The Washington herald., 1913-03-02
MARKETS. --FINANCE---COMMERCE

| on the basis OF 31-2 per cent extra.
This action probably accounts for q
bear movement in the stock on the Local
exchange for some days past.
Pujo Report.
w. B. Hibbs & Co. sent out the fol-
lowing letter to their correspondents last
evening:
Various comments are heard in Con-
gress on the Pujo (or to be more accu-
rate. the Untermyer) report. indicating
a wide range Of discussion when the
proposed legislation comes up for con-
sideration-if ever II does
.'One class in Congress takes the find
ings with full faith. and is ready to al
most believe in a regular personal money
devil with horns and hoofs. Some there
are who probably regard an interlocking
directorate as some sort of new-fangled
railroad switch. Others do not hesitate
to call the whole thing bunk as did q
Pennsylvania Representative in open de-
bate the other day.
Then, there are Thoughtful men in all
classes who realize there may be ten
denotes to dangerous concentration of
credit: that there may be abuses in
speculation. but they are pondering Sc
riously how such things are to be rem
edied by Federal legislation. and fortu-
nately ii is this class of men that in the
end will handle the bills in committee.
Far more important to the business
world than the findings of the Pujo COM
mittee is the situation in both Houses
over the struggle between the radicals
and the conservatives for control of the
Democratic organization. 1t is not to be
denied that the Senate leadership will
likely be dominated by the Bryan wing
of the Democracy. and it is quite within
the range of possibilities. II President
Wilson takes sides, that the same element
will have the upper hand in the House.
THE whole trend OF legislation for the
extra session may be directed by the
outcome"
Virginia Outlook.
The Richmond Trust and Savings
Bank, in its March circular, says:
Money is in good demand in the
South and the demand likely to con-
tinue for some time to come. because of
business activity and the preparations
for the new crops. The average farmer
in Virginia is better on to-day than he
has been at any time in the last ten
years. The farmers are spending money
with some freedom but there are no Sc
riOus Indications that our people are lily
ing beyond their means or that they are
irdulging in undue extravagances. The
banks are strong. and. while money is
active. discount rates are relatively no
higher than they usually are at this sea-
son. The people of many communities
are virtually out of debt and are living
oil basis that is calculated to provide
them with a fair surplus at the end of
the year.
Most of the small merchants in this
section are in good shape. In common
with country merchants in other parts OF
the United States. they have long been
purchasing new stocks on the hand to
mouth basis. This has placed them in
a strong position financially, so that col
lections except in a few scattered places.
are showing up well. If the next crops
turn out WELL and prices average as
high as they have during the present
year. vast amount of new wealth will
be created for the Southern people. There
has been no overspeculation in cotton or
in other lines. and considering the bank
ing position as a whole, the average bank
in this section is to-day in a particularly
strong position.
The people of the South are expecting
much from the administration of Wood
row Wilson. Notwithstanding the unset
tlcment which has been caused by in
of various sorts. the feeling
and that Congress will not
take an extreme stand in connection with
the regulation of business interests. We
consider IL of. extreme Importance that
the amendment of our banking laws
shall be made in such way as to give
the people of the United States a thor
oughly safe and sound currency system.
This is of high consequence for the peo-
pie of the United States as whole.
s,. t.,
extending on this subject, and that the
people are now in frame of mind where
they are willing to consider the question
from a wholly nonpartisan standpoint.
1t is not so much question for the
bankers as it is for the business men
of the United States who have long been
hampered in dealing with home and for
eign markets by the defects and made
quacies of the national bank act.
The New Nickels.
The new nickels were IN general cir
culation around the banks yesterday.
The general verdict was adverse to
the coin. The Indian head is excel
lent. the buffalo very poor bit of en-
craving. 1t looks as If il might have
been nodded.
The chances are that the latest coin
under MacVeaGh patronage will soon
be called in. II doesn't look like an
American coin.
Extend Time.
The Consolidated Gas. Electric Light
and Power Company of Baltimore has
announced that the time for eXchang-
ng the preferred shares for the COM
non shares of the company. share for
share, has been extended to Septem-
Der !. Circular letters. signed by John
L. Bailey. treasurer of the company.
this information, We're sent
10 stockholders yesterday. The eN-
,hange was to have been made as of
April !. The foregoing action was
aiken because of the unsatisfactory
condition of the money market. both
in this country and abroad. making it
lifficult. TO say the least. for having
he stock underwritten except at al
most nrohihitiVe rates l, is officially