Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-22
BANK PUTS STOCK
!. ON 70 PCT. BASIS
Board of Washington Me-
chanics Fixes Rate-0ther
Local Financial Gleanings.
BY EDWARD C. STONE.

BY EDWARD ". SIONE.
Directors of the Washington Mechan-
icS' Savings Bank have just declared
per cent quarterly dividend, payable
October / to stockholders Of record on
September 25, according to announce
ment by Ezra Gould, the president.
This action is of more than ordinary
Importance, as 1t places the banks in
creased stock on a permanent 20 per
cent basis.
It will be recalled that the bank in
creased its capital stock last July from
$4,000 to 100000. Four per cent had
been paid quarterly on the old stock,
and an extra of per cent had made
this stock pay % per cent a year.
The boards latest action places the
doubled capitalization on a 20 per cent
basis without the declaration Of any
extra disbursement. The directors ex-
pressed much qualification that the
bank was justified in taking this new
dividend step. The stocks par value Is
So per share, and the last sale was
made at $50 a share.
MountjOy of to A. b. A. Convention.
E. E. Mountjoy, representative In
Washington of the national bank divi-
sion of the American Bankers Associa-
ton, left here last night for Chicago on
his way to attend the national meeting
in San Francisco.
He will join one of the many bank
ers' specials leaving Chicago tonight
and go over the Northwestern route,
reaching the Pacific Coast just before
the business sessions open. Mr.. Mount
Joy will be one of the speakers before
the national bank division.
Mr.. Mountjoy keeps in very close
touch with the banking situation all
over the country, and his views are al
ways accorded much weight. He has
been the guest of the District Of Co
lumbia Bankers Association on many
occasions.
Bank Relic Is $50 Years Old.
Luther e. Schreiner, manager of the
Bank & Trust Co., has on exhibition
at the Office one of the rarest bank
relics to be found anywhere in America
It might be called the first cash regis
ter ever made, although, to be exact, 1t
did everything with the cash but reg
lister 1t.
The clever continuance is made of
mahogany and rests on base about q
foot long and some 10 inches wide
Holes of various sizes were made into
a thick block of wood resting on the
base and the various coins placed in
these. There are eight of these holes,
made to take ! cent, a 2-cent piece,
Scent piece, large scent piece and
another space for the tiny Canadian
silver nickel, dimes, quarters and 80
cent pieces.
Eight movable pieces of wood were
made into the base so that one came
under each of the piles of quarters,
dimes, nickels, pennies, etc. The teller
at the window simply pushed one OF
these and out went whatever change
was due the depositor. The money
was not obtainable by the public until
the teller pushed the little wooden
blocks, taking a coin from the bottom
of the pile each time, allowing the
others to slide down inside their re-
spective tubes.
The register" is in perfect condi-
ton today and works Just as we'll as 1t
did $50 years ago. 1t was originally
used in the Central Bank in Rich
mond. 1t is now the property OF j. G.
Wick of this city, having originally be-
longed to his grandfather, who was q
director in the bank in the Virginia
capital. The bank figured in merger
about 100 years ago, Mr.. Schreiner
humorously remarking that he could
not recall the exact date. Perhaps 1t
was the first me- ger in what has de-
Velop-d into a great era OF consollda-
tons.
Country Bank Commissions.
Country bankers are freely discussing
the suggestion that their banks might
charge commissions for buying stocks
for their depositors, place this branch
Of their service on paying basis, pur-
chase only high-claSs stocks listed on
the exchanges and at the same time
probably save many thousands Of dol
lars a year for people living in small
towns who are now too often the VIC
Tins of clever statesmen who palm of
worthless securities on them. How
much to charge for such service is
new problem in many communities:
It has been suggested in New York
that the banks might charge half OF
the commission that the broker charges.
The fee would have to be in addition
to the brokers' fee, as stock exchange
houses are not allowed to split COM
missions with any organization or In
dividuas. No doubt depositors would
be willing and even glad to pay the
extra charge because of the protection
they would have. The bank would buy
only conservative, safe stocks.
No brokers' house can afford to have
an Office in a small country place.
Unless the bank comes to his aid, the
small merchant, manufacturer, profess
Sional man or farmer must buy his
in that way through some outside firm
or individual. The majority of small
town investors would prefer to deal
through their own banks and their per-
Sonal friends on account Of the pro-
lection. Small bankers are always
ready to buy bonds for their customers.
Some of these same bankers now be-
neve they should buy stocks, too.
Heard I'm Financial District.
One of the most interesting stock
moves during the past week was in
Peoples Drug Stores common, which Is
listed on the New York Curb. This stock
closed yesterday at 917s after figuring
in heavy turnover around 80 and 80.
The stock pays 81 year. The low on
the common this year has been 74h
and the high o..
Peoples Drug Stores preferred stock
is listed on the Washington Exchange
and this, too, turned active during the
week. The last report of earnings was
highly favorable and no doubt caused
both issues to become strong. The pre-
ferred closed the week at 119h. The
1874. So far 77s shares have changed
hands on the local exchange In 1929.
washington bank clearings during
the past week were larger than the
previor1s week and also ahead of the
same period a year ago. ClearingS
amounted to $40, 780 900, against $29,-
159. 900 for the week ended September
~. The gain over last year was So