The Washington herald., 1920-10-28
BANKERS IDEA
ISTAKING ROOT
Funds Being Raised for Inception of
II Corporation to Finance Cot
ton Expectations.
W. R. & E. HEADS "cUT MELON
Usual Dividend Of 2lIa Per Cent Is
Declared for Fall Quarter at
Yesterdays Meeting.

Two Southern States have raised
100000 Of the 60,000,0 900 required
under the proposal to create a bank
ing and export corporation to A.
nance exports of cotton, which was
advanced during the recent Con-
gress Of the American Bankers AS
sOcistion held in this city. Word
TO this effect has been received by
Treasury officials.
So far, the project has taken root
only in North and South Carolina,
but has been greeted so fayorably
throughout the South that its ad-
yocates have no doubt of its ulti-
mate success
Some difficuIty has arisen owing
to the fact that many planters have
confused IL with the American EN-
port and Imports Products Associa-
tiOn, which was formed in the South
some time ago and which has a cap
italization OF s12,000,00O. Ex-Gov.
Manning, of North Carolina, who
has taken an active part in spon-
sOring the new Edge Law Corpora
tiOn for the financing of cotton eX-
ports, is strongly opposed to any
action on the part of the growers
which would tend to amalgamate
the American Export and Imports
Products Association with the new
company, despite the fact that their
purposes are for the most part
similar
Southern bankers have been urged
to do all in their power to get sub
scriptiOns in the cotton sections for
the new corporation and it is hoped
that within the next month the or
Eanization win be able to get down
to business.
At a meeting of the executive
committee of the Washington Rail-
way and Electric Company, held
yesterday afternoon at tho COM
pany's offices. the question of a
preferred dividend constituted the
main topic.
The usual dividend of 2Ia per
cent for the fall quarter was de-
clared. payable December 1 to stock
holders of record November IS. The
books will close at the close of
business November IS, and will re-
open at the, opening Of business
November 2S
In addition to the dividend dec
laration routine business was trans
acted.
4 meeting of interest to many
Washingtonians was held yesterday
afternoon in, New York City by di-
rectors of Columbia Graphophone
Manufacturing Company The usual
quarterly dividend of s1.75 on pre-
terred and 25 cents a share and
One-twentieth of a share OF common
on common stock. all payable jan
uary l, was declared.
The Director Of the, Mint yester-
day purchased silver aggregatinS
100000 ounces for the mint in Phila-
delphia. under authority of the Pitt
man act. The total of silver pur-
chased aggregates 19,952,507 ounces.
The real estate department of
the American Security and Trust
Company will shortly occupy their
new Offices in the building formerly
occupied by Crane. Paris and Com
pany. 72S Fifteenth street north
est \ new entrance is now be-
ing effected through the savings
department of the trust company.
authority was given by the In
terstate Commerce Commission yes
teTday to the Illinois Central Rail-
road to execute an agreement of
lease of its properties and obligate
itself to pay $S.1O7. 900 of 15-year
equipment trust gold certificates, for
the acquisition Of new equipment.
The commissions authority gave
the road permission to sell the
certificates at not less than 97.36
per cent of their face value and
accrued interest