The Washington herald., 1914-03-07
STOCK MARKET
AGAINDECLINES
B. & o. Joins c. & o. in
Slump-Entire List
Is Off.
LOCAL BANKS COMPLY
Washington Clearinghouse Passe:
ResolutionsJUnited States Trust
Liquidation in Progress.
By w. STEALEY.

BY w. STEALEE.
An average decline Of over a point oc-
CURED on the New York Stock Exchange
yesterday.
Chesapeake and Ohio again slumped. a
low OF So rs being reached. The stock
closed fractionaIly above this figure. los
leg ten points within the last two days.
Rumors that the Baltimore and Ohio
also is contemplating note issues drove
that stock from 90 to Ss1-4.
Practically the entire list was affected
by the demoralizing condition of Chesa-
peake and Ohio and Baltimore and Ohio
lines.
Steel lost 81 points. closing at &C IA;
Reading closed at 163 1-2, loss Of nearly
two points: ST. Paul sold OFF to eS l-2;
Northern Pacific and Great Northern
were of two points.
Local stock Market.
Two $1,000 Railway Is sold on the WASH
ington Stock Exchange yesterday at u.
The preferred stock Of the company sold
thirty-two shares at S7aS7 IA; the COM
mon sixty shares at 81 IL.
Two thousand five hundred dollars in
gas bonds were sold. $l.5O0 at loI IL,
500 at lO7 IS and $50 at 100 3-S Eighteen
shares of stock sold at 81 L..
One 500 Capital Traction sold at lCs.
There was 10 trading in the stock of the
company.
One share of Mcrgenthaler brought elI.
Clearinghouse Acts.
The Washington Clearinghouse at
meeting held yesterday passed a resolu-
ton requesting the national banks OF the
city to pass resolutions vesting the Clear
ing-hoUse bank examiner with general
authority to examine their institutions
and make known their condition. IL nee
cssary, to the Clearinghouse committee.
This request is made in order to COM
ply with section %, of the Federal re-
serve act. which requires the consent OF
a member bank to any examination
other than by properly constituted
Federal or State examiner. The WASH
ington banks will give their consent TO
the request. which. i'm AFFECT, merely
legaIizes a regulation already consented
to by members of the Clearinghouse
Associa ton.
Nothing is known at the Clearing
house regarding the reported opposition
Of any member national bank to the re-
quest. Chairman w. J. Father said all
the banks would assent since they were
ROT asked to do anything more than what
had been A recognized custom in the
clearinghouse for years.
Payment Of Banks.
A summary of tho payments to be made
by country hanks. reserve city banks
and central reserve city banks. respec-
lively. during the first years establish
ment of tho Federal reserve system shows
tho country banks will have to place with
tho Federal reserve bank approximately
St.. .9i0O0c as reserves, the reserve city
hanks S52.SJ9. COO while the central reserve
city banks would contribute sIo5. .SeS.0OO OF
reserves to the new Federal reserve banks.
This makes a total of s224,745,0o0 of re-
serves. In addition. 81, ,70l.O00 of capital
will be paid in the first year Bank Of
ficials are making preparations for the
change. which il is expected will be &C.
complished without appreciable incon-
vcnience. So far as the average man is
concerned in his dealings with banks, I'M
der the new system there will be no Wis
ibIe changes whatever except in the
typography of the s. bank note. The
daily operations of the national bank
will be remodified. The depositor or bor-
rover will have no new window to ap-
proach, no new officer to see, or any red
tape to understand.
The impression that any one is going
10 be able to get all he wants under th,,
new law is an erroneous one. The man
with bad credit or poor assets will re-
ceive no more assistance than he can get
today. The man. however. who is en-
gagged in a legitimate business, will be
able to turn his credit into a form
which will be accepted throushout the
country without C.Iestion
Liquidation in progrcsS,
1t is understood in local financial circles
that negotiations are in progress which
viii lead to the early sale of all the real
estate holdings of the United States Trust
Company. This action is being taken by
the Munsey Trust Company with the
view of liquidating the assets of the
United States Trust Company in order
that stockholders may receive Munsey
stocks or cash as carly as may be prac-
ticable.
Application of Rule.
One of the main reasons why the rail-
reads would prefer an advance in rates
rather than merely to receive the same
allowances" is that the granting of
higher freight rates would establish the
principle that the cost Of transportation
may huctuate just as well as the cost Of
notwithstanding to supply and de-
mand and the external factors beyond the
control of management.
Commercial Elects Mr.. Csgle.
% At a meeting of the directors of the
Commercial National Bank yesterday
Charles D. Cugle was elected a director.
Mr.. Cugle is president of the Washington
Rubber Company.
Gas OnciaIs s-GrntiAed.
oficials of the Washington and George
town Gas companies express qualification
at the action Of the Senate Appropriations
Committee in adopting the merger amend
ment, and are hopeful that favorable ac-
ton may be obtained on the floor of the
Senate.
The January statement of operations
of the Western Maryland Railway, made
public today, showed a moderate increase
in gross earnings, which, however, was
converted into a big net loss owing to
a heavy increase in operating expenses.
The figures are as follows:
JANUARY.
Total operating revenues .S63 13G 81 nj %
Total operating ezpenses..-..... ST. I4S nI,G3 g
Net revenues.- S5l HeIe S0M ~
SEVEN MONTHS ENDED JAN. 81, isM
Total operating revenue. .N.ssM 50 So. .M @
Total Operating expenses...... ilS. .sS5 s1.08 .
Net revenues. s7esss 'szs.7S -
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