The Washington herald., 1914-04-05
STOCK MARKET
AWAITS DECISION
Slight Gains Recorded, but
Dullness Continues, Pend
ing Rate Cases.
RESERVE CITIES STAND
Board Will Not Change Districts.
Franklin National Bank Opens
for Business.
RESERVE CITIES STAND
BY w. sTEALEY.

.
The New York stock Market yesterday
was duh and heavy prices moving within
close fractions.
Steel, Reading. and Union gained
slightly. Amalgamated was firm at 1912.
Utah Copper gained nearly a point, clos
ing 571-4. Canadian Pacific and New
Haven were on
There have been many inTportau; de-
velopments of various kinds here and
abroad the past week that ordinarily
would have influenced active speculative
trading and very sharp fluctuations The
absence of any such initiatives either
way thus far, simply proves that the
country In general, as well as Wall
street and the financial district in par
ticular, is regarding the settlement of
the much-discussed increase in railroad
freight rates as OF the highest impor-
tance, and is inclined to hold Nff until
a decision comes.
Local stock Market.
Capital Traction was firmer in the
Washington Stock Exchange yesterday,
thirty-txo shares selling 10e: twenty-four
shares lei rs The SIS of the company
sold s.. 500 at los L..
Railway as sold 5000 at s. Fifty-seven
shares Of the preferred stock sold at 81.
There were a few sales Of Washington
Gas. So 3-4aS3.
Five shares Of Lanstpn brought 81 IL.
Federal Board the Test.
The power of the Federal Reserve
Board is SO great that upon II personal
depends the success of the new currency
act and not upon the financial division
Of the country.
7. is tol,sn here as n matter of course
that the board will accept the districts
made by the reorganization committee
The act will be tried out on this basis
and if there are no changes in districts
IL will be a very high compliment TO the
wisdom Of the reorganization committee,
whose members probably are willing to
admit that changes naturally will take
place within the course Of few years
National bank officers are part Of the
treasury system in the sense that law
yers are part OF a court The principal
criticism therefore comes from trust
company officers, who are not going to
enter the system
Criticism at the Capitol would be made
no matter what cities were selected. Had
it not been for the Presidents control of
Congress there would have been nearly as
many reserve cities and districts as there
are Congressman, as the debate on the
bill and wire pulling plainly showed.
c. W. Barron. in Wall Street Journal,
says:
zone should study the new financial
map of the United States very carefully
before induIging in sharp. acrimonious,
personal or political criticism.
THE South gets three reserve banks. !
or one-quarter of the whole. This is
based largely upon geographical area. !
which is likewise about one-quarter.
The great Northwest from the Lakes /
to the Pacific, and the West beyond the !
Missouri, likewise get three banks for 1
one-half the area of the country, yet
with more capital and a third more pop |
ulation than the South
No Eastern ffnancier would have given |
these two districts six banks out OF
twelve. but Eastern fnanciers do not set
tie this question and some Of them at
times need TO he reminded that the banks !
are made for the people and not the peo-
pie for the banks.
"One of the fundamental aims of the
new bank bill is to plant reserve banks
in advance of population growth and
financial development.
THE world makes progress in new
ideas and this one must be given a fair
trial"
Franklin National Open.
The Franklin National Bank yesterday
received its charter and began business
under the new organization at the cor
ner OF Tenth street and Pennsylvania
avenue. having bought out that branch
Of the Munsey Trust Company. Its pur-
chase includes the f1ve-story bank build
ing, located on that corner all the bank
fixtures. deposits. and the good will.
The organization is an exceptionally
strong one. and the bank now has on
deposit over $1,0OO.cOO. 1t will he managed
by men who are of the best business
ability and integrity.
Mr.. ]. FendaIl Cain. who has been at
the bank for years as cashier, has charge
Of the Franklin National in the same
Nelson, Cook & Co. have purchased of
the mayor and commissioners of West
ernport, Allegany County, Maryland, S7o-
300 general Improvement per cent gold
bonds, due May, 1871, option May l, 1916.
This is part of an issue of 800. 600 bonds
authorized by the legislature of 1910 for
the construction of a municipal water
works system, sewers, street paving and
bridge purposes.
What appears to be a demonstration of
railroad economy and efficiency yesterday
came to light in a statement made by A.
]. Earling, president of the st. Paul sys-
LeTn- MaFcn car lOaQlnRS Oh the system,
according to President Earling. were 5000
IN excess of March, 1913. And yet. to
luote the report of Mr.. Earrings state
nent, ''at present St PauIs working
force is more than Is per cent below the
figures Of last year at this time" To be
able to handle more business with so
greatly reduced a force of workmen
would appear to indicate a decided in
srease in efficiency on the part of those
men continuing in the roads employ.
Fifth Reserve District.
The Treasury Department last night
made public series of tables showing
he amount due to and due from banks
n the several reserve districts. These
ables place the total due to banks in
he fifth reserve district, which includes
s71.9ss $50; total due from
anks, 81. .3S7; net balance due from
anks, S.Os2. .947; individual deposits, s3I7,-
Ss, ,6ss; all deposits, $se9 o22, ,2l2; per capita,
f7; cash in vault, s25.524.Ss SsS.
In the city of Washington, the amount
n deposit from all banks and trust COM
anies is S,5l6. .7O5; amount loaned 10 all
anks and trust companies on bills pay
BILE, and rediscount, including indirect
pans with guarantee OF directors, 81, IA
Is; per cent loans to deposits. $3.50;
ought paper. stock exchange Ioans. etc,
lade by national banks to noncustom-
rs. $3,26, ,es3; bonds and securities, ex-
lusive of bonds for circulation, held by
be citys national banks amount toi