The Washington herald., 1913-09-09
BANKERS HOPE
FORBETIERLAW
Believe that Public Sentiment
in States VIII Force Amend
ments to Money Measure.
STOCKS SLOW, EASIER
Equipment, Copper, and Local Secu-
rites Steady-ComparisOn Of All
National Banks Condition.
BY I. 4. FLEMING.

By I. 4. FLEMING.
All indications point to the radical
amending of the currency measure in the
senate after the House has sent it over.
This despite the almost continuous effort
exerted. by the President and his assist
ants to force it to enactment
A new lobby has been uncovered. In
this instance il is the people who are
working against the measure. The OBJ
iections against the bill in its present
form have been so ably presented by the
bankers of the country and the effects
Of its enactment made so plain that the
chances for its passage dwindle with
every passing day.
Banking officials are usually among the
leading citizens of a community. They
have TO be to inspire sufficient confidence
&c make a bank successful TO build up
ir any community. Hence it is that the
PEOPLE are making il known to their rep
rtsentatives in the United States Senate
that the bill in its present form should
not he enacted.
National bank presidents Of high
standing. ruling the dest:nies of great in
stitutiuns and with thousands OF depos-
ilors. have changed front in the last ten
days The Chicago convention cSerted
wonderful effect on the Western states
The Eastern States have always been
more or less opposed to the provisions OF
the hill. The great American fiscal cen
utcr New York City. has fought the bill
from its presentation. because many OF
its provisions We're aimed at the banks
and bankers Of that city, as well as at
bankers in control of the banking busl-
ness.
Bankers who ten days ago predicted
surrender Of national charters by the
wholesale have cut that line Of argument
and believe that a much-modhed law
will he evolved wherein the bankers will
have forced due recognition of their
IiEhts and interests.
-. Representative LiudberEh Of Minnesota
declared that the adoption Of the cur
renry bill in its present form would re-
suit I'm a scramble among the banks
to meet their obligations. and in such an
emergency the borrowing people would
suffer. because they are absolutely tied 10
the banks
Effective Work.
The outlook for radical change in the
LiIusz-Ovem measure is but another mdi-
cation Of the fact that any movement
that has a large following and is hacked,
by the influential men of the nation can
not rlt fell to he effective. As betweeH
Iatrora-c from the WASHINGTON cnd and
a solid clientele i'm the home stat. the
rhoire viii he made 10y many in the
The The s~nat~ r,mntttee on Banking and
Gurreucv is likely To suspend further
consideration OF the c'E'renCy bill, pend
Sg a.tf"n hy the House. for the next
tNo weeks.
sF,- ,nc time tie Nil comes over from
b. House it Will he determined whether
ri,e S.nat- will take it up. Best judg-
nnrut is that the senate will then decide
q pos, ,auo II urtil the December ses-
tnion P:-cifc 0utI"oIl.
ET-pion Pacific will receive S75.Ir.st0 cash
frr,n the sale OF -, 2l7.p0 Southern Pa
cs@c sro-k This is net after dcducttnE
bet The ncr cent dividends included
in th,. sale price o. q, sud another per
celt A. comm nsi0n to the : Indicate
rer,nrrs and manager. The dividends
are treated as income and carried in u-
csprne aCcOunt
tEerentIv several directors Of Union Pa
,:itir oylressed themselves iU favor Of
making "A cash distribution to stock
holders Of part Of the above Sl'.'|yuv
Thev consider the 10 per cent dividend
on tine common stock te. even should
die entire S75.CJo,gfD he distributed. As
th, subscriber had the privilege Of pay
II ary time before September >, 1914,
,,js.r,sSI0n OF the extra disbursement pos
ytHilities was qualified with the snpposl-
ton thai action would not he taken Tor
,or,,. time. as Union Pacific would prob
ably not secure the major part Of the
proceeds Of the sale for several months.
This suppositom has been exploded by
III. surprising percentage OF suOsHIlP-
lions ACCOMPANIED by payment m lult'
In ally SGi' con.
FNitb this money already in hand the
trlrion Pacific beard may consider the
natter Vi extra disbursement in the near
future r. : Loyett. chairman Of the |
board who has been in Europe. Is eN-
perted nome today on the Kaiser VIII /
helm der Crosse The board meets on |
September II for its regular monthly |
session and may consider the distribution !
II that time.
Local Securities.
stocks were held rather firm, although !
the volume Of business was not at all I!
large There were indications of invest /
ment orders limited slightly under asking !
prices. orders that would have been filled !
ten days ago, hut the slight, gradual /
betterment has made the bids under ask
ing figures.
There are but few absentees on change, I
Lhe return OF o. II. p. johnson and Will |
lam d. Hoover having about completed !
the LIST. James NJ. Green is still in Eu- /
rope Investors are returning daily, and /
the chances for a good October market
are promising
Washington Gas is showing good
strength despite the fact that the COM
pany has soon to make answer before
the Utility Commission and in court as 1
TO its right To hold 800 shares of
Georgetown Gas stock Interests hold |
ing the noEting supply OF Washington /
Gas stock are decidedly strong and viii
not permit any material change from
present figures Sales were not made, |
rut the hid price as 81 1-4-and the. ask
HE -. 80 !
Traction shares, IlG .; very steady. !
Railway preferred was a shade iirmer |
szlling az 81 this the bid price for more.
Common. 81 l. bid and 30 asked.
Traction :. los IL. Steamboat IS, lo1 /
and Potomac consolidated IS were tirmer
AZ lch. Fid prices generally showed lit
o. more strength.
Wall street Errntic.
;.WaN street market was rather erratic,
a market Of specialties, while the usual
FEEDERS we're fquidated moderately un-
Ger the cover Of the strength displayed
q Copper, Petroleums and equipment
stocks.
,The seesaw between commodities and |
securities continues unabated. II corn
ioes OF point, stocks will rally sharp
~; so. too, II there is weakness In cot