Evening star., 1940-11-22
Regular Dividends Declared.


Directors of Woodward & Lo-
throp have declared the regular
quarterly dividend of so cents per
share on the common stock, pay
able December 27 to stockholders
OF record December II, it was an
nounced today. The regular quar-
terly dividend of S1.75 per share
also was voted on the preferred
stock, the payment date also beirg
December 27 to shareholders of rec
ord December a
On the Washington Stock EX-
change today 10 shares Of Lincoln
Service Corp. common stock sold at
1512, and $500 transfer in Capt.
tai Traction SIS took place at 1049s.
Mergenthaler Linotype sold on
the Boston Stock Exchange Wednes-
day at 1915 and closed at a.
New Christmas Club Plan.
Most of the banks in Washington
will make some changes in their
plans for operating the 1941 Christ
mas Savings Clubs, it was learned
today. These banks will adopt
plan for club payments every two
weeks and do away entirely with the
old system of taking payments every
week
The new plan, which will bring
payments on Government paydays
when most patrons go to their banks
anyway. will reduce bookkeeping
costs about one-half. In connec-
tion with some 10000 aggregate ac-
counts, this is no small item.
The 1941 clubs will open on De-
cember 2 The popularity of these
clubs makes the success of the 1941
memberships, as we'll as the amounts
subscribed, already assured.
Bank Loans on Increase.
Reviewing bank credit, the Fed
eral Reserve Board states that total
loans and investments in leading
cities in the country have increased
substantially since the end of Sep
tember. Commercial loans showed
sizable increases outside as well as
in New York.
Washington bankers say they
Shared in the gains. Real estate
loans have figured prominently in
the recent loan expansion in the
Capital. Both Title I and Title II
loans have been in good demand.
Although large loans are yet to
be reported, the same banks here
are actively seeking loans in con-
nection with the Governments de-
fenSe program, in which Govern
ment contracts will be turned over
to the banks as collateral. Action
of the Federal Reserve Bank of
Richmond in helping to expedite
such loans is looked upon as i'm
portant.
Stevens to Address Bankers.
Dr. William H. S. Stevens, assist
ant director of the Bureau of Sta
tistics, Interstate Commerce Com
mission, will be the principal speak
er at the meeting of the fiduciaries
section, District of Columbia Bank
ers Association, at the Raleigh Ho-
tel on December 8, according to
announcement by Henry K. Dier-
koph, chairman of the section. DR..
Stevens will discuss Railroad Re-
organization and the outlook for
Railroad Securities
DR.. Stevens holds the degree of
A. B. from Colby College, A. M
from George Washington Univer-
sity and Phi. D. from the Univer-
sity of Pennsylvania. He is pro-
fessor of corporation finance at
Johns Hopkins University. and
American University and formerly
taught at Tulane. Columbia and
Maryland Universities. He is the
author Of numerous articles on cor
porate finance, marketing, unfair
competition and combinations and
trusts.
$780, 900 Bond Sale Planned.
A plan, indorsed by the trustees
Of Associated Gas & Electric Corp,
for refunding obligations of one of
that systems major operating prop
critics by private sale of $50, 6,500,000
of bonds and notes has been sub
rnitted to the Securities and Ex-
change Commission for consider
alton.
The proposal provides for sale by
Virginia Public Service Co. of $28,-
000000 of 324 per cent first mort
gage bonds, due 1870, and of $780,
600 of 3 per cent and per cent
notes, maturing serially within from
two and one-half to Is years.
Proceeds from sale of these Sc
curities to five insurance companies
and bank would be used to redeem
$35 ,981 500 of per cent, 5 per cent,
5Is per cent and per cent bonds,
notes and debentures and to pay
about $3.50 in premiums on some
of these obligations.
Heard in Financial District.
The Peoples Bank of Mount Jack
son, at Mount jackson, Va, is the
latest Old Dominion bank to join
the Federal Reserve System, Presi-
dent Hugh Leach of the Reserve
Bank of Richmond reported today.