The Washington herald., 1914-05-20
STOCK MARKET
MAINTAINS gain
Steel and Reading Features
in Trading on New York
Exchange.
LOCAL BANKERS RETURN
Small Voting Power Prevented Elec-
ton of Banker to Serve on Fifth
District Directorate.
LOCAL BANKERS RETURN
ny w. sTEALEr.

by w. sTEALEr.
After slight midday weakening the
New York Stock Market closed strong
Steel gained one-half point, closing
s. Ia: Reading and Union gained nearly
point. the former closing l65 l-2, the
latter 15sl-2. Copper also gained.
Chesapeake and Ohio and Missouri
Pacific continued weak, though a rally
at close carried the price to 81 1-2. after
dropping to 491-S, Missouri Pacific lost
: half a point.
The engagement of 81 600 600 in gold coin
for-export was the only important de-
,velopment of the day. This. however.
had no influence either on the general
market sentiment or the money situa-
ton.
The fresh weakness which Chesapeake
and Ohio developed was due entirely to
some further scattered liquidation in an
dcipation of the dividend being further
reduced when the directors meet 20 act
on the dividend for the current quarter.
Missouri Pacific weakness was at
tributed first to an advertisement call
ing for deposit of notes and stating
definitely there would be no underwriting,
and second, that the company will be
called upon to pay heavy assessment on
its holdings of, Wabash il it retains its
interest in that company.
Local Stock Exchange.
ington Stock Exchange yesterday the
price of Capital Traction and George
town Gas both showed Improvement.
Twenty-Five shares of Traction sold at
100. At close par was bid, 1001-S asked.
Six shares of Washington Gas sold at
T3-L Final bid was 76 IA, asked a 81
Lanstor Monotype sold five shares at
s. is.
Bond sales aggregated 5000. Four $1,000
Potomac Electric Consolidated SIS sold
50 5-s. A $1,000 Railway sold for $50.
Fifth District Organization.
Washington was lucky to get even
Class B director, local bankers return
ing from Richmond said yesterday:
The small voting power possessed by the
District, made combination with any of
the five States impossible. None of the
banks of the District are in Group
Class s-hence paradoxical as it may
seem none of>them will be able to vote
for James G. Oyster who will be elected
by banks of smaller capitalization in the
five other divisions of the Fifth Dis
: trict
The only test vote between President
Rudolph, of the Second National, and
Vice President Sands of the Commercial
National. for Class directors was viva
voce, and was reported to have resulted
10 to in favor of the former the repre-
sentative of the Farmers and Mechanics
being absent.
Mr.. Oysters selection for Class B, was
: made without opposition on the part of
any Of the local banks, and is COM
mended generally.
The certificate of organization of the
Richmond Bank was received by the
Comptroller of the Currency yesterday.
: With the appointment of the three
directors of Class c by the Federal Re-
serve Board the Richmond Bank will be
ready TO begin business.
Class A and B directors will be elected
in two weeks. 1t is not the expectancy
of the Comptroller of the Currency that
the act will be in operation before Au- |
gust l.
Easy money conditions prevailing at
present do not necessitate haste. Ex- |
pectation of gold is in too small quanti- |
ties to cause uneasiness. In fact ex-
portations up to $4,000, 600 would permit |
higher rates and would not be unwel- |
come. |
Tobacco Crops Also Large.
Tobacco acreage in many of the lead |
ing States will be considerably larger |
this season than in 1918. Last year 1.2l6.- +!
900 acres were planted. Western Ken |
lucky and middle Tennessee are reported |
as expanding without fear of any trouble |
from the might riders this season. To- |
bacco growing has extended into South |
Carolina and Georgia from the States
north. The profits of the past year or |
two have much enlarged the attention |
to this crop.
Last years average price Of tobacco |
to producers for total production Of
a53. 600. 90 pounds was 12.s cents a pound
The average price in North Carolina
was ISIS cents, 81 cents in Georgia and
Florida. and 10 cents in Kentucky. The
Connecticut Valley prices ranged from
- to p cents a pound. 4
Eastern Railroad Earnings.
compilation of the earnings Of East
ern roads for the nine months ended
March 81, prepared by the bureau Of rail-
way economics. shows that total operat-
ing revenues decreased SO, 437,15 and
that operating expenses increased s7,-
757, 24l making a decrease in net of sS3,-
70s, 7e
The increase in raffic and transporta-
ton expenses alone was practically equal
to the so, coo coo reduction in gross Re-
duced to a per mile basis, gross was
s440 or as per cent less than year
ago: operating expenses increased s56S,
or 4.6 per cent: net decreased sl.0OS. or
1872 per cent, and operating income S,0eS,
or $2i per cent.
The advanced rates asked for would
mean a maximum increase in revenues of
So.Co0.000 annually, so that the falling
of in net in nine months is already far
greater than this sum.
Lanston Monotype Report.
The complete report of the Lanston
Monotype Machine Company for the year
ended March / last. shows that the COM
pany's profits tor the year We're $4s6. .064
from which dividends of which $500, 600
were paid and sSs,g7S charged for, dis
earded obsolete machine parts written
off, etc, leaving net profit for the year
Of s36,091. to which, there was added
n.6i6.E2i previous surplus making the
total profit and loss balance on March
I last 81, ,Gs2, 5l5.
President J Maury Dove stated that
Notwithstanding the general uneasiEess
In business throughout the country the
gross receipts for the year were larger
than for the previous year, but net
profits smaller. The business of the /
English corporation. he said, was most
prosperous and was being gradually and