The Washington times., 1913-09-21
PAST WEEK POOR
.: ON LOCAL FLOOR
Business on Exchange Is Ex-
pected to Take Upward
Move Next Month.
Bv CARTER FIELD.

The week past has been almost 4!
poor, in volume of business on the loca
stock exchange, as have those that pre-
ceeded it, no fall awakening of bust
ness having yet manifested itself
Sales during the week amounted L
only 469 shares of stock and $50, ,oe9 PAL
value Of bonds.
1t is expected. however, that by the
second week In October the business OF
the local exchange will be on in full
swing. The stock broking season, if II
could be so expressed, will be held baci
this year on account of the fact that
so many of the local operators will
attend the annual convention of the
American Bankers Association. which
will meet in Boston beginning Octo-
Der 6.
Among those who will attend Will
be President Charles J. Bell, of the
American Security and Savings, who Is
also vice president, and one OF the
principal operators on the local ex-
change; Vice President William j.
F1sther, of the Riggs National. another
member of the stock exchange who is
most regular in his attendance when
in town; President George W. White.
of the National metropolitan; Presl-
dent John Poole, of the Federal Ma
tional; President Ashton B. Chapman,
President Carol Pierce Alexander, of
The Citizens National; Cashier III II.
McNee, of the National Capital; w. w:
Spaid, junior member of the firm OF
w. B. Hibbs & Co., and many others
who have not definitely announced
their intention Of going.
The absence of so many lmportan!
financial figures will naturally hold
down the volume Of trading on the
local exchange, especially as II is gen
orally recognized that the Washington
exchange is peculiarly one of bankers.
there being more bona fide bankers and
less men who are primarily in the
brokerage business on this exchange
probably than any other in the coun-
try.
Local bankers WELD an enormous in
fuence on the deliberations Of the
American Bankers Association when
that organization is considering Ques-
tions which are up before Congress. this
being natural, since the members OF
the association from other cities look
to the local men as having a closer grip
on the situation than would those In
some place more remote from the actual
scene Of legislation.
OF course the heads of the gigantic
financial Institutions of New York and
Chicago do not waive their leadership,
but for the time being the Washington
bankers rise almost to an equal level
of importance.
Washington bankers understanding
the subject matter any better, as of
their being in personal relations with
the men who are making the laws,
and consequntly being in a more ad-
vantageous position with regasd to
forecasting the probable action of Con-
gress or the departments.
In the week past the final step to-
ward a merger was taken by the
stockholders of the Citizens Savings
Bank, these meeting on Tuesday. and
unanimously ratifying the terms of
the merger with the District National
Bank. which had been agreed upon by
the boards of directors of the two in
stitutions. On next Tuesday the
stockholders of the District National
will hold their meeting, and there Ii
no doubt that they will approve Of the
terms.
With this over. the work of re-
modelling the interior of the District
National banking rooms will begin
at once, SO that the merged insti-
tuition will be ready for joint busi-
ness on October l. To make this
possible the kkeepers will be
moved to the mezzanine floor, while
the new savings department win oc-
cupy the rear of the room, at pres
ent used by the bookkeepers
The financial district is awaiting
with interest some announcement in
regard TO the proposed merger of
the Commercial National with the
Union Savings. the majority of the
stock of the latter having been
bought by interests in control OF
the national bank. rip to the present
time President Clapham and his
friends have not decided whether IL
would be better TO actually complete
the merger by taking the Union Saw
ings into their building, or to con-
tlnue the two institutions as at pres
ent.
There Is also keen interest in the
third proposed merger, which would
unite the National Bank of Washing
ton and the United States Trust Com
pany. Negotiations. It is said have
been under way for some time but the
representatives of the two institutions
II isdeclared. nave ben unable 10 agree
on a valuation of the real estate which
wee satisfactory to both sides. There
has been no meeting OF the representa-
tives Of the institutions to discuss the
merger for some days, but II is said
that there is still a good chance that
the two banks will be brought TO-
eether TO the mutual benefit OF both
as, combined, the merged bank would
be one Of the largest in the city. and
would show an impressive line of de-
posits.
Both institutions have been successes.
and still are. in their respective lines.
but II is held that with both under one
management, the national bank could
throw so much business to the trust
company, and the trust company to the
national bank, that the earnings of the
coN bined bank would be much greater
than the aggregate earnings Of both at