The Washington herald., 1913-07-08
MERGER RUMORS
ARE NUMEROUS
Continental Trust Company
Figured On as Nucleus for
Some Amalgamations.
"STREET" IS BOMB PROOF
Prepared for Anythins-Washinston
Gas Still Leads Local List.
Gossip-Earnings.
By 1. 4. FLEMING.

these days-rumor and little actual fact.
Much of the rumor circulates around
the Continental Trust Company and has
10 do with the possible combination of
this institution with one or two other
banks under the name and title of the
Continental Trust Company. with prob
ably some new officers and perhaps, upon
which the gossip is based. a chairman
ship of the board of directors to former
Senator Scott. present president of the
Continental Trust Company.
Under the District code, a trust COM
pany, once taking title to a name, must
hold on to il until dissolution or iquida-
ton by some means or other ends title.
This was perhaps the reason that Frank
A. Munsey did not go through with his
plan TO acquire the Continental Trust
Company with intent to change its cog
nomen TO the Munsey Trust Company.
The Continental Trust Company has
been extremely prosperous since its or
ganization with the advent of 1872 Its
deposits are moving around the 100000
mark and its book value better than Sis
a share.
Rumor spreads, and rumor has it, that
Senator Scott has ambitions for the quiet
life: that he would like to visit the glass
factories at Wheeling more frequently
now en- route home from California, In
the best OF health, and Will be back
within the next fortnight, when some OF
the rumors may develop an actually.
None of the parties interested in the
various institutions mentioned by rumor
have anything to say on the matter
they politely know nothing, negotiations
are not even on. nor have they gone far
enough to entitle them to mention as
probabilities, &c.
True Then. True Now.
There are too many banks in Wash
ington." was the statement made in this
column some months ago 1t was true
then and is true now.
There are too many banks in WASH
inston and the trust company is the
thing these days. This remark was
made by one national bank president 10
another. and it may be before the rumors
die out yet another trust company may
he evolved through union-one and insep-
arabic.
4 number of national banks and one
or two savings banks have been flirting
with the Continental Trust Company.
There is more truth than rumor in this
plain statement.
Just at present the focus, if one may
really draw a bead from rumor. is CEN
tered on the District National Bank and
the Citizens Savings Bank. with the
Continental Trust Company a. the alb
sorber of these two institutions. If from
the rumors facts should result, the
chances would seem to favor this align
ment with Robert N Harper as presi-
dent and Nathan B. Scott as chairman
of the board of directors 1t would be
taking entirely too many chances, even
in speculation, TO go further.
what II Would Mean.
But one may carry rumor, and per-
haps still further. II consummated on
lines indicated. ii would house the Con-
tinental Trust Company in the present
happy home of the District National
Bank: it would increase the capital, sur
plus and undivided profits of the Con-
tinental materially; it would raise the
deposits to a considerable mark in the !
S. 100000 class. and give the Continental |
board of directors and officers that
have regulations as great hustlers and |
make many friendships.
Other institutions may be in it for |
Continental absorption, but if anything |
happens it is likely to be as predicted.
Wall street shack Proof.
1t is always the unexpected that shocks
Wall Street 1t is the unexpected that
has happened so frequently of late: and
with such regularity that Wall Street has
become kind of numbed by the pain of
it all, and is in a state approaching coma
to further attacks. Its price levels anu
its trading sphere have both reached the
plane where nothing much will seriously
affect il. unless the news should be extra
hazardous, extra serious, and the predio-
tons of 1914 disaster. &c, come true. So
when the unexpected decrease of SIS, co.,
600 in the bank reserve of Saturday was
and the serious phases of Tia
allies struggle developed. the street was
absolutely indifferent-stocks made slight
gains from the prices of last Thursday
for there has been no sessions since
then.
There was a sfliver when il became |
known that 100000 gold had been en-
gagged for export to Paris and the chances
for further exports, when they were
thought to be over. and this in turn was
by a financial message from
that did not tend to soothe
and quiet.
Yet the indifference of the market was
such that with the aggregation, with the
weight. with the eventualities of the sit
uation abroad, where a match would !
start a confiagration, the days story is
not one of serious loss. of urgent selling
Of margin calling, or anything that might
be expected with the weight of the story
In the telling.
Few stocks sustained more than a point
loss, ether than the American Tobacco
and the Liggett & Myers Tobacco stocks.
Many Half-Point Losses. ,
As a rule the stocks closest to the lead
ers in activity showed half point losses. {
The leaders themselves strained the /,
point loss a fraction. but throughout the :
session the ticker moved sedately, never \
back of the market nor dId the bears, J
the Wolf of Wall Street" or anybody I
else seem TO take much interest in press
ing stocks to lower values.
Copper lost SIS; Smelling. q B. & O., 7-s: Z
Atchison,. IL; Anaconda, "a: Canadian .
Pacific. after showing more fluctuations
han anything on the list. between "a IA S
l215 IA and H3 S. closed with the in l
side price current. a loss of l IA Great
Northern and Northern Pacific were but
slightly lower; Missouri Pacific, c. &C
Y. Y. c., and St Paul about "a each. q
Reading. IA lower; Union Pacific, 3-s, /
md Southern Pacific, Is. Steel common T
bout IL, the preferred was firmer; Great :.
Northern Ore lost rs: American To- y
,acco. g. and l. & NJ. Tobacco, points. 8
New Haven and North America held the 1
honor, being better in price than on ]
Thursday, the former 1-2. and the latter
q 1,