Evening star., 1939-06-16
Washington Banks
Vote Many Midyear
Dividend Payments
Two Extros Included
In Action Taken
In Past Few Doys
BY EDWARD C. STONE.


Dividend declarations have been
the order of the day in many
Washington banks in the past few
days. Directors of five banks have
voted dividend payments during the
present week.
Second National directors took the
first action of the kind for the week
when they raised the dividend on
common stock from to S per cent
and voted the payment of $1.50 per
share dividend at this time.
The Union Trust Co. followed with
the declaration of per cent pay
ment, which put the banks stock
back on 6 per cent basis.
The Hamilton National directors
declared a 2l2 per cent dividend.
which means the early payment of
80 cents per share to stockholders.
The Bank of Commerce & Savings
voted a 2l2 per cent regular and 212
per cent special, making S. payment
due in few days.
The East Washington Savings
Bank trustees declared the regular
semi annual dividend of per cent
and a l per cent extra on the out
standing stock.
Other payments are coming short
ly as some of the national banks
vcted their dividends for this quar-
ter some weeks ago.
The list will be further extended,
the announcements making fine
reading at time when the demand
for bank loans is far from satisfac-
tory, and it is not easy to pile up
profits.
New Offering Quickly Sold.
A group headed by Sears Corp of
Boston and Johnston, Lemon & Co.
of Washington offered late yester-
day $4,000 shares Cosmocolor Corp.
capital stock at S475 per share. The
offering was heavily over-subscribed
and the subscription books were
closed Immediately.
The company owns basic patents
covering a process for making col
ored motion pictures. The first
feature picture using the Cosmocolor
process has recently been completed
on the West Coast and is expected
to be released shortly.
Latest Dividends Voted.
Directors of the Security Storage
Co. yesterday declared dividend
of Sl25 per share on the outstanding
stock, payable on July 10 to share
holders of record at the close of busl-
ness July 5, it was announced at the
Fifteenth street Office today.
The Board of Directors of the
Seaboard Finance Corp. today de-
clared the regular quarterly divi-
dend of so cents per share on the
corporations preferred stock, pay
able, June 80 to stockholders of rec
ord June 10. The headquarters of
Seaboard Finance Corp are located
in the Southern Building here.
Twenty Years in Finance.
Charles Carroll Morgan. associate
manager of the Washington ONCE
of Laidlaw & Co., rounded out 20
years in the financial district yes
terday. He started at the bottom
of the ladder on June Is, 1919, as a
boardboy for the exchange firm of
Morehead g. Elmore.
He spent all his spare time in the
closest possible study of finance and
June. 1921, joined John L. Edwards
e. Co. as manager of the bond de-
partment. When Grayson M. P
Murphy e. Co. absorbed the Ed
wards business Mr. Morgan became
manager of the investment depart
ment and later became associate
manager of the Washington Office
His connection with this firm lasted
for IL years and was terminated
when the concern withdrew from
the financial district. At that time,
April, 1888, he went with Laidlaw
e. Co.
One of the greatest changes dur
ing the past two decades in the
financial district has been the tre-
mendous increase in Government
occupancy of Office building space,
he said today.
Three Reasons for Cheer.
Col. Leonard P. Ayres, Cleveland
banker and economist, whose re-
views are closely read by Washing
ton bankers. said today that busi-
ness sentiment has become distinctly
more cheerful in recent weeks than
it was in the earlier months of this
year. There appear to be three
principal reasons for the more op-
timistic attitude, and the chief of
these is that there has gradually
developed a considerable degree of
confidence that war can be avoided
for the present and the near future.
The other two reasons are that the
troubles in the coal fields have been
settled and production resumed, and
that there has recently been a not
inconsiderable advance in stock
prices.
Heard in Financial District.
Josha Evans. vice president of the
Hamilton National Bank, is plan
ming a vacation trip to South
America
Bernard J. Nees, of Johnston,
Lemon & Co., as a delegate of the
Washington Junior Board of Com
merce, will attend the annual con-
vention of the United States Junior
Chamber of Commerce, in Tulsa,
Okla, next week. He is a director
IN the local organization.
Frederick P. H. Siddons, secre-
tary of the American Security &
Trust Co., has gone to Haven, Me-,
to pass his vacation The Siddons
family has had a summer home
there for many years.
Robert NJ Hanes, first vice presi-
dent of the American Bankers
Association, is in the city, being one
of the leading ersbankers testifying
of the leading bankers testifying in
opposition to the Mead bill which
would insure business loans. Other
A. B, A. officers, and James H. Per-
kins, chairman OF the Borad of Ma
tional City Bank, were among those
testified against the bill yesterday.
All declared the bill would imperil
sound business enterprises.
Todov,e Tro d;ur Evohon~.