Evening star., 1932-12-17

bank runner
Advancing through many important
Offices, he was senior vice president
when elected to his present position.
The trust company president is a
native of Washington. having been born
in Georgetown where members of his
family had resided since 1856. He is
a director OF the Equitable Co-Opera-
tive Building Association and holds an
important office in the American Red
Cross Society. During the World War
he made most enviable record in
pushing the Liberty Loan drives the
results of his efforts bringing great
credit to his bank.
Among many other organizations,
Mr.. Meem belongs to the Chevy Chase
Club, Archaeological Society and the
National Geographic Society.
c. & O.. Net Income Advances.
The report of the Chesapeake g. Ohio
Railway Co., for the II months ending
on November 80, shows net income
of S21 $3.50, ,346 after taxes, charges and
sinking fund appropriations. equivalent,
after allowing for dividend requirements
on the 6l2 per cent preferred stock. to
s2.75 a share (par $3.50 on 7,652,77s
shares of common stock. This COM
pares with S25,7l9269, or 1886 a COM
mon share in the first IL months of
1881.
The railroads November net income
Showed an excellent advance, being
S2O41, ,183 in comparison with S1,481,-
935 in November a year ago. Other
figures:
Nov gross. 49,. S8,753,213 s9,O32, ,24S
Net oper inc. 2,872,375 2,338.786
'Surp aft chgs. 204l183 1,481.935
3
Net oper inc. 29,727.5o8 1855 AGO
-Surp aft chgs. 21,330,348 25,719,269
*After sinking fund appropriations.
Banks Structure Explains Dividends.
Announcement that the San Fran
cisco Bank has declared an initial
Christmas dividend of $50 share, the
usual extra of $75 share and the regu-
lar quarterly dividend of $50 per share.
is not as surprising as it appears, at first
glance. The Bankers Directory shows
that this banks capital stock is Sl,000,-
900 and the institution has surplus Of
S5.100,0G0. The par value is 81 900 a
share.
The bank pays regular dividend of
"a per cent year and an extra Of
71a per cent Without including the
Christmas dividend, the present yield
on the stock is 3.75 per cent The par
value of the stock IS so high that the
return is about the same as that paid
by several Washington bank stocks.
While the high dividend figures are
easily understood, what puzzles local
bankers more is the presidents state
ment that the institution is just COM
pleting its most successful year in his
tory. And it was organized in 1868.
Business Waits on Congress.
The following summary of the gen.
eral business situation made by the
Standard Statistics Co. reflects the
views of many local bankers.
Business improvement must now
await clarification of legislative uncer-
tainties, but current downward trends
tn most lines are conforming closely to
normal seasonal tendencies Stabilizing
factors should continue in evidence
during the next several months Con-
structive legislation by Congress would
provide the needed stimulus to busi-
ness if the Spring period is to record
a renewal of the uptrend which was
witnessed early this Fall. Further hesi-
tation during December and January is
inevitable because of the time factor in
Volved.
Currently, industrial planning is be-
ing held in allegiance, largely because
OF the Importance ascribed to the pros
pective legislation at the present short
session of Congress. Business policies
cannot be formulated until certain basic
political decisions are made. The exist
ing uncertainty, therefore, is likely to
extend at least through the early Win
ter months while Congress is debating
the legislative program. Thus. while
there has been a definite improvement
In business morale as a result of the
seasonal trade betterment achieved in
the early Fall, the basis for renewed
activity in most lines will not be in
sight before Spring.
Local Banks Declare Dividends.
At a regular meeting of the direc-
tors Of the Liberty National Bank, held
yesterday, the regular semi-annual divi-
dend of $3.50 per share was declared.
payable December 81 to stockholders OF
record December %.
- The board of directors of the Seventh
Street Savings Bank have declared the
semi-annual dividend of So per share
on the capital stock, payable December
81 to holders of record at the close OF
business December %.
The Pennsylvania Railroad reports
net income for the 10 months ended
October 81 as $1O,591 LOG, equal to 80
cents share on the capital stock. This
compares with S19,O63, 1917 or $1.45 a
share in the like 1881 period.
Thomas Nelson Perkins, a director in
the American Telephone & Telegraph
Co, has been elected director OF
Loew's. Inc, to take the place of Har-
ley L. Clarke.
Definite announcement that the
Glass bank bill will be taken up in the
Senate on January was one OF the
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