Evening star., 1926-09-30
WASHINGTON BANK CLEARINGS
SHOW SMALL GAIN FOR MONTH
Increase of 1920, 0,482 Recorded by Local
Institutions-Only One Deal Consum-
mated on the Local Stock Exchange


financial circles as we'll as elsewhere.
This was made evident by the price
Of the stock, which at around 107, had
apparently come quite close to capital
izing such rate. The increased
quarterly disbursement of $3.50
share will be payable December / to
stockholders Of record October 16. 1t
will mean that holders of the common
stock will receive total dividends OF
$525 a share this year.
Baltimore and Ohio common stock
has been on a 5 per cent basis since
dividends were resumed December l.
1923. No dividends were paid from
1919 to that time. Two per cent was
paid in 1919, Ala per cent in 1918, 8
per cent from 1915 to 1917, inclusive.
and per cent for eight years previ-
ously.
The per cent dividend will require
$9,116,721 a year, increasing the an
nual disbursement for that purpose to
the extent of $1,519.453. AS a per
cent stock Baltimore and Ohio sells
to WELD about Sc per cent. and is
earning it's increased dividend rate two
and three-quarter times.
Actresses to Attend Convention.
The Association of Bank Women.
which is to hold it's fourth convention
Nnllo the american IDdIlhCLS [ASoOCAd-
ton Is in session at Los Angeles, an
nounces that a central event will be
the annual dinner to be given on
October s. presided over by Miss Jean
Arnot Reid of the Bankers Trust Co..
of New York. The guests Of honor will
include Oscar Wells. president, Ameri-
can Bankers Association: DR.. Aurelia
Henry Reinhardt, president, Mills Col
lege: DR.. Miriam Van Waters. referee.
Juvenile Court. Los Angeles: Miss
Mary Pickford and Miss Norma Tai
madge. both directors Of Federal Trust
and Savings Bank. Hollywood, Calf.
Cotton's Drop Worries Railroads.
While the devastation in Florida and
damages suffered elsewhere on the
Gulf NAV increase the operation eX-
penses of railroads serving that sec
ton, the slump in the price OF cot
ton has given the Southern carriers
the greater concern.
Continued declines in the price of
cotton would be expected to cut down
the purchasing power OF communities
served by cottOn-belt roads, and TINS
is looked upon as more important than
larger production.
With cotton under Is cents the ad-
missioni is freely made in trade circles
that the staple is selling below cost
of production. Recent Government re-
ports placed production i'll excess OF
general expectations. The decline
since September | means loss OF
more than S25 5000 to. the farmers
of North Carolina alone. according
to an estimate made by Alfred Walk
er, superintendent of the Charlotte
Cotton Exchange.
Dollars and Sense" Appears.
The new editorial staff of Dollars
and Sense, the official organ of Wash
ington Chapter. American Institute OF
Banking, has done splendid work as
revealed by the first issue. The staff
personnel Includes:
Editor. Aubrey o. Dooley, CONNER
cial National Bank; associate editors,
o. lehman, Security Savings and
Commercial: Miss Mabel V. Royce,
Washington Loan and Trust: Garret
NJ. Van Hoesen, Second National;
business manager, William f. Schoo-
ley, American Security and Trust; cir
culation manager, d. E. Wisecarver,
Riggs National
The list of authors is also an inter
esting one, the first article being the
"President's Message" by T. Hunton
Leith. President Howard Moran, presi-
ton, follows with an outline of the
work that body hopes to accomplish
this year. Special attention is given
the members of the faculty, whose
duties begin at once, while an article
on the functions of the United States
Treasury is contributed by Aubrey B.
Carter. I. 3. Roberts, chairman OF
the educational committee; 5. Nlnl-
fred Burwell, who attended the Dallas
convention. and A. w. Sherman. chair
man of the membership committee.
supply their full share to the publica-
tons good points.
Edward j. McQuade, president Of
the Alumni association stresses the
great value of the institute to bank
employees, stating that former grad
yates would gain much profit by tax
ing courses, which have been added to
the curriculum since they became
alumni.
Western Maryland to Sell Notes.
Western Maryland Railway is con-
sidering sale of $5,O0O.000 tive-year
per cent notes, proceeds of which.
it is understood, will be used to re-
deem the unconvelted balance of the
S.. 800 900 tive-year 7 per cent notes
maturing August I, 1928. The lat
ter issue may be exchanged for first
and refunding mortgage 5S at rate
Of $1,000 bonds for each $3.50 notes.
The notes may be redeemed at par
and interest on any day on 60 days
notice.
Stanley -Crandell Issue Sold.
Edward B. Smith & Co. state for the
syndicate that the subscription books
have been closed on the Offering OF
S., 200, 900 Stanley-Cranda1 Co. OF
Washington first mortgage 6 per cent
sinking fund bonds, the issue having
been oversubScribed.
The Norfolk and Western Railway
has declared regular quarterly divl-
dend of l per cent on adjustment pre-
ferred. payable November 19 to stock
of record October 30.
The Pennsylvania Railroad has
completed arrangements for establish
ment Of freight agencies in the pr1n'
cipaI cities and ports of Europe. The
action was taken to facilitate and ex-
pedite the through movement or
freight from Europe to points on or
reached by the Pennsylvania lines,
and also to aid in the handling OF ex-
mort business Of American firms.