The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-12-04

are deserving of commentator, not criti-
cism. The currency system of country
is great and very tender subject.
The national bank act put this nation on
its feet at time when wild cat cur
rency, fraudulently operated State banks
and private institutions had turned the
country upside down, when dollar to-
day was valueless tomorrow.
A Wise War Measure.
Enacted as a war measure to furnish
the market for government bonds, it has
served the country well. so much so that
but l per cent of all the millions of
deposits in the thousands on thousands
of national banks has been lost in forty
years.
The country was opposed to the Aldrich
bill, though the bankers favored 1t. OPP
position of the banking fraternity to the
present measure is decreasing as the OBJ
jectionable features are being eliminated,
one by one.
OF course there are many things to
be worked out, but men who have the
best interests of the people at heart may
be trusted to solve these questions with
the aid of helpful assistance, not oppos-
ing bankers. 1t is too late to fight, help.
1t will take wise management on the
part OF the regional banks, on the part
of the Federal board of control on the
part of the banker, large or small, TO
keep the commercial paper up TO grade
to insure its liquidation.
There should be nothing left to doubt
when once the bill is made a law. The
bankers of the country have made plain
many points in issue and they should be
considered to the last one.
One of the chief objections to the
measure has been the question Of the
redemption of the notes, as provided in
gold or lawful money"
Pledged to Gold.
This country is pledged to the gold
standard 1t has refused thrice to listen
TO any implied possibilities of a dual
standard, and it may be counted on TO
give the Quietus just as frequently as
the matter may be brought into question.
II is pointed out by friends OF the
measure that the Aldrich bill provided
for lawful money redemption only, but
the Aldrich bill, the result of stupendous
investigation and study, was rejected
The most important point is the proVi-
sion for the redemption and retirement OF
the per cent bonds obligations with
special privilege attached to their issue
Let the government agree to redeem a
certain amount Of these bonds selected
by lot or otherwise each year and give
the circulating privileges TO the entire |
issue until redeemed and the constructive
features of the measure will be such as
to warrant the approval Of the nation.
Late Boom in Wall street.
For several hours the market dragged
H. 900 shares TO noon, with no particular |
SYMPTOMS, lust a continuation OF the |
waiting market. although now and then
Wall Street house commented favorably |
on the Presidents message and found sat |
isfaction in the promise of New Haven |
escaping the busting promised by the De-
partment of Justice. through graceful
Yielding to the inevitable.
In the first hour 5000 shares traded in;
in the second hour 1900 shares, in the
third 10000, and 5000 in the next 10 the
last hour.
The usual contingent of spectators and
ex-market traders were snoozing in their
chairs when the word went around that
there was something doing. The ticker
quckened its pulse; large lots came over,
and the room traders soon realized that
boom was on. that a regular bull market
was under way and prices commenced adj
vancing by fractions and half-points.
1t spread from the rails to the indus
trials. The shorts became alarmed and
covsr-I very freely. but the advancing
points net gains chiefly obtained in the
last hour. were established, and from this
Improvement there was no recession
worthy of note.
The Secretary of the Treasury's mes
sage was commented upon as being self
on the crop movement
fund" and otherwise unimportant.
The Gains.
rfE |
culiar the excuses given, the Presidents
message, which Wall Street has had for
two weeks. more or less, that few be-
lieved this to be the real excuse. There
is something coming that we do not
know" was the general comment on the
eleventh hour strength.
1t looks like the end of the Mexican {
trouble" said one; the currency bill will
be speedily passed." said another.
Union Pacific rose . IA, Steel, Is: the
preferred, 81: Reading. 81: st. Paul,
,; Nipper, l IA; New York Central. "a;
Mop, /; Great Northern, l; Erie, 1; Cana
dian Pacific, ia; AtChison, rs: Copper
and Smelling, IA: Pittsburgh Coal
L.; Can. is; New Haven, 1 "a; Mexi-
can Petroleum, 10; American Tobacco,
; L.; Anaconda. 81; Texas Oil, l II;
Atchison, 1-S-practically the whole list !
The closing was about is from the
high point. L
Local Securities.
The better feeling in local securities
continues with investment buying alb ]
sorbing about all the small orders on '
the selling side. Prices remain steady,
showing but the slightest stiffening.
Washington Railway common sold in ,
ten share lots at 81, with the closing bid
IS "a, and the asked price 50. Pre-
ferred, Sc S-4aS7 Odd lots of Capital {
Traction Jrought 112a113 1-2.
Lanston was firm and scarce, there be-
ing some large orders untitled at the
close.
Federal and Commercial National Bank
shares pegged at 155 and 1856. respectively.
Bonds were firmer Traction IS, 107 1-2. .
Railway IS sold rather freely, recover