The Washington herald., 1913-01-24
STOCKSLOWER,
CLOSING firm
Shorts Force Partial Rally
When They Try to Cover
Contracts.
GAS LEADS LOCAL LIST
Comptroller Murray's Bank Statistics.
Railway 4 Per Cents Wanted.
Gossip of Street.
GAS LEADS LOCAL LIST
Dy 7. A. FLEMING.


There was considerable action and more
or less irregularity on Wall Street, many
stocks showing losses. but nearly all clos
ing considerably above the low level OF
the day.
Many traders looked for higher open
ing and placed selling orders quite free
ly. the hope of higher prices being based
on the settlement Of the European wal
threat.
The buyers were not on hand and the
selling orders were executed at the ex-
pense of general declines. These were &C
centuated by the failure of the Union
Pacific interests to come to terms fer the
disposition of the holdings by the former
of southern Pacific stock. That no an
nouncement was made does not mean
that none will be- as progress Is reported
on the matter. which will probably be
finally adjusted before the end of the
week.
Some operators looked upon the testi-
.mony of W. E. Corey. TO the effect that
there was a pooling agreement at home
and abroad. given in the suit against the
United States Steel Corporation, as might
having aided the weakness. 1t is barely
probable that it had small influence
The big fellows let the bears enjoy them
selves up to the last hour. then there was
a scamper to cover, and the close was de-
of Wednesday.
Reading was off a point. Union Pacific.
Ia; Steel, IL: Chesapeake & Ohio, rs.
and other stocks fractiOnally. while there
was strength in Lead, Car Foundry. Su-
gar, General Electric, and especially IN
Can shares.
The advance in Can shares of 35s points
on the common and ~ on the preferred
was accredited to a big buying order by
V. C. Brown, looking as If the order came
from insiders and might presage an an
nouncement.
The only specially weak spot was
Delaware Lackawanna and Western,
a stock that is selling so high that it is
naturally irregular, according as to
whether buying and selling orders come
along within speaking distance of each
other.
An order to sell met a buying order
at points reduction on the last pre-
vious quotation.
The Petroleum stocks weakened in the
last few minutes of the session.
ST. Paul, which had been strong.
weakened in the last hour on the an
nouncement of another issue of bonds.
this time s15,Ooo,OoO Convertible ~ per
cents offered to common stockholders to
the extent of per cent OF their present
holdings.
National Banks.
Interesting comment and features from
the reports by national banks to the
Comptroller of the Currency during the
year 1912, prepared by Comptroller
Murray. follow:
The law requires National banks To-
Gated in reserve cities to maintain cash
means to meet current Withdrawals to
the extent of D per cent of their de-
posits, and banks located elsewhere at
least Is per cent. On Nov. 2s 1872
against deposit liabilities subject to re-
serve aggregating E.O3t $4,000. the re-
serve required was 81. 100. 100. 900 and the
amount held s1.431.2oo,O00. or an average
Of 2oS5 per cent On September 4, the
average reserve was 20 per cent, but on
no other call during the year did the
average fall below p per cent.
At the date of every report from
Dec. ), 1911, to Nov. 26, 1912, the average
reserve held by. the central reserve city
banks exceeded the % per cent require
ment, except on Sept. T. and Nov 2S
1912, when the deficiencies were &c of l
per cent and 81 of / per cent respec-
lively. The reserve in all other reserve
city banks were well maintained and ex-
ceeded the requirement. except on Sept
and Nov. 26, 1912. when there were
nominal deficiencies only 1t is evident
that the country banks have less diff
Guilty in maintaining the required re-
serve of 10 per cent than the banks in
the reserve cities in meeting the REQUIRE
ments of their special localities. The
latest returns show that the country
banks in every State exceeded the re-
quired Is per cent. the average being
1871 per cent
Made Good Money.
National banks as whole as owl
denced by the normal ratios of loans
TO deposits and the reserve held, have
been in a prosperous condition. This
situation is further evidenced by the
average returns to stockholders in the
form Of dividends. During the year end
90 June 30. 1912. on capital of sl,O3lO0O.-
900, the banks paid dividends to the
amount of s12O. 10000. or 11.6s per cent,
In continental United States the divi-
dends paid by banks in the various
geographical divisions ranged from
minimum of sol per cent for
the New Englands States to a maxi
mum of u per cent in the Eastern States.
followed by 1877 per cent for the West
ern states. and 10 and a fraction per cent
for the Pacific, Southern. and Middle
Western States
The profits of the banks are derived
from interest and discount on loans and
the returns upon investments in bonds
and other securities. The gross earnings
OF the banks for the year ended June 30
S1oO'vfosVS, UT Aot per cent the
loans and investments. varying from
minimum of SOS per cent for the banks
in the New England States to Ss3 per
cent for those located in the Western
States.
What 1t Costs.
In connection with the earnings of ma
tional banks, it is OF interest to note the
current expenses of the banks in so far
as the government is concerned and
also the gross returns to the government
by national banking associations The
principal item Of expenses, as shown by
the returns for the year ended June 80
1872, is the semi-annual tax on circula-
ton, which amounted to S3.690,301. In
addition to this, the banks are required
TO pay the expenses incident to the re-
demption of their circulation, which
amounted to $J05,735, and the cost of
plates for the printing of circula ton,
$500 The cost of redemption of ma
tional bank circulation is stated at
80. 1878 per thousand dollars. The items
in question aggregate 81, 251, los, and I'm
addition the banks were required to pay
assessments for examinations to the
amount OF S526169, and the corporation
tax. estimated at H.1ss.0oo. These ex-
penses for the year total s4.S5s. 600. while
the expenses OF the Currency Bureau for