The Washington times., 1913-08-26
BANKS WATCH FOR
FUND ALLOT MENT
Almost Million Dollars Is Ex-
pected to Be Distributed
Among Local Institutes.

WashingtOns apportionment of the
$4,000. 900 which Secretary of the Treas
ury McAdoo is to deposit in the banks
of the country to assist in the move
ment of crops. will be made at o'clock
this afternoon. according to an anounce-
ment from the Treasury Department.
While there is no way of estimating
the exact amount which Washington
bankers will receive. it is believed that
the sum will amount to upward of
million dollars. This, however, the
Treasury officials. as well as those
Washington bankers scheduled TO get
slice of this sum. will not discuss.
Secretary MCAdOO, carrying out the
policy established when the original an
nouncement Of the proposed distrou-
ton was made some weeks ago, has de-
clined to state what financial institu
tions will he benefited by the distribu-
tiOn. Neither will he give the names or
any Of the banks in the South or West
which will participate.
A statement will be issued today,
showing the amounts that have been
allotted to the various States and Ter
ritories. There will be nothing. how
ever. to indicate. what banks have been
designated 10 act as temporary de-
pOsitOrieS.
The names of the Washington banks
not been made public, and will not be
by the Treasury.
II is not understood why the Treasury
Department maintains so much secrecy
about this fund. 1t has not, heretofore,
designated the allotment to any terri
tory, and has insisted that the banks
themselves keep this information from
the public. Some are of the opinion
that this is done to prevent the impress
sion from getting abroad that the Gov
ernment policy is making a plethora Of
funds for any community. Such an i'm
preston, it is said. might increase the
demands on the banks, and perhaps,
from quarters which il was not intend
ed to serve in making these deposits.
An autumn time activity characterized
todays session of the Stock Exchange.
and. contrary to the general belief that
there are not enough brokers in the city
to make a good showing, a record, so
far as number OF sales is concerned
for any day for fortnight, was made.
Bank stocks were active. those of half
a dozen institutions rising one or more
points There Was but one sale of stock
of this kind. however, five shares OF
Federal National bringing l35.
The bid price of Commercial National,
which started to soar yesterday, folloW-
ing the announcement OF ITS purchase
of the Union savings Bank. dropped on
two points today, but tine asked price or
90 Of yesterday remained unchanged.
There was no dealing in this stock.
Riggs National Bank advanced 81
points. while Continental, which opened
at lO5. at one time had bid price OF
ll5. but this was withdrawn and llv
substituted.
Mergenthaler saw an active day
There is much of this stock wanted. but
its holders show no disposition TO sell at ,
prevailing prices, the impression having
been gained that the stock IS scheduled
TO toll Td hound in the near
future this being based on reports from
Boston and New York that the stock in
those cities has been selling and
points higher than here. Ten shares OF !
Mergenthaler brought @l5 and 2lI on the
regular call while a broken quantity de-
manded 216Ia on the after call.
The common and preferred stock OF
the Washington Hallway and EleC-
trio Company. and the bonds OF that
company. extracted the most atten-
ferred sold ~ 81. while = brought
81. Five shares Of the commcn sold
at 90.
The othCr transao tions of m" dav
were: Ianstnn, shares at 81. Wash
ington Railway IS. $1,000 at S2ts and
$1,000 at S27s: Washington Gas IS.
81 500 at 1U7 u and $500 at los: and
Capital Traction IS, $1,000 at 1851
and 81 l,0O1 2t 1885,.
A. G. ClIpham. president OF the Com
r.ercial National Bank. was unable TO
attend the meeting of the American
Bankers Association. held in ChicaRO. .
az which pending financial Legislation
vas under discussion. Al the last mo-
mcnt. and after a ticket had been pur-
chased and Mr. Chaplain was actually
on the way to the ! nion station t"
catch train for Chicago. the Com .
ncrcial Natioral-T Union Savings deal
came UD for consideration again. and |
he p.ns forced 10 cancel his plans for |
the trip.
Iohn Poole. of the Federal National !
Bank. and W r GalIiher, Of the Amcr- .
lean National, the tw" Washington ,
at the Chicago "onv"n- (
1IGn. Will return to Washington uOmCr- ,
low Or Thursday.
Two counterfeit national baukn0tcs :
recently have appeared in circulation. /.
according to circulars sent out this # /
tcrn0on bv the Secret Service division 81 .
the Treasury Depar artment They ar" 81" I
notes. one being on tn" First National .
Bank Of Chicago. and the other IN the /
Farmers and Merchants National |
Bank Of Los Angeles. Both are poor |
limitations. Acting Chief Moran SAWS.