Evening star., 1939-12-06
Second National Bank
Plans Retirement
OF All Preferred
Board Will Present
Resolution at Annual
Meeting January 9
By EDWARD C. STONE.

BY EDWARD c. STONE.
Plans for complete retirement of
the outstanding preferred stock OF
the Second National Bank were
made today by its Board of Directors,
according to announcement by Pres
ident John A. Reilly.
The original issue Of preferred
stock amounted to $150,000 Since
1887 the bank has purchased for
retirement, from its own resources,
preferred stock having par value
of 100000. During the same period
the institution increased its surplus
account from 100000 to $350,0O0.
At the forthcoming annual meet
ing of the bank, on January 9, a
resolution will be presented to the
shareholders authorizing an amend
ment to the articles of association
enabling the bank to increase its
common capital stock from $450,0 900
to S50O000 The stock has par
value Of $50 per share.
The present stockholders will have
the privilege of subscribing, at par,
for one share of the new stock for
every nine shares owned by them.
The proceeds from the sale of the
new shares will be used to retire the
remaining preferred stock, amount
ing to $50,0O0 The sale of the new
shares has been fully underwritten
by the directors. thus assuring a
completion of the new financing
early in 1910, said Mr.. Reilly.
nf ho 6irpptNrC
recommend to the shareholders an
increase in the common capital
structure is in line with the policy
of the bank to keep proper ratio
of capital funds to deposits. Since
the authorization of the issuance
of preferred stock in 1884 the de-
posits of the bank have steadily in
creased. During the flve-year period
an increase of over So per cent has
been noted
At the meeting the directors also
voted a common stock dividend OF
$3.50 per share, payable January 2
to shareholders of record December
20. The bank increased its annual
dividend rate to per cent last June.
Peoples Drug Sales Jump.
Net sales of Peoples Drug Stores,
Inc, in November totaled $780,
24184 in comparison with $l,774,-
667.58 in November 1888, an increase
of S134,574.26, or 1853 per cent, it was
announced at the headquarters OF
the big chain system here today.
Net sales of Peoples Drug in the
first II months of the present year
amounted to $20,222 .24l,69 against
total of s19263 1854 16 in the like 1888
period. a gain so far in 1889 of
S958,887.53. or 497 per cent, the re-
port added.
The November showing was far
ahead of October, when sales to-
tailed $1,955,41072. but were only
about SIS 900 ahead of October, 1888.
Marr Scores Annuities Plan.
The proposal of Senator Robert F.
Wagner that the United States Gov
ernment sell annuities through post
Offices at cheaper rate than that
charged by private insurance COM
panies' is strongly opposed by Jo-
seph A. Mari president of the Dis
trict of Columbia Life Underwriters
Association.
Answering the reported statement
by Senator Wagner that life insur-
ance companies are interested only
in annuities of Sl00 per month and
more, and that the Government
would keep out of company competi-
ton by limiting the amount sold to
S10O per month, Mr.. Mari said
The average annuity payment of
life insurance companies last year
was far below s1OO per month. The
figures average approximately $349
annually per contract, or about S29
per month. This shows conclusively
that a great part of all individual
annuities in force in America are
well below $l00 per month
Bank Forum Makes Record.
Attendance at the first winter
forum of Washington Chapter,
American Institute of Banking, at
the Willard Hotel last evening made
a new all-time record for these
meetings. More than 200 bankers
we're present. Francis L. Robey,
president of Washington Chapter,
opened the meeting and asked Forum
Chairman R. L. johnson to preside.
AS noted elsewhere in today's Star,
William R. Castle, former Under
secretary of State. gave an interest
ing address on The War and We
the People" Questions, some very
difficult to answer. were propounded
by Charles H. Doing, Elmer l..
Kayser, Ord Preston, T. Stanley
Holland and William B. Willard.
Insurance Officers Lauded.
The Board of Directors of the
Mutual Fire Insurance Co. OF this
city, meeting Monday, extended spe-
cial congratulation to Charles Kat
telmann and William Reed Macgill.
Mr. Kattelmann, the president, COM
pleted 80 years service as director
on November 8. and Mr.. Macgill,
assistant secretary, on November 13
completed a service of 40 years with
the company. A gift was presented
to Mr.. Macgill in honor OF the oc-
casion.
The American Co., through
President John Poole. announces
that dividend checks were mailed to-
day to all preferred stockholders on
the basis OF $3.50 per share, like
amount having also been paid on
June 6. 1899. making total of s.
per share for the year. This COM
pany reports healthy increase in
its general real estate and insurance
business.
Lively Trading on Exchange.
Trading was lively on the Wash
ington Stock Exchange again today
with Capital Traction first IS once
more out front.
Two $1,000 and two $4,000 trans
fers were recorded at 81, unchanged
from other recent sales.
Washington Gas Light common
stock opened the market with 10
-