The Washington herald., 1913-12-24
MARKET STEADY
ON WALL Street
Prices Close at Figures Prac-
ticaIly Similar to Those
of Monday.
LOCAL TRUST TO JOIN
Munsey Company in Washington and
Baltimore to Enter New System.
President Scott Returns.
LOCAL TRUST TO JOIN

The tone of the New York stock mar
ket yesterday was steady in spite of lib
ersl profit taking and renewed liquidation,
, principally in Canadian Pacific and Mis-
souri, Pacific.
In the case of Canadian Pacific the
liquidation was for foreign account. Mis-
souri, Pacific, the holder of large block
= of Wabash stocks, is admittedly in a
poor position to pay heavy assessment
on its holdings
Activity in Norfolk and Western would
indicate that the Pennsylvania Railroad
has been disposing of its holdings in the
open market. 1t has been intimated that
Department of Justice objected to this
ownership, and with current feelings
among bankers, there is a desire to COM
ply with the wishes of the Department
Of Justice and not to encourage any fresh
litigation.
Rock Island shares were weak with de-
clines OF point or more. The collateral
fours were particularly heavy, with loss
OF point at Ola
Good Stocks irm.
Good stocks were firm. Union Pacific
lost a fraction. Steel was steady, al
though there was less anxiety on the
part of the shorts to cover. Reading,
cally unchanged, and although Southern
Pacific advanced a point. the recovery
was lost before the day ended.
Central Leather declared a dividend of
per cent against the wishes of some of
the directors No enthusiasm was mani
Tested in the stock, and the shares fell
fractionally. Amalgamated Copper was
strong on Is of a cent improvement in
the metal
dropping two points and the Wabash
shares declining to new low levels. For
tunately the public has long realized the
hopeless position OF these shares, and
speculative interest is reduced to a mini
mum.
Trading dropped of in volume as might
he expected in view of the coming holi-
day. London markets were particularly
dull. The celebration there begins the
day before, and does not end until two
days after Christmas Trading for for
eign account cannot be expected to be a
factor until the end of the week.
With the signing of the currency bill
bankers hope that business will be-per-
mitted quiet period for adjustment to
new conditions. With a revised tariff, an
income tax and new currency laws to
digest investors may be pardoned.
On Local STOCK, Market. ,-xs-
On the Washington Stock Exchange
yesterday one $1,000 Washington Railway
and Electric 4 was sold at 70 rs This
was the only bond transaction.
In the stock list five shares OF Capital
Traction were sold at H. Thirty-five
shares of Washington Railway and Elec-
trio preferred went at 81 Ten shares of
Washington Gas changed hands at s. L.
At prices ranging from 30 to 2O1-2
eba ,of f6a1
desposed Of
For Norfolk and Washington Steam
boat 1S7 was offered, 800 asked.
For Washington Railway and Electric
common a bid of s. was made, Sc asked.
A bid of $50 was made for Chapin-Sacks,
for which 200 was asked.
Munsey Trust Company TO Join.
The Munsey Trust Company yesterday
notified the Treasury Department of its
intention 10 enter the new reserve sys-
tenn.
The following letter was issued:
December 3, 1913.
The Hon. William G. McAdoo, Secretary
of the Treasury, Washington, District
of Columbia:
Il desire TO congratulate the admin |
iStration upon the successful accomplish
ment of a most difficult bill and to ad-
wise you that I am recommending TO
the board and stockholders of the Mum
sey Trust Company of Washington that
they take prompt action looking to men, |
bership in the Reserve Association. We
will take great pleasure in cooperating
in every way in this work, which will
mean so much for the welfare Of the /
public.
THE MUNSEY TRUST COMPANY OIL
WASHINGTON. ... e..
FRANK A. MUNSEY. President"
President Norton, OF the Munsey Trust
Company. of Baltimore. telegraphed the |
Treasury Department of his intention to
enter.
Question of Reserve Cities.
Local bankers say there is no doubt
that Washington will become one of the |
Federal reserve cities under the Glass
Owen act. While ii is not expressly |
stated in the act it has been accepted |
by both local bankers and the trainers
Of the measure that as a matter of |
course such would be the case.
Among outside cities there will be
vigorous contest. Secretary McAdoo is
understood to be in favor of the minimum
number eight. but II is by no means
settled that he will maintain this atti-
tude. The subject will be the first taken
up following the appointment of the
Federal Reserve Board next month.
Railroad Man Promoted.
4. J. Fox, for fourteen years connected
with the Seaboard Air Line in its Balti-
more headquarters, has been promoted
from general agent at Baltimore to as
sistant general freight agent of the Sea-
board at Jacksonville, Fla. Mr.. Fox
will assume his new duties January /.
He will succeed B. c. Prince, who has
been promoted to assistant to r. c.
Capps, vice president and general traffic
President N B. Scott, of the Con-
mental Trust Company has returned
from a trip to West Virginia. I