Evening star., 1916-07-18
BANKERS TAKE STEPS
TO OBEY CLAYTON LAW
Sounding Directors as to Affillat1on
After October Is, When Dual Of
flee Holding Is Unlawful.
Washington, Baltimore and Annap-
oils Electric Railroad Company
Shows Increased Earnings.
BY I. A. FLEMING.

little less than ninaty days from
date. October -, to b ct the pro-
visions of the ClaytcnI - relating to
dual directorships, will become efec-
tive, unless delayed by congressional
action.
number of the larger banks IN
Washington have started preparations
to secure from their directors a state
ment as to their intentions, in cases
where they hold dual positions, "hen
the law becomes effective
The ruling of the federal reserve
board on the question of competihs
banks under the Clayton act: ieaVtS
much TO he desired and probably VIII
force a consideration of many cases. IL
can scarcely be coutended that trust
companies doing business IN ashInS :.
ton are not strictly in competition with
other companies and national banks:
All are in the market for deposits ana
making strenuous efforts to secure
every possible dollar.
Some letters have asked directors 10
indicate whether they are, IN 'heir
opinion, holding positions in competing
banks Replies where doubt Is lnol-
Gated will be forwarded by memper
banks to The regional bank OF TINS dls-
trict at Richmond, ana from hars ,ners
for final action. Non-member banks
will have to forward their inquiries
direct to the reserve board
There are probably thirty or more
bank directors in the various instltu-
tions holding dual directorshlps. ana
in some cases where there is close re-
1ationship. amounting to practicai
affiliation between prominent lnstitu-
tions there are many directorshlps held
that will have to be surrendered
cases where there is no possible open
ing for another Interpretation OF the
law than that it was made TO meet
the very situation existing, although
disruption of more important inter
locking directorates called the provision
of the law into being.
W., B, and A. Earnings.
Gross earnings for June of the WASH
ington, Baltimore and Annapolis Rail-
road Company were s6S.61s.77. an in
crease of s3.634.37. as compared with
the gross of the same month in 1915.
Operating expenses were s3s,4ss.64.
After deduction of all interest and
charges, taxes. etc. the net income OF
the company for June was $5.2S3-S9, or
s2,228 greater than for June of the
previous year. The percentage of op-
Grating expenses was 57.56 for June,
1916, and 61.07 for June. 1915. showing
a reduction despite the handling of
larger business.
months ended with June. S419,811.67, or
s27.751 increase over the same months
of the previous year. Net income after
all deductions for six months ended
over the corresponding six months of
$20,3S7-33.
On the Stock Exchange.
Sales on the stock exchange this aft
ernoon totaled 1913 shares of stock and
$4,000 face value of bonds.
Lansron. Washington Gas and Cap
ital Traction were the favored shares
in the stock trading. the former lead
ing. with number Of twenty-share
lots at s3. the prevailing price for some
days past. The only evidence Of weak
ness was in the asking price on
Lanston. S3h, at the close, as com
pared with 85 asked for the last few
days.
Capital Traction was stronger at ss,
q fractional gain. No sales of Railway
and Electric were made.
Washington Gas brought 751h and
75x, ex-dividend $1.2O a share, which
would make the stock higher than a
week ago.
Potomac Consolidated 5s at 101 were
OF y point: Chesapeake and Potomac
Telephone 5s sold at 103Z, also little
easier as to price.
Condition of the Treasury.
Tho condition of the United States
terday was: Net balance in general
fund. S22s.o3s.716; total ordinary re-
ceipts yesterday. s3.3ss.434. total ordi-
nary payments yesterday. s4,117.109.
The deficit this fiscal year is $4,000