Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-07
POTOMAC SAVINGS
PLANS STOCK SPLIT
Directors Recommend Issue
of Seven Shares for One.
Vote December 10.
BY EDWARD C. STONE.

By EDWARD Z. STONE.
The board of directors of the Potomac
Savings Bank in Georgetown, has
recommended the declaration of a 40
per cent stock dividend, to be voted
upon by the stockholders at the annual
meeting on December 10 in Alexandria.
The board also proposes changing the
par value Of the. stock from 500 per
share to $40 per share. Potomac Saw
tngs Bank stock is now selling on the
Washington Stock Exchange around
$3.50 per share.
Reducing the par value to $40 per
share and issuing the 30 per cent stock
dividend will give each stakeholder
f1ve shares of the new capital stock in
exchange for each one of the old, and in
addition, the stock dividend of two
shares Of the new capital stock, making
a total Of seven shares of the new stock
in place Of each one share of the old
stock.
The proposal will give the savings
bank capital stock Of $140, 1000, surplus
OF 100000 and undivided profits of be-
tween $4,000 and $4,000, all earned.
Steady growth in the banks business
has made the proposed stock dividend
advisable at this time, according to the
ofdcials. Past earnings and future
prospects are held to more than war
rant this action.
AGlOuleI EedSou lot the move, vice
President B. Agee Bowles said TODAY, Is
to bring the stock within reach of more
people in Georgetown and surrounding
counties in Virginia and Maryland. At
present 1t requires about $500 for the
purchase Of ten shares. The price pre-
vents many people from buying any
worthwhile amount. The directors feel
that the reduction in the price will
bring the stock within the means Of
small business men and individuals who
nave not previously held it.
The directors have declared the reg
ular semi-annual dividend Of per cent.
The annual meeting takes place in
Alexandria because the bank operates
under Virginia charter. The stock
holders meet Tuesday and the election
OF Officers takes place the next day.
Henry W. Offutt is president of the
bank.
First Christmas Bonus Voted.
The board of directors of the Com
mercial National Bank at its regular
meeting yesterday declared tht regular
the capital stock Of the bank, payable
January l, 1880; also an extra Christ
December l8, 1929, and in addition
voted bonus of per cent on their
annual salary to all officers and en-
ployeS.
So far as reported, this is the first
Christmas bonus voted by any of the
local banking institutions. Last year
there were many. While the banking
business is quiet right now, yet it has
been a splendid year and no doubt
many other washington banks will
take similar action in the near future
Employees in the local broker Offices
also are hoping to land on a similar
band wagon.
At the regular meeting Of the board
Of directors of the Bank of Commerce
& Savings yesterday the regular SEMI
annual dividend of per cent was de-
clared, payable January 2, 1880, u
stockholders Of record December 20.
Peoples Drug Sales Jump.
Somebody evidently had advanced in
formation on the November report of
Peoples Drug Stores, incorporated, yes
terday, when the stock jumped more
than 5 points on the local exchange.
The report, out today, shows that to-
tai sales for November amounted to
1,403 1856, In comparison with 81 ,001,-
6S1 in November. 1928. This in an in
crease Of S401 SIS, or 40.1 per cent.
Sales for the first II months total
S13,825,231, against 1892, 164 in the
corresponding period last year. Here is
q gain in sales of $3,833,164, or 1913
per cent. With one month more to go,
and that holiday trade month. Peo-
pies Drug is hanging up record highly
pleasing 70 the stockholders.
Cleaned in Financial District.
Thomas H. B. Mcknight, for So years
treasurer Of the Pennsylvania Railroad
has recently retired and Is making his
home in Washington. He is director
in the Monongahela National Bank and
~
Of Pittsburgh. Before he left Pittsburgh
the Pennsylvania Railroad placed full
length picture of him in the railroad
station there and with the high points
in his long career.
G. K. Sans, long engaged in the
wholesale and retail drug business
throughout the South, has joined the
Mount Vernon, N. Y, and will make his
future home in Washington.
The annual card party and dance of
the Riggs Bank Club will be held In
the Willard Hotel this evening when
over 200 members Of the club and their
friends will be present. The banks
officers will be guests. Arrangements
are in charge Of a committee COM
posed Of Constance Fogle and Donald
Mccormack.
information has been received from
Winston-Salem, N. c., to the effect that
the r. j. Reynolds Tobacco Co. had
declared a quarterly dividend of rs
cents on common and common stocks,
placing both issues on 50 basis as
compared with the previous one Of $2.4
The Federal Reserve Board announces
that the San Francisco bank has re-
duced the rediscount rate from 5 to AZ
per cent.
I. J. Roberts, assistant cashier of the
Riggs National Bank, addressed the 10
cal chapter of the American Institute
Of Chemists at4 the Cosmos Club last
night on The Relation Of Chemistry tt
Banking"
Judge Joseph Thompson addressed
the class in commercial law at the
American Institute Of Banking one eve
ming this week. He is the author Of
several books.
Wall Street Briefs
By the Associated Press.