Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-16
Directors Action Follows De-
cision in Fight for Higher
Fare.
STOCK HAS FIRM TONE
ON WASHINGTON MARKET
Recession of Only 0ne-quarter of a
Point Occurs During Turnover.
Linotype Issue Active.
BY EDWARD C. STONE.

JOHN n. hanna announced yesterday
that the directors of the Capital Trac-
ton Co. had declared quarterly divi-
dend of $3.50 per share at special
meeting held late Friday.
The action followed the regular meet
ing of the board earlier in the week, at
which it was voted to delay the divi-
dend declaration until some time dur
ing the coming week. 1t was assumed IN
the financial district that this delay was
voted in the hope that the courts rul-
ing in the carfare plea would be an
nounced in the meantime.
The courts decision against grant
ing higher fares came out early Friday
afternoon and the dividend action fol-
lowed that same day. Yesterdays an
nouncement was the most important
news of the week in the local financial
district, as nearly all of the traction
compary's stock is held in Washington.
The $3.50 declaration is the same as
the dividend voted in the first quar-
ter. At that time the directors reduced
the payment from per cent rate
to s per cent for the reason that the
company had not been earning z per
cent for q long time: The latest man
cfal reports show that the Capital Trac-
ton is not now earning per cent, 1t
still being necessary to take part OF the
cash required for the dividend from the
companys reserve funds.
Ex-Diyidend ON d. C. Exchange.
canital Traction stock was quoted ex-
dividend on the Washington Stock Ex-
change yesterday, Secretary c: J.,
Gockeler notifying the members OF the
dividend action. The stock opened with
a sale of As shares ex-dividend at SS.
Fiye more changed hands at the
same figure followed by small lot sale
of 10 shares at 8234; 10 more at 82l2
and a closing sale of 5 shares at me
same price. The closing price, with
the 81 so dividend, is the same as S84
Lei share against closing sale on
FRIDAY at S4A Yesterdays final quota
tfons were 82N bid and SO asked, with
out the dividend, which is payable on
Aside from the special interest in
Capital Traction, Mergenthaler Linotype
was most In the ltmelight. This stock
il also selling ex dividend. 1t opened
with 10 shares selling at 106%; 10 at
1861; 2 20-share lots at 1855; z
lO-share lots at 1864, and 20 at 1865:
After call IL more shares changed
hands at 1861, making the days turn
over 112 shares.
Potomac Electric Power per cent
preferred sold at 111A and the 51a
per cent issue came out at l07A. In
the bond division 81 900 Capital Trac-
tion SIS moved at 95M, 81 1000 Potomac
at I01A and $1,000 and $500 Wash
ington Gas Light IS, series A. moved at
1903, while 81 1000 Gas Bs commanded
Local issues not listed on the exchange
were called OF and very few changes
noted during the week. Members OF
the exchange are becoming very en-
H.A3r T1f0ga ~
the Washington Building. The exchange
Il to have a new quotation board and
will be moved in about month from
the present quarters furnished by the
American Security & Trust Co.
New Report on German Bonds.
The statistical department of j. A. w.
Iglehart g. Co. has prepared special
report on German bonds In which the
conclusion is reached that further ad-
Vances of German issues are warranted
by Germany's credit position entirely
apart from the necessity for enhancing
German credit created by the Young
plan.
In previous years, when French, Bel
gian and italian issues receded TO low
levels, and doubt was expressed as 10
the ability of these countries to meet
their dollar obligations, the 1glehart
arm advocated their purchase as they
reached the point in the cycle through
which it holds that German obligations
are now passing.
Charts illustrating the similarity OF
the present German cycle with the
earlier French and Belgian cycles &C
company the analysis. The report
a states that Germany's gold holdings
have now been increasing steadily for
nearly a year, and that in addition the
balance Of trade during this period mas
been substantially in Germanys favor.
Hall to Represent Resort.
With the recent completion in Quebec
Province, Canada, of the Lucerne-n.
Quebec recreational resort, sponsored
by the Canadian Pacific Railway Co,
Richard E. Hall, the local @. p. II.
once announces, has been appointed
resort representative for Washington
and the southern district
The Lucerne-in-Quebec development,
a lake-linked and tinbered tract OF 100
square miles of Quebec Province, was
formerly a seignorial grant OF the
French crown, being the feudal domain
of the historical house OF Paplneau
The ancestral character of the property,
with its turreted chateau ana park
landscape fronting the Ottawa River,
has been realistically restored. An an
year program of recreation, lncluolng
every phase of land and aquatic sports,
will be instituted under skilled instruc-
tors and guides.
Echoes of Banking Conference.
Q. Howard Wolfe told the Philadel-
phta bank management conference that
good banking management will settle
the big issue between the three sys-
TENS of group, branch and unit banking
William K. Payne declared that banks
should obtain complete credit state
mentS from all borrowers, not merely a
balance sheet, but statement OF sales
earnings and expenses.
Alexander Wall declared that no move
to establish any other type OF loar
except merchant loans as rediscountabll
at the Federal Reserve Bank is eco
nomically sound. The Lquidity Of COM
merce should be maintained by hquidity
in portfolios.
r. B. Snyder declared that the recent
establishment Of the Real Estate Ex-
change in New York may increase the
liquidity of real estate paper. Long
term lenders on real estate are not
likely to be in the market this year
as much as usual.
j. j. Driscoll, jr., asserted that size
Is not q prerequisite Of profitable bank
ing. Quality of business win produce
more profit than can be obtained from
H. d.