Evening star., 1929-12-18

has enjoyed steady
and substantial growth maintaining
checking, savings. safe deposit, trust
investment and foreign exchange de-
partments. On the october Z con-
trollers call the bank reported deposits
NJ co All 367. 81, with $2,O00,0 900 capital
stock and $5O0000 surplus:
The bank owns what Is considered
architecturally as one OF the hand
soonest bank buildings in the city, the
structure having been doubled in size
and the banking offlceS greatly en-
larged only last year.
In addition to Mr. Stellwagen the
present officers include: George E.
Hamilton, vice president, attorney ana
trust oficer; George E. Fleming, vice
president and assistant trust officer;
walter S. Harlan, vice president: Ed
ward L. Hillyer, vice president and sec
ond assistant trust officer; Edison B.
Olds. vice president and treasurer;
Irving Zirpel secretary and assistant
trust of1cer; w. Frank D. Heron, s.
William Miller, G. Elmer Flather and
William s. Lyons, assistant cashiers,
and George E. Hamilton, jr., assistant
attorney.
The board of directors is made up of
A. L. Baldwin, j. Harry Covington,
Joseph H. Crawford, G. Thomas Dun
lop, George e. Fleming, George e.
Hamilton. John H. Hanna, Walter S.
Harban, Frank c. Henry, Edward L..
Hillyer. John C. Hoyt, D. j. Kaufman,
A. S. Kenny, James B. Lambie, George
ODonoghue, D. S. Porter. Ord Preston,
John H. Small, Luther r. Speer, Ed
ward j. Stellwagen and Charles F..
Wilson.
Traction Dividend Per Cent.
taken in this city in a long time was
recorded late yesterday afternoon. AS
noted in the $50 edition of The Star,
the Capital Traction directors reduced
the rate from z to 6 per cent. on the
$4,000, 900 capital stock outstanding.
Some reduction was expected, the
amount being the main question at
issue. In the financial district reduc-
ton to per cent would have caused
little surprise, the gradual decline in the
price Of the stock to $75 share having
anticipated such move.
Following the meeting of the directors
three months ago, when the regular Z
per cent dividend was declared, letter
signed by President John H. Hanna, was
sent to all stockholders stating that
present earnings did not warrant the
continuance of the per cent rate.
It was stated that the company was
not earning the full amount of the rate
and was obliged to make up the differ
ence from surplus funds. The Official
statement declared this condition had
existed for long time. The officials
expressed the opinion that this draft
on reserve funds should not be kept up
indefinitely and that no doubt the board
at the December meeting would act to
bring the dividend down closer to
present earnings.
Yesterdays action may or may not
establish new permanent rate. The
appeal for higher fares is still before
the courts. If this is granted, the COM
pany may again earn a per cent rate,
but the directors had nothing to say
today about possible future dividend
action. Privately owned automobiles
are given as the chief cause of the
falling off in revenues during the past
year and longer. The 6 per cent divi-
dend Is payable January /. Yesterdays
board meeting was largely attended.
Transfer Earnings Show Gains.
Directors Of the Merchants Transfer
g. Storage Co. yesterday declared the
regular semi-annual dividend of IS per
share on the common stock and the
regular quarterly dividend of SITS per
share on the preferred stock, both pay
able January ! on stock of record De-
cember 21.
~. NcWUOA0, PkCSlOC1lC Va tLtc
company, in his report showed that the
net earnings from operations for the
first IL months of 1929 were $780,
1861, as against $167, ,665.54 in 1928, a
net gain of $13,15137.
After preferred dividend requirements,
the earnings applicable to common
stock were shown to be in q ratio of a
little more than $3.50 per share.
Two Dividends Declared.
At meeting of the board Of direc-
tors Of the Lincoln Investment Corpora
ton held at the Offices Of the company
in the American Building it was voted
that the regular quarterly dividend of
Ia per cent on preferred stock out
standing as of December 18 be paid to
stockholders Of record. A dividend of
rs cents per share was voted on the
common stock. The dividends are pay
able January !.
Bank Stocks and Bonds Active.
Today's Washington Stock Exchange
session opened with Commercial Ma
tional Bank stock selling eX-dividend al
255, same as yesterdays close. Eight
shares Of Riggs National changed hands
at $50, the same as yesterdays quota
ton, and Federal-American National
moved TO the extent of 10 shares al
295, up 3 points from the last sale.
Mergenthaler Linotype again sold al
lot, Commercial National Co. preferred
came out at 10l1 "a, Potomac Electric {
per cent preferred sold at ITO and the
5lz per cent issue at los and 10434 or
a 33-share turnover. Twenty shares Oi
Columbia Sand & Gravel preferred sole
at 88.
In the bond division Washington Ga.
SIS sold at par, Washington Gas 6S
series A, moved at 10112; Capital Trac.
ton SIS sold at 924 and Georgetown
Gas 5s at SO.
Capital Traction stock as quoted ex.
dividend today. The bid price stood al
"a and the asked price was advanced
to 78. with no sales. No one was will.
ing to sell any stock at yesterday!
market of rs.
Other Financial Notes.
Merrill, Lynch & Co. have purchased
from Safeway Stores, Inc, 10000 share;
of 8 per cent preferred stock and will
tske delivery before the close of tn,
wear This preferred stock is the SAM
series as the present per cent pre-
ferrd stock of which 39,l50 shares ar
outstanding. Proceeds of this financing
will be used to reimburse the treasur,
in part for capital expenditures durinI
1929.
Realization of a bank for interna
tlonal settlements Is preulcCe0 In bul
letin, made public yesterday, Of tn
Stable Money Association, of whicl
Frederic A. Delano, of this city,
president.
Winthrop W. Aldrich, a director o
the Equitable Trust Co., has ben electe
president in place of the late Charlie
A. Austin. The new president Is sol
IF the late Senator Nelson w. Aldricl
rom Th"f" T"pnd and brother-in
law Of Jchn D. Roc&cicl!cr. ir.