Evening star., 1925-04-01
LINCOLN NATIONAL
TO ADJUST SHARES
Stock Dividend Will Be Is
sued When Fractional
Holdings Are Erased.
BY CHAS. p. SHAEFFER.

BY CHAS. p. SHAEFFER.
New stock of the Lincoln National
Bank. incident to the 80 1-3 per cent
stock dividend recently ratified by
shareholders of the institution, will
not be issued until an adjustment of
fractional shares has been effected.
Under the terms of the dividend
declaration one new share will be
issued for every three shares now
heId. Therefore ii is seen that a frac-
tlonal share will exist in every case
where holders do not own three
shares or multiples thereof
To this end committee has been
appointed by the board to handle the
adjustment, and holders are offered
two alternatives: They can either sell
the fractional share they will receive
as part of the dividend or purchase
the fractional share necessary TO
give them full share. Transa ctions
viii be handled on the basis of $3.50
a share, the market bid" price.
Members of the committee, John
w. Brawner, Howard r. Norton and
Henry 7. Offterdinger, are today
mailing a circular letter to all stock
holders, outlining the plans for the
adjustment.
Group Insurance Adopted.
The Norfolk and Washington Steam
boat Co. has provided group life in
surance for the members of its Office
and operating force. Protection for
individuals ranges from $500 to 1000
on length of-serVice basis.
Cnderwritten by the Metropolitan
Life Insurance Co, the policy in
cludes, as supplementary features. Il
free visiting nurse service and a de
partment for the distribution of book
lets on health subjects and sanitation
Notes 31st Anniversary.
Jacob Scharf. vice president of the
Second National Bank, is today cele-
brating the 31st anniversary Of his
affiliation with the institution.
Mr.. Scharf began his banking pro
fession as a bookkeeper with the
bank. rising gradually and sequen-
TALLY to his present capacity.
A handsome floral tribute from the
bank employees in commemoration Of
the event was awaiting Mr.. Scharf
on his exit from a directors meeting
at noon.
The proposed increase of half a bill
lion dollars in the authorized capital
stock Of the American Telephone and
Telegraph Co. to 1.500, 000.00 has
been approved by stockholders.
B. & o. Bonds On Market
syndicate is today Offering at aS
and interest to yield J.14 per cent
s49,o0o000 of Baltimore and Ohio
Railroad Co. Southwestern Division
first mort gage ) per cent gold bonds.
due July /, 1850, in extension of like
amount OF bonds maturing July l.
1928. \ preference in allotment, to
be determined in each case by the
syndicate. to be given TO subscribers
who agree at the time of subscrip-
tion to make payment in the matur-
ing Southwestern Division 3h per
cent bonds, taken al 100 and interest
The new bonds will not be subject
10 redemption before July l, 1915.
Trading On Local Board.
Stock of the Mechants Bank and
Trust Co. featured the days session
on the local stock exchange. nettiHl:
an advance of points and establish
ing new high mark at 137. Forty
shares were traded in.
a sale of 100 shares Of the Columbia
Title Insurance Co. was made at 5.
Railway preferred was quiet at 81 as
was Lanston at the same figure.
Reports Deposits At Peak.
The Bank of Commerce and Savings
expects to prove the exception when
Col Mcintosh, controller of the cur
rency, issues his call for condition OF
banks, which is expected daily.
The consensus is the local fraternity
will report a loss over the previous
reporting period, due TO heavy inroads
on accounts by reason of income tax
payments. etc, but John NJ Riordon.
cashier of the Bank of Commerce and
Savings, states his deposits are at the
peak, around S1,630.00O
1. {. c. Allows Lease
Railway Company to take over control
of the San Antonio and Arkansas Pass
Railway Company in Texas is given
in an opinion handed down today by
the Interstate Commerce Commission
The Aransas Pass Company will he
leased to the Galveston, Harrisburg
and San Antonio Railway, a subsidiary
of the Southern Pacific, for operation.
The Arkansas Pass Company was for
merly owned by the Southern Pacific.
but by a decree of the Texas courts
in 1903 the Southern Pacific was re-
quired to sell its stock. In June, 1924.
however. it repurchased 1854 shares
of the stock for $236,560.
The consolidation, it was said. will
result in a saving in operating ex-
penses which may give its subsidiaries
concerned better earning powers.
FOrd'S Road to Sell Bonds.
The Detroit, Toledo and Ironton
Railroad CHenry Ford's line) was
granted permission today by the In
terState Commerce Commission to
issue and sell at par s1.1Sl, 600 of first
mortgage 50-year per cent gold
bonds. The proceeds may be used for
construction purposes
The application was the first filed
by the Ford properties in which it
was not indicated that Mr. Ford, or
one of the members of his family
or one of the corporations owned
by him, intended to purchase the
securities.