The Washington times., 1914-01-18
FINANCIAL DECKS :
CLEARED FOR ACTION
By GEORGE H. GALL.

| By GEORGE II. GALL.
Annual meetings win be cleaned u
! this week. With the majority Of ths
stockholders meetings held during the
past week, there remain but five more
70 De held, and business will settle
down to the constructive work OF the
year.
Monday the National SAVINGS and
Trust Company and the District Of Co
! Iumbta Paper Manufacturing ComDany
nOid their meetings. On Tuesday M
american Security and Trust Company,
me security Storage Company, and the
ers will meet No Important changes
are scheduled
A general opinion prevails that busi-
ness In Washington is on the upward
swing, and that With decks cleared and
troubles past the year win see a rapid
recovery. Just how rapid that recoyerY
Will De - the subject Of diyerHenca of
opinion. but that recovery is even now
=" TSeIss TRStIsress is ADMITTED on an hands
, Setner OF AL interests "Wednesday wheu
bankers and business men joIned haud1
I ana made telling plea for the ssIec-
= sior rao ~ mSsnnston as the location for
argued as the National Capital, and
nope no Is hvsiy that the Federal city WIN
Business was notiSeably better II, thu
weeks sessions Of the local stock sI-
change. The bond buying amounted 70
S6Ss5OO nd there were 5Is ahareS of
stock traded. The list OF stocks anJ
bonds dealt In for the first seventeen
four stocks and two bond issues. Ths
trend OF prices was also upward Four
Of the six stocks previously dealt IN
showed new highs, and two Of the ak
bond issues.
Disccunting the good showing that
was made by the Washington Rafi .Tay
and Electric Company Saturday the .
sues Of that company and its subsldi-
aries showed better prices.
II Washington In selected as the To-
cation OF one Of the regional reserve
banks II VIII be because OF the strong
arguments made for the advantagez or
the city as a National Capital By r.
ers, and William II. Singleton, spokes-
man Tor the trade organizations Of The
city, at the hearing last week before
secretaries McAjoo and Houston. Wash .
mitted on all hands 10 be inadeouate
Mnen compared with Baltimore or
Philadelphia but the washington Al
yocates pointed out forcibiy the ma
uonal argument for bank at the Can
follows: N'
The system that is about To be mt
In operation is a new and untried one
among the great nations OF the world.
by foreign powers. Its success md
We assume that 1t win be successfui
70 marked degree, will inbpire the
confidence of other nations In our
banking and monetary system. There
fore, a Fedora reserve bank, brought
TO high state Of efficiency under the
direct supervision Of the Federal Re-
serve Board here In the Capital City
OF me nation, can be watched, studied
foreign Representatives stationed here.
as wen as by members Of Congress and
numerous visitors Of prominence from
other parts OF our country who come to-
sonal observation something about the
machinery Of Government. Such q bank
In Washington would be a ccptinuouS
object lesson to students CT finance.
THE District Of Columbia Is Federal
territory IN which the power OF the
Federal Government is supreme and
exclusive. No State laws conflict with
the statutes enacted BY Congress, and
no traditions Of any right or power
save that of the Federal Government
intervene to raise a question of doubt
full authority. In short, there is only
one jurisdiction here one captral
source Of power. Legal aIeStiUls, which
may arise in connection with the work
and powers Of the Federal reserve
bank ocated here, AN be submitted
to the Attorney General quickly and
appealed to the Supreme oIrt OF the
United States and orecedents estab-
lished thereby for the guidance Of the
conduct of other Fed1ral reserve
banks.
The discretionary power granted the
of the Treasury TO lodge pub
nc funds In Federal reserve hanks i'm
plies that the Federal Government may
become, al some future time, a depcsi-
tor In such banks. II wsuld seem to
,e very desirable, then. that such re-
atoms, In their beginning at least
hould be Of an intimate personal na-
ure Therefore Federal Reserve
Sank located in Washington having d.
ect daily contact with the Treasury
Department, and performing the func-
ions Of a depository OF public moneys,
n addition to being under the direct
,ersonal supervision of the Secretary OF
ne Treasury could act before that de-
artnenI not only in behalf Of its mem
,ers, but perform many services OF
'alue to the Treasury and TO other Fed
raj reserve banks in connection with
he transfer OF funds to and from
Washington"
Corporate financing OF the past year
3 shown in tabloid form In Interesting
ashton by Commerce and Finance, -
ollows:
1s OUTPUT OF NEW SECURITIES.