The Washington herald., 1914-06-04
Stock MARKET
REGAINS LOSSES
Leaders Up a Point, but Le-
high Valley Is a Weak
Spot,
BANK ELECTS DIRECTORS
East Washington Savings Annual
Meetins-Reserye Bank Officials
Under Secret Ballot.
BANK ELECTS DIRECTORS
Nv w. srEALEY.

Under Secret Ballot.
By w. sTEALEY.
The New York stock market yesterday
developed more strength. and leaders
were up point
Lehigh valley was the weak spot clos
ing at 1357 rs
The market was more active than
Tuesday, though irregular. London was
small seller in the initial dealings
LehiCh Valley, 10 per cent stock.
selling 30 points below Reading an
per cent payer, was a striking feature
on the tape Both are anthracite COM
panies with a similar business. The dif-
ference In the credit of the two proper
ties seems to reflect largely the financial
communities opinion of them.
There was a smart bullish activity
shortly after: midday. followed by re-
lapse into dullness, but when trading
quieted down stocks maintained their
gains and by the middle Of the after
noon thj market was firm at about the
best ID fres of the recovery
sepz asserted in well-informed quar-
tiers that there was nothing In the earn
ings OF the Lehigh Valley to furnish an
explanation for the selling. The May
figures were said to be better than those
returns have not yet been worked out.
and it was stated that the company is
now earning at the rate of II per cent a
year on its stock
Steel closed 50 "a, Union 154l-2 Read
ing I64 SIS. Missouri Pacific B7-S, and
Copper Il 1-2.
Local stock Market. -
Continued limited trading existed on
he
Washington Gas again receded ten
shares selling at 15 is, fve shares at
70 l-2
Fifty shares Of Railway preferred sold
So L. five shares at 81.
Traction sold, two shares, at 1oo3 3-f.
A share of American Security and
Trust sold at 800, and three shares of
District National at 142.
One share of Lanston brought 81 1-2.
Bond sales amounted to 1850. One
5000 Railway brought 81, two 500
Traction IS los, and one $500 Gas los IL
Bank Chooses Directors.
At the ninth annual meeting of stock
holders of the East Washington Savings
Bank yesterday, Lewis Flemer. DIR. w. p.
c. Hazen, George F. Harbin. Richard
Kingsman. Michael A. Lynch, Morris e |
NARROW, Henry II. Mckee, Joseph II. |
Milans. DIR. Richard A. Pyles, Thomas !
w Smith, A. T. Stuart, Samuel II. |
Walker. Michael l. Weller and John c. |
Yost were elected directors.
The present officers-Michael ]. Weller, |
president: Samuel H. Walker and John c.
Yost, vice presidents; Charles A. Nc
Carthy secretary-treasurer. and Walter
H NARROW, jr attorney-probably will be
reelected at the regular meeting of the
directors Tuesday.
This bank was organized under the laws
of the District of Columbia in 1895 and its
business is confined strictly TO that of
savings bank Commercial and checking
accounts are not accepted. In that re-
spect it is in a class by itself. as all other |
savings banks in Washington do a mixed |
business. handling both savings and |
checking accounts. The steady growth of
their business and the economy of man. |
agement rendered possible by confining |
their efforts to this one kind of banking |
business. impel the directors to believe |
that in addition to furnishing safe de- |
pository for the savings of the people |
they can build up a profitable business |
for their stockholders and make their |
bank strong and serviceable.
The annual report, made yesterday, |
shows that since it commenced business |
the deposits have grown steadily and they !
are now Siis. .0e0 distributed among 2,T00 |
depositors. an average of sl66 for each |
depostor. The capital stock Is 100000 |
and the surplus. all earned, $4,000. The |
annual rate OF dividend is per cent, pay |
able in June and December. Seventy |
eight thousand six hundred and thirty
three dollars have been paid in interest |
TO depositors, while the stockholders have |
received in dividends S21.5OO
The bank now has a new up-to-date
home at 3l2 Pennsylvania avenue south
east
Bnlloting to BE secret.
Local bankers are interested in an
nouncement from the Comptroller's Office
TO the effect that baIloting for Glass A
and Class directors of the Federal re- /
serve banks will be secret.
The Comptroller's ruling, il is believed,
furnishes an opportunity for some of
the banks of the Fifth district to bolt /
and vote for nominees other than those
chosen at the bankers conference in
Richmond last month.
At the conference a committee of
eighteen was named TO nominate q slate
Of three Class A and three Glass di-
rectors to be voted upon by the member
banks There was strong opposition to
this plan.
The ruling -~'ill not effect group No /.
but there may be more scattered ballot
ing in groups and 3. However, the cleo
ton of the Richmond slate will go
through.
Condition OF Treasury.
For the eleven months of the current
fiscal year ended May 81, Treasury re-
ceipts from all resources were $50. 600. 900.
q decrease over the corresponding months
Of the previous fiscal year Of only s25,-
oO0. .0o1 This decrease is accounted for al
most entirely to the falling on of customs
duties from the new tariff law Of s2s.-
coc.G0o
II should be borne in mind in connec-
ton with custom receipts that the losses
have been anticipated and when the new
tariff act first became law the decreases
were accurately estimated.
Ordinary expenditures for the same
period were s64s. 900 or 81. 900, 600 greater
than for the eleven months OF the pre-
vious fiscal year. In the matter Of ex-
penditures for the current fiscal year to
date these increases are shown: Military.
sc. o0e 900: rivers and harbors. 5000 1000; ma
val. s6-000.Ooo. Pension payments show a
falling of of s1.oo0, 900. The net Treasury
balances on June !, are stated at $224.-
10000. The Treasury has In national
banks, ss5. 900 900.
The Seaboard Air Line Railroad re-