The Washington herald., 1914-05-21
STOCK MARKET
remains STEADY
Price Changes Small and the
Street Has an Exception
ally Dull Day.
BANKS TOREcEIvE BONDS
Directors of Local Institutions to Name
Electors to Vote Upon Richmond
District Directorate
BANKS TO RECEIVE BONDS
By w. sTEALEY.


The New York stock market yesterday
was dun and steady. with fractional
losses among the leaders, Copper closing
at 7s1-2, a gain of half a point, being
an exception.
Steel went to e. 5-S but closed at 63 a
slight loss Reading closed 166 IL, Tues
days price; Union at 151 "a. on quar-
Ter.
Missouri Pacific and c. & o. continued
the weak spots. Mop" went as low as
16 5-s but was up an eighth at the close.
Conferences held n New York yesterday
any definite plan.
Chesapeake during the day was as low
as L., but closed at Tuesdays price,
5I1-2
New Haven was weak on the investi-
cation being held in this city. the stock
dropping to 81. The fact that the bears
have not given the stock more attention
during the Mellen testimony has caused
some surprise. A fine opportunity for
political agitation to sell short has been
presented.
At the opening the market was quiet
and price changes were unimportant
though generally on the side of declines.
On the whole generally heavy tone
prevailed during the first two hours
Canadian was strong feature in the
early dealings, but sagged OF later with
the rest Of the list
There was no liquidation. but market
seemed tired and traders were inclined
to sell out and work for a reaction.
In the afternoon there was some buy
ing by early Sellers, causing a fair rally.
but the market lacked snap The tone
was at all times steady.
LocaI Stock Exchange.
Traction IS formed the main basis of
trading on the Washington Stock Ex-
change yesterday. One 8. 500 bond, three
H,0oo and two $500 sold at 107 1-2.
Two $1,000 Railway As brought So.
Traction stock was firmer. Seventeen
shares selling at 1eO1-s, and sixteen
shares at par. Ninety-nine was bid at
close. 100 Is asked.
Eight shares of Railway preferred
brought 81 3-4, ten shares 81 is
Six shares of Washington Gas were
sold at 4 "a.
Holders of first mortgage per cent
bonds and extension mortgage 4 per cent
bonds of the Columbia Railway Com
psny, maturing October first, are in
formed that the Washington Railway
and Electric Company offers to anticipate
payment of the bonds of the two is
sues at 100 1-2, and accured interest for
the first mortgage per cent bonds,
tension mortgage per cent bond.
The accrued interest will be figured
. to date of delivery.
Payment will be in cash upon sur
render of the bonds at the American
Security and Trust, the Commercial Ma
tional Bank, American Security and
Trust Bank of Washington, and Riggs
National of Washington, and the United
State Mortgage and Trust Company of
New York
The time offer expires July l.
Banks to Name Electors.
Within the next week or two the fifteen
member banks in Washington will hold
directors meeting to name an elector who
will cast the vote of the bank for the
Class A and B directors of the reserve
bank which was organized in Richmond
Monday.
The exact time the meetings will be
held depends upon the receipt from the
Reserve Bank Organization Committee
Of the blank forms and ballots which are
to be filed out and mailed to the COM
mittee As the committee is rushing the
organization of the new reserve system,
II is probable that the necessary forms
will be received by the last of this week
While the slate chosen at the confer
ence of Fifth district bankers in Rich
mond or Monday is not binding upon
est doubt that it will be elected.
When the directorate of the Reserve
Bank has been completed it will be in
a position to elect the banks officers en-
gage a clerical force and fine quarters
The next step will be the calling by the
Federal Reserve Board of one-sixth of
the capital subscribed by the member
banks, to be followed three months later
by the payment of another one-sixth and
six months after the first call by the
third one-sixth. The other three-sixths
may be called at any time by the Fed |
eral Reserve Board but this call may
be postponed indefinitely.
Since Richmond was designated for a |
Federal reserve city 1t has become a re-
serve center, as provided for in the new
currency law. TIL result is that the ma |
tional banks of the city have rrofited to |
the extent of becoming repositories, as
reserve agents" of aN banks through |
out the Southeastern part of the country |
$. A. L. Traffic Agreement.
The Seaboard Air Line Railway has |
sold to the Guaranty Trust Company, of |
New York. 2,325,o0o of the first mortgage |
twenty-hve-year per cent gold bonds |
Of the Charleston Northern Railway and |
a,25d.0oo Of the first mortgage fifty-year
per cent gold bonds of the North and |
South Carolina Railway. The principal |
teed by the Seaboard Air Line Railway. |
These properties have been consolidated |
and are now part OF the Carolina, At |
lantic and Western Railway. which has
made traffic agreements under which |
the Seaboard Air Line Railway will en-
ter Charleston. s. c.. over its tracks.
On the request of the Continental Trust |
Company. that reservation be made |
for Baltimore brokers in the syndicating |
OF these bonds, a portion of the under /
writing was allotted to that city.
For number OF years The manage |
ment Of the Seaboard have had Charles |
ton in view. This was the only impor- |
tant port on the South Atlantic coast
which was not reached by that system, |
and the Carolina, Atlantic1end Western |
Railway has planned to Hllhdle q large |
volume OF traffic as a result OF the ar
fangement made
Smith ON Cotton Exchanges.
In spite Of the fact that the adpufnis-
tration program does not include con-
siderstion of the cotton futures bill at !
this session. Senator Smith, of South
Carolina, insists his bill TO regulate the |
dealings In cotton futures win be passed |
this session
New Orleans" he says '.is the ma
tural cotton market of this country and 1
will become 50 absolutely when my bill |
passex The bill is not designed to put