Evening star., 1941-08-28
Capital Transit Co.
Declares Dividend
OF 25Cents
Payment to Be Made
October ! to Holders
Of September IS
BY EDWARD C. STONE.

UCOdy, declared QlVlQenQ OF Zs
cents per share, amounting to $780,
600, on the 100000 shares of capita
stock of the company, it was an
nounceo by President Edward D
Merrill.
The dividend will be paid ON Oc-
tober l to stockholders of record al
the close of business September IS.
This is the same amount as was
declared and paid three months
ago, indicating that the stock is now
on a s1-a-year dividend basis.
Defense Loans Mount.
More than $1,300,000000 of COM
mitments for loans to manufacture
ers for financing the production OF
defense supplies was reported to the
American Bankers Association as
outstanding on June 80 by 1863 banks
in 142 cities. it was announced today
The 81 $1,300,000000 is an increase of
more than $500 100000 over the total
on March 81, last.
The survey revealed that rs per
cent of the 1910 commitments were
made without assignments of con-
tract and that assignments were re-
quired in only 25 per cent of the
defense loan transactions.
The 1863 banks reported 1913 loan
commitments for production of sup
plies and equipment totaling $685.
051,65 and 1904 for construction
work and plant facilities totaling
$513,236,6 ,642.
In addition, they reported 1858
other defense loan commitments for
working capital purposes totaling
$284,8O8,232.
District Tops Percentages.
The fifth Federal Reserve district
led all trade areas in the country
in department store sales percentage
gains in the first seven months of
this year with a gain of 20 per cent
over the like 1910 period, the month
ly survey by the Federal Reserve
Board reveals.
The closest competitors were the
Cleveland and st. Louis areas,
which enjoyed 10 per cent advances.
Next came Atlanta and Dallas dis
tricts, which registered II per cent
pickups, followed by Philadelphia
with a rise of 16 per cent over last
year.
Boston, Chicago and San Fran
cisco districts reported gains of Is
per cent. Kansas City reserve dis
trict reported a IA per cent improve
ment, New York 13 per cent and
Minneapolis per cent over the
same months in 1910. The upturn
for the u districts averaged 16 per
cent.
In the city comparisons, Norfolk,
Va, headed the list with a Al per
cent gain. Springfield, Mo, was up
al per cent; Vallejo-Napa, Calf.
43 per cent; San Diego 81 per cent,
Tacoma 36 and Louisville 35 per
cent.
Bank Adopts .y" Emblem.
Officers pf 1he Hamilton National
Bank have adopted novel idea in
connection with the present national
defense drive. The bank is plac-
ing 4 big victory "V' on all cor
respondence sent through the mails
This includes $4,000 or 1900 state
ments sent out each month.
The letter v is more than an
inch tall and is placed on each en-
velope so that the address is written
directly over it. The V Is printed
in brown ink and stands out so
prominently that every patron OF
the bank will be sure to see it. The
v is expected to carry a patriotic
message on the banks correspond
ence which would be difficult to eX-
press in any other way.
Freeman With Merrill Lynch.
William V. Freeman, who has been
associated with w. w Mackall &
Co., has become connected with the
investment department of Merrill
Lynch, Pierce, Fenner & Beane, S.
Harold Williams, assistant manager
of the Washington office, announced
today.
Mr.. Freeman, who is the son OF
Bishop James E. Freeman of the
Episcopal Church, has been active
in the financial district for many
years. having been with several diff
ferent New York Stock Exchange
firms.
In his new position he will be
closely associated with Chester L.
Brown, who recently came here from
New York, where he was head OF a
municipal bond firm.
Rights Expire Tomorrow.
Rights to subscribe to the new
American Telephone 3 per cent de-
bentures expire tomorrow, August %.
Up until the past few sessions, a
large number of these rights have
been bought and sold on the Wash
ington Stock Exchange. Brokers
say that many institutions shave
been buying the rights in order tc
obtain the debentures. Individual
investors have also been much in
terested.
Holders of only few shares OF
American Telephone stock have beer
disposing of their rights at the
market. Many have been sold or
the New York Exchange. a new high
Of 1872 being reached yesterday
Today's Trading on Exchange.
Capital Traction IS sold at los u
on the Washington Stock Exchange
today, up half a point, on $500
turnover.
Capital Transit stock sold at Is y
off Is from several other recent
sales. Mergenthaler Linotype came
out on a 25-share sale at 23A, of
fractionally.
The market closed with small
sale of Potomac Electric Power 81.
per cent preferred at ll6, unchanged
Heard in Financial District.
Mariner S. Eccles, governor o
the Federal Reserve System, ha
arrived in Salt Lake City, Utah, fo
q vacation of several weeks.
Richard H. Stout, president of tn,
Morris Plan Bankers Association
announced here today that Josepl
E. Birnie, president of the Morri
Plan Bank of Georgia, will be gen
eral chairman of the 22d annua
convention at Sea Island, Ga
November as