The Washington herald., 1914-03-17
STOCK MARKET
CONTINUES Dull
New York PricesAgain in De-
cline-Local Sales IN
Small Volume.
TURK BOOMS CAPITAL
Franklin National Organizer Writes
McAdoo for City-A. S. 4 /.
Co. Promotions.
TURK BOOMS CAPITAL
By w. srEALEY.

By W. sTEALEY.
The New York stock market yester-
day wen. through a dull day. the gen.
eral list showing a slight loss.
Steel closing at s. 3-4, Union Pacinc al
157 Ia. Canadian Pacific at sps' anu we"
Haven at sc, showed losses
Gains were made in Reading. Pennsyi-
vania, Chesapeake and Ohio. and Balti-
more and Ohio and American Telephone
and Telegraph.
The weakness Of New Haven stock
coupled with the further break OF
points in Missouri, Kansas and Texas
nreferred to 46. on the belief that its
dividend will be passed at the directors
meeting due early next month and for
eisn houses turning sellers to the ex-
tent of about 5000 shares OF various
stocks here on balance, caused dull and
heavy market for the general list from
the opening.
There was, however. no important un-
favorable decisions from the Supreme
Court or other cause from Washington
tn cause unsettlement OF the general mar
ket Enough support was forthcoming to
readily absorb everything and keep the
declines confined within range OF IL
to / per cent for the general list except
for New Haven and Missouri, Kansas and
Texas preferred.
The cheapness of money and well
liquidated condition of the market, to-
gether with the large short interest out
standing are still the principal features
encouraging suppo-t.
Local stock Market.
Trading in the Washington Stock Ex-
change yesterday was the smallest since
early last December.
There were eight shares of stock and
one $500 bond sold. Both were of the
Washington Railway and Electric. The
stock. preferred, sold five shares at 81 IL
and three shares 81 3-S. The bond brought
So 3-4.
A bid of aO2 was made for Metropolitan
Bank stock, which was held at 2CS.
Turk Booms Capital.
The Secretary OF the Treasury yester-
day received from Col R. s. Turk, one
of the Organizers of the Franklin Ma
tional Bank. Pennsylvania avenue ana
Tenth street. letter advocating the
selection of Washington as one of the
Federal reserve cities
The letter sets forth in a striking man
ner the desirability OF the National
Capital becoming the financial capital
1t is in part as follows:
.'From observation, Information and
personal judgment, it is my unalterable
opinion that one of the reserve banks
should be located in the National Capital.
This locdtlon - " MY iiiiu PotA
mount
at would seem to me a reflection on the
MAGNITUDE of our nation If one were not
SO located. London, Paris, Berlin and
Vienna are capitals as well as the CEN
tiers of these great powers financially, to
say nothing of St Petersburg. Rome,
Madrid and others. Naturally, the great
powers of Europe would interpellate US
on this subject if Washington were de-
MED one of these regional banks as to
our reasons for so doing; they would
also, naturally, 1 think, be more skepti-
cal as to the success of our new f1nan-
cial scheme If one of these banks were
not so placed as to be directly under
the ewes of the administration and under
the shadow Of the United States Treasury.
This would put us on explanation, II
not indeed, upon apology from the start,
both at home and abroad, and thus might
cause our new financial scheme to grow
in favor much slower than otherwise
and reduce for years its influence and
usefulness. I shall not enter into any
detailed statistics showing this to be
proper financial center. 1t probably, from
that viewpoint might not make the shcw-
ing of other neighboring cities. But when
We reflect that almost every passenger
from the entire South going to Wash
ington and North of it crosses the Po-
tomac at Washington, it does seem that
Washington might be considered as a
proper point, even il the National Capt.
tai idea" were entirely discovered or
overlooked.
81 have left Spartansburg, s. c. after
dark on numerous occasions and eaten
breakfast next morning in Washington.
This certainly shows Washington to be
I'm position to meet the necessities of
the people throughout that quarter.
81 hope that the Capital of the nation
he mir S,,t
own people as well as those abroad by
being omitted from the list Of regional
bank centers when such an omission
would. in my humble Judgment, be of
obvious injury TO our splendid financial
scheme and to our Nations Capital as
such. Very respectfully.
''R. s. TURK"
Directors Meet Today.
At the monthly meeting of the board
Of directors OF the American Security
and Trust Company. which will be held
today, action will be taken in the va
cancies caused by the retirement OF
Howard 8 Reside from active partici-
patton in the affairs Of the company.
Corcoran Thorn will succeed Mr. Ree-
side in charge Of the banking depart
ment. Mr.. Thorn relInquishes the posi-
ton Of trust officer, which will be filled
by A. Leet. Both Mr.. Thorn and Mr..
Leet have fine records OF service with
the American Security.
bank Increnscs Capital.
The capital stock Of the washington
and Southern Bank is to be Increased
from 100000 to 100000.
The price of the stock will be fixed
at SIS. 800 for capital, So for surplus.
The directors Of the Washington and
Southern are ]. Selwin TAFT, president;
Robert II. Chapman, II. B. Denham,
Alan P. Hume, Clarence ]. Owen, II. b.
Perrett and John Zanier.
Mr.. DerereuI's Candidacy.
The Journal Of the American BANK
ers' Association, of New York, in Its
current issue contains 1.-The subjoined
notice Of Frank B. Devereux, of the
National Savings and Trust Company
who has been nominated by the local
chapter for the executive council of
the American Institute of Banking:
laz =;