The Washington herald., 1914-05-14
MARKET AWAITS
PEACE Progress
New York Prices Show Scant
Change, Pending Mex :
lean News.
DIVIDEND Is DECLARED
Continental Trust to Pay 3 Per Cent
Next Month-Henry, on Bad
Check Legislation.
DIVIDEND IS DECLARED
BY w. sTEALEl.

Check Legislation.
BY w. sTEALEY.
The New York stock Market yesterday
continued to back and fill with few
changes recorded for the day.
Steel closed So is, copper 72 SIS. Read.
ing 1e4 "a. Union 155 SIS, and Missouri
Pacific II Western Maryland broke
to 20 at the opening. but closed at % IL
While moderate firmness prevailed
there was no marked tendency in either
direction
In the absence of any further impor-
tant developments on the Mexican situa-
ton or any of the other factors, the
trading continued quiet. There was. how
ever, an absence of any important SELL
ing pressure. and as consequence the
fairly good rallies which occurred in
Mondays trading from the closing prices
of last Saturday were well maintained.
The outlook Is still sufficiently favor
able to warrant the expectation OF q
good. though comparatively narrow trad
ing market. But for the apprehension
of outbreak of hostilities developing at
any time over the Mexican crisis, the
brilliant outlook for the crops and the
abundance Of cheap money, together with
the increasing belief the Interstate Com
merce Commission decision on the freight
rate case in favor of the railroads. a
more active and a better market could
be expected.
Local Stock Exchange.
Fifty shares of Continental Trust stock
sold in the local market yesterday at
III 1-2 Ten shares of American National
Bank sold at $50 and ten shares of Fed
eral National at 135.
The decline in Washington Gas con-
tinued. twenty-five shares selling at Is,
twenty-five at rs Is. and fifteen at 7s1-4
Forty-two shares of Railway preferred
sold at 81 IA, fifty-five shares of Traction
at 1ooa100 Is
Bond sales amounted to 5000. Columbia
IS bringing 100 is, Metropolitan IS 104 IL,
Potomac Electric Consolidated IS at 80 SIS
and Potomac Electric Light IS at 1o4 Il
Continental Declares Dividend.
The Continental Trust Company yes
terday declared dividend of per cent
rayable June Is, 1-2 per cent payable in
September and L 1-2 per cent payable in
December, thus putting the company on a
rer cent basis.
The company was incorporated two
years ago, and its last statement to the
Comptroller is as follows:
Resources-Lcans and discounts, s2.1s,-
SIS Is: bonds and securities. sI14, ,621. 3;
rash on hand and due from banks, s4l4.-
ei'.S5. Total, s. 3.e32 s79.I2.
,sabilities-Capital. sl.oo0OOo: surplus,
s1fr.oO0: undivided profits, s130.os4.s3; tax
ard interest reserve, SO. .2e7.so; deposits.
$. '.'Sr.GE.79. Total, s.. 2s2, S79.I2.
Officers are as follows: Nathan B.
Scott, president; Charles W. Warden, first
vice president; Bates Warren and Will
lam T. Galliher, vice presidents; G. T. |
Scott. vice president and treasurer: |
Charles \. Douglas, counsel: Frank S. |
Bright. trust officer and secretary; NJ. ]. |
winfree. assistant secretary; H. L. |
offutt, j-.. assistant treasurer.
had Check Legislation.
District bankers have given strong
Endorsement to proposed bad check"
legislation and regardless of any decision
in the Chamber of Commerce they are
hopeful of the enactment of a bill at
this session.
The District of Columbia Bankers As.
ISOLATION has adopted the subjoined re-
port submitted by S. J. Henry, Clarence
Carson and Andrew Parker.
While the bill does not follow the
draft of the proposed law which this
committee reported to the Bankers As
sociation of the District Of Columbia in
June, 1918. II. nevertheless. strikes at the
same evil-namely, the issuance of worth
I
such acts
I'VE well think. inasmuch as the mer-
chants have taken the initiative and
have had the bill introduced into the
House of Representatives. that the bank
ers of the city should do all they can
toward securing its passage.
Banks and bankers, in full meas
ure with the public generally, are from
time to time the victims of the bad
check" evil, both from the standpoint
of actual monetary loss and the incon-
venience and expense of having to re-
fuse payment daily on scores-if not
checks drawn by persons
with the knowledge that there is not
sufficient money on deposit to their
credit to meet the. checks when pre-
sented.
There ought to be a law, with teeth
in II, to prevent this pernicious prac-
tice, and We believe that House Bill No.
1850, when enacted. will be such a law, ,
and We urge its passage. (
Prosperity of the south.
That the much-discussed general de- {
velopment and Industrial growth of the
South over the past few years is real
and built on a firm foundation, Is testi- !
fed to by the way that section Of the
country has acquitted itself during the ]
past several months of business depres-l ]
sion.
1t has made a far greater resistance to ,,
the declining tendency in trade than any i
other section of the country. By the i
South is meant the section east of the !
River. The Southern States l
west of the Mississippi have not shared !
The prosperity of their neighbors further !
East, as the drought in that part of the ,
,ountry last summer made for diminish !
d cotton and grain movement. the effect i
n which was felt throughout the fall and ,
winter months.
compilation of the earnings OF the !
Southern group Of roads. including the :
Southern. Seaboard Air Line. Norfolk and
Western, Atlantic Coast Line. Louisville :
md Nashville, and Nashville, Chatta.l z
iooga and st. Louis. shows that over the {
,ast six months they have done compare T
lively better in both gross and net earn
ngs than any of the other road group :
ngs of the country. There e no ex- : :
eptional reasons bringing about this 6
,ood showing. and it must be laid direct 4
y at the door of the sound business con- s
Iitions prevailing In the section. s
Properly TO explain the gradual but s
teady growth of the South, several im-i 5
ortsrt factors must be considered Fore :
most perhaps Is the growing realization :
Z home seekers Of the many agricultural r
Offered in the South. This Q
resulting in steady migration of the Q
most progressive type of farmer. Fsrm- .
Il