The Washington herald., 1913-09-24
VIII Tighten Local Money.

This distribution will probably make
The local money market closer than it is
now. and the Treasury Department might
ease conditions for the people Of Wash
inEton. merchants. and others by releas-
mE some Of the idle crop millions to
local banks.
With the first of October the Treasury
department will take 100000 out of two
trust companies, as previously reported,
and all in all the outlook is not good for
aaser rates OF more generosity in accom-
modations. Bankers are caring for their
customers as best they can.
Much of the October disbursements
should find their way back into the
banks unless there is a revival of in
vestment on the local exchange. and this
is possible indeed there is usually
n rally with the advent Of October, when
things are supposed to awaken from the
off-season's s dullness in the Capital
1t is stated that not more than $40
10000 has gone out to interior banks.
Many banks that were allotted part of
the cash have declined to participate.
owning TO being able TO take care OF
their clients with funds in hand. Others
ind cause for grumbling at the slowness
Il the distribution at a time when the
resources Of the country are more or less
seriously taxed
II the movement is to be carried TO
completion it should certainly be hurried.
otherwise it will be too late to help crop
novement-that is. this years crops.
Stocks Were Lower.
Weary with waiting for the Union Pa
-ifc hickory nut. unable to secure a fol-
owing to aid in ME daily marking up of
DriCes the bulls were more quiet yester-
lay and permitted prices to sag, else
the selling was too much for the limited
buyinS power to sustain.
Commission houses reluctantly admitted
that there was nothing in the way OF
public investment buying. and this, with
tho strinGency in the money market and
. positive feeling in favor of conserva-
tism growing all over the country, caused
the reaction.
One gossip reports Union Pacific as los
ing friends every day because il does not
,ome out and tell the facts that are to b..
With the immediate opening there was
good covering by shorts throughout the
list, but this buying was eliminated
shortly after il clock. and thereafter
the market displayed weakness. with
Union Pacific raIIying about IS from the
low but with the rest OF the list grinding
on the low of the day.
The first hour produced 9Q.O0o shares
sold: the five hours but 26J.0n0. while the
final hour was in the $500 share class.
steel rose a fraction and dropped a
point: Reading rose Il point and lost
points: Great Northern dropped -: St
Paul IS: Copper a point: Atlantic Coast
Line. /: Cotton Oil, Copper Utah Copper,
and many stocks a point TO a little more:
Rock Island preferred was 81 higher:
the common weak
throughout the day the professional
character of the market impressed itself
uDon the observers. Street is bearish, but
is slow to act, though more inclined TO
follow leaders on that side.
Three Suits.
The Georgetown Gas case. having to do
with the holdings of $3.50 shares of that
stock by the Washington Gas Company,
is now before the court three times.
Thomas L Hume's suit is likely to be
the first on the calendar, then the George
town Gas Companys own suit and last
he plant of the Utility Commission
In two cases the Georgetown Gas Com
Dany appears as a co-defendent and will,
in its answer to the plants OF the Com
mission and Mr.. Hume's suit, have inter-
ssting statements to make
II Is probable that the Georgetown Com
-sr- will object 10 the Washington
cuupany holding any OF the stock re-
fzrrad to, and insist that il be turned |
na, b into the treasury OF the Georgetown |
"Us. pany.
"a is evident that if the merger propo- |
sitlon is 10 be considered the Georgetown |
interests will have their own views of .
the value OF the west-of-the-creek cor !
poration
Local Securities.
1t was really good day on the local