Evening star., 1946-02-26
Popular Riggs Rights
10 Expire Tomorrow;
Trading Heavy
By Edword c. Stone

By Edword c. Stone
Trading on the Washington Stock
Exchange in Riggs National Bank
rights" which permit holders to
buy new stock at $500 share, will
end tomorrow. The rights have been
IN heavy demand since January 8
when the recapitalization plan was
approved by the stockholders.
The plan as adopted provided for
the payment of a stock dividend OF
100000 to shareholders and the
sale Of 10000 additional shares to
shareholders of record on January 8
on the basis of one share for each
three shares held. OF the $1,000, ,00O
proceeds, 100000 will be allocated
to capital and $2,000,000 to surplus.
President Robert w. Fleming an
nounced at the annual meeting that
the plan would become effective on
March l, when the bank will have
a capital of $5,000,000, represented
by $4,000 shares of stock, $l00 par
value; surplus of $1,000 900 and esti-
mated undivided profits and re-
serves of $2,752, ,374.
While trading in the rights will
cease tomorrow at 2 pm. and the
new stock be issued Friday, trading
in fractional shares will continue in
definitely. Many stockholders re-
ceived fractional shares in connec-
tion with the stock dividend. They
either buy more to make full shares
or sell the fractions they have,
which accounts for the present brisk
turnover.
Werber Again Honored.
William NJ Werber has become a
life member of the Million Dollar
Round Table of the National Asso-
citation of Life Underwriters, dis
tinction earned by his production of
approximately 100000 of business
In each of the last three years,
Charles w. Hackney, general agent
of the Minnesota Mutual Life In
surance Co., announced today
Much Of the business was placed
with the Minnesota Mutual.
Mr.. Werber has specialized in the
pension trust field, in estate pro-
gramming and has dealt extensively
with corporations and partnerships.
The Werber Agency was founded by
his father, Waldemar Werber, in
1904.
Real Estate Bonds Climb.
National Press Building 41ss
gained full point during January
while the first 3-5s made a frac-
tlonal gain, according to the Amott-
Baker monthly review of 200 issues
on the Eastern Seaboard. Washing
ton Properties rs were off fraction
ally.
The 21a per cent average price in
crease in January for the 200 issues
marked the start of the sixth con-
secutlve year in which prices have
moved upward. On January 81 the
average price per $1,000 bond was
S675. During January 124 issues
worked higher; II lower.
The Federal Reserve Board reports
that the Atlanta and Philadelphia
Districts led all others in depart
ment store trade in the first six
weeks of the year, gaining % Der
cent over 1945. Richmond District
gained IL.
Miller to Head Institute.
Robert N. Miller. Washington tax
lawyer, Will be chairman of the
committee planning the 1916 Insti-
tute OF Federal Taxes, to be con-
quoted later in the year by Ameri-
can University in cooperation with
the District of Columbia Institute
OF Certified Public Accountants,
Prof. F. K. Mann, director. an
inounced today. Other members will
be Norman Cam, Randolph E. Paul
Or. Roy Blough and William H.
Dame, president of the Institute of
Accountants.