The Washington herald., 1912-10-24
Local Financial Matters

| from banks or cou0ter4l 70 optoin creon
from trust companies.
!, Standing between these people and the
loan sharks, 1t has done excellent work
The plan II nothing more nor less than
a per cent discount Of notes Of salary
Of wage-earners. accepted after careful
examination of records and characters Of
maker and two indorsers, and then the
| repayment In weekly instalments %
small as to be easily paid. The original
discount is at per cent. while the pre-
/ payments In instalments may bring the
average rate to nearly O. but there are
no costs, no examination Of papers, OF
other loan shark methods. nor yet as
signment Of wages.
The men who are back of the Federal
Savings Company are prominent in finan-
cial circles. many of them directors Of
one of the leading trust companies Of the
city.
The off,cials claim that in their expert
ence they have found few applicants
who were not entitled to credit. few bor-
rowers who have not made a good show
of necessity for the loans in making
payments Of debts elsewhere. many liqui-
dating Shylock's claims. Not one failure
from the hundreds of accounts estab-
lished has been reported to date in the
repayment list.
The Farmers & Mechanics National
Bank earned $34.4o3 between September
/. 1911. and September 4. 1872. The net
funds of the bank increased in the same
time from $1.464.00O to N.172.S6S The
bank earned 2.l3 on net funds, Sig on
capital and surplus. and 1875 on its capi-
tai
The Lincoln National Bank earned in
the year between September l. 1911. and
September l. 1917. ses.5ss. Net funds in
creased from 81. 400. I3s to 81 a.s40.s0S. The
Lincoln earned 1.76 on net funds. 7.2a
on capital and surplus. and s52 per cent
on its stock.
The fact that the Virginia State Com
mission has refused to sanction the sale
of the Braddock and the Alexander
Light & Power Companies to the Mary
d-Virginia Company was not dis
appointment to the attorneys Of the big
holding corporation. Lawyers Of the
company had indicated probable COM
plications for the reason that the Mary
land-Virginia Company was not an oper-
ating company.
of the washington-Virginia Railway
Company, an operating company. when
the commission will be asked to re-
verse its ruling.
Business on Change was less interest
ing, but the making Of quotations was
first characterized by an unlifting Of the
asked prices on Capital Traction. Rail-
way common and Railway preferred. and
then by a leveling. The lateness Of one
brokers' arrival made a big difference.
Transaction included Railway common
at 30, quite bunch being taken in at
that figure, and little preferred at 81.
A lot Of twenty shares Capital Trac-
tion brought 1231k. stock offered at 123h.
Mergenthaler sold freely. for 1t. at
ISL to 225. Lanston. slz. Inside infor-
nation is to the effect that Lanston has
had a wonderfully successful year to
date and that the earnings have ex-
ceeded 10 per cent.
Gas was stronger with ssh bid. stock
offered at S6.
With $4,000 being expended in the re-
modelling Of the Richmond. slJo.Ooo on the
with another $780, 600 for fur
probably $4,000 in remodeling
the old Normandy, or the Bellvue. and
the new Powhattan ready for business,
the smaller hatels in the uptown district
are preparing to make the most Of op-
portunities and to give the new Arling-
ton a welcome when 1t Is completed.
This evening before the members of
Chapter, American Institute
Of Banking. and a number Of bankers, |
Prof. Veditz will deliver his second |
lecture on Money" A week tonight /!
the third lecture on the same subject |
will be given. |