Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-06-21
LOCAL SECURITIES
! ALMOST NOMINAL
Wool Growers Seek Federal
! Observation-Disclosures
Declared.
BY L A. FLEMING.

Today's action in the local secur.
ity market was confined to the stree,
railway shares, with Capital Trac.
ton selling at SAX and 81. and Wash.
ington Railway common stock at Is
Other securities on the list were
entirely nominal without notable
change in the bid and asked quota
tions.
Many local institutions are prepar-
Ing for July l disbursements. which
will be very heavy. including as they
do semi-annual payments on all Po-
tomac Electric bonds, Chesapeake
and Potomac Telephone bonds, num-
Der of government bonds and quar-
terly and semi-annual dividends on
Capital Traction. Graphophone and
other corporations.
Money is not so scarce as it is hard
to get banks watching for the non
essentials closely.
Dividends Declared.
The Farmers and Mechanics Ma
tional Bank has declared the regular
semi-annual dividend of per cent,
payable July l to shareholders of
record June IS.
The Security Storage Co. has de-
clared the regular quarterly per
cent dividend payable July 10 to
shareholders of record June so.
The Takoma Park Bank will pay
its regular per cent semi-annual
dividend to shareholders of record
July /, payable the same date.
Prosperous Institutions.
The Southern Maryland Trust Com
pany will be open for business July l.
succeeding the Farmers and Me-
chanics' Bank of Seat Pleasant.
This institution has over 100000
capital and a large surplus and is
The Takoma Park Bank, organized
October 1. 1917. Eas crossed the
million mark in deposits by $43.754,
has $50, 900 capital and s39,s29 surplus
and pays IL per cent annual dividends.
Guests OF Washington Loan and Trust
About thirty delegates to the recent
American Institute of Banking con-
vention at Boston. returning home.
stopped over in Washington today
and were taken in hand by the Wash
ington Loan and Trust Company.
They were shown around the city.
1unched at Harvey's and made the
trip to Mount Vernon by steamer, &C
companied by representatives of the
trust company.
The guests were nearly all from
southern states, including delegates
from Florida, the Carolinas and
Georgia
All were enthusiastic over the sue
cess of the convention.
Many local delegates returned to
their desks today and they, too. were
loud in their praise of the spirit Of
cooperation that prevailed.
Address ON Taxation.
Theodore Price, financial expert and
publisher OF Commerce and Finance
will lecture before the City Club on
wednesday on the subject OF Taxa
ton"
There is no more important topic
before the business men Of the coun-
try today than this, and it is sure to
be given much consideration by Con-
gress at the next session.
Wool Men Seek HeIp.
A few years ago it was buy a bale
or cotton at z cents a pound" and
now it is buy some WOOL" the while
cotton was advanced many times the
asking price of the days when it went
begging.
Cotton's troubles arose over the out
break of the worlds war, while woods
condition is the result OF the fight
made by the people against the high
A delegation Of western wool grow.
ers waited on the Federal Reserve
Board this morning. seeking, pleading
and demanding assistance and relief
They said that eastern manufac-
turers were not interested in wool;
that the price of wool was not high,
but that the market was practically
closed and they asked for assistance
IN carrying the crop recently SHARED
They proposed to the Federal Re-
serve Board that the latter establish
a rotating fund of 800, 200. 900, such
as was formed for the aid Of cotton
growers back in 1914, and that they
be made the beneficiaries OF the mil
lions until such time as the condi-
ton In the wool market had improved
and sales might be made at satisfac-
tory prices.
The Federal Reserve Board will an
nounce its action, il any, in the near
future.
New Edge Bank.
Tho first federal foreign banking
association. organized under the pro-
visions Of the Edge act. opened for
business at 40 Wall street, New York,
this morning. 1t is organized especial
~ for giving credit facilities for the
export and import trade; is prepared
to give credit for any length Of time
needed to run the merchandise into
cash. Under normal conditions the
demand for credit in these business
transactions will run for six to nine
monthA Time credit is the sorely
needed aid Of commerce today.