The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-20
STOCKS QUIET
IN ALL MARTS
Neither Activity Nor Special
Price Changes IN Local or
New York List.
JORDAN In NEW YORK
Acquires Interest in Big Trust Com
pany-Bank Statement and
Other Gossip.
JORDAN IN NEW YORK
By L. y. FLEMING.

1t was a slow and tiresome market that
dragged it's way through two tedious
hours on Saturday. There was neither
activity nor strength, nor yet was there
much weakness, the whole session being
more or less negative in character.
AS an evidence of this statement II
may be stated that not more than half
the stocks on the list showed in the
sales records of the day, this being es-
peciaIly true of the industrials. Lead,
Harvester. Biscuit, Corn Products, and
other usually more or less active In
dustrials not getting on the record
sheet
With the initial trading. prices receded
fractionally, and with the closing they
came back so that there were few i'm
portant changes, other than a two-point
decline i'm Canadian Pacific, which was
under the hammer.
Usually one-half-point fluctuations COW
cred the record of the day, and they
were generally in the way Of recessionS
but for all this the market had a good
undertone.
Mexican Petroleum was quite active,
the directors action yesterday in in
creasing the dividend causing an ad-
vance to So IA, or about a point on top
OF the four points gain on Friday.
Immediately after the squirt of activity
in the early minutes of the session the
whole list dropped into the rut and stay
ed there to the end of the weary game
with the tap of twelve.
And now Ii is case of waiting for
noon Monday. then on till either the
Minnesota decision comes or is again
postponed.
VIII Sabmit Lists.
On Monday the national banks of the
District will submit to Assistant Secre-
tsry Williams of the Treasury Depart
ment a complete list of first mortgage
bonds which they have on hand, and
probably make statements as to the Sc
curity and standard of the issues.
Having made a study of the situation
and of the bonds offered, Assistant Sec
rotary Williams will then probably make
selections of the different issues which
he will accept, on behalf of the Treas
ury Department, security for tax
moneys deposited in local banks.
The committee which waited on the
Treasury officials reported to the Clear
ing House Association that the indica-
tions were favorable to all propositions
advanced; TO repayments covering
period of ten months in equal return;
TO making the amount to be placed in
banks s4,0oo,0o0 and to accepting local
bonds in lieu of government or insular
bonds as security.
This consideration to the bankers of
the city has been the easier obtained
from the Treasury Department for the
reason that Assistant Secretary John
Shelton Williams is himself a practical
banker and knows that the requests are
perfectly reasonable and the security
ample.
Jordan Makes New Connection.
Eldridge 4. Jordan. president of the
United States Trust Company, has be-
come prominently identified with the Mu-
tual Alliance Trust Company, of New
York City. through the purchase of a
large block of stock. said in some quar-
ters to amount to practical control He
has been elected director and vice
president of the company.
The Mutual Alliance Trust Company
was formed in 1902, has 100000 capital
stock, a surplus of $4,000, and deposits
OF SS,5OO,O0. It's main office is at 80 Wall
street. and it has two branches The
principal officers are: President Webb
Floyd; vice president, Eldridge E. Jor-
dan; chairman of the board of directors,
DIR. James II. Parker
The branches of the company are To-
Gated at 266 Grand Street and 1o1 Len
now.
Mr.. Jordan, who has been in New YORK
City for several days. states that his con-
nectlon with the trust company does not
mean a severance of relations i'm WASH
ington, where his chief business interests
are, but that he will visit New York
occasionally i'm the interest of the Mutual
Alliance Trust Company
With the New York business of TIE
United States Trust Company and of TIL
commercial National Bank. of this city,
diverted at once to the Mutual Alliance
Trust Company, Mr.. Jordan's infuenc.
viii be felt at once.
There was much comment on the pur-
chase on the street yesterday, the news
being circulated quite generally on
change. and accepted as another evil
dence of the fact that the local banker
had strong financial backing in his VEN
lures.
Mutual Savings Banks.
BY the action of the caucus of the
dominant party taken yesterday morn
ing, savings banks of the true mutual
class shall be exempt from the provis-
ions Of the income tax. Savings bank.
operated for profit are not exempt
There are no savings banks in Washing
ton of the mutual class as yet
Local Securities.
There was a good tone to local stocks
and bonds. but tone was about ALL the
trading being limited to a few Sc
curities at steady prices Washington
Gas eased off to So Is and then to IS,
a loss of ,. point No transaction in
either Railway common or preferred.
The bid price of the latter was slight
ly of. but only a nominal change at
best.
A little Capital Traction sold Id 7-Sa
123. Mer9enthaler, 21SlS
In bank shares. Federal National was
the only one mentioned. 1t sold at 140.
Traction IS, 109i2; Potomac Consolidat-
ed IS. 100 Ga and Railway As at So "a.