The Washington herald., 1914-03-28
STOCK MARKET
AGAIN RECEDES
Presidents Victory Over the
House Has Brought About
Confident Feeling.
LOCAL MEN H0NORED
Washington Chapter Men Placed IN
American Banking Institute
Fellowship Class.
LOCAL MEN HONORED
By w, STEALEY.


The New York stock market yesterday
closed lower.
Steel, Reading and Union were on
fractionaIIy. Copper and Western Union
were exceptions. the former holding its
own while Western Union gained Ia
The market opened quiet and but ht-
tie changed from Thursday. There was
a show of strength in the copper stocks,
especially Utah, which ran up to % i-Z
Canadian Pacific on the other hand open
ed down and ruled heavy during tne
two hours of the trading. The reports
of heavy retrenchment on the Pennsyl-
vania Railroad system caused some
traders to sell the Eastern trunk lines,
but prices yielded very slightly. About
noon sudden activity developed in West
ern Union which on comparatively large
transactions rose to 6S L.
American Tobacco on the other hand
was also comparatively active and weak.
Operations were again almost entireiy
professional and the trading element Is
now more divided in its opinion than it
has been for some lime past.
In the late trading the market was
heavy with most stocks showing losses
as a result of the days trading.
The Presidents Victory.
Local brokerage firms yesterday re-
ceived many inquiries from business men
in New York relating to the progress
of the canal tolls bill fight in the House.
1t was felt that IL the President should
be defeated ii would indicate a loss of
control over Congress which would ex-
tend to other legislation
The news of the defeat of the House
leadership was highly gratifying. The
only confidence in Congress appears to
In, he IN
from running the country and incidentally
the Democratic party.
Local stock Market.
Trading in the Washington Stock Ex-
change yesterday showed improvement.
Bond sales amounted to 5000 and 1o6
shares of stock were sold.
Two $1,000 Washington Gas SIS sold
lO7 1-Ia1O7 1-2; one 1900 Railway 4, 81:
one Capital Traction 5, 107 IA; and one
Metropolitan Railroad 5, los 1-2.
The principal trading in the stock list
was in Mergenthaler, Is shares selling
IA 5-sa215.
Thirteen shares OF National Bank of
Washington brought 24o and two shares
of American Security and Trust, "a
Twenty-four shares of Capital Traction
bronght 107 1-2; IS shares Of Washington
Gas 50 1-2; and six shares Of Railway
preferred, 81 L.
Decision on Rates.
Brokers are looking ahead to the de-
cision of the Interstate Commerce Com
mission on freight rates as to an oasis
in a desert of deferred business in Sc
curities. Some of them hold that they
will profit on a comfortable scale
whether the railroads win or lose the
freight rate case. They will fill buying
orders If the increase is allowed, and
selling orders if ii is not permitted Nat
uraIly they hope that the ruling. when
il comes, will be favorable to the roads,
for it may be easily argued that a buy
ing movement under this stimulant would
be more lively and lasting than selling
movement prompted by disappointment
The governing committee of the local
stock exchange yesterday passed favor
ably upon the application of the WASH
ington, Baltimore and Annapolis Electric
Railroad Company to list its preferred
stock and bonds.
There are issued 81, ,455. $50 of the per
S, ,O79 900 of an authorized issue OF S,5oo,-
300 per cent bonds due in 1871.
George E Allen, educational director
If the American Institute of Banking. has
advised President Devereux. of the Wash
ngton chapter, that the following MEM
oers of the local chapter have been elect
I'd to the Fellowship Class" by the
Executive council: w. W. Spaid, of w.
3 Hibbs & Co.; H. V. Haynes, Riggs
National Bank; E. T. Love, American
National Bank: F. v. Grayson, Farmers
and MERCHANTS Bank; F. B. Devereux,
National Savings and Trust Company.
Stockholders Of the Seaboard National
Bank of Norfolk will meet April q to
3ote on the proposal to increase the capt.
al stock from s2OO.OO0 to $4,000 the addi-
ional 800 600 to be sold to the stock
holders of the Bank of Norfolk, Inc, as
part of a plan to consolidate the two
companies. 1t is understood that W. T.
Did, president of the Seaboard bank, will
read the merged company.
The wayIand Oil and Gas Company has
elected Clarence w. Watson. of West
Virginia: Alfred Dryer, A. E. Nusbaum.
md Edward Cornell, OF New York, and
I. Albert Hughes, of Baltimore, as di-
'ectors. The board viii be enlarged later.
Organization was effected by the election
If Mr.. Watson, president: Mr.. Dryer.
nee president. and John T. Caulfeld, Sec
'etary and treasurer.
The First National Bank of wyalusing,
Pa, yesterday Closed its doors by action
II its directors according to a message re-
,eived sby Comptroller of the Currency
Williams The action was necessitated
Dy depreciation in its bonds and securi- |
les. The bank has capital of s25,0O0, |
10 surplus, and deposits aggregating s17s,-
10. Bank Examiner Charles Smith is in |
'harge of the institution, and his report |
20 the Comptroller states that the bank
leld a great deal of Industrial securi- |
ties which had been deprecated far |
)elow par value.