Evening star., 1943-11-19
Stockholders 10 Vote
On Security Savings
Stock Increase
BY EDWARD c. STONE.

Dy EDV AMI ~ S1oINLs
Francis G.. Addison, jr., president
of the Security Savings e. CONNER
cial Bank, announced today that the
bank will submit to its stockholders
at special meeting on Monday,
December 6, for their approval a
plan to increase the capital stock
from $500 900 to $500,000.
The plan provides for issuing of
rights to buy one share of stock for
each three shares now owned at $50
share. If this plan is approved
stockholders will have until De-
cember % to purchase under their
rights. The plan then provides for
the declaration of a stock dividend
of one share for each four shares
then owned, including new stock, tc
stockholders of record as of the
close of business December %, 1943
Books for the transfer of stock
closed November II and will remain
closed until after the meeting of the
stockholders on December 6.
When the plan Is completed the
bank will have $500,00O common
stock, 100000 surplus and approx
mately 100000 undivided profits
The outstanding capital debenture
notes of $l60,000 will be retired.
The book value of the stock after
completion of the plan will be ap-
proximately 5000 a share. The reg
ular dividend for the past four
years has been at the annual rate
OF 8 per cent. Earnings indicate
ample coyerage for the same rate
of dividend on the increased stock
the announcement said.
The latest report to the controller
of the currency showed total re-
sources of sl9,s63 ,6344S, and de-
posits OF $18,835, ,946.86
Associations Heavy Bond Buyers.
F. Wilson Camp, secretary of the
District of Columbia Building and
Loan League, today reported a strik-
ing increase in the amount of war
securities held in the portfolios of
the Is associations making up the
league, the gain in the last IL
months being more than $4,000 900.
At the end of october last year only
S3,5S5, ,229 in Governments was re-
ported, while investments in War
bonds had scared to Sl8,639, ,585 on
the last day of the same month this
year.
Combined resources of the same
associations amounted to $l93, ,543,-
ok notNha, &c
Sl5,037, ,406 or 812 per cent over the
total assets of $l78,5O5, ,9O9 a year
ago, Mr.. Camp stated.
A slight decline in real estate mort
cages outstanding as compared with
1912 was shown, Sl66,586,1 VS..
Sl65,139,2 ,297. However, October was
a better month from the standpoint
of loan activity, as $685. ,655 in loans
were settled against $3,5O9,575 a
year ago.
Share money reflected continued
gains, rising Sl4,45l, ,2l4 during the
year to new high of $172, ,391 1854.
Surplus and reserves continued to
mount, growing from $l5,935,e6 in
1912 to Sl6,646,708 this year,
Life Insurance Sales Soar.
Life insurance sales in. Virginia
In October reached s9,132,000, a 27
per cent gain over October, 1912, &C
cording to Hartford reports. Sales
in the 10 months totaled $685. 900,
an increase of 10 per cent.
Maryland October sales totaled
sl0,15s,000, up 3 per cent over last
year. Sales for the 10 months,
amounting to Sl0l,ll3,000, were 7
per cent ahead of last year West
Virginia topped all nearby States
with an October gain of 43 per cent
and II per cent increase in the
10 months.
October sales in the whole country
amounted to $63l ,02l 900, up 80 per
cent, and s5,968, 1888 900 in the longer
period or 8 per cent higher. Steady
Improvement in District of Colum-
bia sales has placed them per cent
ahead of last year. Monthly COM
parsons follow: