The Washington herald., 1913-01-11
NOT CANDIDATE
FOR REELECTION
President Fox, Of Columbia
National Bank, Would Re-
tire from Business.
SUCCESSOR NOT NAMED
May Be Vice President Guy-Finan-
cial News of the Day.
Gossip.
By 1. A. FLEMING.

BY 1. A. FLEMING.
Albert \. Fox, for many years presi'
uent of the Columbia National Bank
will not be a candidate for reelection
when the shareholders meet to elect di'
rectoTs on Tuesday next, and the lat
ter, in turn. meet to choose officers.
II is also stated that Charles B. Bailey,
Vice president of the Columbia National
Bank. and close FRIEND and associate OF
Mr.. Fox. will also decline to permit the
Use of his name as a candidate for re-
election.
e The most friendly relations exist be-
tween the officers and directors of the
hank. Harmony and accord, with never
a friction between the members of the
Loard OF the officers. is said to have
characterized the entire regime of \.
l.. Fox. who has been at the head of
the institution nearly fifteen years.
For three years. with each recurring
annual election. Mr.. Fox has asked TO
lie relieved from duty. but his fellow
directors, lauding his work and his eff
forts. have prevailed upon him to re-
consider and stay with the institution
to which he has given so much of his
best and most successful efforts
The chances are that this year their
pleadngs will be in vain.
Mr.. Fox will neither deny nor affirm
the report that he is to retire. Although
COmpa ratively young man, he has ear
nesby desired TO ne relieved from the
responsibility and the incident confine-
ment to his arGuous duties.
1t may that his directors will again
force him to stay in harness. but,
ii they do. it will probably be but for
few months, pending arrangements
Tor his permanent retirement.
The Columbia National Bank was or
Eanized in 1887 by its first president. B.
r. Warner. Its second president was L.
Southland Parker. and when the latter
went TO the National Metropolitan Bank.
4. F. Fox was made president.
4 Successful Administration.
His administration has been very sue
Cessful. The bank is in the honor list
having a capital and equal surplus, $50
30 each. pays 10 per cent dividend, and
is quoted around s5Oa26S a share.
The bank has recently been remodelled
and is to-day one of the most convent
cnt and commodious institutions in the
"ity. Many of its directors are also di-
reCtOrs Of the Washington Loan & Trust
Company and the most amicable rela-
lions exist between the two institutions.
Vice President Bailey is a man of
wealth and mature years. close in re-
lationship with Mr.. Fox and he is said
10 he ready to follow his friend into
ctiremcnt from active business.
Naturally President Fox would not dis
, uss either actual retirement or a prob
able successor in the event thereof.
In financial circles the name OF Ben
iumin Guy, who is also a vice president.
is freely mentioned as one of the most
prominent candidates for the presidency,
ba rraSidpnf Shiar Clarence
Corson, has also been suggested as a pos
sible successor toJPresdent Fox, in the
advent of failure on the part of the
directors to second Mr.. Fox's consent to
again stand for the presidency.
Braden Production.
Braden is now turning out about 1000.
gross earnings of $4,000 a month on liz
cent copper market. giving Braden a cost
of ~ cents a pound, which is fully
cent above what the property can do. Its
earnings amount to about 800. coo month,
or 81, 9OO. 000 a year. Braden's bond charges
call for $4,000 per annum. so it is evil
dent that the company is earning its
liked charges and substantial balance as
we'll BY the end of the year the com
pany should be producing at the rate
ar 40.C0O,ooO pounds of copper per annum
at a cost of cents a pound.
New York stocks Slow.
1t was a dull day on Wall street Friday
with the general trend toward lower fig
ures. Copper was the weakling of the
the report current on the
street having to do with a possible in
Nestigation by Congress into the copper
pools and the plans of important inter
csts in holding metal off from the mar
ket. This was enough to encourage the
hears TO jump on the stock and it also
caused some inside selling for a loss be-
tween two adverse interests of nearly
two points.
Canadian Pacific. liable to any kind of
a. : f'"s'"A''o" at any time dropped back
The hull interests are discouraged that
nc easing of the money market had not
inspired any increased operations. The
lank figures are likely to show $4,000. coo
increase in cash.
On the other hand the situation abroad
is treacherous. and the efforts of Turkey
10 escape from her troubles may yet in
rolve the nations of Europe in trouble.
Gold is going abroad, despite our
handsome trade balance, an advance of
twenty-five points in Sterling exchange
probably rejecting the uneasIness over
the outcome of the Balkan-Turkey situa-
ton Reading was the strongest of the |
eadlnS STOCKS, holding ITS own in good |
shape. with specialties like Rubber and |
American being higher up.
Nearly all the petroleum stocks moved |
up. Union Pacific and Steel were IL |
over. Southern Pacific was firm
1t was purely a professional market, |
public interest being at a low ebb. The |
developments in the Pujo hearings are |
not especially conducive to public opera !
lions in Wall Street.
Bond List.
Messrs. Spencer. Trask & Co. of New |
York City. present an especially attrac- |
tive list of bonds through their local |
Chris. Cox Dawson all |
Iigh-grade rails, yielding 4.07 per cent
IN Chicago and Northwestern. Galena ,
division, { per cent at IS, to st. Louis
and San Francisco general lien at s.. !
paying $50 on the investment.
Commenting on the past and the out
ook. Messrs. Spencer. Trask & Co say:
The bond market showed a restricted
'olume Of Trading for the year. total |
ales on the New York Stock Exchange
Iggregating sos. 2l3.jO0. as compared with
500, 2l01O0 for 1911. At the same time, it
must be remembered that the business
'ver the counter aggregates much more
hsn that upon the exchanges. and there
las been during the year a steady de-
nand from investors for securities yield
ne at least ) per cent. Prices on the
iiGh-gTade railroad and municipal issues
howrd = downward trond lint oond puh |