Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-01-11

quite common in financial circles. 1t
was necessary to bring suit against the
indorsers and one of them set up the
plea that the note was null and void be-
cause it had been altered. The supreme
court Of the state of Washington sus-
tanned the contention,
District bankers are Of the opinion that
the Supreme Court of the United States
would upset this ruling.
William A. Mearns, George W. White
and John Poole, the dinner committee
of the District Bankers Association, are
giving much attention and thought to
the program for the forthcoming annual
banquet. It is understood that the com,
mittee is opposed to long speeches and
that the affair will probably be marked
by song and humor and other features
similar to those which were so success
full at the annual dinner Of the stock
exchange.
The New York bank statement yes
terday showed an increase in deposits of
$31 100000. The banks now hold $S2,-
100000 excess lawful reserve, an increase
during the week of $4,000 600.
All over the country money Is working
easier and rates are becoming better
suited to expansion in business, but the
very fact that money is SO plentiful Is
not an indication of good business. The
tariff law has been tested. business men
be, but business halts, pending further
development Of the administration
trust regulation policy. Many of the
largest institutions claim they are doing
business in a broad and open way. conn
plying with the law, and that they are
not monopolies, and therefore will not
assume the attitude Of supplicants before
the throne of the Attorney General.
But they are not ready to progress with
confidence along the line of new develop
80 TO
continued marking of time in the busi-
ness world-that makes money easier.
Local bankers still have more money
on hand than usual and are decidedly
conservative in placing their loans. he
cent developments induced them to
strengthen their cash reserve and all
the national banks are above reserve re-
quirements, while many of the trust COM
panies are also carrying surplus cash.
January q the directors Of the United
States Steel Corporation will meet to de-
clare dividends. There are no indica-
tons as yet that there will be any change
in rates. At this meeting earnings for
be made public. Some steel manufactur-
ers are figuring as low as $23,oOO,oOo.
while some estimates run as high. as
SIS, 600. 1t is generally admitted that
December earnings were not over SO per
cent of those Of october. Estimates for
the current quarter ending at March are
placed at s2oooo,ooo and from that to
$15, 600.
It is Interesting to note that the inter-
state commerce commission does not re-
ouire that the railroad companies shall
answer all of the seventy-eight questions
recently put to the railroads by the COM
mission in connection with the advance In
freight rates. Their answers will be filed
as soon as received and may be delayed
into February. Furthermore. it IS inter-
Gesting to note that President Willard or
the Baltimore and Ohio, spokesman for
the roads, explained that some Of the
questions asked involved transactions COW
ering fifteen years, all Of which would
seem to indicate that If the railroads are
to receive any concessions they will have
to put up a very strong case.
Baltimore and Ohio stockholders have
been greatly encouraged by the injunc-
ton proceedings against the distribution
of the Union Pacifics Baltimore and Ohio
treasury stock. 1t is estimated that the
short interest is in the neighborhood Oh
80, 600 shares and the tying up of the
large block in the Union Pacific's vaults
is a distinct bull pointer on the stock.
Decided improvements have been noted
in the local stock market during the past
week, more in the steadiness of the BOND
market than in activity. the feature pelng
the strength of the consolidated 5s OF the
Potomac Electric Light and Power Com
pany, which rose to par from low OF ~.
Other issues showed a good undertone
without a change in value. one price pre-
yailing on all issues traded in.
In the stock list the feature was the dls-
tinct strength displayed in Railway COM
mon. Every one has been waiting for the
report of the utilities commission on the
Investigation Of the action OF the wash
ington Railway and Electric Company dl-
rectors in declaring an extra dividend or
/ per cent some weeks ago. So far there
has been no indication as to what this re-
port might bring forth, but the long delay
has caused a belief that nothing very
serious has been uncovered, while the re-
turn of the specialists to the daily ses-
sions has been attended by evidence OF
good buying orders, as witnessed by an
advance from ssh to SO for the common
stock The preferred stock in the mean
time has made no progress whatever
Washington Gas remains pegged at
s3Yas4, and will probably remain there
pendine possible developments at the an
nuaI meeting.
An honest effort is being put forward
by President Woodruff and other mem
truer market for Washington securities.
With the exception of perhaps not more
than ten stocks in which there is more
or less trading almost continuously, the
quotations as shown in the daily bid and
asked prices develop a variance, diff
ference that really does not indicate
much of anything. 1t is the desire of
those having the best interests OF the
exchange at heart to bring the DID ana
asked prices closer together, so that, If
possible, truer set of quotations may
result.
It is entirely without rhyme or reason
that stock should be quoted 100 asked
and 100 bid" or other figures from %
to 50 points apart
1t is decidedly encouraging. the sue
cess SO far attained in this movement,
as shown by the records of Yesterday,
when the greatest difference between any
bid and asked price was % points and,
with one execution, but Is points.