Evening star., 1941-05-22
Capital Transit Co.
Orders Dividend
OF 25Cents
Declaration Maintains
Payments on SID
Ieur Busis
BY EDWARD c. STONE.


share, amounting to 100000, on the
2400O0 shares of capital stock of
the company, payable July l to
stockholders of record at the close of
business on June l6.
The announcement made follow
ing the meeting is of wide interest
as there are very large number of
Capital Transit shareholders in
Washington.
The statement is of more than
ordinary significance as it indicates
that Transit stock has been placed
on a 81 a year basis, to be paid in
quarterly 25-cent dividends. Of
ficials. however, had nothing to say
on this point.
Last year the Transit company
paid 81 dividend in the form of one
25-cent disbursement and one IS
cent dividend. AS the company al
ready has paid one 25-cent dividend
this year. today's action gives strong
indication that the stock is now a
permanent 25-Cent quarterly basis.
DepOSitOTS SdlI SHcthS.
Hundreds of depoSitors in the for
mer Franklin National Bank, now
in receivership, have called at the
Office of the Franklin Liquidating
Trust during the past two days and
received the final payment in full
of the funds which they had on
deposit at the time the bank closed
in 1888. The payments are being
made at 945 Pennsylvania avenue
NV, room %, second floor.
Payment of the final dividend be-
gan yesterday, with over 100000
TO be distributed to the 1900 de-
positors. Six people were kept con-
stantly employed all day handing
out checks of all sizes, from a few
cents to several thousand dollars.
The rush to obtain the money was
resumed again this morning. 1t will
take a month or longer to deliver
the checks, but the big demand for
the money always comes during the
first few days after a dividend is
announced.
Receiver Samuel M. Thrift was
shoWered with congratulations on
the final 100 per cent payment. In
fact, some patrons were so pleased
with the outcome that they sent
flowers. At the time the bank
closed many patrons said they ex-
pected to get back only small per-
centage of their money. The full
return of the deposits, with the
promise of some interest later, has
proved most gratifying, judging by
conversation overhead at the Office
today.
Little time is required in obtain
ing the checks. The certificate of
deposit Is presented, the check is
taken from great number of other
checks and the name looked up in
a book where the payment is re-
corded. The check is then turned
over to the owner. Warning not to
destroy the certificate is also given
the patron, as this will be needed
later in the collection of interest on
each account.
Among the 5000 uncalled-for
checks in connection with previous
payments, some are for substantial
amounts, Mr.. Thrift said. These
patrons have never taken the
trouble to call for any of their
money. While they may not need
the funds at present, it should be
called for before the receiversnip
is finally wound up.
Two Concerns Vote Dividends.
Directors of the Lincoln Service
Corp. have declared the regular
quarterly dividend of IL per cent
on the 6 per cent participating pre-
ferred stock of the company, Treas
urer Oscar C. Mitchell announced
today.
The directors also declared the
regular quarterly dividend of 1a4
per cent on the 7 per cent cumula-
tive prior preferred stock, and the
regular quarterly dividend of 25
cents per share on the common
stock, all payable June IL to stock
holders of record May 81.
The Board of Directors of the
American Co., real estate firm, has
declared the regular semiannual
dividend of $3.50 per share on the
preferred stock, payable June to
stockholders of record May 81,
President S. Percy Thompson an
nounced today. Mr.. Thompson also
reported a very substantial increase
in earnings in the first four months
Of this year.
Virginia Bankers Convene.
Many bank officers from banking
Institutions surrounding Washing
ton were in Richmond today to at
tend the 48th annual convention of
the Virginia Bankers Association.
Miss Eva Kicker, chairman of
the Safe Deposit Section of the
District Bankers Association, who is
connected with the Farmers & Me-
chanics Branch of the Riggs Ma
tional Bank, is attending the annual
convention Of the National Safe De-
posit Association at Buffalo. John
Clephane of the National Savings &
Trust Co. also is attending the ses-
eions.
Chaplin B. Bauman, president of
the oriental Building Association,
was being congratulated today on
his 50th birthday anniversary. He
became president of the building
association following the death of
his father, Charles H. Bauman, on
June 2, 1888. He is active in the
District Bar Association and the
District Building and Loan League.
Gas Issues i'm Demand.
Washington Gas Light preferred
stock figured in 40-share sale on
the Washington Stock Exchange to-
day at 103A. Later 10 more shares
moved 1037s. The common stock
also appeared in the trading, 81, Is
and share lots changing hands at
2012, up "a.
Washington bankers held another
conference yesterday on the pro-
posed change in Government pay
days now being considered by Con-
gress. The financiers are awaiting
further developments, but are op-
posed to any change that would
bring about four late days a month,