Evening star., 1938-12-15
Bank of Commerce
Orders Dividends
And Bonus
Holders to Get Special
Payment in Addition
To Usual Amount
BY EDWARD C. STONE.

Directors of the Bank of Com
merce & Savings at their meeting
late yesterday declared the regular
quarterly dividend of $3.50 per share
on the capital stock of the bank
payable January 3 to stockholders
of record December TO-
At the same time special divi-
dend on the stock in the amount
of 50 share was also declared
payable January 3 to stockholders
of record December 20.
The dividend action taken places
the stock of the bank on an annual
basis of $l3 share and is 81 more
than that declared in ar previous
year.
AS additional compensation to the
entire operating staff a Christmas
bonus equal to per cent of the
annual salaries of those employees
who have been in the service of
the bank for period in excess of
six months and IL per cent of the
annual compensation of employees
who have been with the bank less
than six months. was authorized.
This payment will be made imme-
diately.
In commenting on the directors
action the officers of the bank re-
port an unusually satisfactory year.
Loan Officers Are Reelected.
Four members of the Board of
Directors of the Columbia Perma-
nent Building Observation-Disclosures
c. Hazen, L. Perry West, c. Clinton
James and John Saul-were re-
elected for three-year terms at the
annual meeting of the organization
held last night.
At the same meeting all officers
we're renamed for the coming year,
the roster comprising Melvin C.
Hazen, president; William P. Rich
ards, vice president; Floyd E. Davis,
treasurer; Fred A. Smith, secretary;
G. Clinton James, attorney, and
Evelyn E. Smith, assistant secretary.
The full Board of Directors in
cludes the five officers and Alfred
H. Taylor, Howard R. Norton, James
A. Soper, Walter G.. Davis, Ernest
M. Colvin, L. Perry West and John
Saul. Columbia Permanent, estab-
Gshed in 1908, reports total re-
sources in excess of $1,775,0 and
has four directors who have served
continuously since organization.
They are Commissioner Hazen, C.
Clinton James, Floyd E. Davis and
Walter G. Davis.
Laidlaw Restores Salaries.
G. Bowie Chapman, manager of
the Washington Office of Laidlaw &
Co., New York Stock Exchange firm,
announced today that salaries of
all employees, which were cut last
July when the brokerage business
was at such a low ebb, have just
been restored in full. Members of
the firm felt that this restoration
of salaries would be preferable to
any other Christmas bonus that
could be distributed. The action
was made possible by the steady
upward trend in the securities busi-
ness during the last half of this
year, Mr.. Chapman said.
There was an air of optimism in
ell the brokerage houses in Wash
ington this morning on account of
market, which was followed by
strong opening today. Many brokers
have felt for some time that the
market was getting pretty well sold
out and was due for some sort of
an advance. How long the rally
would last nobody attempted to
predict.
Building Permit Rise Shown.
Details from the Dun & Brad
street report on November building
permits show that permits in the
South Atlantic States totaled ST.
9O7 781 against $6,752,857 in Novem-
ber, 1887, or an increase of Ill
per cent.
The total value of building permits
issued in the first IL months of this
year in the South Atlantic States
was placed at $96,570,535 compared
with Sl04, ,459, a drop of per
cent. Recent gains, however, indi-
cate that the full year total will be
pretty close to last year. The total
for the whole country is already As
per cent ahead of last year.
The report covering 20 leading
cities for the first II months of 1888
diScloSes the value of permits in
Washington as $26 ,456,170 in COM
parison with $50 ,228,O4O, off l25 per
cent. In this list Baltimore reported
a gain of 3.5 per cent in the same
period.
The largest gain among the 20
cites was in Yonkers, N. Y, where
permit value totals we're up 95 per
cent, the majority of other cities
also reporting substantial improve
ment.
Bank Debts Best Since June.
Although November saw the usual
seasonal decrease of 6 per cent in
bank debts for the United States
as whole, debts to individual ac-
counts reported by the banks of
Washington for November were 2
per cent above the October total and
the highest since last June
The Standard Statistics Co. index
of Washington bank debts for No.
vember is computed at 146 (average
Of 1920-1924 equals 1000, against 143
for October
Today's Trading on Exchange.
Georgetown Gas Light SIS figured
IN four 81 900 transfers on the WASH
ington Stock Exchange at 118.
Washington Railway & Electric Is
were also strong today, registering
107.
Capital Transit again came out at
8 on two-share sales, Washington
Railway & Electric preferred stock
moved at 1l5A and Mergenthaler
Linotype changed hands at 2214.
Heard in Financial District.
President Philip A. Benson of the
American Bankers Association, an
nounces that the usual spring con-
ference in New York will take place
March $40, the theme to be Meet
ing the Public Needs in Banking
Many Washington bankers always