The Washington herald., 1913-01-09

Suplu, at close Of yesr.--....--.....-..- WEES -
The directors elected were George E.
Hamilton, Henry Hurt, Edward ]. Stell-
wagon, William Manice, John S. Lar
Combe, David S. CARL, and Benjamin w.
Guy. After the annual election, the di-
rectors met and elected the following
officers:
George E. Hamilton, president.
II. Hurt, vice president.
D. S CARL, second vice president and
general manager.
J. H. Hanna, chief engineer.
II. D. Champion, secretary.
r. D. Simms. treasurer.
New York Stocks.
New York Stock Market yesterday was
by no means active, and despite appear
ance of strength here and there it was
a ragged sort of day. That Europe
will not permit the resumption of hostil-
tiles was one bull argument. That
syndicate is being formed to take over
the Union Pacific's holdings of South
ern Pacific is not another. but some
operators may have so held.
Here and there was strength, else
where weakness. the gains being made
generally in the secondary list of Sc
curities to the more or less neglect of
the leaders. Coppers were decidedly
weak on big stocks. Western Maryland
preferred dividend and % higher. Most
Of the Petroleum shares were higher.
The fact of the matter is that stock
market operators are considering the fu-
ture more than the present, thinking
more on the unknown quantities, the ac-
tion of the Democratic administra ton,
when it comes into power, on tariff and
trusts; on everything connected with
business than of the immediate events of
the day.
Therefore, conditions are mixed, and
likely to remain so.
Bank Earnings.
The Lincoln National Bank earned be-
tween December 5, 1911, and November
from 81, l,396. .75J to Sl.S5J,534. The earnings
on net funds was 129 per cent; on cap
ital, surplus. and undivided profits, SIS
and on capital SIS per cent
The Second National Bank made 81, ,193
Net funds increased from S2,224,06O to
$685. Az. Net earnings on funds, 1.S2;
on capital, surplus, and undivided profits,
4.l6, and on capital S.26 per cent.
The earnings of the National Bank of
Commerce of Baltimore were $4,000;
Drovers and Mechanics, s52.sG3: First
National. 81. .6s6: Howard. 27,552; Marine
s27.ss3: Maryland. si0,2f; Mechanics,
$l45, ,S99; Merchants, S14S,991 Old Town,
s17.SI; Second. $3.50; Union, S112,246;
Western, $50, 59S: National City. 50, 4O6,
and Canton, s13,4O0
Trust Companies' Growth.
Valuable statistics, bearing upon the
banking and economical development Of
the country, which have been recently
compiled, show that the trust companies
have acquired banking power amounting
to $, 90570,OOo, and exceeded only by the
national and State banks. Twenty-Five
Years ago the trust companies of the
United States numbered only 12O and
their combined banking resources
amounted to $44l, 900, ,OO0 They increased.
both in number and in the volume OF
their business, at a greater pace than
any other type of banking or financial
organization. In fact, there has been no
development in the history of American
banking which offers any parallel to the
growth of trust companies. Nor is the
reason far TO seek. 1t has been truly
stated that the modern trust COM
pany'' meets all the banking and fidu-
ciary requirements in communities, large
or small, more readily than any other
class of financial institution. While the
national bank act is rigid and limits
national banks to fixed functions, regard
less of the requirements of different Sec
tions of the country. the State laws gov
ernIng trust companies have made due
allowance for local conditions. The re-
suit has been to make trust companies
most influential in helping to develop
local resources, in stimulating business
enterprises, and in legitimate financial
operations.
In some sections of the country, and