The Washington herald., 1913-08-20
President Of American Ma
tional Named Representa-
tive of Clearing House.
SLUMP FOLLOWS CANARD
Mexican Storie. Responsible-Crop
News Better-No Life in
Local List.

on Friday, as the delegate ifoHi the
WASHINGTON Clearing-House ASSOCIATION
He was named at meeting OF the
members of the organization held yes
terday afternoon. There was a full at
tendance of the members who are in
the city at the meeting, and a discussion
on the merits of the currency measure
was engaged in.
Mr.. GaIliher made an effort to ascer-
tain the sentiment of the association in
order that he might have the author
lied message. and after an hours talk
it was decided to hold another meeting
this morning. the currency bill being
the subject of close consideration in the
interim.
John Poole, who will represent the Dis
trict Bankers Association, and Mr.. Gal
Iher. who will represent Washington
clearinghouse at this important gather
ing where 80 to 500 bankers are looked
for. both are bank presidents and
students of finance.
Mystery Block Razed.
Mystery block, the east side of
Thirteenth Street Northwest between F
and G Streets, will cease to be an aban-
doned site, mark for much unfavorable
comment, for the vacant buildings will
be razed at once, work being started
today.
80 lar as goes no
have been secured for structure or struc-
lures to be erected and for which ex-
cavation 157 feet on Thirteenth and
ninety-eight feet on F Street will be
commenced Immediately. This is the
full size save about 100 feet on Thir-
teenth by ninety-eight feet on G Street.
Any tenants that are desirable may
find quarters in the structure. theater
may be placed in the building. but plans
do o a nrnDOSitlOn.
Wall Street Excited.
Brokers offices and customers rooms
were better filled with spectators and
spectators than for some time when the
bell tapped yesterday morning.
The sensational character Of the al
legged news from Mexico was sufficient
to bring the orders from bears in large
quantities. Everybody had selling orders
No one doubted the truth of the story
and the insiders interested in the Union
Pacihc's sale OF Southern Pacific stock
evidently considered il useless to make
an attempt to stop the rush of selling.
Right off the bat. Steel broke S-4.
Union Pacific "a. Reading point,
Smelling . IL. St. Paul a point. and the
entire list Sass 3-i. Then there were fur
ther declines and weakness Denials of the
rupture stories were given large circu-
Iation. but the street evidently considered
there was sure to be something doing, |
and continued selling.
Later it became evident that condi- |
hons. while strained, We're by no means |
broken.
But Germany was reported being |
decidedly anxious about her gold supply. |
the Continent was selling stocks and |
London took the news Of the day, true
or fake. TO heart so much as TO sell much |
stock.
Another point loss followed these un-
favorable symptoms. coupled with crop
damage stories. although rains later on
were responsible for very modest re-
cessions in corn prices, and this in turn
with some short covering. was respon-
sible for the firmer tone and partial
recoveries in the last hour.
Copper came back within a point,
SmeIter could not rally on the Mexican
news but recovered SIS from low and
closed points off. Mexican Petroleum
dropped l 81 Readings net loss was
hut 5-S Union Pacific was IS off. Steel
IS. chesapeake and Ohio rs. Great
Northern and Nipper firm. The list
other than as mentioned was off 1-2aS-t
Local Stocks slow.
Sales Yesterday: Twenty-Five shares
nf Capital Traction at 1i61i and ten
shares of Federal National Bank stock
at -.
An adjournment might have been taken
without costing any one much of any :
thing. Il
Orders were few and far between. 1
Bid prices on the leading stocks were /
S9l2 on Railway common and s6iH on the {
preferred ex-dividend. Gas. S39s bid and i,
NJ asked. ;
Anutber Currency View. IL
In the current number of the Journal =
Of the American Bankers Association =
appears the following in reference to the i. y
acceptance Of commercial paper as col y
lateral for government deposits under \
the recent order of the Secretary Of the \
Treasury: :
The report from Washington that Sec :
retary of the Treasury McAdoo is about ! 7
10 deposit from SIS 100000 to $1,000. .0O0 in L
Western and Southern banks. SO as to L
tfford ample money for the coming crop .
movement. is a recognition of the asset -
.urrency proposition which was the first
step taken by the currency commission |
IF the American Bankers Association
toward advanced banking and currency
{ ogisla ton.
1t is proposed by the Secretary of the n
Treasury. according to the press report r.
hat national banks must have at least X,
% per cent of their authorized circula- b
ion in order to receive the benefit of b
iitSt ipdliS. ana tndl Inc government de-
'osits so to BE- made shall be secured ~
~ prime commercial paper at Gj per ,;i
'ent of its face value. i,I
Ten Years ago speakers at the conven- GI
ION of this ASSOCIATION who intimated In
my such idea asset currency were !n
lissed by members in attendance. This M
'oes to show that with the present NJ
proposition, with the bills prepared by NJ,
he currency commission of the Ameri- Mi
an Bankers Association, with the So Ma
allied ''Aldrich BILL" which embodied all Ns
I the best features of banking in the ~
'orld. and with the administration meas ~
re now before Congress- bankers and Te
usiness men generally have seen a new un
ght. and have been going through a Ur
eriod of financial and economic edu- Ur
alton. In
Treasury Generosfty. w.
1t is reported that but three bankers
D Baltimore have asked for assistancel
rom the Treasury Department These
ave asked for 100000 They have beenl \
1formed that Baltimore City stock is cen
D be accepted at - cents on the dol "a
IT, 10 per cent is TO he made up of 2 per
er cent bonds, balance of paper.
Bankers are maintaining considerable =,
ecrecy regarding amount of cash al The