The Washington herald., 1913-08-23
BANKS HERE get
TREASURY CASH
Half a Million Dollars to Be
Distributed Among Three
Institutions.
LATE RALLY IN STOCKS
Market Shows Buoyaney and Early
Losses Are Wholly Wiped
Out.
LATE RALLY IN STOCKS
By L. A. FLEMING.

BY L. A. FLEMING.
r. Several Washington bankers will par
ticipate in the bounty of the government
through its almoner, Secretary McAdoo.
This distribution, which probably will
be made within the next day or two,
will be pro rated among banks that do
the larger share of assisting the South
in its requests for aid in crop saving.
1t is stated that about $4,000, per
cent of the entire S50,OOO,OO0, will 80 to
three banks, although just in what per-
Centage remains to Assistant Secretary
J. Shelton Williams TO decide.
Half a million will be of considerable
aid to the bankers, coming so soon after
the repayment of 100000 OF tax money
into the Treasury.
Fortunate applicants for 2 per cent
cash were busy yesterday preparing their
lists Of securities to be submitted to AS
sistant Secretary Williams. Ten per cent
of the collateral must be in government
bonds, no special issue designated, and
the balance in bonds, commercial paper,
or other securities at certain per-
centage of market value.
This assistance, coming at just this
time, will leave that much more money
for local interests, and is, therefore, well
coined. although our bankers have been
in the habit of caring for legitimate re-
uuirements as usual, although admitting
the indications of a stringency on crop
moving shipments of currency.
Washington does not do as much Tor
the South as Baltimore. New York, and
Chicago, but the skids are down for the
upbuflding of stronger relations from
wear to year, until Washington shall be
an important factor in its Southern COM
mercial relations.
Exports for July.
Wall Street found considerable salts
faction Yesterday in the totals of July
exports-the heaviest in the history oil
the nation. For twelve months the eX-
cess of exports over imports Increased
TO S67S. .S92. 600, as compared with $5il,61S'Vv
for the previous year.
This excellent increase in our foreign
trade, at a time when domestic busl-
ness was slowing down, incident to the
certainty of a change in import uuues'
Is a tribute to the eXcellency OF Amerl-
can productions as well as superiority.
II is also pleasant to note the con-
+inued increase in the foreign demand
for manufactures completed and IN pro-
cess OF completion at a time there Is
promise of less surplus of maize and
other cereals for export than usual
\. V, y. ii. & H. Report.
II Is costing the New haven system
more money to operate. Rehabilitation
NJ the system and heavy damages by
reason OF divers accidents have playec
their part
For the three months ended with June
30 OF this year the gross revenue IN
creased Sg6,7Il, but the cost of operating
increased SI,E&S so, so that there was a
net operating decrease, for the perlod
named, of S,l2TllO.
1t was sufficient to account for the loss
of 81 share on the stock on the day
business.
Personal Mention.
Howard S. Reeside. vice president OF
the American Security and Trust Com
many. left yesterday afternoon TO JOIN
his family at Kineo. Me He ~l De
absent until about the middle or Sep
remDer, when he returns TO assume MS
duties and the added work OF acIins
president of the Washington Gas Com
pany.
Corcoran Thorn returned from ms Va
cation on Thursday.
Charles J. Bell, president OF the
American Security and Trust Company
will return a week hence from Canada'
where he has been catching many large
fish
president Hoover, of the National Saw
ings and Trust Company, prooaply Will
return early IN september.
New York Market Rallies
Yesterday witnessed another sluggish
market in Wall Street. With the opening
rbers was a decidedly weak tone, ana
this was accelerated by additional de-
cIines following heavy selling pressure
shown here and there throughout the
list
The decline was about 1alh points, with
a rally at the close.
rain stories from crop districts, cloudy
weather and promise of much moisture
probably had as much to do with the re-
coverv as the real demand for securities,
which was not lacking in the last hour
Most stocks recovered the ground lost in
the earlier trading, while several OF the
rails. some of the industrials and a Few
specialties added fractions to the open
iIlE prices The tone of the market at
the end was exceedingly strong, and the
bull buyers We're in an aggressive mood.
ST. Paul closed at 1O6A-half a point
above the opening and full point above
the lowest for the day. Erie common
lost a fourth and added the loss Inter
Met. gained a fraction over the
opening Reading added a point TO the
lowest for the day, a fraction lower than
the highest sale of the early trading.
points. Amalgamated, after losing q,
gained the loss, closing u above the
opening. American Locomotive gained a
point on the rally. Smelters gained half
Il point, closing strong. Others Of the
list followed the leaders on the rise dur
ing the last half hour.
The position of the market at the last
was dictinctly favorable to a further
rise.
Local stocks Firmer md Active.
Business on the local stock market was
well distributed with prices firm and
the volume of sales up to the average for
the time of year. Bids for bonds brought
out feeble response. one lone Potomac
Consolidated 5 per cent beng bid in
for 992i.
Capital Traction stock brought IS to
115S.
Railway preferred was quite freely Of
fered with sales at 81 and a fraction
lower.
Washington Gas attracted some atten-
ton at 81
Commercial National Bank brought lsS,
Merganthaler 214ss, and Lanston sold one
share at 50.
Apartment Houses Sold.
Harry Wardman has sold the North
umberland and Ayondale apartment
houses, the former at New Hampshire
Avenue and V Street and the latter in P
Street, between Seventeenth and Eight
eenth Streets. The transaction was con-
summated through Norman & Robinson
in cooperation with the sales department
OF Mr.. Wardman's office. The identity