The Washington herald., 1913-09-05
TARIFF ACTION
ON WEDNESDAY,
Senate Will Try to Put Off
Currency Action - Ad-
journment in October.
NEW YORK STOCKS WEAK
Crop News and Higher Money the
Cause-No Life in Local
Market.
NEW YORK STOCKS WEAK
Br 1. 4. FLEMING.

As
In Washington financial circles there
is a persistent rumor that the tariff bill
will become a law by the 18th inst, that
the House will then pass the currency
measure, the conference over the Senate
amendments to the tariff bill keeping
the conference committee busy for some
time, and that the Senate will refuse
to act on the currency measure until
December.
Adjournment is predicted early in oc-
tober.
Pressure is being brought on the Senate
to consider the claims of many small
national banks and their arguments that
they would be forced out of business If
the measure as it now stands should
be adopted.
This program will necessarily depend
on whether the administration gets back
of the Glass bill in the Senate and forces
il through, a matter which, according
to some of the leading Senators, can
not be easily accomplished. Many men,
bers have been continuously occupied
with the bushes of State since last De
cember and during the last three years,
almost in continuous session. Private
interests and fences" have been un-
cared for. Adjournment is deemed by
many as necessary.
Junior BANKERS coming
On the 18th inst, there will be about
900 Junior bankers stopping over for one
day in Washington, the guests Of the
Washington Chapter, American Institute
of Banking The young bank men will
stop over en- route to the annual conven-
ton of the American Institute, to be
held at Richmond on September II, Is,
and 19.
W. W. Spaid, of W. B. Hibbs and Com
pany, is the chairman of the committee
on entertaining the local guests. Other
members Of this committee are r. b.
DevereaUX With the National Savings
& Trust Company, and president OF
the local branch. Joshua Evans, Jr, OF
the Riggs National; A. B. Claxton, Mum
sey Trust Company Ed S. Wolf, of the
District National; c. L. Ecklofr, OF the
National Metropolitan Bank, and +. G..
Addison, of the Home Savings Bank.
The entertainment will consist of a
visit to Mount Vernon, three special trains
having been arranged for; luncheon at
the Raleigh, and an automobile Ilde
around Washington in the afternoon
At O'Clock the entire contingent with
the Washington delegates will be en- route
to Richmond.
A program Of rare merit, technical,
educational, and oratorical, has been ar
ranged for the convention.
Less Active, Easier.
Wall Street offered a varied assortment
of curves to the trading interests yester-
day. 1t was strong at the opening, turned
weak almost at once on the excellent
display of strength in the grain markets
both corn and oats going up steadily. and
closed a little stronger, but with general
concessions throughout the list.
The crop news was of the most discour-
aging character, and the report of the
government September is expected to
confirm the most serious estimates OF
damage.
For a time the list responded, but slow
" to the efforts of the bears, but before
the afternoon the bears put on more
pressure and with less support less cover
ing by shorts, and a disposition 10 hold
aloof from stocks the new low levels of
the day were established.
From this there was a slight recovery,
but the closing, especially on the leading
stocks, if Steel and New Haven are eN-
cepted, was near the low, slightly better.
There are two other stocks that present
ed a good front mid weakness, Chesa-
peake and Ohio and Missouri Pacific,
both of which have been freely sold by
the bears and were strong on covering
A little too much pressure was put on
New Haven and it turned and scored
point advance At the low Steel common
was II off, but the buying was fairly
good and. it responded with practical
recovery. Smelling maintained steady
Trice, and Car Foundry made slight
gain.
L. l.. and Reading WeaklinEs.
For once the old leaders. Union Pacific
and Reading, were the weaklings Of the
list. the former losing l is and the lat
ter 3-S
Co., - ,bo i,5,,st-;,1v ,,.aro a1So uvaaL-
General Electric and Copper both show
ing veal ness, the former being 1-2 off.
Canadian Pacific made it drop of 2
points; Lehigh Valley, 3-i and Southern
Pacific, nearly l..
Railroad earnings for July continue to
tell the story of increased operating ex-
penses and Iessened net earnings. Many
new ventures and bond sales, even of
high-grade municipals, will go over to
the winter months, in the hope that the
money market will begin to show radi-
cal changes for the better by that time.
Call money rose from 1-2 TO per
cent during the day, and this had A dis
Couraging effect on traders, reducing
operations. The closing was 3 per cent.
Very many of the minor industrials
and rails did not show on the black
boards. Petroleum shares were steady.
Railway Preferred, SIS.
Sixty-siX shares of Railway preferred
were sold on the local exchange yester-
day in IS lots. The price was 81 7-SaSS
and the closing was at the outside figure.
couple of Potomac Consolidated IS
were sold at 90 rs, and small Traction
bond at lUS IL
While the attendance Of brokers was
larger, orders were few and far be-
tween, with no disposition to shade quo
tations to induce sales.
Personal.
Ed s. Wolf, cashier of the District
National Bank, is off for two weeks, Nj
agara Falls and the St Lawrence being
the. attraction.
Merger Note.
October 10 is the date set for the share
holders meetings Of both the District
National and the Citizens Savings banks.
Assurance of approval have been OBJ
tained and the merger will be completed
Immediately thereafter.
August Transactions.
Stock transactions on the New York
Exchange during August amounted to
6.l0T,S59 shares, compared with 5,139, III
shares in July and s.5s1. .4S9 in June.
OF the twenty-five business days during
August, the largest five-hour day was