Evening star., 1940-08-22
Lincoln Service Corp.
Declares Regular
Dividends
Payments on Preferred
And Common Shares
Due September II
By EDWARD C. STONE.

IL per cent on the per cent
cumulative participating preferred
stock and 1sl per cent on the per
cent cumulative prior preferred
stock, it was announced in the
financial district today.
The directors also declared the
regular quarterly dividend of Is
cents per share on the common
stock of the corporation.
The three dividends are payable
September II to stockholders OF rec
ord as of August 81, according to
Vice President Francis j. Crilley.
Exchange Trading Very Slow.
Trading on the Washington Stock
Exchange in August has been fol-
lowing the pattern set by the New
York Stock Exchange and has been
painfully dull, although prices of
both stocks and bonds have held
firm. Like market followers in New
York, Washington investors are
awaiting a clearer picture OF the
war situation before making any
particular efforts to buy securities.
Favorable home business indices
are being watched closely, but the
war news is commanding by far
the greater amount of attention,
stock exchange officials say. There
has been hardly a change in bond
prices this month, although Mon
DAYS sale in Georgetown Gas 5s, at
122, was at the highest mark. this
year.
Sales in public utility stocks so
far this month have registered no
important changes. Bank stock
quotations are practically the same
as in July. the same being true OF
the miscellaneous list. Tuesdays
sale of 100 shares of Mergenthaler
Linotype at IA. was fractionally
higher than the stock has sold in
some time. The modest rise may
have been due to the Government
award to the company of a 1921 1888
contract for the manufacture of
artillery material parts.
Prices of unlisted securities, sold
over the counter, have also dis
played little August activity, with
few changes in the bid or asked
prices, a survey reveals.
Insurance Firms Held Sound.
Leaders in the fire insurance buSl-
ness in Washington are expressing
wide satisfaction in the findings of
the Committee on Insurance of the
National Association of Mutual Saw
ings Banks which has been inves-
tigating the status of foreign fire
insurance companies operating in
the United States, especially British
concerns.
The chairman of the special COM
mitee. Robert V. McGraW, reports
that regulations under which for
eign companies are permitted to
operate in this country provide ade-
quate safeguards for the protection
of American policyholders, the laws
of New York being particularly
stringent with respect to such safe
guards, and such laws are repre-
sentative of other States with re-
gard to the protection required"
He adds:
"a recent examination of the
statements of the United States
branches of foreign companies re-
veals that surplus funds are large
in proportion to the volume Of busi-
ness transacted, and apparently ade-
quate for the payment of losses
which reasonably might be assumed
would develop.
Bond Issue Due Tomorrow.
Bond dealers in Washington are
much interested in the first new
rail issue to appear in consider
able time which will come onto the
market tomorrow when an offering
of S22, 100000 Carolina, Clinchfleld
g. Ohio R. R. first mortgage As will
be made to the public. The bonds
will be due in 1865.
Proceeds are to be used in re-
tiring S8,00O,O00 consolidated IS,
due in 1852, and a S14 10000 prom
issory note due 1943 and carrying 3
per cent interest. The move will
give the road a substantial cut in
fixed charges. The prosperous is
leased jointly by the Louisville &
Nashville and Atlantic Coast Line
Railroads.
Approval of the financing was OBJ
tanned from the Interstate Com
merce Commission This made it
possible to place the bonds on the
market at once and avoided the 21-
day delay connected with issue
seeking approval of the Securities
and Exchange Commission. Wash
ington investment dealers said to-
day they had already received many
inquiries about the new bonds.
Net income of the Norfolk g.
Western Railway in July is be-
lieved to have shown little change
from that of S2,69O,334 reported in
the like 1889 month and equal to
$1.86 per share upon the common
stock.
Directors of the Capital Transit
Co. held the August meeting at
company headquarters today and
attended to the usual routine mat
ters
Heard in Financial District.
Bruce Baird, president of the Ma
tional Savings & Trust Co., will
leave here tomorrow for a short trip
. to San Francico. The feature of the
trip will be his first look at his new
grandson.
Charles w. Galloway, one of the
vice presidents of the Baltimore &
Ohio r. r., will complete 81 years
of service with the company tomor-
row. He started as messenger
boy and has spent his entire busi-
ness life with the railroad
H. F. Moody. Washington zone
manager for sales of Pontiac cars,
is attending the annual three-day
convention of managers now being
held in Detroit. All dealers in this
territory will have a meeting at the
Mayf1oWer Hotel here on Septem-
Der 6.
TOday's Trading on Exchange.