Evening star., 1925-06-09
FINANCE COMPANY
DECLARES, DIVIDEND
Mortgage and Investment
Firm Has Good Earnings.
Other Local Notes.
BY CHAS. r. SHAEFFER.

Directors of the National MorteaCe
and Investment Corporation have de.
ciared the regular seml-a nnual div.
dend or q per cent on the preferred
STOCK OF the company. made prior tc
January |, 1925, and q pro rata of 4
per cent from date thereof on all
payments made since January ] To
stockholders of record June 20. 1925.
The disbursement will he made on
July l.
Dividend payments of the corpora.
tion's stock were recently adjusted
providing for payment on either the
common or preferred every quarter.
The preferred payments are made on
January ] and July l. This class Of
stock has been on an per cent an.
nual basis since inception of the COM
pany four years ago. while the com
mon has been paving dividends at
the rate OF per cent annually since
June, 1924.
Earnings of the corporation for the
nrst FIVE months of the year netted
SlS2, $50. Mays net was approx
mately $4,000, twice dividend require
ments, and almost double the amount
earned for the corresponding month
of last year.
Mortgage Company Sold,
Majority stockholders of the Bank.
ing, Trust and Mortgage Company have
voted 10 sell the company to Hare 4
Chase, Inc, of Philadelphia for an IN.
named figure. the purchase price 10 he
represented by preferred stock of lhs
absorbing corporation, officials of the
mortgage company announced this
morning. Effect of the sale is that
the affairs of the company will ba
wound up as speedily as possible and
its charter surrendered.
The purchasers are represented d A
s. 900. 900 concern with headquarters
in Philadelphia. 1t is the branch of
the Hare & Chase Insurance interests
which entered the commercial ba nix
ing field about five years ago The
purchasing company maintains local
offices in the Transportation Building.
Last statement of the Banking
Trust and Mortgage Go. shows assets
Of s242 ,171.67, representing capital
Charles Il. White. president James
NJ. Proctor, vice president and general
counsel, and William IT. Kyle, secre-
tary-treasurer.
Gas Light Stock Strong.
Stock of the Washington Gas Light
Co. attracted most attention on the
Washington Stock Exchange today,
400 shares being traded in at prices up
to $50, representing d net gain of
half a. point for the day.
Riggs Bank stock had compare
lively heavy sales, 100 shares selling
at 345. Mergenthaler declined a point
to 1852 on sales of 80 shares, but
Commercial National Bank gained
point to 165 on sales of 20 shares
Capital Traction was up only frac-
tionally to 9Ja4 on restricted selling.
while American Security and Trust
was strong al $50.
Bonds were strong and active.
changing hands to the extent of $3a.-
200 face value
What Court Ruling Means.
Decision of Justice IiUehlinS Of the
District supreme Court in increasing
the property value of Capital Traction
Co. S10.J00. 600 10 more than S28.0e0 600
Yesterday occasioned but little sur
prise i'll the local fina ncial district. The
addition of S5,100.0O0 made by the jus
tice represented an amount actually
expended by the carrier in acquiring
the franchise. good viii and other in
tangible assets involved in the pur-
chase of the old Washington-GeorGe
town Street Railway Co., and ii was
almost a certainty in the minds OF To-
cal bankers the claim would be al
lowed.
No immediate benefit. will accrue to
the carrier, II was pointed out Oy an
official this morning, who asserted no
| attempt to raise fares will be made at
this time. II provides them, however.
with formidable weapon at some
| future time when earnings are found
| to be inadequate and when a higher
return on the property value is sought.
! Due to the heavy inroads being made
on mass transportation revenues, par
| ticularly by bus lines. secondhand and
cheap automobiles. this time may not
| be far distant
Heads Credit Alliance.
I William r. Stone, president nf
/ Stones Mercantile Agency of this
city. has been elected president of the
National Alliance of Mercantile Agen-
cies, a coalition of the credit report
| ing offices of the United States. ii was
announced this morning from Mime
apolis. where the mercantile agencies
are holding a convention.
Bank Declares Dividend.
The Chevy Chase Savings Bank has
declared its regular seni-annual diVi-
dend of per cent: payable on July
| /. the books closing June 20. The bank
| has been in existence three and one
| half years, and has been a dividend
payer for a year.
GRAIN AND PROVISIONS.