notes.
BY CHAs. p. sHAEFFER

BY CHAS. p. sHAEFFER.
Ihe Chevy Chase Savings Bank has
joined the ranks of local dividend
payers, directors, last night having
declared an initial disbursement of
2 per cent on the banks capital stock.
payable January l to stockholders of
record December 20. The declaration
IN no way attempts to mark a def
mite dividend level, 1T was said, but
simply represents the division of a
small portion of the institution'A
profits for the year
Located at Connecticut avenue and
Mckinley street, the bank has a CAPT
tallzatfon of $4,000, with a surplus
and undivided profit account OF s14-
OOO. 1t was opened for business De-
cember ], 1921, and now has deposits
of S355,000 and total resources of
$4,000. Edward H. Jones is presi-
dent. and Ezra Troth, formerly of the
Bank of Commerce and Savings, is
vice president and cashier
Bank Directors to Meet.
Directors of the Citizens Savings
Bank will meet this afternoon and
are expected to approve recommends
tfons of the executive committee for
disbursement of the regular semi
annual dividend of per cent, pay
able on December 81 to stockholders
Of record December 20.
This institution has been on
definite dividend basis of per cent
per annum for the last half of its
fiveyear existence. The dividend in
this case will amount to $4,000.
Financial Writer Going south.
7. A. ("Pop') Fleming. veteran dean
of local financial writers, entrains
tomorrow morning for Florida on his
annual vacation in the Southland, &C
companied by Mrs. Nettie Fleming
He will return to Washington with
the advent of warm weather.
Trading on Local Board.
Mergenthaler Linotype was the out
standing feature on the local stock
exchange this morning, 100 shares
selling at the years high figure, 10.
The spread" was narrowed to a quar-
ter point at the close, the selling
price asked" with 1924 bid.
American Security and Trust Co.
stock also sold at its years high, sos,
with 20 shares changing hands. Ten
shares of District National brought
169, and National Mortgage and In
vestment preferred was pegged at 9,
100 shares being sold.
A diversity of utility transactions
made up the bulk of the days trade.
Capital Traction was traded in at the
firm figure of SO, while Gas stock ad-
vanced fractionally to 531E. An odd
lot of Railway preferred brought
1914. On the bond side of the market
Railway general IS sold at 99s, with
Pepco general IS bringing 1861 and
10Y. Gas 6s were unchanged at 1917,
with the IS firm at 9slz.
semi-AnpuaI Dividend voted
Directors or the Loughborough De-
Corporation, an interest of
the Allan E. Walker Co, today
declared a semi-annual dividend OF
per cent on the preferred stock and
81 per share on the common. Both
will be made January
2 to stock of record at the close of
business December so, 1924.
Railroad Seeks Bond Issue.
The Norfolk and Western Railroad
today asked the Interstate Commerce
issue of 100000 in equipment trust
certificates to purchase rolling freight
stock.
The Southern Pacific Railroad, in
furtherance of its plans for merging
other carriers in the Southwest with
its present system, asked for per
to purchase control of the
San Antonio and Arkansas Pass line
which operates 729 miles of trackage
in Texas. The transaction would be
carried out by the transfer of 1854
shares of Arkansas stock to the alb
sorbing line in return for a cash pay
ment of S236.500. The Southern
Pacific proposes to lease the line
when acquired to the Galveston,
and San Antonio line
which the Southern Pacific now owns
for operation.
The transportation act provision
looking to general railroad consoli-
dation was cited in the application
as a reason why the transaction
should be allowed by the commission.
BY court order in 1893, the applica-
ton said, the Southern Pacific was
required to divest itself of ownership
which it then had in the Arkansas
Pass line.
Bell Telephone Report.
The American Telephone and Tele-
graph Co. reports for October gross
revenues of $6613,207, compared with
month, and an operating income for
the month of S2,s5S,616, compared
with s2,5s7,55S in October, 1923.
For the 10 months ended with Octo-
Der the utility reports gross revenues of
s62,141,776, against $69,4S4,61S in the
corresponding period year ago, while
operating income totaled s25.S1s,40S,
compared with last years s25,663,l95.
Postal Receipts Fall OF.
Decreases in postal receipts amount
ing to less than 1 per cent are reported
for November, compared with Novem-
Der, 1923. Five Sundays in the month
and the fact that election day was a
holiday in many States are held re-
sponsble for the loss.
Visit Philadelphu Chapter.
Mrs. Helena D. Reed, chairman OF
the national womens committee Of the
American Institute Of Banking, and
Miss Lois A. White. an official of the
local women's committee were week end
guests of the Philadelphia chapter last
week
An executive meeting of the local
chapter will preclude tonight's study
courses in the chapters rooms.
TREASURY CERTIFICATES.