The Washington herald., 1913-06-08
BANK OFFICIAL
IS OPTIMISTIC
c. ]. Bell Believes in Local
Stocks Date When Tariff
Is Effective Needed.
NEW YORK MARKET EASY
First Six Months of 1913 in Washing
ton Stocks-Bank Statement
Satisfactory-Gossip.
By L. A. FLEMING.

Charles ]. Bell, president of the Ameri-
can Security and Trust Company. yes
ter consented to be interviewed on
conditions generally, and with especial
reference to local securities and their
value. These are his views:
81 am of the belief that general bust
ness is retarded by the uncertainty as
to when the new tariff now under con-
struction will become effective. Leaders
in Congress can give no satisfactory an
swer to the problem, although they must
surely recognize that they might make II
effective by January !, 1914. without
hazard.
such an announcement would be what
business is waiting for; and business
men would then be able to arrange their
plans accordingly. Stocks of merchandise
are low. and there would be an imme-
date rush for ample supplies to last I'M
til the changes were effective, but as it
stands today merchants are not going to
stock up. with the possibility that the
tariff measure may be passed almost any
time and values reduced. Personally, /
am not so sure that prices will be re-
duced on anything. l am told by a tailor
that an exporter Of woolens has given
him notice of a 5O-cents a yard advance
just as soon as the tariff is effective,
same.
Same Everywhere.
"All business ventures that may be af-
fected by tariff changes are waiting
Bradstreet's report of bank clearings for
the week ended June ) showed S3,Oa5. H.
0oo. as compared with s., $50 600 for the
corresponding week last year. New York,
Of call al
the great cities of the country were
prominent in the decreases Second-class
cities showed the gains as a rule, not
manufacturing centers and not great dis
tributing centers. Washington gained IS
per cent. excellent showing.
Manufacturers would know just what
the demand would require if they knew
when the tariff changes would become
effective.
1T is different in Washington. Season.
able business keeps on in good volume.
Tariff. Wall Street markets, and other
inf1uenceS-rate cases. trust prosecutions,
&c.-have but a secondary and sympa-
thetic influence The government goes on
Paying out the millions each month.
Money is plentiful if the rates are
little strong.
Local Securities.
las for our local securities. l can see
no reason why they should be in the
slightest disturbed by Wall Street. This
is not a speculative center; there is COM
parativeiy little margin trading here.
Stocks and bonds are usually purchased
with view of more or less permanent
investment, even when only partial pay
ments are made, the intent is to pay
for them and lock the securities away
in strong boxes.
Carrying More Passengers.
Our street railroads are carrying more
passengers than ever, and this is not
fiction. but fact. Hot weather riding
helps greatly. while the long extra ses-
sion, with the extra and regular ses-
sions, have kept Congress in session
more or less northumberland the city
is prosperous.
There is TO reason for any uneasiness
v hatever. even though certain policies
and happenings should cause still lower
prices on Wall Street.
This does not mean that am look
ing for any material break in addition
to the slump already sustained in the
New York market. Europe has been
selling our securities, but the prices
of today are low enough for the man