The Washington herald., 1908-05-29

At a meeting of the directors Of the
Washington Railway and Electric Com
pany. held at the cOnipany's Offices yes
terday afternoon. Clarence f. Norment
was elected president. 10 succeed Allan
McDermOtt who now becomes general
counsel Of the company. Ward Thoron
was elected first vice president. and Gen.
George II. Harries second vice president.
In this arrangement OF offices it is un-
derstood that Mr.. Norment will have
supervision over the general policies OF
the company. Mr.. ThorOn over the
finances. and Gen. Harries over the active
management OF the lines.
The election Of Mr. NOrment TO the head
of the company is understood to be the
carrying out Of the plans formed the
latter part Of last year, when II became
known that the control OF the company
had passed to local hands. In the first
election Of officers. held last January,
Allan McDermott was elected temporary
president, II being understood at the
time that Mr.. Norment was averse 10
taking up the responsibility OF managing
the cOmpanys concerns. Several finan-
meantime, and II appears that the presi-
dent Of the Bank of Washington and OF
the Norfolk and Washington Steamboat
Company is now willing to assume
charge OF the railway company, which is
fast working out 10 paying Dasis. If re-
porte to that effect are to be believed.
improvements Have Begun.
Not much Of the inside management OF
the company has been made public, but
enough is known to warrant the state
ment that period Of betterment has be-
gun for the system. and that through the
energetic. economical. and wise manage
ment which the local nnanciers VIII give
the property. it will be placed among the
most profitable Of the Capitals public
utility corporations.
The rebuilding OF the rOadbed on Il street
and New York avenue has been started,
and numerous improvements TO the
system at various points are being car
ried forward. IL Is understood that new
cars have been ordered and wiz be deliv-
cred during the summer. improvements
have been inaugurated at the mechanical
end OF the enterprise, economies In man
agement have been devised, and, as a.
stockholder Of the road said last night.
''out OF the semi-chaOs OF the former
years has come good order, effective man
agement, and the saving of money"
Washington Banks sound.
The statement OF the condition OF the
banking institutions In the District Of Co.
lumbia at the time of the last call, May
%. was made public yesterday by the
Comptroller OF the Currency. The state
ment is a most excellent showing for the
local banks.
Eleven national banks are included IN
the statement The capital OF these banks
| is $4,000 The individual deposits are
2i.7Sl. .09S09 The United States deposits
/ are s.. 1876 422.26 The amounts due to other
national banks and financial institutions
| aggregate $3. 80. IS. The loans and dis
counts are $iS.956,722.
The statement shows that the i've trust
| companies have a capital OF 5000, O00
/ Their individual deposits amount 10 500
223. $685., and the amounts due TO other
/ financial institutions IS approximately
/ $4,000. Their loans eld discounts arC
/ $40. 1882
I The statement shows that the thirteen
savings banks OF the District have q
capital Of Sl.29S.S9l. Their individual de.
posits are 50. 46O. SIS. and the amounts due
| other financial institutions amount tC
| S4s,S44 Their loans and discounts. art
/ S, 265. $50.
The combined capital Of the Distric
/ banks is Sl4.500.s9 The aggregate sur
plus is S. 49, $50. The individual deposit:
/ total 81. .465 6o5.57 and the United State:
] deposits s, ,S91. .S2s17. making a total Of al
! deposits OF S6O,S57, 1914
Stocks Sell Better.
Business on the Washington Stock Ex.
change yesterday was a little more active
than on the previous days Of the present
week The transactions were $4,000, face
value. in bonds and Isl shares OF stock
| The bond sales were $1,000 Capital Trac-
/ tion 6s. at 111%; 1880 Washington Rail
way Is at S27s to S2a4, 5000 Anacostis
1 and Potomac 5s at 9SA. and $1,000 gov
! ernment coupon 4s at MS
Capital Traction took the lead among
/ the stocks for the day In all IA shares
were sold at prices ranging from l25 tC
! 127. The other trading in stocks was des
ultory, in fractional lots and at fairly
/ good prices.
The stock exchange viii not convene
again until next Monday, and then in II!
new quarters in the Warder Building
/ The exchange to-day will be removed L
the first floor of the latter building
where the rooms have been fitted up fOl
the purpose Saturday Is a legal holiday
| and the exchange added one day for pur