Evening star., 1914-12-15


| per cent for longer mat urities. This
| may mean some business for the re-
| gional bank at Richmond. as win Such
an urgent demand as now exists FOR
| money some banks may redlScount
| some of their thirty-day paper.
| The reserve board also decided to act
| on discount rates Monday OF each week
Bank Association Meeting.
| Tuesday of next week the regular
meeting of the District Bankers As
ISOLATION will be held at the rooms OF
the American Institute of Banking,
Washington Chapter, 1914 F. street
| northwest.
| The chief subject for discussion at
this meeting will he the uniform collat +,
eraI note proposition. Charles }. Bell
| is chairman of the comfhittee IA nt,s
the matter in hand. The subject was
considered at some length at the iast
| meeting of the organization and post
poned for the purpose of further IN
vestigation.
Cause of Satisfaction.
The action of the directors of the va
rious corporations meeting last week
to take action on dividends is source
of keen satisfaction to investors and
also to business interests generally in
IL
small corporations passing the distri-
button and it also brought two re-
sumptions, one extra and one initial
distribution.
It is one of the indications of the
better trend, the improved sentiment
in business recovering slowly from
the depression and the threat of de-
struction of large part of the trade
of the United States, which threat has
not been realized.
rf ri a
porations met. and were so well salts
fed that with the exception Of the
Standard Gas Light and the Vandalia
system dividends, all were declared as
usual.
It is expected that the eighty corpora
tions, more or less, reporting on dividend
action during the coming week VIII not
show anything serious in the suspension
or passing of dividends.
Washington investors have been reason
ably fortunate, for with the exception Of
Lanston Monotype and the SO cents a
share cut in Mergentfaler's distribution
there has been no disturbance in divi-
dends.
On the Local Exchange.
There was more doing on the local
exchange, but at that there was no
special activity in the market. though
strength was shown in Capital Trac-
ton 5s. which sold up to 1861, and in
Washington Gas 5s. which brought
1o4. This would seem to suggest that
near this price may be realized on a
portion of the 5000 900 Gas SIS for
which bids are to be received up to
the close of business today.
Washington Railway As were not
quite as strong, easing off to SOS, with
$500 bond at 50.
Potomac Consolidated IS steady at
par.
There is considerable inquiry over
the counter for bonds with a view to
reinvesting January disbursements and
the chances are that business will inn
prove materially.
Railroad Earnings.
For October gross earnings of the
Grand Trunk system decreased $751;
500; Wabash gross decreased s306.62S,
Western Pacific decreased S140,029, To-
ledo, st. Louis and Western decreased
s16,S37, Pacific Coast decreased $780,
576.
For the first week in December the
following decreases were announced:
Louisville and Nashville. $25s.530; Mo-
bile and Ohio. s77,s41; Southern Rail-
way, S304,137; Cincinnati, New Orleans
and Texas Pacific. $36.640.
Wall Street Action.
Unrestricted trading. practically, with
all stocks on the list open for trans
actions. started off with a rush. Prices
were very strong. Later. with more or
less intimation that European hold
ings were being offered on the market,
there was cessation of operation, a
slight slump in prices and more or less
neglect, with a slightly better feeling
at the end of the first hour of trading in
the afternoon.
tive in a measure, the former at 121%
to IL and then off to 11S3s, while
Reading sold at 1903 to 1855 and
back to 149
per, 57a4 to 04s to 55h. Other Sc
curities acted much in the same man
ner.
Hesitation is but natural in view OF
the facts that the street waits with i'm
patience the rate decision; that money
IS rather tight in preparation for the
big January disbursements, and that
the testing of actual conditions with a
full opening is still in an experimental
stage-more or less.
Much interest centered in Little
Steel where the initial trading of the
reopening occurred. During the inter-
val OF the closing and reopening of the
change it has been down to IS, but of
late has been recovering rapidly. The
stock opened around 561a, nearly six
points better than the closing of July
80, which was SOS.
This is the minimum price restriction
on the stock at this times After OPEN
ing at 561s it broke to 81 Is, and re-
covered - of a point
There was no way to tell whether
selling of Steel common came from
Europe or not. Heavy trading has been
going on in the curb market since the
lators have acquired the stock on the
way down to 50, and on the recovery
as WELL and may now be taking profits
that have grown tempting. Steel pre-
ferred. 1041a.
Dividends.