Evening star., 1926-12-14

THREE D. c. BANKS
DECLARE DIVIDENDS
Stocks on Washington Ex-
change Hold Firm-Trad-
ing Is Light Today.
BY EDWARD c. STONE.


Three Washington banks have just
declared dividends, the Bank of Com
merce & Savings. McLachlen Banking
Corporation and the Chevy Chase
Savings Bank.
The directors of the Bank of Com
merce & Savings have declared the
usual serni-annual dividend Of 4 per
cent, payable on January 2 to stock
holders Of record on December 20. At
this meeting steady progress on the
banks extensive alterations was re-
ported. it now being planned to open
the renovated banking quarters to
the public with special reception
about January IS.
The McLachlen directors voted the
regular semi-annual disbursement of
3 per cent and also made two inn
portant promotions. Guy D. CoWl
was elected assistant treasurer and
Il. J.. w. Goldney was made auditor.
At the meeting of the directors of
the Chevy Chase Savings Bank the
usual semi-annual dividend of 2 per
cent was declared. What the direc-
tors consider q remarkable gain In
business was also reported. The
banks progress since it moved into
it's handsome new building several
weeks ago has been most gratifying.
f. T.. Mountioy. Washington repre-
sentative of the American Bankers
Association, has returned from Omaha,
where he attended a tWo-daY Mid
Continent F'iduciary Conference, at
which the delegates consisted of trust
officers and senior bank officers from
20 States. Mr.. Mountjoy reports that
all the addresses were on subjects re-
lating to trust work. Among the
topics discussed were Relations With
Beneficiaries," Corporate and BuSi-
ness Trusteeships," Life Insurance
Trusts" /" "Co-operation Between. Banks
and Insurance Underwriters, Safe
guarding the Handling of Securities. )"
Taxation" Danger Signals to Be
Observed in Trust Investments and
"Fiduciary Accounting.
Life insurance trusts are growing
in popularity as their value becomes
more generally understood, and they
were discussed freely with numerous
insurance underwriters and agents.
The attendance and enthusiasm
brought all trust matters to the front
in q very practical way. Detroit and
Minneapolis want the next convention.
$3.50 Gold Pieces Limited.
For the first time in years, the
Treasury Department has minted a
limited amount of new $3.50 pieces
as it's contribution to the holiday
movement. The scarcity Of these COW
eted quarter eagles has been so great
that they have commanded premium
of from 25 to so cents and have tend
ed to disappear almost entirely from
circulation except at Christmas time.
The local banks have their share of
these gold pieces as well as the gold
coin Of larger denominations and are
only too glad to accommodate their pa
irons with as many of these gift
coins as possible Say 1t with gold,"
bankers suggest.
According to the report of the
American Bankers Association the
average per capita savings in Wash
ington during 1926 was $152. In Vir-
ginia it was $91 and in West Virginia
$93. Maryland's average was much
higher. $253, and Pennsylvania, $243.
North Carolina was $50, South Caro-
lima $57, Georgia $48, Florida, $136, Ala
bama $40, Mississippi $51, Louisiana
$70.- It was $73 in Texas, Arkansas
$37, Kentucky $71 and Tennessee S57.
Massachusetts led all the States with
a per capita saving of $542. Vermont
was also in the $500 class, while Maine,
New Hampshire and Rhode Island
had very high figures. The reason
for the much better showing in
some parts of the country than in
others is given as quite largely due
to the variation In interest rates. The
thrift habit is also vital factor.
Issues Financial Statement.
The Federal-American Co., which
recently listed both preferred and
common stock on the local exchange,
has issued the following financial
statement as of November 80:
Assets.
Cash in bank. ......... $37 7,421.73
investments ........... 1898 ,009. 83
Prepaid taxes .......... 303.45
Furniture and fixtures.. 501.25
$1.561 ,2ss.2s
Liabilities.
Accounts payable. ....... $1,265.69
Notes payable ........... 250, 100000
deposits l3,0U0.OU
ACQUIRED interest payable. 1,S4162
$266,107.31
CapitaL
Preferred stock
issued ....... .$3S3 ,5U0
Common stock
issued ....... 100000
-$1, ,143 500 90
Surplus earned. ........ "a ,045 AZ
Unearned discount ..... a111,614.OO
Reserve for taxes. .... 5,969.53
s1.5s1 ,2ss.2s
Local Securities Hold Firm.
Potomac Electric Power preferred