Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-09
RIGGS BANK VOTES
| REGULAR DIVIDEND
ExtraAIso Declared at Board
4 notwithstanding Are
4 We'll Maintained.
.AY EDWARD G, STONE.

81 SBK EDWARD e. STONE.
AT fISe monthly meeting of the direc-
kors &c the Riggs National Bank late
Yesterday the Itgular semi-Annual divi-
kdend nf ereent was declared and
IAN extra dividend of 2 per cent also
NOTED both payable october is to stock
lloldefE Of record September 80.
Thebaiak'S president Robert v. Elem.
ing, said after the meeting that the
board felt the per cent extra dividend
MAS unsuitable in view of the fact that
ESTIMATED earnings for 1890 would be
hpproximately the same as for the year
40 and warranted the payment of an
Extra, after setting aside liberal allow
hnces for additions to capital accounts.
Mr.. Fleming added that by the pay
hnent of these dividends the sharehoid-
prs would receive total DIVIDENDS for
khe wear of 1880 of $4,000, or II per
Eent, on the capital OF $S.04U.OUVs t tne
largest ever paid to shareholders IN the
history of the bank, being $4,000 greater
Ehan dividends paid during the year
1929. ,tao.,o. =,
Rhe Riggs National Bank with the
Warmers e. Mechanics National Bank
m december is, 1928, specified divl-
riend of Oh per cent was paid, covering
The period october Is TO Decemper 10,
1928. the date of the consolidation, IN
order to adjust dividend requirements
20 changes in capital STRUCTURE. S,.a
ON Apfil is, 1929, q per cent divi.
Aend was paid for the four months
period December is, 1928, to April 10,
II 1929. and on october is, 1923, IN aool.
|.Eion to the regular semi-annual divldeno
|.kof 7l5 per cent, an extra DIVIDEND OF
Epls was paid, thereby making total olv1-
blends of5$450,000 paid IN 1923, or ~
the rate Of is per annun.
Pennsy Covers Dividend Needs.
In spitg of a decline Of sac, 01S,540, or
No per cant, in gross earnings and re-
&6uctfon IL $i9,320, 379, or 29.8 per cent,
I'M net railway operating income IN the
hrst half Of 1880, the Pennsylvania Rail-
road covered the six months dividend
of 50 a share by fair mar
4 vim. Surplus after charges for the period
was 500, 976 1895, equal to 1921 q share
4 on 12.955.448 shares of stock, against
Gao ass, 5S5, or 1857 share on 11,25O,-
R7o shares in the first half OF 1929.
Takinp the IL months to June 80, the
Pennsylyania earned the equivalent OF
az e5 a share on the increased amount
Of stock, while in the 1929 calendar year
j n showed record balances for the stock
equal to 1892 a share on LABS, l2B
Refares outstanding December 81, last.
The earnings slump from 1929 has been
|eharp in recent months, and car load
ings, while now showing seasonal up-
ward turn, are still running far behind
both 1929 and 1928.
There are evidences, says the Wall
|Etreet Journal. that curtaiiment Of ex-
|penses is beginning to check the rela-
tive decline in net railway operating
income. Thus, while the loss in Penn
|sylvania's gross in July was $12, 309, 1888,
Tor 1919 per cent, the greatest percentage
|shrinkage for any month so Tar this
year, the reduction In net railway oper-
ating income from last year-30,2 per
cent-was less in percentage than 1t was
in June. In that month declines were
IT'S per cent In gross and 1877 per cent
In net railway operating income.
Pennsylvania normally earns consid-
erably more net in the second half year
than in the first half, and this situation
Is virtually certain to prevail In the
current year.
Trading on ID. c. Exchange.
Trading held up well on the Wash
ington Stock Exchange today, q wide
variety Of issues appearing on the board.
The first sale since listing appeared in
Prince Georges Bank g. Trust Co., when
IS shares sold at IS. The most active
stock was Carpet Corporation, 165
shares changing hands, with the closing
sales at 24ik.
Capital, Traction again sold at 60SS
for 10 shares, Mergenthaler moved ex
dividend at Sc, Peoples Drug ex divi-
Nend at fOl24 and Merchants Transfer
u Storage common at los.
In the bond division, Capital Trac-
zion IS, District Of Columbia Paper 6s,
Washington Gas IS and Railway g.
T1orfrfa A. erOf f1aa most attention
Federal Storage Dividend.
The board Of directors Of the Fed
kral Storage Co. have declared the reg
hlar quarterly dividend OF 2 per cent
bn the preferred stock. The payment
will be made October Is to stockholders
of record at the close Of business Sep
tember 80, according to announcement
made today by President E. K. Morris.
The annual Fall meeting of the Wom-
EMS Committee of the Washington
Chapter, American Institute of Bank
eng, held last night at the Roosevelt,
was complete success, 102 guests being
present. y Miss Mildred G. Woodcock
presided and Mrs. Anne Tillery Rem
shaw, Miss Lois A. White, Miss Wini-
fred Burwell, Frank M. sPerley, Aubrey
.. Dooley and Raymond B. Dickey were
the speakers.
OdIdu n. " Isculs CktdlIIIldH VI bflC
National Woman's Committee, tele-
Eraphed best wishes for the coming
year.
Attends Insurance ConclaVe.
P. D. Sleeper, general agent Of the
Washington Office of the Aetna Life
Insurance Co., Is attending the seventh
annual general agents conference of the
company being held this week at Swamp
scott Mass Mr.. Sleeper is also on the
program as one of the speakers and
will talk on organized Selling"
Among other subjects to be discussed
are conservation work, contract full
ailments, seeking and selecting sales
men, training statesmen. medical phases
OF insurance, competition complex,
estate analysis and business insurance.
About $50 officials, agents and their
wives are attending the four-day con-
ference.
Heard in Financial District.
Francfs G. Addison, jr.; John Poole
and Robert v. Fleming are among the
local bankers who have already an
nounced their intentions of attending
the coming convention of the Arneri-
can Bankers Association at Cleveland
President John Poole of the Federal
American National Bank Is spending Q
week at Virginia Beach.
Alexandra Legge, head of the Farm
Loan Bard, and John ]. O'Connor o.
the United States Chamber Of Com
merce VIII address the coming conven.
ton Of the Mortgage Bankers Asso.
citation to be held in Detroit.