The Washington herald., 1913-08-29
SHARP ADVANCE
IN STOCK LIST
Average Gains Of Better Than
Two Points Throughout
Rails and Industrials.
MEXICAN OUTLOOK CAUSE
Citizens Savings Bank Merges with
District National-Loeal
Stocks Slow.
MEXICAN OUTLOOK CAUSE
By 1. A. FLEMING.

Yesterday was a great day in the New
York stock market. The publication of
a story to the effect that Mexico would
consent to the exercise of the good Of
fees of the United States made the street
jubilant Tight money, partially de-
stroyed crops, and other little matters
like tariff legislation and the further
consideration OF the currency bill were
all forgotten in the hurrah and excite
ment attendant on the uplifting CT the
list as by the boots.
1t came Immediately following the
opening, and it was more or less of an
impartial spreading to all stocks, picking
out some few shining marks, of which
Smelter was about the best, for the rea-
son that the company's property in
Mexico would be much safer under the
rule Of reason than otherwise.
When it was discovered that the whole
truth had not been told there was some
reaction, but the fact that Special Mes
senger Lind had been ordered back to
Mexico was considered reason enough, !
and the advance continued to the close.
The rise averaged 2a2I points. !
rather a sensational advance at this sea- |
son of the year. Smelters made it nearly |
3 points and Copper Is.
All the gossip Of the day on copper |
There were some stories Of government
Department OF Justice activity but |
everything else was sidetracked for
Mexico.
Steel common rose Pts to s., Union
Pacific made it IL advance, Reading |
Is, Southern Pacific became active |
and rose nearly points. Nipper was >
points higher, New York Central points, |
Can l, Great Northern !, Copper 2l-4 :
1-S nd MaNiNav
Petroleum came across with 21-2 ad- |
vance, the first bit of encouragement that
shareholders in this company have had
in months.
And the closing was right up to the
very top of the day.
Bank Merger.
Elsewhere will be found the details
Of the merger OF the Citizens Savings
Bank with the District National under
the title and charter of the latter.
President Harper has long desired to
inaugurate a savings department and
by the amalgamation he obtains one
FULLY equipped and with large deposits.
Bestor r. Walters, treasurer-cashier,
practically manager of the Citizens Saw
ings since its formation, will become
manager of the District savings depart
ment and associated with him will be
/ .
Full details OF the merger, which gives
the District nearly 100000 deposits, will
he found on the first page.
Paying for Liquor Licenses.
The liquor licenses. 400 in number. each
calling for a deposit Of $1,000, are hitting
the banks of Washington rather hard at
this time. This large sum Of $4,000 has
been withdrawn from deposit by would 4
he retailers. Coming at a time when
money IS tight when rates are high and
merchants are discounting their fall
tilIs, II removes all promise of ease in 8
the money market Of the near future.
Roads Hurt by Lawmakers.
President Ripley. of the Atchison. in
discussing car shortage. says present rail
rates are not adequate. and that use
less laws restrict railroads from raising
needed capital
If lawmakers would stop their stream :
Of expensive and useless legislation,
which is being poured out in such
floods upon railroads" said Mr.. Ripley,
and see what the effect is of regulation
.by commissions and courts, there is
little doubt in my mind that the rail-
roads would steadily expand their ia !
cilIties and increase equipment so as to !
make the widespread car shortage less =
and less probable. Much of the trouble {
N the past, and the poSslDlllIy OF DANGER {
IN the future, lies not in the failure OF {
the railroads to foresee and anticipate
the needs of the country, but in the in ,
ability to raise money to provide the !
necessary facilities, on account of the h
destruction of railway credit by hostile L
legisla ton" \
President Ripley's analysis of the }
American Railroad Associations 162 fort I
nightly car reports, between January =, :
1907. and July Is, 1918. shows 1Ss net sur 7
puSes. and only twenty-three net I
shortages. There were net shortages in v
l9J1, 1919. and 1872; but none in 1905 1870 I
or 1911. Surpluses are much commoner,
and larger. than shortages.
Local Securities.
Yesterdays transactions on the local C
market were chiefly in Railway pre- \
frrred. A selling order of moderate \
proportions was executed at IS to IS L. A
with the closing price 81 81 =
Lanston sold at 81 l-2 Several shares r
of Continental Trust were sold at lis. E
Mon Trust remains at lis. Ii
The Clearinghouse special committee L
met yesterday afternoon and passed on \
a batch of paper for the Treasury De-
partment. r
lR