The Washington times., 1914-01-06
BUSINESS BETTER
ON LOCAL CHANGE
Commercial National Bank
Stock Is Feature of the
Tarding.


change Frightened today. The feature of
the trading was in Commercial Ma
tional Bank stock. There seemed to be
a good supply of it al the bid price, -S5,
and a round 100 shares We're sold on
this bid, making the largest block of
bank stock traded in weeks. A quota
ton lot of National Bank of Washing
ton was sold at 240 Other stock sales
were of less than quotation lots. the
largest of which was 20 shares of Wash
ington Gas. al 81.
The bond trading consisted of 5000 of
Washington Railway As at 50, and 1000
of Potomac Consolidated SIS at S9.
Initial quotations on Columbia Gas
and Electric first SIS and debenture SIS,
listed Monday, were marked up today.
A bid price of 20 was registered fOr
either. The stock quotations were 10
tq15.
Progress in the work Of getting int
shape Washingtons arguments for the
selection of the Capital as the location
of a regional reserve bank was made
at a meeting of the special clearir
house committee held at the CONNER
cial National Bank this morning.
The directors of tie Washington
Board of Trade have entered the cam
paign for the selection of Washington
as the location of a regional reserve
bank. Following the submission of the
matter to them by President Cuno H.
Rudolph at their regular monthly meet
ing, Monday afternoon. resolution
was adopted urging that washington
should be the Federal leserv" city with
a Federal reserve bank in the Federal
reserve district, of which the District
of Columbia shall be 4 part"
Four reasons for the selection of this
city were given by william H. Single
ton, chairman of the executive COM
mittee, as follows:
''In the event that a regional reserve
bank should be assigned TO d district
of which Washington viii be a part,
three cities would compete with Wash
ington for securing this bank. Baltl-
more, Philadelphia, or Richmond, which
would be located in the Washington
district.
''Washington would be the logical
place for such a bank, because there
is only one jurisdiction in Washington.
Congress determines the jurisdiction of
this city. making one central source or
authority. 1t would manifestly be an
advantage to have the bank here,
rather than in a city which Is dictated
to by State, Federal, and local au-
thority.
IF legal questions arise l.. connec-
ton with the bank, they could be di-
FeCIN appeared 10 Ile CupA6LtS COui
of the United States. located in Wash
ington. Washington would end an add
ed advantage IN this respect, because
the Supreme Court is right at hand, in
this city.
The main office of the Federal Re
serve Board would be located in Wash
ington. The Secretary of the Treasury
would be a member eX officio of the
Federal Reserve Board. He would be
located in Washington, and a great deal
more simplicity in the Administration of
the bank would be secured by having
the bank in the city where the board
meets four tines annually.
Similarly the meetings of the Fed
eral Reserve Board and the Federal
Advisory Committee meet in Washing
ION. where their main office would be
located.
The regional reserve bank. should it
be located in this city. would have
more chances to become the model
Federal reserve bank of the United
States with these advantages than it
would have in any other city of the
United States. which could not offer
these multiple and significant advan-
tageS to such a scheme"