The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-20
Local Financial Matters

been received before the application for a
charter.
The balance of the circular is devoted
to a statement of the objects of the COM
pany, the profits, business, and advances
In shares Of trust companies in New
York, and to lines of business 1t will
transact.
There is a large amount of business
in the trust company line which would
naturally be transacted through Balti-
more IL our city had a sufficient amount
of trust company capital. AS conditions
exist at present frequent important OPP
portunities for securing large profits and
for the conservative and productive in
vestment of capital have been and are
being lost to Baltimore. and the benefits
are being realized by. the large and we'll
equipped trust companies in Boston,
Philadelphia, and New York. simply be-
cause of our lack of adequate capital and
financial facilities.
One of the main objects OF the Mum
sey Trust Company will be to increase
and emphasize Baltimore's Importance as
a financial center. The new company
proposes to obtain for our city a larger
share of the profits and advantages which
are now being derived by large financial
institutions in New York and Philadel-
phia. and elsewhere, on business which
could. with proper capital, be just as
well transacted in this city. Much bust
ness OF this kind relates to enterprises
and undertakings in our section with
which our own people are associated and
well informed. and which in the ordinary
course of things ought TO be handled
through this center"
Washington financial interests are in
terested in the plans of the Munsey
Trust Company but more concerning the
plans for the proposed Munsey Trust
Company and National Bank in this city.
No official information is available but
a report is current TO the effect that Mr..
Munsey would carry out his plans as to
a national bank TO occupy the banking
rooms in the Munsey Building during
the next few months.
Tea at the Commercial Club be-
tween and $50 o'clock every evening
This is certainly an innovation for
WashinGton's business club, and yet those
who have sampled the brew seem to
take TO it like native Englishmen. &C
customed to taking tea at any and all
hours of the day.
1t is reported that some OF many
club members have eschewed all other
club beverages and now swear strong
~ 10y tea as they once did by less soft"
drinks. 1t is case of matching for tea,
shaking for tea. and much brewing of
the edative.
Tea has long been known as a stimu
lating. appetiziDg. soothing drink. that
It has been introduced into the CONNER
cial Club by Banker Allies would seem
to be but a step toward securing from the
organization itself the adoption of the
affirmative on the question OF Woman
Suffrage
There is more or less complaint on
the part of the banks of the inability
or unwillinEness on the part of the
Treasury Department to furnish the need
ed new coins for the holiday demand.
Secretary MacVeagh has even gone so
far as to limit the quota of each bank
to $1,000 in half dollars and a like amount
in quarters.
Always at this season Of the year the
demand for holiday gifts is urgent and
there is enough profit in coming for the
Treasury Department to put the mints
to work ceining up some OF the bullion
in the treasury. but the Secretary has not
taken this precautiOn and now it is too
late
There is also complaint of unwilling
ness to give out new clean bills of SlOI
denomination and larger in exchange
for small bills
stock broker. long known a a rahid
bull on Washington Gas. has been the
only seller of tho stock for several days.
On change yesterday ne made the an
nOuncement that he had go shares OF
Gas TO sell and that the price was S44s
in lots of twenty-five shares or in a
bunch.
Such a transaction would involve over
$1,000 and just at present there seems
to be no inquiry for the block. although
it could have been sold at a price on
change.
Twenty shares sold at S43s then SI
was bid. 3ES for 100 shares and when
the frankness of the broker dawned on
the traders a bid of 50 was made to
clear out the block.
Whether the stock being sold is actual
~ a part of the brokers' holdings or an
order OF some other large holder has
not developed.
The liquidation of the block Of stock. |
practically 1000 shares, coming at a |
time when the daily records on change. |
all told, do not average more than a hun |
dred shares, not even that much has
broken the price Of Gas about 3 points.
Yesterdays other transactions were in |
Capital Traction IS, where 5000 face
value changed hands at 1G9z;.
box. 250a35O; grapefruit. per box 25Oa3oO; pine
apples 2OOa250; grapes. per Alb. basket CataWba |