The Washington herald., 1913-09-30
LOCAL BANKERS
DISCUSS BILL
AT Association Meeting 0ctO-
Der 20-Chairman Glass or
Senator Owen to Speak.
NEW YORK STOCKS SLUMP
Losses on Industrial More Severe, but
Rails Are Weak-Local
Securities Firm.
ny I. A. FLEMING.

By I. A. FLEMING.
The District Bankers Association viii
hold very important meeting on the
evening of October 20.
It is proposed to secure the presence
Of Chairman Glass or Senator owen,
sponsors for the currency bill, TO address
the bankers on the proposed measure.
Members of the association Will be IN
vited to send 20 the secretary quesuohs
on different phases of the bill which they
would like to have explained to them,
which will be submitted to the speaker
of the evening and answered after the
address
Extemporaneous discussion will also be
engaged in by members of the assocla-
ZION. who have given the bill careful
consideration. SO that there Will be plen-
ty Of work to make the evening enter
tanning and instructive.
President Saul and his associates have
the meeting under their care. A outet
luncheon will be served. The gathering
will be held at the Willard.
VIII RchnbiIitats Former Company.
Elsewhere will be found in detail the
plans OF the Washington Utilities Com
pany for the reincarnation of the Wash
ington-Virginia Railway Company which
1t is the intention of the company, be-
cause Of the decision OF the Public Ctili-
ties Commission refusing sanction to
proposed bond issue nj $2OOOO.OOO, TO re-
store the status of the company as be-
lore the merger.
New York Stocks slump.
The New York stock market was re-
dictionary and under pressure during the
inc aft fEr
weak opening. a sharp drive in Steel
common carried prices downward, and
there was no important recovery before
the close Most stocks suffered a de-
cline Of - points and others showed
losses Of fractions more than that.
Reading and Union Pacific were points
of bear attack. Union falling off nearly
> IL points and Reading scoring loss
of about the same magnitude- At the
close Union was at l59 L. and Reading
at 167 3-S.
Traction stocks were about the only
exceptions to the general decline. Mis-
somi Pacific and Pittsburgh Coal
showed d weakness almost equal 10
Union and Reading and these stocks,
with the slump in Steel, completed the
route. from which there was only the
weakest rallying power shown. rad
ing was almost exclusively professional,
and the volume Of business not large
Preparation for the bear raid on Steel
seemed to have been made in London
prior to the opening of the New York
exchange. Steel at the opening was
Gl Is but this prce did not hold, and
during the first hour il fell of. At II !
o'clock a concentrated drive was made |
on it. which carried the price down to
90 Ia from which it did not rally. The |
bear attack during the last hour of the I
morning was accompanied by reports /
from Washington that the government !
was preparing new attacks on corpora |
tions which helped to demOralize the |
market
After the execution Of the stop or |
drrs. which were caught on the raid, !
and which were all touched OF within |
u few minutes. selling pressure ceased. |
and the market remained extremely |
dun. although failing to show any ral !
lying tendency InterbOrough preferred /
Was an exception to the general ten
dcmcy. registering a small net gain in
the face of weakness elsewhere. The |
directors meet tomorrow and. of course,
the strength Of the stock gives rise
TO the report that a dividend will be
declared. During tn" afternoon the !
market was dull. and it is probable
some large interests who sold stock !
higher up are now depressing the mar
kct with a view to taking back their
stock New York City bonds indicated
lieh-grade securities.
InduStrIaIs All Weak.
Imdustrials were weak almost without
3n exception. a direct effect of tariff pos
sibilities, the statement mat the earn
iuEs OF the Steel Corporation would fall
$50 $4,000 annually and pubiicaJion OF re-
ports of foreigners entering the American
market in competition with our manufac-
turers being sufficient encouragement 10
the bears to press their advantage and /
TO make holders OF securities more
anxious to sell.
In a word the market was natural. un-
by insiders who have distribut- J
ed their holdings acquired before the
recent rise and are permitting the list
TO take its proper action under the cir
which have existed and have /
been plainly noticeable for nearly year.
With the autumnal chill the Union Pacl-
&c melon is shriveling. and the chances
are that II will be a case of sour grapes
VIXEN finally harvested.
Local Bunk Stocks Lend.
Bank shares were the feature of the
trading on the local stock exchange. Busi-
ness in the bank list began with the sale
uf twenty shares of District National
stock at 1I5. Then fractional lot OF
Federal National was bid in at 135. Fol-
lowing this a block OF 112 shares of
American Security and Trust was found
cor sale NJ %. 1t was taken over in quo
tatioa lots and various fractional lots
at that figure
Ten shares OF Security Storage stock
brought 20. and at the close of business
ten shares Of Citizens Savings Bank
brought Al
on the call OF the bond list Metropoli-
;ua Railroad IS commanded 105 and
Railway and Electric Is
3 IS
\ quotation lot Of Gas found a buyer
II IS Il, and the same price was obtain
cd for one share after call. Mergenthaler
was firm, at 215. In
Notwithstanding the alleged scarcity of
money, there is plenty OF cash for good !
local securities OF the investment char
acter. Business Is good on the local ex- !
change.
No ReceiverNIip: 7
A director of the Chicago, Rock Island
md Pacific Railway, the operating COM
1any. says:
I'VE are paying no attention to re-
scivership talk in connection with the )
Rock Island. The operating company
viii earn this year pretty close to what y
a: earned IN the last fiscal year, and will 4
continue paying dividends, SO far as vel r
AN see at present. 1t is, OF course. going s