The Washington herald., 1912-11-26
Local Financial Matters

Under the circumstances the New
York stock market acted much better
than might have been expected. There
we're the influences noted, tight money
and war scare, and. in addition, labor
troubles that threatened the activities of
railroads and steel manufacturers. The
Edgar Thompson furnaces of the Car
negie Company were closed down be-
cause of impossibility OF moving freight.
The average losses in the leaders was
about a point. showing evident support
Of the list that 1t might not get out OF
the hands Of those who guide Its des-
tinIes
Reading and ST. Paul lost / L. the
Hills about the same amount. Union
Pacific only SIS, B. & o., 1 S-S; L. & N.
/ . rs, and Lehigh Valley, is. Steel COM
mon recovered, so that 1t lost but 3-4
net, the preferred being OF rs.
Trading was very slow, indeed. no life
to the market and the bears were by
no means, aggressive in tpe early hours
though more active later on.
Money in Washington is scarce and
tight. The response to the next call OF
the Comptroller, If made soon, as ex-
pected, will show heavy losses on ac-
count of bank deposits to the credit Of
Southern and Central Western banks that
have been withdrawing.
Yesterdays session of the local Stock
Exchange was certainly a record
breaker.
Not one share of stock changed hands.
Two 81, 600 Potomac Consolidated SIS sold
at 100 5-S and 100 3-4 That's all.
NJ. E. Allies and his fellow-directors
of the Seaboard Air Line were the din
ner guests of S. Davies Warfield, at
the Maryland Club. Baltimore, last night.
Present officers will be reelected by the
board this afternoon.
The Baltimore bank merger has caused
much favorable comment. 1t was also
responsible for an advance of Is IL
points in the price Of Merchants Nation
al Bank stock, and 5 1-2 in the value OF
National Mechanics stock.
Washington could stand a few mer-
gers in the bank line without opposi-
ton from the Commissioners or the cor
poration counsel.
Maj. p. G. Eastwick. formerly manager
of the International Banking Corpora
tion's local branch, and who has been
associated with the United States Trust
Company for the past year, left yester-
day for New York.
Mai Eastwick has accepted the posi-
ton of general manager of the Panama
Banking Company and will shortly leave
fo4. Panama, where he will make his
headquarters. The Panama Banking Com
pany is one of the oldest banks in Latin
America.
|. Very few Americans have achieved the
distinct success in the field Of foreign
exchange banking that Mai. Eastwick
has. During the past ten years that he
has been on the foreign stan OF the In
ternatiOnal Banking Corporation he has
managed their branches at San Fran
CISCO New York, Panama, Colon, Manila.
and Washington, having also been at
London and China He goes to his new
position equipped with a fund Of expert
ence and worldwide banking knowledge
that will be of benefit in promoting closer
trade relations between the United States
and Central and South America.
The auditor of the Post-office Depart
ment, Charles \. Kram, in submitting
his first annual report since the installa-
ton of the mechanical tabulation sys-
tenn of auditing postmasters' money or
der accounts by means of automatic
electric machinery. says that the money
order business of the United States dur
ing the fiscal year 1872 was the largest
in the history Of the department.
Approximately S5,OOO.UOO domestic money
orders and 4OOO,OOO international money
orders, representing a money value OF
upward of $3.50, 600 900, were issued by the
80, 900 United States postmasters. About
p per cent of the domestic money orders,
amounting to $500 10000. were paid at the
New York and Chicago post-offices, where
the great mall order houses are located.
A decrease of S11,50O. 600 is noted in the
amount of money sent abroad through
the medium of international money or
derS.
This falling off is undoubtedly attrib-
utable 10 the establishment of postal
savings banks in many Of the larger
post-offices of the United States. With
the extension of this system to all
money order post-Offices. it is expected
that there will be a still larger curtail-
ment in the expectation of American
money.
Tie adoption OF automatic electric
machines for auditing money orders ac-
counts not only results in an annual saw
ing of upward of 100000 but also makes
possible the completion of the audit of
the accounts in a much shorter time.