Thank you for visiting SNEWPapers!
Sign up free
Twin City Review
Champaign, Champaign County, Illinois
What is this article about?
The board of directors of the Federation Bank of New York recommends increasing capital and surplus to $1,500,000 due to rising deposits, positioning it as the top labor bank in investments. A third quarterly dividend has been distributed, with past debts cleared and surplus allocated for contingencies.
Clipping
OCR Quality
Full Text
By International Labor News Service.
New York City, July 13—The board of directors of the Federation Bank of New York, in view of the marked increase in deposits, is recommending an increase in capital and surplus of the bank to $1,500,000. With the increased capitalization, the Federation Bank will be foremost of the 30 labor banks from the point of view of actual investment, most of it coming from labor unions and labor union members.
The third quarterly dividend since the stock was put on an 8 per cent dividend basis which is a 4 per cent return on the investment, has just been distributed to the stockholders of record, all indebtedness incident to the organization of the bank two years ago having been wiped out and a substantial amount set aside for contingencies in addition to the surplus.
What sub-type of article is it?
What keywords are associated?
Where did it happen?
Domestic News Details
Primary Location
New York City
Event Date
July 13
Outcome
capital and surplus to increase to $1,500,000; third quarterly 8% dividend distributed; organizational debts wiped out; substantial amount set aside for contingencies.
Event Details
Board of directors recommends increase in capital and surplus due to marked increase in deposits; bank will be foremost among 30 labor banks in actual investment from labor unions and members.