The Washington times., 1911-08-20


In all probability the next dividend on
the common stock Of the Washington
Railway and Electric Company will be
on per cent basis, payable semi
annually. The declaration will be made
in November, and will be payable De-
cember ]. The matter is not one Of
general comment on the Street, but
there are rumors here and there that
indicate that the question has been
considered and the story is that the
matter is practically settled, although
action by the directors is some seventy
days off.
1t has been understood that the earn
ings of the system have been greatly
increasing during the year. Indeed,
traffic. aided by the extra session. has
been extremely encouraging.
The increased dividend distribution, IL
1t shall finally be decided upon, will
readily account for the sharp rise in
the value of the common shares. In
February they sold at "a for low and
36 for high, since then up to 45, and
were apparently scheduled for higher
figures when the conditions in the finan-
cial world temporarily checked all
strides in security values.
The advent Of a practical railroad
man to the presidency also gave conf
dence to investors. Mr.. Norment, the
executive, Is an able business man, but
was burdened with a multiplicity OF
daily duties, his position at the head of
the National Bank Of Washington being
about all that an ordinary man would
care to supervise. Clarence P. King, his
successor, Is man of large and tnfu-
entail acquaintance in the world Of
finance and capital, and in tine field of
traction endeavor.
He will be the dominant factor, under
the directors, and his following, for he
has a large one, has probably con-
tr1butod not a little to the strength
In the stock through liberal commits
sions on the buying side, since his cleo
ton to the presidency, a little more
than thirty days ago.
District National Bank. returned from
Canada yesterday. He talks learnedly
Of perch and reciprocity.
Business in Washington is decidedly
Glow. Despite this condition, money is
tight, rates are high. and borrowers
are having some difficulty in getting
titled to.
There are so many people out of
town, each Withdrawing cash In vary
ing amounts. but the aggregate is very
heavy. The calling of margins on New
York securities purchased on such a
heavy partial payment that they were
practically on an investment operation,
but stamped as speculation because of
the sensational drop of the last two
weeks. has withdrawn much cash. Then
the diversion of certain amounts to
the postal savings system and the re-
quirements of smaller banks that have
reduced cash holdings in reserve CEN
tiers have brought about stiffening in
money rates even during period Of
dullness.
Local merchants are discounting their
fall and winter bills, and last but not
least the banking fraternity are ex-
pecting a call for statement from the
Comptroller Of the Currency-past due
and will make a laudable effort to
have ample reserves on hand against
the call when II Is made. II Is safe to
predict that It will be made within the
next seventeen days Rates are and
s per cent and nearly everyone is pay
ing s. The quietness in realty is a
fortunate matter for the money market.
Robert n. Harper. road builder. finan-
cier and clubInan, left yesterday after
noon for a busy week-on the boardwalk
at Atlantic City.
The financing of the cotton bills. a
proposition undertaken a year ago, with
a Liverpool cotton bills of lading con-
ference ana a committee of the Ameri-
can Bankers Association rs still up IN
the air. although the Liverpool commit
tee after abandoning the claim that
American banks guarantee cotton bills,
has decided 20 install a central bureau
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