Evening star., 1925-04-02
BANK SECURITIES
FEATURE TRADING
metropolitan and Merchants
Record New Highs-0ther
Financial Notes.
BY CHAs. p. SHaEFFER.

Bank stocks featured today's
lethargic session on the Washington
STOCK Exchange. With sales confined
10 minimum, the security of the
National Metropolitan Bank sold at
Z93, new high mark, while the
Merchants Bank and Trust Co.
Drought 40 on A sale of 10 shares.
The best previous record of the
former was 293 and the latter 1877.
BANK stocks in Washington have
peen the outstanding point of inter
est on the local board since the first
or the year, having enhanced in value
many thousands of dollars. The trend
OF listed issues has been unanimously
upward, the greatest movement being
recorded by Riggs National, which
has appreciated 40 points.
Lanston Monotype sold to the extent
OF 40 shares at 81, with Capital Trac-
ton selling upward to 91h. Railway
preferred sold to the extent of one
share at so.
Dividend Is Declared
Directors of the National Mortgage
and Investment Corporation yester-
day declared a dividend of u per
cent on the common stock of the
company, payable on April 10 to
stockholders of record at the close of
business March 81. This established
TO investors a return of per cent
on both classes of stock, the com
mon stock, with par of $40 a share,
having been subscribed to on the basis
or $2.5O share, being included in a
unit of one share of preferred and
one of common for $125O
Yesterdays declaration marked the
adjustment of dividend period and
will enable the company in the future
to pay semi annual dividends on the
common stock in April and October
and on the preferred in January and
July. Dividends on the preferred
issue have been paid semi annually
at the rate of 8 per cent per annum
since the company. was organized.
The company is now enjoying its
strongest financial position since
inception. according to George z.
Walker, its president. Resources now
total more than s4,924,000, with a
surplus in excess of s555.00o. March
earnings were reported in excess Of
100000.
March Failures Increase.
r. G. Dun & Co. report 1889 COM
mercial failures in the United States
in March. involving s34,o04,731, COM
pared with 1873, involving liabilities
of s40,123,017, the previous month.
During the first quarter of the year
there were 5,969 defaults. or 1o.S per
cent over the number for the fourth
quarter of 1924, and an increase of
S.4 per cent over the first quarter of
| 1924.
Bradstreet's reports 1881 failures
| in March, a decrease of 1.2 per cent
| from February and Is per cent from
March of last year. The first quarter
/ of this year failures totaled 5,622 an
| increase of 13 per cent over the
! fourth quarter of 1924.
| Mortgage Notes on Sale.
Shannon & Luchs are placing on
| sale today an issue of s450,000 of first
| mortgage 6h per cent five-year notes,
| secured on the new Washington Med
| ical Building, being erected at the
| northwest corner of Eighteenth and
| L streets northwest.
! The structure will be eight stories
| and basement, and will be equipped
| for the individual requirements of
physicians, surgeons and allied pro-
| fessions, who are TO be both owners
| and occupants.
business Outlook Held Good.
The Federal Reserve Bank of Rich
mond takes an optimistic view of tho
business future in the fifth district,
which embraces Washington.
Labor is found to be we'll employ
ed for this season, and prospects for
| fulltime work a little later are un-
usually good. Textile mills are oper-
| ating on an approximate full time
schedule. and, while orders for future
delivery are scarce, a large yolume of
orders for prompt delivery ere being
received. Cotton prices moved up
| ward during the last four or five
weeks and consumption and export
figures continue large.
Farmers are further advanced with
| Spring work than usual, and agri-
cultural prospects appear to be quite
promising, except in the weevil-in-
tested sections of the cotton gr owing &
States of the district.
More Cars Need Repairs.
Reports filed by the carriers today
! with the American Railway Associa-
tion show a total of 1SS,919 freight
| cars in need of repair on March is.
This was So per cent of the number r
on lines and an increase of 3,S7S
over the number reported March 1.
Railroad Seeks Permit.
In order to effect an entrance to
Dallas, Tex, the Fort Worth and Den
'ver City Railway today asked the In
terstate Commerce Commission to
approve a contract with the Chicago,
Rock Island & Gulf Railroad for use
| of trackage rights over 35 miles of
that line. No new capital investment
| will be required. the application said,
but the Fort Worth line hopes to in
| crease its traffic materially thereby.
| Packard Motor Car Co. has declared
it's regular quarterly dividend of
per cent on its common stock, pay
able April 80 to holders of record
April Is.