The Washington times., 1912-03-03

dividend which was not fully earned.
me course. pursued by the Republic
Iron and Steel Company in suspcndlng
It's preferred dividend though the earn
ings fell but $4,000 short of the require
lnents Is far more TO be commended,
for a corporation will last very much
longer with abundant cash on hand and
In bank than If II puts the cash out Of
reach in the form of dividend pay
ments.
But after all the worst feature of the
episode is the action of the officers and
directors of the Central Leather Com
proposed by the minority shareholders,
for II ever company was Il fit sub
ject for inquiry this is the one. II is
an anachronism for a group of corpor-
alton officers In this day to treat cor
poration controlled By proxies as IL 1t
were personal property, and as though
the minority interests had no rights.
Everyone thought that question was
settled for good and all in the life In
surance Investigations which resulted
in casting so many persons out of high
places. The entire proceedings of the
Central Leather meeting read like the
old days OF FislSe, Gould, Drew and
Commodore Vanderbilt and later by II.
o. Havcmeyer, when shareholders at an
annual meeting were treated with COM
tempt. ! cannot believe the Street has
heard the last of The Central Leather
episode.
Some Heaviness In Bonds.
A feature which has come in for much
comment among bond and investment
dealers is the sagging tendency which
has developed in bonds. New issues at
| attractive prices or offered on an attrac-
i've interest basis to the purchaser have
gone very well, or have been syndicated
without difficulty. but the signs OF a
glutted market are clearly observable.
The. old established, seasoned issues are
showing tenderness which Is much
dlsliked by such bond dealers as
have securities on hand, and even short
| term notes have lost some of their po-
tency.
Although a ready explanation for this
may be found in the fact that the large
banking firms and issuing houses have
pressed the market too far, 1t is quite
apparent that a slow-selling movement
has developed in bonds. This is shown by
the publication today of the summarized
statement of the New York Clearing
House banks. under the last call of the
Comptroller OF the Currency, which re-
veals much reduced stock and bond
holdings by the most conspicuous bank
of the city, as compared with the hold
ings reported. in the previous report.
Contrasted with the report for the cor
responding period in 1911, the banks as a
whole have larger security holdings now
shan at the preceding period, but the
City Bank has materially reduced its
line recently.
Politics and Money.
Despite Colonel Rooseveits announe e.
| ment that he would accept the nominal
| ton for Presidency. politics played an
insignificant part in the Wall Street
market. Naturally. the financial district
| discussed the possibilities of the eX-
Presidents candidacy with interest, but
| with more OF the hysteria that formerly
| greeted the mention Of his name. OF
course, this does not indicate that Wall
Street, as a whole, would welcome Mr..
| Roosevelts nomination. but 1t does show
| modification of view. Only a year
ago last November. II will be recalled
| all Wall Street turned Democratic. and
| opposed a gentleman who il accused of
! being Mr.. Roosevelts candidate for
governor, upon the theory that his de-
| the Presidential race The present an
| nounCement indicates that Wall Street
may go wrong in politics. as in the stock
! market. on occasion.
The money market showed a slightly
| hrmer tendency during the week. with
quotable change in rates. Foreign dis
count and money rates were for the
| most part stronger, particularly in Ger
many, and this may explain the similar
tendency here. for the local borrowing
| demand continued limited. Today ;
| bank statement was unfavorable re-
| iiecting to some extent the March ] re-
/ actual conditions, cash holdings de-
/ creased 81, 125, 600, while loans increased
| 100000 and deposits expanded s., 49, CO.,
| There was loss of s., 1856. 800 in surplus
| reserve. which now stands at 81, $40, 800
above legal requirements.