The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-16
STOCK MARKET
MAINTAINS gain
thursdays High Pnees <on
New York-Exehange Hold
Throughout Day.
LOCAL BANKERS DIVIDED
Rudolph and Sands Both Candidates
for Class A Director-B. & o.
Notes Arranged.
LOCAL BANKERS DIVIDED
BY W. sTEALEY.


The New York stock market opened
yesterday with good gain, but prices
eased OF during the afternoon. the clos
ing being only slightly above that Of
Thursday.
Steel continued its strength, closing at
a3-S. Reading closed 166. Union 157 IA.
and Copper 70 3-s. Louisville and Nash
vile was nearly three points up at the
opening, but closed with only a net gain
over Thursday of one-half point-lG
At the opening stocks were above
Thursdays close, but there was evidence
of realizing on the advance, and selling
sufaced to check the advancing tendency.
There was an enlarged attendance in
commission houses, and bullish advices
recently sent out from the Street seemed
to be producing some effect
The statement that negotiations be-
tween Missouri Pacific and Kuhn. Loeb
& Co. are still in progress resulted in an
overnight gain IN stock of that road.
Mexican Petroleum continued its advanc-
ing movement, which began with rebel
success at Tampico.
Missouri Pacific closed at Is 5-s. slight
loss; Mexican Petroleum at S. gain OF
two points.
Local Stock Market.
Railway preferred and common sold
ex-dividend on the Washington Stock
Exchange yesterday. and there was un-
usual activity in the list q
Fifty shares Of the common sold al
S1-2 Twenty-Five shares at 81 Ia At
close IS was bid, rs asked.
Five shares of the preferred sold at s.,
and 100 shares at 81 H. At close sf5-S
was bid for the preferred. IS IL asked.
Twelve shares Of Capital Traction sold
at Sc, FIVE shares % IL, and one share
at par.
washinston Gas was weaker, fourteen
shares selling at "a rs.
Ten shares of Mergenthaler brought
Us Ia
Bond sales amounted to s11.ooo. Rail-
vay IN sold 50 7-SaS3, and Potomac Elec- |
trio Consolidated IS. 80 3-4ass rs.
Two 5000 Washington Market IS Qs4O1
brought IS.
Local Bankers Divided.
meeting of local national banks and
trust company officials who will enter
the new reserve system, was held yes
terday with the result that both Cuno |
H. Rudolph, president of the Second Ma
tional Bank and Tucker X Sands, cash |
Ter of the Commercial National Bank, |
will go before the Fifth District Rich
mond conference Monday, as candidates /
for Class A directors.
Several weeks ago the Washington
Clearing House Association Endorsed Mr..
Rudolph. At that meeting all the local
institutions entering the reserve system
were NOT present and several of the
banks made objection to the proceeding
on the ground that the action was pre-
mature and that there was not full
attendance.
At the meeting yesterday there Were
representatives of fifteen out of the six
teen local financial institutions present
w. ]. Father was made chairman of
the meeting and H. A. Mckee. secretary.
Mr.. Rudolph was nominated for Class
director by President White, of the
Metropolitan, while Mr.. Sands was NOM
mated by President Cochran. of the
Franklin.
1t became apparent during the discus
zion that no agreement could be reached
so the nesting adjourned without TAX
ing vote.
Richmond by the advocates of both can
didates. II
The subjoined letter signed by the /
presidents of the District National.
Franklin National, Commercial National
and Continental Trust, yesterday, was !
sent to the 1ss Class A banks in the ]
fifth district in behalf of Mr. Sands. IL
We desire to earnestly commend for {
your consideration and support as Class /,
A director Of the Richmond Regional /;
Bank Mr.. T. X. Sands, vice president Of i
the Commercial National Bank, WASH !
intgon. G
''Mr. Sands acquired his years of ex- {
perience a banker in Richmond, and
has a wide acquaintance with the bank s
ers and an intimate knowledge of bank {
and commercial credits in the territory S
regional district No. s.
With Mr.. Sands long experience as a !
hard working, practical banker, and his |,
intimate knowledge of commercial and
banking requirements and credits in SUBJ
stantially all sections of the country to
be served by the Richmond bank. we re-
gard him as eminently fitted for the
duties as director, and we express the
hope that you will give him your con- !
sideration and your support"
The Presidents Opportunity. J.
There is little likelihood of the Senate's y
defeating the confirmation of Paul M.
as a member of the Federal &!
Reserve Board, regardless of the oppo- Z
siton which is developing The appoint q
ment Of Mr.. Warburg has met with more \
general approval than that of any other Z