The Washington herald., 1913-05-18
SECURITY TRADE
AT Allow EBB
No Life in Either New York
or Washington Stock
Markets.
McADOO HELPS BUSINESS
Secretary Makes Another Exceptional
Ruling-Banker Caldwell
Sees Prosperity.
McADOO HELPS BUSINESS

and the volume OF business NoS
more restricted than usual, as there was
literally no speculation. no ma s1.,r e. 60
ering of short contracts, little nriIiel
tome early. and then slight recesslons
throughout the list.
What changes there were in values
were due to local circumstances, win
nothing in the national situation OF SUN
dent import to have any material lhnu-
ence.
Crop news from all sections were en-
couraging. Many conservative men are
predicting a steady recover! Vi
times The practical assurance that
financial bill. currency revision law
will be evolved from the House al the
extra session. and that the upper House
will insist on the extension OF the Nree-
la nd AIdrich emergency currency law; III
the event of the failure TO evolve Ia"
al this session. is announcement that
there will be no financial stress
Changes.
The changes in the leading stocks were
not important being restricted to IA on
Steel. a loss; steady Fridays closing on
Union Pacific. and IS of a point gam
on Reading The leaders were seneraiiy
10 higher midseas son, but did not holu
the gains.
What weakness there was other than
in Canadian Pacific and LiEseu
Myers Tobacco was in secondary group
stocks, like Mop, which lost '-s' mesa
peake and Ohio. 81: Distillers, a. ana
Rock Island about a point Frisco sec
ond preferred dropped back L. and New
Haven L. point
The big loss of the day was In lAgSett
& Myers Tobacco Company. points OF
to IL from 20. Canadian Pacific lost "a
being under pressure on foreign account.
Texas Oil, Il. lower
Neglected stocks.
MANY OF the stocks on the trading list
did not show at all. and the utter dull
ness is made evident by the knowledge
that the total sales were 6O.eO shares
A. goo in the first hour. when there was a
small covering movement and 100" IN the
last hour. when the neglect was thick
Sugar. Wooden. Consolidated Gas, Corn
Products, Mexican Petroleum, Lead. Bis
dhit. Sloss-Sheffield and many other
stocks that usually find a place on the
record were nominal
The especial weakness in Rock Island
and St Louis Il San Francisco. seemed
10 foreshadow some unfavorable develop
ments.
The Japanese situation. while admit
tedlv delicate. finds the market too well
Iiquidated to permit of scare.
LocnI Market Slow.
Yesterday was one of the dulles"
brand The attendance on change was
the liehtest for months and there were
even fewer orders near selling prices than
there were members present. No one
cared to do much Of anHhing unless II
was IN bonds wherP-$here were good or
drrs for TIL two issues that have been
frvcred of late Railway Is at ~ and 20
T1,..e-r
issues with Capital Traction IS have
',-en the favorite all year.
The sales for 1919 to date show that
;c;SS. 900 Railway Is have sold between
$. Sass. now ~: that $4,000 Capital
Traction IS hav" sold between los 81 and
Ill and Sli1.0HO Consolidated IS OF the
Potoms.. Electric CCmnsny. AZ lc0alo2,
showing remarkable steadiness. the while
y, nds on Other marts nave suffered Sc
NcTely.
In the stock business Yesterday. five
lonely shares Of Railway preferred
brought 81 81.
Local Financial Matters.
II has been one of the slOweSt weeks,
80 FAR as developments in financial cir
Cies are concerned. that Washington has
known in many moons. The one
feature Of news was the opening of
the Munsey Trust Company last
Thursday, and the payment of the first
million tax money to the national banks
Business generally l. fair: some mn
, ,riaut real estate deals have been
closed and negotiations are on for more.
Three millions more tax money VIII
come back to the banks so that the In
situations will have ample funds, but
they are holding rates steady at per
cent on collateral and 5isa6 per cent on
paper.
Secretary Me- doo Aids Busine>S-
Secretary MCAdoo is giving substantial
aid to business in more ways than one
and is making himself popular as one
of the doing members Of the Cabinet.
He has, through one of his assistants.
given Washington bankers assurance of
$4,000. 900 tax. money and permitted the
use. to a certain extent. of local bonds;
he has announced the intent to deposit
SO, 600 900 government money in national
banks, and now comes forward with the
statement that he will accept temporary
certificates of the new AZ per cent bonds
of New York City in lieu of government
or insular bonds as security for deposits
of public money-the released IS to be
used for increased circulation. Such
action has not been taken except in 1871
Heretofore only actual bonds were &C
ceptible as security for government funds.
Secretary McAdoo is greatly interested
in the enlargement of the circulating
medium and is working in every legiti-
mate manner to bring this about.
Prosperity Predicted.
That the United States is on the eve
of a great financial regeneration, which
will follow quickly on the harvesting Of
the summer wheat crop and the restora-
ton of confidence, is the opinion of George
b. Caldwell vice president of the Cont
mental and Commercial Trust and Saw
ings Bank, in an interview made public
in New York yesterday.
IL have a great deal of optimism over
the financial future or conditions, so far
as fundamentals are concerned" declares
Mr.. Caldwell There is nothing wrong
with the laws of nature, or the natural
resources at our command. and We are
promised at this time a very bountiful
crop in all of our Central and Western
States. The thing that we are suffering
from is apprehension, or fear, and this
always stops any business.
I'VE are looking for a shrinkage in the
volume of business to some extent This
shrinkage will, OF course, increase bank
reserves, and will relieve the apprehension
which the banks have for the fall demand. J
7 do not believe that our fall demand,
eyen though large will be any greater