Evening star., 1942-01-13
Riggs Board Votes
To Retire $150,000
OF Preferred
$25o,ooo Transferred
To Surplus Account
Of Capital Bonk
By EDWARD c. STONE.


900, or 1900 shares of the bank
preferred stock on March 2, 1912
President Robert v. Fleming an
nounced today. In addition. th'
sum of $3.50, 900 has been transferred
from profit and loss to surplus &C
count, thereby placing surplus a
$3.500.0O0
With respect to dividends, Mr.
Fleming stated that for number
of years the bank had paid quar-
terly dividends on its common stocl
of So per share. with an extra dlvl'
dend of 50 per share paid each Jan
uary, or total of $1,000 per share
per annum.
The Board of Directors felt thai
shareholders might prefer to have
these dividends placed on a basl:
of $3.50 per share per quarter, ana
therefore, in addition to the dlVl'
dend on preferred shares, declared
PAYABLE February l. common dlvl-
dends of $3.50 per share were de-
clared PAYABLE January Is. 1912, tc
shareholders of record January II
and $3.50 per share, payable April
Is. to shareholders of record March
81. 1912.
In making this change in regard
to dividends, Mr.. Fleming stated
that in view of the fact an extra
dividend had been paid each jan
uarv for several years. in addition
to the regular dividend. the boaro
realized shareholders might reason
ably anticipate receipt of an extra
dividend at this time. Therefore, a
special cash dividend of So per share
was declared payable January To-
1912, to shareholders OF record jan
uary -, 1912.
Trust Program Announced.
washington bankers are planning
to attend the 23d MldWlnter lruSl
Conference of the American Bank
ers' Association at the Waldorf
Astoria. New York, February 80 IL
was learned today
According to R. G. Stockton OF
Winston Salem, president OF the
trust division of the A. b. A, 1he
conference will have a dual theme
all possible wartime aid to the Gov
eminent and improving OF trust de-
partment service to patrons.
Among the speakers will be Wal
Ter Armstrong, president OF tne
American Bar Association: h. w.
Koeneke, president OF the A. b. a.,
Paul F. Cadman, economist OF the
A B. A.: Judge A. M. Doble, New
York: c. Allison Scully and Mayo
A Shattuck, investment Dealers
Frederick A. Carroll. trust ofhcer'
National ShaWmut Bank, Boston,
and Montfort Jones. University OF
Pennsylvania.
The final session will be devoted
to economic questions affecting trust
business. Investments are also due
for special attention.
Electricity Output Expands.
The Potomac Electric Power Co.
reported today that sales OF elec-
tricity in the District of Columbia
in December amounted to So
2O2. .7O8 kilowatt hours, as compared
with 74.853,775 kilowatt hours IN
December a year ago. This was
sharp gain of 1034o 933 klloWatt
hours over December, 1910, or 1888
per cent.
Railroads and railways in the
District used 1852 per cent more
electricity in the month just ended
than a year ago. Public street ana
highway lighting was cut down by
SAT per cent. Other sales, however,
reached 72.495, $3.50 kilowatt hours, an
increase of more than IA per cent.
Electricity sales in the Capital
In November totaled S3047,094 kllo-
watt hours. a gain OF 14.76 per cent
over November, 1910,
Stockholders Buy War Bonds.
Stockholders of the Prince
Georges Building Association. Up
per Marlboro. Md. have applied Tor
United States Defense bonds in the
amount of s1,7OO. this institution
lust having qualified for handling
these bonds. President T. Van
Clagett announced today. The
stockholders, at the annual meeting,
elected these directors for the COM
ing year:
w. Carroll Beatty r Van Clagett,
T. Van Clagett, jr., William T. Davis.
Adrian P. Fisher. James S. Heal,
Harry w. McNamee, A. Douglas
Parran. LIE Roy Pumphrey Charles
A. Rvon and Samuel A. Wyvlll
Railroads Enjoy Fine Year.
Railroads running out OF Wash
ington had a very successful year,
according to summary of the latest
reports.
The Chesapeake & Ohio reported
a 1941 net equal to S5.40 a share on
the common cto,k. against s4.31 a
share in the previous year.
The Atlantic Coast Line earned
s1246 share on common. compared
with S220 a share in 1910.
The Southern Railway earned
Sl1.35 per share on common, against
$685. a common share during 1910.
The Pennsylvania Railroad report
ed net income equal to S376 share
in 1941, against $500 in the previous
year,
Baltimore & Ohio and Norfolk &
Western have also reported highly
satisfactory earnings, B. & O. net
was nearly four times ahead OF 1910.
State Financing Up in 194l.
State and municipal financing for
the year 1941 amounted to Sl,209,-
496. 1929, as compared with s1,l6o,-
849,665 during the year l940. ac-
cording to the Daily Bond Buyer OF
New York.
During December. 1941, financing
totaled s67,224,839, as against S202,-
4O1 1894 during the same month OF
1910. The revised figure for Novem-
ber. 1941. was $63, 3,582 ,46ls
No loans we're reported by the
P. w. A. or by the R. F. c. during
December
Exchange Trading Heavy.
In the heaviest trading this year
on the Washington stock Exchange,
Washington Gas common reached
q new high of 1874 and closed with
100 shares moving at 49,
Lanston Monotype sold at 20l2,
potopooc pOuer 51, rer cent pre-