Evening star., 1934-01-09
RIGGS BANK VOTES
{ DIVIDEND OF $2
further Quarterly Payment
Also Ordered April 16
by Directors.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Following the regular monthly meet
ing of the board of directors OF the
Riggs National Bank, held yesterday
afternoon, Robert v. Fleming, presi-
dent, stated that the board had de-
cleared a quarterly dividend of 81 per
share, payable January Is, to stock
holders of record December 80, and a
further quarterly dividend of So per
share, payable April 16, to stockholders
of record March 81.
The board of director of the Terminal
Refrigerating g. Warehousing Corpora
ton declared the regular Semi-annual
dividend of $1.50 per share cn the total
outstanding stock at their meeting. The
dividend is payable January 10 to stock
holders of record on January 8.
Few Changes on Bank Boards.
The annual meetings of the national
banks in Washington, as well as those
of several savings banks and trust
companies, resulted in very few
changes in directors. In fact, the few
est in many years.
Only two or three additions were
reported. Most of the banks reelected
their boards without any changes what
ever except in cases where deaths had
occurred during the year
1t was the first annual meeting Tor
the new Hamilton National Bank, the
same board being retained as was
formed in connection with completion
OF the merger and the opening of the
new institution. Riggs National elected
William Mcclellan, president OF the
Potomac Electric Power Co., to the
board of directors.
At the organization meeting of the
Security Savings g. Commercial Bank
r. Hunton Leith, who has been as
sistant cashier for several years, was
also elected secretary of the corpora
ton. All the other officers were re-
elected.
Most of the other bank boards will
Organize at their next regular meetings.
Glass railroads in the Southern dis
trict for the first II months of 1888 had
q net railway operating income OF $685.
O62,459, which was at the annual rate
of return of l.76 per cent on their
property investment. For the same Pc
riod in 1882 their net railway operat-
ing income amounted to Sl9,925, $50,
which was at the annual rate OF return
of sc per cent on their property m
Yestment Gross operating revenues CT
the class l railroads in the Southern
district for the first II months OF 1888
amounted to S356,510,9l3, an increase
of % per cent over the same period IN
1882, while operating expenses totaled
S267, ,671 ,053, decrease of IA per cent.
Glass | railroads in the Southern
district for the m9nth OF November had
a net railway operating income OF S4,-
13l. .32O. compared with $3,194,433 in
November, 1882.
Thanks Returned to N. r. A.
Big business seems to be doing less
headshaking over the effects of N. R.
A 1t will be recalled that some indus
tries, says the Magazine of Wall Street,
regarded the codes with misgiving, If
not violent distaste Not few captains
of industry publicly pleaded for help
and privately predicted disaster.
Business did decline after July, but
that was because it had previously
moved ahead too rapidly and not be-
cause of N. r. A. for N. R. A. is still
with us and business in the last three
weeks has cheerfully resumed the for
ward march. Only l43 permanent codes
have been approved, out of 382 upon
which hearings have been completed
and 1900 which have been filed with
the administration.
These 143 codes, however, are esti-
mated by Robert L. Lund, president OF
the National Association of Manufac-
turers, to include more than so per cent
OF all American business and industry
coming under the purview OF the recov-
cry administration. Mr.. Lund says that
N. R. A. operations of three of the
country's largest industries-textiles,
Lumber and Steel-haVe been definitely
favorable" Approval from this source
Is approval, indeed. The magazine
concludes.
All except Ill of the 1,439 national
lowing the March holiday have resumed,
or are in position to resume. business,
it was announced by J. F. T. OConner,
Controller of the Currency.
The Ill, Mr.. O'Connor said. were in
stitutions whose reorganization plans
had been disapproved by Washington,
and he pointed out that many of these
might yet get license to reopen by
satisfactory alteration of their plans.
At the start of the new year there
were 448 unlicensed national banks in
the country. Mr.. O'Connor reported. and
all of their situations had been reviewed
and acted upon. OF this number the
reorganization plans of 337 have re-
Ceived Federal approval and these insti-
tutions will get their licenses as soon as
provisions of the individual approvals
are carried out.
/. B. A. Cuts Membership Costs
In a desire to expand its member
ship while recognizing the financial ef-
fects of the depression on bond dealers,
the Investment Bankers Association of
America has waived the payment of the
initiation fee of $500 with respect to
new members elected up to the close
of the fiscal year ending August 81
1884, and will accept new members
upon payment of 500 dues covering the
balance of the fiscal year.
To modify further the yearly eX-
pense of dues. which were reduced a
couple of years ago to $3.50 from $3.50 a
year. the governors propose the creation
of three clasSifications requiring dues
of 5000, $3.50 and slO0, respectively
The first group would consist of the
large issuing houses, the second would
embrace less active underwriting firms
and houses participating in new mu-
nicipal issues and the third would COM
prise all other members of the associ-
alton
Today's Trading on Exchange.
Bonds we're far the most popular is
sues on the Washington Stock EX-
change today. Washington Gas Light
SIS and Washington Railway & Electric
Is we're favored. The only stock sale
was in Capital Traction which changed
hands at IS. higher than other recent
transfers.