Evening star., 1931-06-20
BANKS OF CAPITAL
IN GOOD CONDITION
Declarations of Dividends
Show Local Financial In
stitutions Are Strong.

position generally than institutions in
other cities Of the country. several
banks have been declaring dividends.
The National Metropolitan Bank OF
Washington directors yesterday declared
an extra per cent dividend, payable
June Fl to June 80, both dates in
elusive, for the transfer Of stock, 1t
was stated.
The board Of directors Of Seventh
Street Savings Bank has declared the
usual semi-annual dividend of $6 per
share, payable June 80. to stockholders
of record at the close OF business
June 26.
The Woodbridge -Langdon Bank has
declared the regular semi-annual divi-
dend of 3 per cent, payable July is
to stockholders Of record on June 80.
Company Removes Offices.
Y. e. Booker & Co., which has been
located at 1903 H street since its for
nation in July, 1926, announces the
removal of of1ces to the new American
Security Building, 7S0 Fifteenth street.
The membership Of the firm Is made up
Of washington men, Yelverton z.
Booker, Harry w. Finney and T. Baker
Robinson, as general partners, and
George Hewitt Myers, special partner.
They are members of the washington
Stock Exchange and have a direct wire
connection to New York with Dominick
& Dominick for the convenience of
Washington investors.
The record of earnings of the Inter-
national Business Machines Corpor-
alton, which has a large branch oflce,
and one of its factories In this city,
is impressive, profits having registered
steady expansion since 1921" accord
ing to an analysis by Standard Sta
tiStics Co.
"A new high total was established in
1890" continues the analysis, when
net amounted to $10.98 share (gtv-
ing effect to subsequent stock divi-
dend), as compared with $10,01 m
1929 and $8.01 in 1928, on a like basis.
Earnings in the first quarter of 1891,
moreover, increased 5 per cent to $2.82
a share, as against $2.66 in the cor
responding 1880 period. The ability to
maintain profits in the face Of the
general depression is attributed to the
rental basis of the major portion OF
business, as well as to an increased sale
force. We anticipate that the present
rate of profits will be largely sus-
tanned during the balance Of 1881, and
preliminarily estimate full year earn
ingS of better than $1l share. Since
the company Is less dependent upon
exports than most ofhce appliance
unlbS, ana SIlCe COLSutIlGIS StOCkS Vi
it's equipment are not excessive, 1t
should benefit rather promptly from
any improvement in general business.
Capital stock of 669. .S52 shares is pre-
ceded only by a small bond issue. The
major portion of these, shares is held
by directors and associates. thus max
ing for a small floating supply. The
issue Is on $6 annual dividend basis
and present prospects are that the
per cent stock extra paid in January
of recent years will be continued In
1892"
The renewal of the upward trend of
bank deposits shows that we are again
engaged in the serious business OF
building up our savings-and with It,.
our purchasing power" says the Alex
ander Hamilton Institute.
Solid and enduring revival must
come from a rebuilding Of the re-
sources which have been spent or lost.
No individual gains and keeps wealth
except by accumulation and what Is
true of the individual is true Of the ag-
gregate Of individuals who comprise the
Nation.
For four years we reduced our saw
ings and finally encroached upon them.
The five years from 1920 to 1925 show
ed growth of 40.5 per cent in total
individual deposits, or an average gain
of 81 per cent yearly A marked slow
irg-up in the rate of deposit expansion
occurred in the years following 1925.
In each Of the three years following
deposits increased, but the highest rate
of gain for the period was A per cent.
Then in 1929 the phenomenon was wit
messed of an actual decline In savings.
Individual deposits declined and saw
\ ings deposits were drawn down"
"As a matter Of fact one OF the con-
tributing factors to the current depres-
sion is that in the years preceding 1t
people spent too much and saved too
little says the institute. Part Of the
slow process Of recuperation must be
building up Of savings. Unless the
growth in bank deposits keeps pace
with the growth Of the country, a de-
pressing influence Is exerted on the
general price level"
New Security FlOtatiOns.
New productive security fiotations
during the first five months of this
year aggregated $1,285. 900 600, or 70.5
per cent of total new offerings, accord
ing to the computation by Moodys In
ve6tors' Service This amount Is small
er than in the corresponding period OF
previous years since 1921, except for
slightly lower figures reported in 1928
and 1929.
The current percentage of productive
to total new financing is nevertheless
higher than in any Of the preceding six
years." Moody'S states. TT offers con-
vincing evidence that at the present
time little new capital is available ex
cept for distinctly productive purposes,
such as construction and additions to
equipment"
Chesapeake a. Ohio.
The gross revenue. net railway oper-
ating income and net income of the
Chesapeake q Ohio Railway Co., to-
gether with operating ratio. are shown
{ in the statement Of operations for the
month Of May, 1881. report for which
was sent to the Interstate Commerce
Commission today.
Gross revenues for the month were
81 q, ,392, ,T03, a decrease of 81. .72S,76S over
May OF last year; operating expenses
were So, 6,170.488. a decrease of $685.
O82, as compared with May Of last year;
net railway operating income was So
293 3.s18, q decrease of $552, ,401 over May
of last year. The net income. after all
charges. for the month OF May, 1881,
was $2,551 DOL. a decrease OF $710,603
over May of last year. The operating
ratio Is 59.4 per cent. compared with
61.2 per cent for May of last year, or a
decrease of 1.8 per cent.
For the f1ve months ended May 81,
1881, the Chesapeake q Ohio Rail
way Co. shows gross revenues Of s4s,-
5l4,O0I, a. decrease of $8,226,863.
Operating expenses were $3l ,899 ,285, a
decrease of $6,017,496. Net railway
operating income was $12,362,622, a
decrease Of $2,669,991. Net income
after all charges is $9,078.363, a de-
crease Of $3,166,194, compared with
corresponding period of 1880. The
operating ratio for the period is 658
per cent, q decrease of 20 per cent as
compared with same period year ago.
p1rsINESS FAILURES GAIN.