The Washington herald., 1913-10-02
STOCK MARKET
Dull And HEAVY
Weakness Of Steel Common
Leads to Sharp Drive in
Early Trading.
PRICES RALLY LATER ON
Local Bank Inaugurates An Inter-
esting Innovation in Deposit
Book.
PRICES RALLY LATER ON
By ]. A. FLEMING.


Under the influence of higher prices
in London. the New York market opened
higher and stronger, strength of Union
Pacific and weakness of Steel common
being the chief points of interest in the
first hours trading. Uneasiness over
the tariff caused some hesitation among
the dealers in long stock which was
accented by the news from Washington
that there were signs of a break in the
Democratic column in the Senate. Liqui-
dation in Steel. with the hesitation re-
ferred to, enabled the bears to make a
sharp drive on the market in the second
hour. but at slightly lower level stocks
received substantial support and though
trading was dull all day there was a
gradual rise in prices, and the market
scored a good advance for the day.
The advance ranged from half a point
on some of the rails TO three-quarters
on Union Pacific. Southern Pacific was
also strong, losing only a little on the
drive, and making up the loss Steel
common sold of in fractions, but held
fairly well on the rally, and closed at
the opening quotation. Total transac-
uons for the day Tailed up to S3O, 600
shares, indicative of the general dullness
and whip-saw condition of the market.
Market Is Broader.
than for some days, and the distribution
of orders in the industrial list was an
encouraging factor of a dull market The
pressure on Steel is the weak point but
With all the liquidation there it does not
seem possible to depress the stock more
than fracticnally. The recovery yester-
day was positive proof of the support of
prices when they fall below certain
levels. Calling of loans was in evidence
foT of Fk
stock thrown upon the market.
Business of the Central Foundry Com
pany in the first eight months of 1918 has
been about normal. Compared with the
showing for 1872 when the largest gross
earnings in the company's history were
reported, this years business will show
falling of, due mainly to conditions
which have prevailed in the trade during
the last few months. In the first six
months of the present year business was
conducted on a large scale, and heavy
orders were received and filed. The last
three months, however, have witnessed
curtailment OF orders from jobbers who
were forced to cut down their loans. This
desire to carry smaller stocks has affect
ed prices of products, particularly soil
pipe, which is the company's special pro-
duct. With the approaching winter season
and better conditions prevailing in the
general money market a resumption OF
buying is expected, and il is believed the
remainder Of 1913 will materially help to
offset the temporary depression.
\. II. Annual Meeting.
At the annual meeting of the New
Haven, on October %, vote will be
taken to change the stockholders by
laws so as to permit the chairman of
the board to perform, in connection
with annual or special meetings of
stockholders, the duties usually per-
formed by the president.
Stockholders will be asked to ap-
prove the annual report, and to ratify
the actions of directors in the board
Of directors as at present constituted.
The directors, at the monthly meet
ing. October l6, will elect Howard Eli
oft chairman of the board of the New
Haven Railroad, Connecticut Company,
Rhode Island Company, New England
Navigation Company. New England
Steamship Company, and New York. |
Westchester and Boston Railway. Mr.. |
Elliott has been made chairman of the |
board of the Ontario and Western. and !
will be made chairman of the board !
of the Boston and Maine.
The directors will make James H. |
Husts president of the New Haven |
Railroad, Lucius S Storrs president of
the Connecticut and Rhode Island COM |
pdnleS. ana may duNdnCe vice ITeSl-
dent Gardner, of the steamship COM
panies, to the post of president John !
E Kerr has already been made presi- |
dent of the Ontario and Western, and |
Morris Mcdonald president of the Bos- |
ton and Maine.
New InfcrbOro Bonds.
The amount of the new Interborough !
Rapid Transit first and refundinE per |
rIaG hy ri in
bankers from the original J. p. Nor |
gan & Co. syndicate is S3O,0OO.OOO. One |
of the strongest selling syndicates, |
covering this country. Canada, and Eu-
rope has been formed. and an offering |
of the bonds will be made in the near
future. A large block Of the issue has
been underwritten abroad.
Approxima tely s2S,OO0,OOO of the new
bonds are understood to have pre-
viously been sold by the original syn
dicate or exchanged for the old first
mortgage bonds of the Interborough.
Business in the local market was up to
the Average, without special feature. A |
few bonds were sold at the opening, with
moderate sales of the leading stocks
afterwards. Bank shares and the rails
were not much in evidence, and the sales
of record were at current prices.
Revolution in Banking.
very interesting Illustration of the
new form of bank book adopted by the
Washington and Southern Bank has been
seen in recent advertisements in The
Herald As proposed, it is less Of an
innovation than revolution in the prac-
,jces of local banks. The bank assumes
the responsibility of doing all the book
keeping necessary to keeping straight
the bank books of its depositors. 1t will
enter not only the deposit item, but will
also enter each week or each month, as
the depositor may wish, the disburse-
ments by check. to whom payable, and
the balance.
The bank proposes to do this only for
what may be called non-commercial ac-
counts meaning thereby the accounts Of
people not in commercial pursuits and
those who do not have bookkeepers to
keep track Of these items. Col. Taite,
president of the bank. says that the
business man does not need the new
form OF account, but that the house
keeper. clerk I'm the department and
many other depositors Of the bank who
10 not now have the benefit Of such a
record of its transactions with the bank.
Col. Taite said yesterday that this
practice was common IN the banks Of
England and some other countries, and
hat II was found by experience to be Of