The Washington herald., 1914-01-17
trend OF PRICES
TO Lower LEVEL
New York Stocks Have Ir-
regular Close Reading
Proves Puzzle.
CALL OF COMPTROLLER
New Law Makes Changes in Bank
Examinations District Banks Not
in System Report as Formerly.
CALL OF COMPTROLLER
By w. sTEALEY,

Stocks yesterday closed irregular on the
New York Stock Exchange, with some
smart recessions and active trading that
gave wide range to prices and further
emphasized the strong undertone that
was noted earlier in the week.
Substantial profits quickly acquired by
traders caused the placing of numerous
stop-loss orders.
Steel common showed early pressure;
the stock dropping to s2Is shortly after
the opening. Later in the day the price
was bid up sharply to SSii. where heavy
selling orders were encountered that car
ried the quotation back to 6eIk Profit
taking was responsible for the decline
rather than any fresh developments in
the steel business. Bethlehem Steel is
sues were strong, the preferred gaining
~ points and the common fractionally.
Erie was active, closing at SOS and the
first preferred roce from 4Sis to IS on for
eign buying. Little faith is placed in the
rumors of a dividend on this issue. The
expected rate increase, however, would,
no doubt, insure such action at a later
date
Great Northern certificates rose two
points, and Corn Products scored sub
stantial gains on the theory that this
company would seek a compromise with
the government in the pending suits. Can
common cropped d punt III lew
utes, and Lehigh Valley sold off on
stories that Reid interests were taking
profits. Reading again puzzled the trad
ers by dropping back to 1891, where
firm peg seems to be established.
Southern Pacific failed to lose ground
when the list sold off. At 159 Union Pa
cifc met a block OF stock that carried
the price to 15S at the close.
Orders from foreign houses for short
term notes and high-grade bonds were
a feature of the investment business.
Bond brokers feel very much encouraged
from the numerous inquiries they are re-
ceiving. and predict that the demand
shortly will extend to the semi-specula-
tive issue.
Improved conditions abroad were re-
nected by a frmer tone in German i'm
perial IS. and a substantial recovery in
British consols. A further reduction in
the English bank rate is anticipated
New York banks Tade further gain
by their operations with the subtreasury-
Forecast of today's bank statement in
dicates an increase in cash of about
100000.
Local stock Market.
Bond sales claimed practically the en-
tire transactions of the Washington
Stock Exchange yesterday. In the stock
and ten shares OF. American Security and
Trust at 29 comprised the sales
One $1,000 Washington Railway and Eiec-
trio sold at 50: two $1,000 Chesapeake ana
Potomac Telephone 50 sold at l4 J-S:
two 81, 900 Potomac Consolidated Is 100 ana
100 Is; one s1.OoO Capital Traction at
los, and one Washington Gas at fO6 L.
Call of Comptroller.
The Comptroller of the Currency yes
terday issued call for statement OF
the condition of national banks at the
close Of business. January IL.
Under existing law the Comptroller
must issue at least five during the year.
The last call was on October Il.
There probably will be but one more
call under the old system. which goes
off the statute books February q. sixty
DAYS after the passage of the new cur
rencv act. the time limit set for national
banks to signify their intention or JOIN
ing.
The new act does not repeal existing
law governing the calls of the Comptroller
There are however. important changes
as to bank examinations Banks in the
system are to be examined at least twice
in each calendar year. and oftener II con-
ysidefed necessary. In addition to the eN-
aminations of the Comptroller. every Fed
eral reserve bank may, with the approval
of the Federal reserVe Doaru' proNlue
for special examination of member banks
within its district. These examinations
will be conducted to inform the Federal
reserve bank of the condition of its MEM
ber banks. and of the lines OF credit
which they are extending.
The Federal reserve board must order.
at least once a year. an examination of
each Federal reserve bank, and upon
Joint application Of ten member banks the
Federal reserve board shall order
special examination and report of the
condition of any Federal reserve bank.
National bank examiners. under the
GIass-Owens act, cannot perform any
other service
Banks and trust companies in the Dis
trict of Columbia which are not affiliated
with the new system will be governed as
formerly by the Comptrollers calls.
The following comparisons of District
banks reports on January 13 and October
y. the last call, exclusive of national
banks, is made: