The Washington herald., 1914-06-02
PRICES DECLINE
ON WALL STREET
Missouri Pacific Furnishes the
Strong Spot IN Otherwise
Weak Market.
nANHc To MAYr nn0rrcT
BANKS TO MAKE PROTEST
Meeting to Ask Comptroller to Modify
Order-Georgetown Gas Election.
Northern Market Directors.
Ry w. srEALEY.

Ry w. STEALEY.
There was general decline on the
New York stock market yesterday. Mis-
souri, Pacific being the only issue to
show a gain. closing at 1S1<up quarter
of a point on reports that receivership
would be avoided and the note extension
plan agreed to.
Steel. Union and Southern Pacific sold
ex-dividend Steel closed at 81, a loss
of two points: Union at l65, a loss of
"a points, and Southern Pacific ae7s, a
loss of two points.
Copper and Canadian Pacific lost frac-
tions. Reading point.
The market opened dull and prices as
q rule were fractionally below Fridays
close. The opening was followed by a
sagging tendency and extreme dullness.
Missouri Pacific was strong, the buying
being principally by traders on the
ground that enough notes had been
turned in to make the plan for exchange
effective. The April statements of the
Pennsylvania and some of the other
roads show the drastic economics and
cutting down of forces which were made
some little while ago are becoming ef-
fective, the net showing a handsome in
crease in spite of a reduction IN gross.
During the early afternoon the market
was at standstill and prices eased a
little, but there was still a notable abb
seHce of selling pressure.
There was a sale of a Missouri Pacific
{ per cent bond at 51Is points. This was
considered even more encouraging than
the comparative strength of the stock.
Local stock Market.
There was improved trading on the
Washington stock Exchange yesterday.
orders having accumulated during the
two-day holiday.
Mergenthaler again was a strong fea-
ture. ten shares selling at 217 is. and
twenty shares at 217.
Railway common sold 100 shares at
~; the preferred twenty-three shares at
s3 So.
Capital Traction sold twenty-five shares
at lOo1-
Fifty-five shares of Gas sold al Ia
The balance of the stock list was in
Arlington Fire Insurance and Green-Can-
anea. twenty-five shares of the former
selling L. 3-4, fifty shares of the latter
at % IL.
Bond sales aggregated 5000. One 5000
Potomac Electric Light SC, 1G5; one $1,000
Railway 4. So 5-S. and one 1900 Column
bia r. r. 4, at 100 is.
Banks to Make Protest.
At a special meeting Of the Washing
ton Clearinghouse yesterday President
White. of the National Metropolitan, and
Cashier Sands, of the Commercial Ma
tional, were designated a committee to
meet representatives of other clearing
houses in an effort to have the Comp
:roller of the Currency modify his recent
order requiring daily reports fom ma
tional banks during the present month.
The action was taken upon the initia-
ton of Waldo Newcomer, chairman of
the Baltimore Clearinghouse. The man
ager of that clearinghouse addressed a
letter to the clearing-ho of Washing
ton. Boston, New York. Philadelphia,
Richmond, Pittsburgh. Cincinnati, Chi
cago, Atlanta. Cleveland, and New Jer-
sey to send representatives to a meeting
to be held today in this city Ito secure
a modification as far as possible" Of the
forms named.
1t also was stated in the letter that
there will be every effort to comply with
the Comptroller's request, although banks
recognize the stupendous amount of work
that suddenly has been put upon them,
and fear the Comptroller does not ap-
preciate its immensity.'
The larger banks Throughout the coun-
try are complaining bitterly over the or
der. Even in Washington the extra work
seriously effects the clerical forces. In
several of the banks here work was
started at o'clock yesterday morning,
and night work was the rule in prac-
tically all of the banks. Yesterdays
heavy business, payment of taxes, etc.
made the situation for the clerical forces
an unenviable one. and unless there is a
modification of the order it will be about
the worst month the banks here have en-
eountered.
In such cities as New York Chicago,
and Philadelphia the enormity of the
work readily can be imagined.
There is no objection on the part of the
banks to furnishing the information. 1t
Is simply a question of overworking their
forces for a protracted period.
Georgetown Ga. Meeting.
At the annual meeting Of the George
town Gas Light Company, held yester-
day, Robert d. Weaver was elected
president, George L. Nicholson vice-pres-
ident. HI H. Flather vice-president, and
Charles p. Williams secretary.
The stockholders reelected directors
as follows: H. H. F'lather, r. H. Colds
borough. W. A. Leitch, G. L. Nicholson,
Robert d. Weaver, M. E. Weaver, and
Charles p, Williams.
The Washington Gas Light Company,
which holds $3.50 shares of Georgetown
stock, was unrepresented and did not
oner proxies. 1t was explained by an
official of the Washington company that
this action was taken in view Of the
pending court decision.
The annual report of the company
places the value OF the plant, equipment,
works, and property of the Georgetown
company at a,61s.0 81; paid-up capital
stock, s150.0o0; amount of gas manufac-
tured. 10, ,0Ss. 600 cubic feet; amount sold,
$50 cubic feet; gross earnings from
the sale of gas and by-products, $9s, ,16s;
net profits from sale of gas and by
products, s4s.S7; all as Of December 81,
1s12
Northern Market Company.
The annual meeting of the stockhold-
ers Of the Northern Market Company
was held yesterday.
The following directors were elected:
s. c. Wilson, E. P. Davis, z. G. Thomp-
son. E. W. Masrath, W. w. Mullan, H.
c. Thompson. Z. w. Donn jr, Charles
Morgan and j. E. Ray.
On Wednesday the company win elect
Mr.. Mullan president and treasurer and
Mr.. Thompson secretary.
The compary's annual report showed
an improved condition Of business
Cotton Report BaIIi.h.
The condition of the cotton crop May
Is was 7L3 per cent Of normal. the De-
partment of Agriculture announced at
noon yesterday.
Condition by States: Virginia, So;
North Carolina. IS: South Carolina, 72;
Georgia, 30; Florida, s.; Alabama, S.; |
Mississippi, a.; louisiana r.: Texas. 60: