The Washington herald., 1913-10-23
BANK MERGER
DECLARED OFF
President Davis Says Lincoln
Directors Rejected PROPOSE
ton Of Nh. Norment.
NEW YORK STOCKS WEAK
Short Covering Ceases and Buying
Power Of the Market
Diminiskss.
NEW YORK STOCKS WEAK
BY L. A. FLEMING.

President Davis of the Lincoln Ma
tional Bank. when interviewed regard
ing the possibility Of a merger with the
National Eank Of Washington. which ha,
been under discussion between a com.
mittee Of the directors of Lincoln and
President Norment, of the Bank OF
Washington. said yesterday that the
proposition Of the latter has been de-
cfined
The negotiations were for the merging
Of the two banks with the retention OF
the name of the Bank of Washington.
II was understood on Tuesday that the
committee would meet with President
Norment again in the immediate future,
but the statement OF the president of
the Lincoln would indicate that negotia-
tons are ended.
Local Securities Dull.
Business was slack on the local stock
exchange yesterday, owing TO the lack
OF securities available for trading pur-
poses Bidding on many issues was ac-
tive, and in some cases the bid prices
were higher than in days past. but no
stocks or bonds were offered and COM
mitments had to wait for available Sc
curities with which to fill them.
In the course Of the trading two 500
bonds of the Capital Traction Company
were sold at 107lk which was a better
price than has recently been obtained for
these bonds.
Railway preferred sold on call at 50,
but some odd. shares. wanted for small
orders, were filled after call at an ad-
vance Of half a point.
A lone share of Mergenthaler was bid
IN at H6%.
Riggs Realty IS went at z above par.
Stock Market Declines.
Securities in the New York market re-
Tuesdays advance. Some Of the less
active shares made advances, but in the
main the market declined about a point
Steel was the most active stock. Open
ing at 50, the price slowly declined to
81 5-S, and regained a quarter of a point
before the close.
Short covering appeared to have ex-
hausted itself on Tuesday. and the down.
ward tendency yesterday was but the
healthy reaction following the disap-
pearance of buying power of the shorts.
Many of the buyers Of Tuesday turned
sellers and to that extent helped the
slump along. Union Pacific lost a point
and a half on the days transactions. but
gained slightly IN the rally near the
clcsias hour Southern Pacific lost about
4 point. Reading was less active than
SpAiiC VI Alit ldBSt Sdllitu d Aucilti VI a
point in the early trading and lost
point and a quarter durinS the day.
Beginning with the announcement of
The closing of the stock exchange at
Bombay, India, on account of disturbed
financial conditions in that country, the
market news was largely unfavorable.
The uncertainty of the steel market and
numerous rumors of one kind and an
other caused the selling which carried
prices downward.
Bull traders did not feel warranted in
making any attempt to support the mar
ket to the extent of carrying prices
higher, and matters were allowed to drag
along in sluggish and dispiriting fashion
10 the close.
Almost the only bright feature of the
market was the announcement by the /
Vulcan Detinning Company that 1t would I
pay of p per cent of back dividends, !
which caused a rise of Is points in the |
preferred stock of that company.
Railroad Earnings Reported.