Evening star., 1939-06-15

~ WI rleilleI,
second vice pres II. H. Mckee.
tdent, and S. Wilson Earnshaw Sec
retary and treasurer
A regular semi i-annual dividend
OF 3 per cent on the outstanding
stock and an extra dividend of l
per cent were declared at the same
meeting.
Both dividends are payable to the
stockholders on June 30, the books
being closed from June 20 to June
80. it was announced today at the
bank.
Regular and Extra Declared.
Directors of the Bank of Com
merce g. Savings have declared the
regular quarterly dividend of $3.50
per share due at this time and also
a special dividend of $3.50 share,
Thomas j. Groom, executive vice
president, announced today Both
2l2 per cent dividends will be paid
on June 80 to shareholders of record
June 20.
The dividends, voted at yester-
days meeting, bring total dividend
payments in the last year to S14.50
per share. Of this amount $3.50
was paid last October, 81 so in Janu-
ary, $3.50 in April with the S. pay
ment coming later this month.
A glance at the records shows that
the bank has an unusual dividend
iS
the 61st regular dividend, also the
eighth special. The first dividend
was declared in 1912 and there have
been no dividend COMMISSIONS since
that time.
The directors also voted to trans
fer $4,000 from undivided profits to
surplus, Mr.. Groom announced.
stock is listed on the Washington
Stock Exchange, there are very few
sales in it, none being recorded on
the exchange in considerably more
than year. The bid on the ex-
change today stands at 263, while
the book value figures at 4l0.
Hamilton Votes Dividend.
Directors of the Hamilton Ma
tional Bank have declared a divl-
dend of 212 per cent, or so cents
per share, on the outstanding stock,
it was announced today by Vice
President w. j. Waller. The divi-
dend will be paid on August l to
shareholders of record July %. The
directors also voted to transfer
$25, 900 from undivided profits to
surplus, making the banks surplus
now stand at S725,000
District of Columbia Chapter,
Chartered Life Underwriters, held
their monthly supper meeting at
the Cosmos Club last night. The
speaker was DR.. Winfred Over
holser, superintendent of ST. Eliza
beth's Hospital and psychiatrist
of national prominence. DR.. Over
holser made some very interesting
comments with regard to longevity,
underwriting possibilities and the
g. social security problem.
Tax Action Pleases Bankers.
Washington bankers are much
pleased over the report of the Sen
ate's action in passing the bill pro-
viding for the exemption from the
Federal Deposit Insurance Corp. as
sessment of deposits of one bank
placed in another where the first
bank has already paid such assess
ments. 1t is now expected that the
House will also pass the bill.
While only a few Washington
banks carry interbank deposits, the
double assessment in a good many
instances has caused general disap-
proval 1t is figured unoficially
that the banks will save about
$6,O0O,000 year in interbank de-
, posit levies, while the Federal De-
post Insurance Corp. will be out
that amount. The F. D. I. c. has
been assessing 1/12 of l per cent
annually on these deposits.
Mead Bill Is Attacked.
The Federal Advisory Council
through three of its representatives
appeared before the Senate Bank
Ing Subcommittee Tuesday to op-
pose the Mead insured loan bill.
Edward Eagle Brown, president
OF the First National Bank of Chi
cago: Howard A. Loeb, chairman of
the Tradesmen's National Bank e.
Trust Co., Philadelphia, and Walter
E. Smith, president OF the First Ma
tional Bank in St. Louis, opposed
legislation such as is embodied in
Senator Meads S. E. C.-inspired
program.
The Chicago banker especially
emphasized that loans made in
discriminatory without proper in
vestigation and insurance of repay
ment were unfair to sound busi-
ness enterprises"
Today's Trading on Exchange.
Mergenthaler Linotype led trad
Ing OIL me Washington Stock Ex-
change today, opening with 10 shares
selling at 20, followed by 80 more
moving at the same price. The 100
shares changed hands at the same
price as the last previous sale.
There was 5O-share sale of Capt.
tai Transit stock at 1512, around re-
cent levels
The market closed with six shares
Of Potomac Electric Power per cent
preferred selling at 1854.
Resident Appraisers Meet.
The last meeting of Washington
Chapter, Society of Resident Ap-
praisers, until fall, was held in the
Offices of the Federal Home Loan
Bank Board, with Wilfred H. Blanz
of the American Building Associa-
ton presiding. The affair was at
tended by appraisers from the Dis
trict and nearby Virginia and Mary
land.
Ayers ]. Du Bois, chief valuation
chief of the Underwriters Division,
F. H. A., spoke on the pitfalls of
residential appraisals.
Clarence E. Kefauver, secretary