The Washington herald., 1914-04-08
DULLNESS MARKS
STOCK MARKET
Undertone Strong. but Prices
Move IN Limited Range.
Few Sales Made.
MARCH FAILURES NOTED
Conditions Better Than in 1913.
Richmond Bank Force Cotton
Hearing April n.
MARCH FAILURES NOTED
Nv w. sTEALEY.

BY w. sTEALEY.
The New York stock exchange yester-
day continued the extreme dullness OF
-she last two weeks .,,
sales were In limited volume, ana Small
fractions were the rule The market al
least was distinctly steady, not actuaiiy
strong.
STEEL. Cooper. Reading, Union, North
ern, and other leaders gained.
LorrfIlard common was the feature.
The stock opened at 10. and went 10
lse closing al 1se on the the buying OF
n 6Oo-share lot Many shorts were
squeezed on the 17-point gain The stock
sold a. low as Ie2 last December.
Heporfs from New York are TO the
eifect that larger interests are accumulat-
ing stocks That end is most reaoily
obtained II sentiment is depressed and,
therefore, they want to keep the street
In a state of doubt and uncertainty Tner
efforts in this direction would be rem
dered less effective IL spectators In gen
eral were trying TO do the same thlns.
For this reason the favorable factors in
the situation are minimized and those OF
the opposite kind are exaggerated, tne
result being a steady movement OF STOCK
from weak to strong hands.
Easy money and big crop indications
furnished the basis of the present strong
undertone combined with confidence that
the Presidnt will maintain his control
Of Congress
Local stock Exchange.
Bond sales of the Washington Stock
Exchange yesterday amounted to Slo,SOo
Sixty-eight shares of stock were solo,
most of II Capitol Traction. at l02-
Railway preferred sold 81 IL, the COM
mon IS l-2. Lanston brought 81 s-4. Mer-
genthaler 25. Three shares of American
National Bank brought le2 L.
Railway As sold at 81. One 5000 Poto-
mac Electric consolidated brought 100.
March Commercial Failures.
Notwithstanding a rather large increase
in number, liabilities Of commercial fail
ures In the United States during March,
as reported to r. G. Dun & Co., were
considerably smaller than in the corre-
spending period of 1913. There were ,464
insolvencies last month, as against 1,lsOl
In the previous year, 1,392 in ISL and
I.l24 in 1911, while an aggregate indebted
ness of 81. .493. .2S6 compared with $5,-
rs go. 81. .763, SO, and slS,47464l, respect
lively, in the three years Immediately pre-
ceeding. In 1910 only s4s concerns sus-
pended, owing the comparatively small
sum of s13.e2s.572
In contrast with a year ago. the ex-
hibit;- Numerically. was unfavorable IN
each Of the three sections into which the |
insolvency record is divided; manufactur- |
ing defaults were 366 against s17; trading |
losses numbered 1.OS1, or 2l3 more than in
March, 1913, and in the class embracing
agents. brokers. and firms of a similar
character there were sixty-seven reverses
In comparison with fifty-five last year.
RIchmond Bank Force.
Ideas of bankers as to the needs of the
aew Federal Reserve Bank in Richmond
in-number of employees and quarters are
rather indefinite.
II Is the clearing house feature upon
which these details especially depend.
The force must depend upon the transit
department. At the outset they can start
very ntodestly, but as they take on the
.learing- house business within, say, the
next two years, they eventually will re-
luire a force larger than the average ma
tional bank.
The size of the quarters will depend |
upon whether they enter the Investment
market. AS they are not going to do
business with the public but with each
other and with the 4S5 banks in the Rich
mond district they could start with a
small equipment. Probably fifty or sixty |
clerks and 1000 square feet OF floor space |
would be sufficient
As a local example the force at either |
the Riggs National Bank, the CONNER |
cial National Bank or the American Sc
surity and Trust eould handle the work |
The bill prohibiting gambling on cot |
ton and grain exchanges will be reported |
to the House by Committee on Agricul- |
ture, following action on Federal bill |
for grading and inspection of cotton and |
gain, on which hearings will begin |
April 2. Chairman Lever says Smith |
Renyon-Leyer cotton futures will be
recommended by House committee des-
pite plan of New York Cotton Exchange |
to trade in new contracts septem-
Der l.
Federal Judge Rose has approved the
bondholders' agreemsnt 10 operate the 4
property of the Mount Vernon Wood
berry Cotton Duck Company, of Balti-
more. Reports are to be made every 1
thirty days. Judge Rose has reserved 1
for further order and decree the FORE
closure Of the mortgage and sale of the1
property The company defaulted on its
bonds on. March 1.
Charles A. Douglas will address the
washington Chapter, American Institute
Of Banking, Thursday night The chap
ter viii nominate delegates to the Dallas
convention. and also will act on pending
constitutional amendments.
Southern Railroad gross earnings for
the fourth week in March We're Sl,9sa. 4S2,
an increase of SIS, ,216. From July ] to
last weekly report earnings were SIS, ,o9S-
a2, an increase Of s97s5s9.
Southern Railway has appointed a spe-
cial agent 10. work with merchants and
in building up new lines
OF trade in connection with Panama
Canal opening.
II. H. Brown. manager for N. L. Car
penter g. Co. leaves for his home in
Atlanta Thursday, the New York and
New Orleans cotton exchanges bens
closed Friday and Saturday.
The Security Savings and Commercial
Bank has applied for associate member
ship In the Washington Clearing House
Association.
The formal opening Of the Exchange
Bank OF washington, PennsyIvania ave-
nue. and Twentieth street, takes place
next Tuesday.
COTTON MARKETS.
ms vrsAness q Monday r.s tuned into Strength