The Washington herald., 1913-09-23
EIGHT SELECTED
AS DIRECTORS
District Bank Shareholders
Approve Merger and Name
Citizens Savings People.
NEW YORK STOCKS FIRM
Better Local Investment Buying-Taft
and Du Pont Rejoin Arlington
Board-Gossip.
NEW YORK STOCKS FIRM
By I. A. FLEMING.

Eight new directors "eIe Si'N'SN -
the special meeting Of the shareholders
Of II, District National Bank called lot
Yesterday to take action on the merger
Of the District National and the GU
MS Savings Bank, the former paying III
stock, about $22.5O for each share oil Ci'l-
zens' Savings Bank. ,,,.,u;,.
Ninety-eight per cent of the Dlsuict
National total capital was Represented
at the meeting, probably the largest rep
resentation at any shareholders meeting
in Washington, and the vote LOT the
merger, in approval of the action OIL the
direc-ors taken several weeks ago was
unanimous. ,,,
The eight directors of the Citlzens
Savings Bank added TO the board OF 'ne
District are: J. \. Sample, Bestor X.
Walters. $. l. Besseliever, J. H Corning,
A. f. Crenshaw, Z. ]. McQuade, w. IL.
Martin, and IL. NJ. Packard.
short Session, Higher Prices.
But three hours trading on Wall Street
Yesterday. the Exchange standing ad-
journed during the obsequies o1 former
Mayor Gaynor. -ooo
shares and the undertone was one oil
strength, as though the bull leaders hau
not as vet given up control of the hst'
nor vet their hopes of the Union Pacific
developing a lemon if not melon
Union Pacific was made the leader Of
the dav, and was quite strong on rise
to I6l II, or points higher OUT the
fuU gain was not held, the closing being
p. l6l IA.
Tn. technical position of the market
has been less favorable to the bull side
hy the elimination of the bears VINO
have long since covered their trades,
driven in by the persistent show ot
strength. ostensibly on the enactment ol
the tariff. coed crops, despite the heavy
loss in corn and cotton. and on thE
somewhat ancient story Of the melon rip
cDine for Union Pacific shareholders-
II Is conceded that the effect OF the tar
in law when enacted. is yet to be as
rertained. that there is more or less uh-
certainty over the deficiency in the crops
and for the further reason that the pup
lie will not buy stocks and the uauers
will not follow the leaders TO hlgher
prices while all these important Factors
are in doubt.
Cold Imports.
rb.rc MAS nothing in the news of the
day 10 encourage the upward uehd'
rotbing serious in the other direction, so
that il was a market left more OF less
entirely to the insiders to work up "i'h-
,,It meeting much liquidation. save on
the top. when there was a rush 10 take
rrufirs on the three hours record.
Tondon expects to see New YORK the
successful bidder on some portion OF the
=. ,Op 00O Of gold that will be onered III
The omen market this week. and this may
he followed by further imports, the 1or-
nirn exchange market becoming more in
or favlT. IL.
conservatism is recommended time
and again by leading bankers and by
commission houses, and to be conserNa-
tive is not to be especially bearisn. II
IS admitted that business holds up ialrly
we'll. and some believe that the mini
mum to be done is much larger than
many suppose, which would seem to in
Iicate that the present volume Is likely
- be maintained.
Leaders Alone strong.
The display of strength was in the
leaders alone Steel held 1-2 advance
Union Pacific 3-4, Reading made better
than a noint advance, while Peoples Gas,
under the inspiration OF prooaole
rights" advanced sharply to 129 S-S, as
compared with Is at the close on Satur-
day, with reaction to rs L. Ne"
Haven advanced a point to S.
These were the strong points in the
list. with Lehigh Valley and Interboro
preferred.
Pittsburg Coal, Tobacco, and California
Petroleum were all weak. well as
dull. and many stocks scarcely showed
in the sales list so dun was the minor
rail and Industrial groups OF securities.
Government Bonds.
Government bonds were again weak
Yesterday, the IS going off to IS S-i bid.
with 81 - asked for the registered and
gS for the coupon issue
The following we're the bid and asked
r,rirpS-