The Washington herald., 1913-08-27
LOCAL BANKS
! Share S5OG,OOO
r --
]. Selwin TAFT to Represent
Government in Passing on
Commercial Paper.
WILL PAY OUT $26S,5OO
September Disbursements Only Fair.
New Haven Shares Slump.
Local Stocks Slow.
WILL PAY OUT $26S,5OO
RH 1. A. FLEMING.

I Late yesterday afternoon Secretary NC
fAdoo gave out official notice OF the man
ner in which his Department VIII dlstrl-
butte the $JO.OONOOO government money 10
be used in aiding crop movements IN the
various sections to which il is allotted.
Washington bankers will receive $4,000,
as stated in this column last Saturday
morning. Likewise the cash will be dis
tributed TO three banks that have been
especially active in redisCounting of
Southern commercial paper.
]. Selwin TAFT, president OF the Wash
ington and Southern Bank, has been
named as the representative of the gov
.ernment IN conjunction with 1--WE MEM
bers OF the local Clearing House Asso-
lciation, sitting as a committee TO pass
upon commercial paper offered as security
for the deposits. ruling Of Secretary
iMcAdoo make it obligatory 10 the accep-
tance OF any paper that II shall have the
unanimous approval OF the entire com
mttee. Government bonds will form 10
per cent OF the security.
Six Washington bankers. all voting IN
Pthe Affirmative as to the excellence OF a
wad OF commercial paper, might almost
be called an insurance as to the full face
/ value Of the governments loan.
: II is likely that Washington banks will
receive their allotment in two install
ments and the first may be paid today.
1t begins to look as IL the banks OF
the country might reasonably expect TO
receive their allottments of these much
advertised millions in a few days.
September Disbursements.
Interest and dividend disbursements in
Washington for September l will not be
large. the heaviest payments being the
dividends on the common and preferred
stocks of the Washington Railway and
-
second largest disbursement comes from
the semiannual interest on the bonds
Of the Washington. Alexandria, and
Mount Vernon Railway Company, total
ing $6l.25U.
The Potomac Insurance Company will
distribute 5000 in dividends. This makes
the total disbursements for September !.
S-t25". Not a large amount, but at that
It should be a positive help to the local
security market, which still languishes
in the dumps, where it has been since
the collapse of the last effort to boom
Washington Gas. Holders of common
shares If the Washington Railway and
I Electric Company will receive $500; the
preferred dividend will be SlC6, 30.
Local Securities.
In all rinety-fve shares of stock
changed ownership as a result Of the
sight Improvement in the market for
Railway and Electric preferred. Four
tithS Of the sales We're of this security,
the puce opening at s. IL and closing
stronger at SS bill and 30 asked. The
common stock was S9 IL bid and % l.
asked, both issues presenting better
tone.
4 few small sales Of Mercy at
@l6a@l7. and shares of Federal Bank
stock completed the transactions as far
u sto. kS were concerned.
Bonds were also in i little better de-
rauG. I01 7-SaIaS for Gas IS, and Us II
Ms 81 for Traction 5s.
Railway Is sod at s. G-iaS2 IS
Neyv HuI ems Drop TO 90.
New Haven shares, once the gilt-edged
Investment Of Will Steet, touched an
other low point yesterday when they
broke from 81 y. the closing on Monday.
10 - - the new low. The recovery was
TO GS 81 The general impression is that
the directors will surely reduce the divi-
dcnd below the Ions-eXisteut 6 per cent.
The market did not pay much attention
10 New Haveu.s action, the stock having
fewer friends than ever
The New York. New Haven and Hart
ford Railroad Company in the fiscal year
ended June 90. 1913 had 2 deficit after
GividenLs of $t630.Gn This conpa res
with a deficit in 1872 Of $3.50. and in
I,I s. -67,.3g, while 1910 had a surplus Of
SlU37.793.
. The railroad Companys balance for
dividends in 1919 was SSa22 81. against
sI"a>I.-5l in 1872 S1l.lS7.3l2 in 1911, $l0,796,-
81 in I,ln S7.f&0,2 - in 1902 and S5,265,569 in
l"> This is the smallest balance for divi-
drrds si:ce 1909.
Earninrs for the fiscal year 1913 are
almost exactly : per cent on $50. .000. 800
outstanding stock. and the amount div
dcuds laid Was - per cent. This COM
pa-es with 7.+' per cent earned and per
cent paid in 1872 rs per cent earned and
per cent paid in 1871. and SIS per cent
earned and per cent paid in 1910.
Til, quarterly halaEces for dividends
arc as follows: