The Washington herald., 1913-11-05
London Lower
and VERY Weak
Canadian Pacific Drops One
and 0ne-HaH Points on
Heavy Selling.
LOCAL STOCKS STEADY
Railway Common Bid Advanced to 50.
Small Circulation of Reserve
y Center Banks.
LOCAL STOCKS STEADY
D.. i. 4. FLEMING.

The New York Stock Exchange was
closed yesterday, Customers assembled
in goodly number around brokers offices
there and in Washington The London
market was open and came in weak and
generally IL point lower, Canadian Pa
cihc being exceptionally weak and OF
IL points There was no Improvement
as the session waned, and the closing
was decidedly soft. Some American COM
missions were sent over by inveterate
traders who could not stay out Of the
the market
Everywhere the trust-bustipg plan of
the administration was the chief topic
OF dlscussion-this and the chances of
congress being engaged into the regular
session over the currency bill, which
might delay the evil hour OF trust agita-
ton.
Traders generally admit that the mar
ket is likely to be the pIaything of the
bears and room traders generally until
such time as matters now in abeyance
shall have been determined.
Our English cousins interpreted the
Mexican situation as decidedly serious
ana considered Intervention as unavoid-
able. On this they sold stocks.
Bond Manager.
A Robert Eimore has been engaged
oy Lewis Johnson q 60. as manager of
-heir bond department. Mr.. Elmore was
around calling on bankers and getting
acquainted yesterday.
Lewis johnson n Co. are the corre-
spondents of the well-known New York
bond house of A b. Leach 4 Co.
Local Stocks steady.
The Washington Exchange was in ses-
sion yesterday. fair days record was
recorded, but there were no important
changes in values. Bonds were steady al
~ S-i TO 80 IS for Railway Is: ygay9 IL
Tor Potomac Electric Consolidated IS.
But 5000 face value changed hands
FNFor the first time in over a week a
little Railway common sold, the price
being 80, and the bid for the stock was
raised TO this figure, with Offering price
advanced to 20. The preferred stock re-
mains pegged" for the time being at 81. |
Washington Gas il very steady at 81 |
mail amounts of Merganthaler, in all |
10 shares. in three lots. sold at 2l7 81. |
small Bond Holdings.
One of the peculiar features of the cir
Gu alton Of naGerra1 bank notes at this
time, is the relatively small amount out |
tanding Il the banks in central reserve. |
1t is evident that they have been dispos- |
!rNg Of Their bonds and reducing circu- |
Iation, as an eventuGlity against further |
losses on government bonds
New York City national banks have but |
$iS,tOe,OeJ up for the purpose of securing !
circulation while they would be permitted |
TO have nearly thrice this sum. IL they
cared to take advantage Ct the provisions
OF the law.
In Philadelphia the banks have but
St,ijS,00O bonds to secure circulation and
Chicago and st. Louis have not half their
quota. but 81 O0O, COO
These figures show that the hanks ara
prepared, IL necessary, to make a quick
turn distributing many of their bonds
without having to go through any pre-
tiacted period to accomplish the work
Or if they decided to surrender charters
IN the event of a currency law not suit
inr them.
Country banks. on the contrary. have
Chout 50 per cent Of their capital i'm gov
- nment binds and would probably be
forced through this holding to remain in
the system, under any currency law. ami
carry their bonds TO redemption.
Bankers are making every effort to get
small bills. ones, twos. and fves at the 4
Treasury, but are meeting with Door sue
css. Every mail brings in orders from
-AIlsers all over the country and as
stated recently. the Culy way to get them
Is to furnish mutJlated or soiled bills of /
ike denomination in exchange. Bankers
ire furious ut the situation and are urg-
ns on friends in Congress the enact
Ient OF s. gold note as a measure of
.clief