The Washington herald., 1913-12-28
Foreign Orders
DEPRESS MARKET
New Haven the Exception In
Generally Heavy Day in
Transactions.
RESERVE BOARD REPORT
-Festus J. Wade, of ST. Louis, and
George M. Reynolds, Of Chicago,
May Be Appointed.
RESERVE BOARD REPORT

May Be Appointed.
The feature of the New York Stock Ex-
change yesterday was the strength in
New Haven The stock went to Is Ia,
but closed at a 1-2. Its record low
price when the dividend was passed was
IS 5-S Rumors that the company and
the government were approaching an
agreement was given as the controlling
factor for the rise.
Other than New Haven the market was
reactionary throughout the day, the
heaviness generally being ascribed to
pronounced foreign selling. Canadian
Pacific especially was weak, the stock
closing at I'll.
Trading Was Light.
Trading was in E-ht volume.
4 number of the less active shares. in
GLIDING Sugar. Rumely, American Loco
motive and Missouri Pacific gained large
fractions.
After lfurther recessions the market
hardened, but stocks were pressed for
sale at the higher figures, and the list
went of again.
The advance in stocks was checked.
Absence Of the vigorous demand of the
last few days was felt in all quarters,
and, although some issues showed in
dependent strength. their rise failed to
exert sustained influence elsewhere. Re-
sumption of business . t London after the
holiday had little influence on local deal
ings, movements of the international
stocks abroad being unimportant Bear
spectators were active and it was evil
dent that driving 10 of the short interest
on the recent advance had weakened the
technical position of the market. The re-
action did not exceed moderate fractions,
except in few cases. Reading lost l,
Lehigh Valley and Canadian Pacific
l-2. Bonds were irregular.
The market closed heavy.
Local Stock Market
Washington Railway and Electric IS
were in defand on the local stock ex-
change yesterday. Seven $1,000 bonds
were sold at So Three $1,000 Potomac
Electric IS changed hands at los.
Ten shares of Washington Railway and
Electric Common brought S6 1-2. Five
shares of Capital Traction stock sold
at Ill 1-2.
Ten shares of Washington Loan and
Trust Company stock brought 80 Five
shares of Federal National Bank stock
brought 154 -. and one share 13L
Federal Reserve BOARD.
From a source close 20 the Treasury
Department it is learned that Festus J.
Wade, president of the Mercantile Trust
Company. of st. Louis, and George NJ.
Reynolds, president of the Continental
and Commercial National Bank of Chi
cago, seriously are being considered for
places on the Federal reserve board. and
that their appointment is not unlikely
1t again is stated that ]. J. Hill, presi-
dent Of the Northern Securities Com
pany, will be offered place by the PresI-
dent wit the urgent request that he
serve Mr.. Hill is seventy-fivc years of
age and probably cannot be prevailed
upon to accept While be is in excellent
health he is said to feel that if his ad.
Nanced age would preclude his giving the
duties OF the office the attention required. |
Financiers who have been going over
the Glass-Owen act are impressed by the |
enormous power which rests with the |
Federal reserve board. In fact. the opin- |
ion was expressed yesterday that the |
success of the new currency law entirely |
will depend upon the personnel of the |
board. That the President and Secretary |
Meade" fully are aware of the RESPONSE |
bility resting upon them is becoming ap- |
parent at the Treasury Department. Mr.. |
McAdoo, who ordinarily would not bat |
an eye" if told the Treasury had been |
robbed over night. is said to be astounded |
at the political scramble being conducted |
for the five positions. 1t even is reported
that one candidate is organizing a postal
Local Reserve Bank.
President Clapham, of the Commercial
National Bank. chairman of the COM
mittee designated by the Clearing House
Association, to urge Washington's
claims for regional reserve bank CEN
ter, has sent to the reserve bank organ
ization committee the formal applica- |
tion.
The local committee tomorrow will hold |
meeting preparatory to submitting ar
guments to the organization committee
which meets here January 12-17.
The advantages possessed by Washing
ton will be set forth in a brief, and 1t !
may be unnecessary to make oral argu-
ment. 4
The local committee will ask the assist |
Rnce Of the Board of Trade, the Chamber |
of Commerce and other local organiza-
tions and no effort will be spared in an
endeavor to locate the bank here.
New Newspaper Directory.
In response to requests from manu-
facturers and exporters, the Bureau of
Foreign and Domestic Commerce of the
Department of Commerce, is issuing a
newspaper directory containing lists of
news and trade papers in the principal
cities and towns in foreign countries, |
supplemented with information as to ad-
vertising rates, subscription price, cir
culation, &c. These lists were trans |
Tnitted by American consular officers.
Women in Finance.
The application of Mary L. Crissey, H. |
p. Robertson, H. E. Crissey, and E. W. |
Curtis to organize the Cherry Creek Ma |
tional Bank, Cherry Greek, N. Y, with |
a capital of $4,000, to succeed E. B. |
Crissey & Co., bankers of Cherry Greek, |
has been approved by the acting Comp |
troller of the Currency.
Nora B. Lake, of Cherry Greek, is the |
correspondent.
NEW YORK STOCK MARKET.