The Washington herald., 1913-01-19
MARKETS---FINANCE-- &C CONNER CE

xls,Ooo a year Is an unwarranted salary
Tor the head OF such a corporation
shareholders should attend the meet
ing II possible and exert their rights az
voters after hearing the annual report,
ana discussion of the situation The
shareholders should be the people to
nx a limit to the presidents salary.
The New Nickel.
Under Secretary Macveagh's authority
new nickel has been coined. Those who
have see it claim that it will be easily
washed with gold and become a dam
gerous counterfeit. The only designation
OF value is small Five Cents" and
fear is expressed that the counterfeiters
will change 1t to Five Dollars"
Neither the currency nor the coinage of
the United States should be subject to
the personal whim of authority. Con-
gress should take action to abolish a
coin issue that may be dangerous.
Mean Business.
Savings bank interests of Washington
are up In arms against any attempt on
the part of trust companies or national
banks to- back any measure for Federal
incorporation OF savings banks that
would in any way curtall their banking
functions.
: The savings banks to-day are working
under State charters. The proposed new
law would require all new banks, except
national banks or trust companies, to
have a capital of at least $4,000 and
to carry reserves Of 10 per cent Under
the law to-day they are not required
to keep reserve OF any stated sum or
percentage
The matter of Federal Incorporation
under the code of the District of Column
hia
two meetings of the District Bankers
Association, a bill prepared tncorporat-
ing the provisions as enumerated above,
and an effort was made to secure the
Endorsement Of the association and a
recommendation that the enactment of
the measure be put through at this ses-
sion of Congress.
Action was postponed from the De-
cember meeting Of the Bankers Associa-
ton to the meeting early in February. 1t
was reported -on the street yesterday
that an effort might be made to have a
special meeting called, and the action
taken at once. so that the bill may be
enacted at this session.
Heads of the savings banks of the
city have very generally acquiesced with
of the measure. and are per-
fectly willing that II should be adopted
and enacted in its present form. They
DIX tndl may Suite
amendments TO the measure that will
restrict their privileges and limit their
activities.
They desire to continue doing COM
mercial business as they have been since
their organization, and not to be re-
stricted under the idea that a savings
bank should stick to a savings-bank
business, a trust company to a trust
business. and a national bank
to the business Of a national bank"
The savings bank interests are very
much in earnest in the matter and will,
if necessary, put up strong fight.
It is even threatened that any effort
to coerce would be Immediately met by
the formation of a national bank, into
which 100000 deposits would go at
once, and we will stop depositing our
funds with other institutions"
Would RetaIinte.
The savings bank interests have no as
surance that any attempt will be made
to abridge their business opportunities,
but they are determined TO prevent the
imposition of restrictions.
The savings banks to-day are liberal
depositors of cash with the national
banks and some Of the trust companies.
They propose to continue these friendly
relations. to do all they can to raise
the standard of the savings banks of the
city. but they have served notice that
they, as savings banks. have the right
% do a commercial business.
1t is scarcely possible that the pro-
posed measure will be enacted at this
session OF Congress.
Local Securities.
Not trade was made in local securi-
les yesterday until Commercial National
Bank stock was reached. Then the in
crest awakened.
Then the spectators sat up and became
Interested.
After jockeying a while the first sale
vas made at 19s. the next at 196. and
mother, then the price advanced to 1g7.
hen to 19s, and finally to 199. where the
,sual bid for 500 shares or any part,
losed the session. the price being a bit
,etter than Fridays closing, 1879 bid and
% asked.
Lincoln National sold at l52 and Riggs
National at $50. A small lot Of Railway
brought 9oik. Stocks were gen.
rally held firmly.
Gas nominal There is a short interest |
n this stock that may have to cover at |
igher prices.
Southern Prosperity.
According to President Finley, of the |
southern Railway, the calendar year 1872 |
vas an extraordinary one for the South |
astern States, where so much Baltimore |
apital is invested in the matter of cot |
on mill construction These States led |
II other sections of the country. There |
rere thirty-seven new mills built in the |
-nited States during the year. Twenty |
rere in the Southeastern States. Out of |
g. 100 new spindles, 4270O0 or 50 per cent |
we're in Southeastern mills, and out Of |
IA new looms, s, $50 or 66 per cent were in |
outheastern mills These figures take !
% account Of large additions to exist |
ng plants. The aggregate increase in /
he manufacturing capacity of the sec I
Iop. says Mr.. Finley, is practically to
1sure the maintenance of the record |
1ade by the cotton-producing States in
be year ended August 81 last when the |
lills of the South consumed more cotton /
han those of all other sections of the
ountry.
Big Bargains.
Data now available makes 1t possible to /
pproximate the rate at which these
aiIroads earned money for dividends in
he last half of 1919, which for all prac-
cal purposes may be taken as the cur
ent rate, after due allowance for the
easoned difference between the earnings
T the two half years. The important
ctive railroad stocks are compared in
ne following table, which gives the yield
n same at present dividend rates and |
ne rate of earnings on market price:
Yield Earning
on price. on PRICE.
tchison. 516Ss 1907