The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-09
STOCKS DECLINE
ON WAR REPORT
Market Continues Downward
Course in New York-Gen-
eral Losses Made.
HONOR FOR LOCAL BANK
Commercial National May Participate
in Preliminary Reserve Bank
Organization.
HONOR FOR LOCAL BANK
BY W. sTEALEY.


The New York Stock Market yesterday
closed irregular, and losses during the
day averaged a point.
Chesapeake and Ohio and Missouri Pa
cifc were especially weak spots. The
former dropped TO IS IS, closing at - IA
The latter touched Is 81. closing at II 3-S.
Steel closed, IS Is; Copper, Il: Union.
154 3-s; Canadian. 100. and Northern. 1c9 IA.
The market opened quiet and slightly
lower, and before long turned weak, with
Chesapeake and Ohio. Canadian Pacific.
and Missouri Pacific the features, all of
them dropping sharply. The standard list
declined from goodsized fractions to over
a point.
The selling pressure relaxed toward the
end of the first hour, and prices rallied
quite briskly, but stocks grew dull on the
rally, and before long Chesapeake and
Ohio once more sold OF. making new
low price of ~ IS on reports that divi-
dend probably would be passed.
The increased tension over the Mexican
situation probably had something to do
with the selling. but there are many peo-
pie who think that open hostilities with
that country would help rather than hurt
the market at its present low level
Local stock Exchange.
Sales of Arlington Fire Insurance
stock was the feature on the local stock
exchange yesterday. Two hundred and
twenty-five shares changed hands at
l. 3-4a13.
Nineteen shares of National Bank Of
Washington sold at 30 Gas sold 70
shares at % L.
Forty shares of Railway preferred
brought 81, two shares 81 l-2. Twenty
shares of Capital Traction sold 100 is.
Twenty-Five shares of Mergenthaler
brought 215a215 Is.
With the exception of one sl,010 Tele-
phone at 1C5. bond sales were confined
to the sale of $500 in Potomac Electric
Consolidated IS at 90 1-2.
Commercial May BE Honored.
1t was reported in financial circles yes
terday that the Commercial National
Bank of this city will be among the five
designated in the Fifth district to exc
cute the organization certificate of the
Richmond Reserve Bank.
In the fifth district there are 46S banks,
so if the honor comes to the Commercial
it will be a considerable compliment TO
the institution headed by President Clap
ham.
The Commercial. in its January report
to the Comptroller, showed total resources
and liabilities OF $500, o313: loans and
ulSCOunls. SO-ofl,St0--J. uut
$685., 1884: capital stock. s75aOOO; surplus
and undivided profits, s5lSs73.32. and de-
posits. s5,7lO.Gs4.54.
Its officers are Ashton G. Chaplain. pres
ident: Tucker X. Sands vice president
and cashier; James A. Cahill and Arthur
Lee. vice presidents: F. f. Ghiselli and
H. y. Hunt. assistant cashiers.
BaItimorc's Plea Filed.
In :ba course of IFS letter to the reserve
bank organization committee protesting
against the selection of Richmond. the
Baltimore committee, in part, says:
1T would seem grossly unjust that
pending the period of waiting for the
appointment and organization of the Fed
eral Reserve Board. the projected bank
at Richmond should. with your official
help and assistance. be allowed to perfect
an organization under the act of Con-
gress as if the decision of the reserve
bank organization committee was final
This method treats the application for
review, which it was well known would
he formally made. as amounting to moth
ing-and really helms to PREJUDICE the
case.
rs it just to Baltimore to officially
assist the organization of the projected
bank at Richmond, thereby giving mat
tiers a set and aC2--1t conclusiveness.
for review hefore a board not yet con-
stituted?
We r1sectfuIly suggest that il is not
just nor right The application Of Balti-
more for a review is bona fide and
earneEt. She is fully convinced that the
spirit and letter of the act of Congress
have not been followed in the designation
of Richmond: that it amounts to an Of
fetal attempt to turn back the ordinary
and usual course of trade and business,
that it is taking from Baltimore that
to which her pre-eminence as the finan-
cial and trade center of the fifth dis
trict entitle her; and she only asks that
she is allowed to present her case fully
and completely before the Federal Re-
serve Board, unembarrassed and I'M
haptpered by any further organization of
the Bank of Richmond"
Weakness Of c. & q. stock.
Weakness in Chesapeake and Ohio. the
stock yesterday touched Il rs. the lowest
in several years was accompanied by re-
ports that the directors of the company
would reduce the dividend at their next
scheduled meeting on May q. The com
pany is now paying per cent per an
mum. Chesapeake and Ohio directors