Evening star., 1928-12-14


ment to the holders of the old common
stock and the directors have author
lied the immediate sale of 1900 addi
tional shares Of this class A common
stock to the public at $50 share. It i
intended that the balance of the ISSUE
will be sold later at price not less thar
$50 per share.
The purpose of this financing is tC
provide a means for liquidating the
company's funded Indebtedness and tt
erect an addition to the plant at 170T
Florida avenue during the coming year
The directors have also declared the
regular quarterly dividend of per cent
on Federal Storage preferred stock, pay.
able January Is to- stock of record De-
cember 81 This stock is listed on the
Washington Stock Exchange, the last
trade being made at lis.
Further Dividends Announced.
The directors of the United States
Savings Bank, at their regular monthly
meeting yesterday evening, ordered ths
payment of the regular quarterly divi-
dend of ~ pei cent to stockholders
payable December 81.
The directors of the. Federal-Ameri-
can Co., of this city, yesterday declared
the regular dividend of ~ per cent or
the company's 6 per cent preferred
stock, and the regular quarterly divi.
dend of 80 cents a share on common
stock. payable January /. In addition
the board declared out of the year.
earnings an extra dividend of 80 cents
payable December "a to stockholders oi
record December 18.
The board Of directors of the Security
Savings and Commercial Bank has de-
clared the regular quarterly dividend oi
per cent and per cent extra
dividend, payable December 81 to stock
holders Of record December "a.
Pole Reports on Branch Banking.
Regarding progress in branch bank
ing during the past year Controller J.
W. Pole says In his annual report:
During the past year the controller
of the currency authorized the estab-
lishment of l03 new city branches,
while in previous year 127 we're author
lied. OF this total of 230 branches au-
thorized by the controller, AZ have been
leaving the total of city
branches now in operation authorized
by the controller under the provisions
of the McFadden act as 1913. During
the past year eight branches were add
ed to the system through conversion
of two State banks and 81 branches
were added through the consolidation
of State banks with national banks
These additions together with those
branches in the system under date OF
October 81, 1927, less 38 branches,
dropped through action of directors and
shareholders or liniIidafion of national
banks, makes the total number OF
branches in operation in the national
system as of october 81, 1928, 992."
Capital Traction Market Leader.
Capital Traction led the local ex.
change today when lit shares changed
hands at 1864 and 1861. Potomac
Electric Power per cent preferred came
next with a turnover Of about 100 share!
at 112.
Washington Railway g. Electric pre-
ferTed touched 100 today on a Singl,
share sale, 10 other shares moving a
99Ts. Five shares of Gas sold at 102&
Three bank stocks were out, Distric
National selling at 242 and Riggs Ma
tional at 543, while Merchants Bank
Trust sold at 158.
Bonds were considerably more active
Capital Traction IS sold at 103s, bab,
Gas bonds were strong, Railway & Elec
tric As Ss1ie out at 90 and Wardmal
Park Hotel SIS at l041a. A 81, 900 Ga
series A registered 1055s and Wash
ington, Alexandria & Mount Vernon
certificates moved at Q. Several othe
stock issues appeared on the board a
firYn prices.