The Washington times., 1913-07-11


United States Trust Company, and for
merly Comptroller of the Currency, VINO
Is charged by Secretary McAdoo with
having approved the merger of the First
and Second National Banks in Pitts
burgh, is still out of the city. It was
saia at his office today that he prob
ably would not return until Monuay.
The Iron Age says, in part, today:
The steel trade shows little concern over
the shrinkage still going on in the
volume of new contracts coming to the
manufacturers books. Uniformly there
Is the expectation of a compensating
buying movement in the fall; quite as
general is the belief that the summer
will pass with little change in present
conditions.
In structural steel the difficulty of
! financing building projects is more of
factor New work is coming out slow
| ly, and no immediate change in this di-
rection is indicated. In the East several
| shipbuilding projects recently discussed
are in allegiance.
Floyd Z. Davis, a prominent real es-
| tate operator in the southwest section
| Of the city, succeeds to the presidency
Of the Lincoln National Bank, to NIL
the vacancy caused by the death OF
| former President Richard A. Walker.
Robert Callahan, formerly second vice
| president, is promoted to the first vice
presidency and Patrick T. Moran was
| elected second vice president: The &C
ton was taken at the meeting Of the
board of directors yesterday.
BEGINNING July Is, employees of the
Baltimore and Ohio railroad system will
receive semi-monthly wage payments.
| The action of the company follows the
l LOT w
| nois, Ohio. and Pennsylvania, requiring
| such payments. The annual payroll OF
| the system exceeds $50,0OO,OO.
| The regular semi-annual dividend OF
| 2 per cent on the preferred and 8 per
| cent on the common stock OF the Baiu-
more and Ohio was declared yesterday
by the directors.
| With the payment of these dividends
tho comnany -iIl have a surplus to
| carry to profit and loss of about
81, 10000 a decrease of $4,000 compared
\ with last year.
| A food Of Government per cent
| bonds for sale is reported from Ne"
York They are coming from in,snor
| banks. The price is somewhat lower
over the counter than on the stock ex-
| change.
| The Chesapeake and Potomac Teie-
| phone Company, of Baltimore, has APP
| plied to the Maryland public service
| commission for permission 10 increase
its capital from SO, 900 to 100000. The
/ action of the company does not cause
| any stir in financial circles, as II is said
| the stock will be taken by the parent
| company IN New York in payment for
| advances made from time to time.
| BUYERS are beginning to make their
| appearance in the New York market
| They are arriving more slowly than In
previous years, however. says the Dry
Goods Economist today. 1t is generally
| remarked that the season grows later
each year, and this season, in particu-
| lar, there is a tendency to defer opera
| tions on account of the tariff uncer'
tainxy. 1t is conservatively estimated
| for example. that dress goods buyers
have placed not more than % per cent
of their fall orders.
| Quite the contrary condition prevails
| however. in novelty cotton dress goods
So rapidly has the consumption of this
| class OF merchandise increased. espe-
| cially In higher grades. that both for
eign and domestic manufacturers are
well supplied with orders. The knowl
edge of this condition naturally incline'
buyers to act with greater promptitude