Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-09-14
CONSERVATISM MARKS
FINANCIAL DEALINGS
Local Bankers Taking Good Care of
the Legitimate Demands of
Business Interests.
Many Demand Loans Secured by
Collateral Have Been Made-Per-
sonality Leading Factor.
BY I. A. FLEMING.

Washington bankers have been car
Ing for the legitimate demands of the
business interests of the city during
the last few weeks with their accus-
TONED lfberality, drawing a, Tightening
rein only where speculation has sought
accommodation.
canvass of the financial institutions
1alied to disclose an instance of calling
Oh loans, or where moderate curtail-
ment of commercial loans has not been
all sufficient.
Wnile conservatives in the matter of
hcul1 tor legitimate business to pro-
Vloe Tor its wants. Many demand loans,
secured by collateral have been made.
where the borrowers were not seeking
10 use the money in expansion, or pre-
pairing for the opening of security ex-
changes. The usual prevailing rate is
o per cent, where outside banks, espe-
claily in the west, are asking as high
as per cent.
The controller of the currency, John
shelton Williams. has given high
praise to the banks and trust COM
panlns of New York city for their con-
servatism in not pressing debtors in this
strenuous period, and local financiers
are in line for like measure of COM
mendation.
tor in the borrowing and lending OF
bank funds, is even more important
now than ever.
Local securities were in much better
condition than were New York invest
ments before the outbreak of the war
and there was comparatively little
need for closing the Washington ex.
change, save as precaution aga'ns
the needless sacrifice of values mel
dent to the first scare over the worlds
war.
Lanston's Dividend.
Many holders of Lanston Monotype
Companys shares will be disappointed
by the announcement that the usual
quarterly dividend has been passed
This was one Of the local securities
greatly affected by the situation abroad,
and especially in England. the annual
receipts from the English corporation
by the Lanston Company were about
$3.50 900, payable monthly-sso,oOo a
month. Then, too, the South American
business of the company mas oeen
handled through the English CORPORA
tion. and this has further lessened the
receipts.
It is the intention of the American
or parent company to give the Soutr
American business special and direct
attention at once, with q certainty OF
returns commensurate with the eHort
expended.
Stock brokers' entirely familiar with
Lanston conditions have no hesitancy
in advising Lanston shareholders TO
await the rehabilitation of the com
pany's business and to refrain from
sacrificing their shares, as J. Maury
Dove, the president of the corporation,
is confident of the ability of the COM
many to resume distribution and make
up deficiency in the comparatively near
future.
So far as can be ascertained there has
been no passing or cutting OF dividends
OF interest payments by other local COM
panies.
New York Stocks.
Latest developments show rather bet
ter buying tendency, especially in securi-
ties wherein foreigners have not been
liberal investors. The speculative element
Is keeping in close touch with the grain
markets, evidently expecting the cue for
peace or proiongation of war to come
largely from the action of the wheat
pit
The action of the New York bankers in
caring for the obligations of the city OF
New York abroad has been d.stlhc'
help to the situation.
The announcement of the intention OF
the Bordeaux bourse to open FOR ousl-
ness at once Is looked upon as decld-
;eed1y favorable factor
!: New York is again calling loudly for
increased freight rates, contendine
that there can De no real betterment
until the railroads have been renaolil-
tated. It is even hoped thai the IN
terstate commerce com .nission. may o.
ITS. own initiative, reopen hearings on
The rate question. ~!
It has also been suggested. as a
means tow..rd the clearing of the Sc
curly situation. that the bankers OF
.>ew York organize a syndicate to take
.arge blocks of securities from abroad,
at prices certain to MIKE the venture
yrontable, within 4 reasonable time
One hundred and ten corporations,
acting on dividends since the war
started, have maze no changes, with
Ave exceptions. Phelps, Dodge & Co.
pand an extra dividend of $3.50 share.
Chicago, Burlington and Quincy and
Goodrich Tire and Rubber Company
have just declared, regular divlaenAs,
payable october l..
July earnings of the New Haven sys-
tenn increased, net after taxes, sz1,-
079.