The Washington herald., 1913-02-15
NOBANK merger
NOW IMMINENT
Syndicate Unloads Second Ma
tional Stock, Preferring
Other Investments.
NEW YORK STOCKS RISE
Better Feeling Pervades Market and
Prices Recover Some Of the
Lost Ground.
by 1. A. FLEMING.

by I. A. FLEMING.
The sale of 716 shares of the Second
National Bank. which had been held
since last year by a syndicate which ef-
fected its purchase over a period Of sew
eral months when stripped Of all rumor
and speculation. simply marks the fall
ure of the syndicate to get control OF
the Second National, which il set out TO
do They had much less than con-
trolling interest in the institution, and for
the purpose of the syndicate there was
no further motive to hold the stock, and
so il was sold.
Some mystery is being made of the
buyer or buyers of this stock, but the
guilty party probably will be found in
the circle which molds the affairs Of the
bank and has done so for several years
BY the purchase of these outstanding
shares the insiders have now fortified
their position so that they cannot be
sold out. bought out, or forced out
against their will As now understood,
the transfer of this stock in single
block has no reference to consolidation
merger, or the starting of a new bank,
rumors of which have filled the street
for the past two or three days
No Merger Probable.
With the parting with the stock of the
Second National the syndicate repre-
senting large holders of stock in the
Union Savings Bank, the way would now
be clear possibly to consolidation of
the Union Savings Bank and the Con-
tinental Trust Company, but high Of
ficials of both institutions said yaster-
day that no such movement was under
CDnsiderat ton.
As it stands, the transaction wns mere
" the selling out of bank stock no longer
desired 10y the rich capitalists owning
il to an individual or several individuals
TO whom the stock is desirable.
The transaction had no effect upon the
stock of the Second National on the local
Stock Exchange yesterday. as the trad
ing there was small in volume. firm in
price and did not. extend to the bank
shares. Gas sold somewhat freely at
81, wher,. the price has been set for sew
sraI- DAYS Railway stocks were firm anu
inactive at current prices. Capital Irac-
tion sold few shares at Ia.
New York Stocks Improve.
The New York market recovered In
rar1 from the slump OF the previous day
Prices were better and had a good up
ward turn about the middle OF tbs
morning Ii became evident soon aftei
the opening that selling pressure hao
been relaxed. and with no greater bao
news than has been current Tor several
days the market showed considerable
buoyancy under the prevailing condi-
tons Copper was the one weak point
all day, due to the discouraging reports
from Europe of the decline in the prices
of copper metal.
1t is a fact that in the present over
sold condition of the market most stocks
are attractive as purchase, and nui'
cations are not wanting that men witt
money and a little time to wait are
quietly buying up good railroads and
industrials at the prevailing low prices
in the belief that they Will be able tC
realize a good investment within few
weeks, or a few months at most. when
the reaction comes.
The least that can be said is that the
market has now gotten out OF the rut
and though prices may go lower while
traders are waiting for the Wilson inau-
gTral the turn of affairs in Mexico. and
the end of the Balkan war, it is the be.
lief of weIl-informed traders that prog
rtss downward will be very slow, with
plenty of rallies along the way. If the
market had not been Tor a long time or
the down grade the bad news of the
past few DAYS would have knocked tht
Thursday may be considered in the lgh,
OF the natural decline from the prevail
ing conditions.
Asks Bids On Engines.
The Baltimore and Ohio Railroad yes.
terday asked for bids on sixty Mikados
thirty Pacific type. and ten Mallet en-
cines. and il is more than likely tina
the contract for the 100 locomotives viii
he. nl1cDH within h. faW weeks
The order when finally let will be ono
OF the largest placed by. an Eastern road
for months. and will mean an expendi
ture by the Baltimore and Ohio of be
tween s2,0oo.ooD and s3.0oOGa.
The business of the Baltimore ant
OHIO is exceptionally heavy at this time
and it is SAID that additional motive
power is needed to aid in moving th'
growing traffic.
In keeping WIKI its policy of prOmot.
ing efficiency in operation. the Westerr
Maryland Railway Company is arranging
TO substitute a plan of dispatching trains
by telephone for the old telegraph sys-
TEN. An announcement to this effect
was made to-day by President Fitz.
gerald. and the work of installing the
new system will be gotten under way
next week.
The first division on which telephones
III cOnneCtlOn WIN tram operations Will
he used will oe that between Cumber-
land and Ilagerstown, distance of about
cighty-siN miles. and the system will be
gradually extended until telephones are
in use on all Western Maryland lines.
Other big systems are utilizing the
telephone in dispatching trains. includ-
ing the Pennsylvania and the Baltimore
and Ohio, and good results have been OBJ
tanned.
One advantage of the telephone. it is
pointed out by railroad men. is that il
enables the. dispatcher and trainmen to
keep in closer touch with each other
and that this will make for greater safe
" and efficiency in all matters relating
10 the operation of trains.
The Treasury Department is now max
ing delivery of the bonds of the Postal
Savings Bank Service. which were SUBJ
scribed for last December. Those distrib-
uted in Washington yesterday were
coupons in the $50, $40. and $50 denomi-
nations. The bonds bear 1-2 per cent
interest