Evening star., 1914-12-16

noted.
Late yesterday afternoon the federal
reserve board reduced the discount rate
for the regional banks at Atlanta and
Richmond to per cent for thirty days
paper, 5h per cent for sixty days and
6 per cent for longer maturities. This
eional bank at Richmond, as with such
an urgent demand as now exists for
money some banks may redtscount
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
sociation will be held at the rooms OF
the American Institute of Banking.
Washington Chapter, 1914 street
northwest.
The chief subject for discussion at
this meeting will be the uniform coilat.
eral note proposition. Charles J. Bell
is chairman of the committee having
the matter in hand. The subject was
considered at some length at the last
meeting of the organization and post
noned 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
that it showed but two comparatively
small corporations passing the distri-
button and it also brought two re-
sumptions, one extra and one initial
distribution.
# 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 a large part of the trade
of the United States, which threat has
not been realized.
Directors of nearly a hundred cor
porations met, and were SO well satis-
fed that with the exception OF the
Standard Gas Light and the Vandalia
system dividends all were declared as
usual.
tions, more or less reporting on dividend
action during the coming week Will 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 Mergenthaler'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-
tion SD, which sold up to 1861, and in
Washington Gas SIS. which brought
104. This would seem to suggest that
near this price may be realized on a
portion of the $500 900 Gas IS 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 5s 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 $685.
500; Wabash gross decreased S306,623.
Western Pacific decreased $140,029, To-
ledo, st. Louis and Western decreased
s16,837, Pacific Coast decreased $751;
SIS
For the first week in December the
following decreases were announced:
bile and Ohio. S77,S41; Southern Rail
way, s3O4,137; 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 streng. Later. with more or
less intimation that European hold
ings were being offered on the market,
there was a 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.
Union Pacific and Reading were ac-
tive in a measure. the former at 121H
to 122 and then off to 1888. while
R Beading sold at 1907 to 14sa and
Baltimore and Ohio, a to 72H; Cop
curities acted much in the same man
ner.
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
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 3S, but Of
late has been recovering rapidly. The
stock opened around 5612. nearly six
points better than the closing of July
80, which was 50A.
This Is the minimum price restriction
on the stock at this time After OPEN
ing at 561s 1t broke to 51N, 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
close of the exchange, and many specu-
lators have acquired the stock on the
way down to 3S. and on the recovery
as we'll, and may now be taking profits
that have grown tempting. Steel pre-
ferred, 104h.
Dividends.