The Washington herald., 1916-07-12
STAGNATION ON
LOCAL LEXCHANGE
One Bond Transaction and
Few Stock Sales Feature
Dull Market.


shares of Railway preferred and
Chapin-Sacks shares, was all that kept
the Washington Stock Exchange from
complete stagnation yesterday. One
sale of Norfolk and Washington SIS, at
100 7-s.; was reported A few shares
OF Railway at 81, and Washington Gas
at IS is and 76 IA completed the pub
lie utility sales. Chapin-Sacks brought
175. the bid price on exchange. Lam
showed only on the quotation sheet.
Want Checks Collected.
Officials Of member banks in Wash
ington, have been asked by the Fed
eral Reserve Bank, of the Fifth Dis
trict, to undertake the collection of
checks drawn on non-member banks.
which may be received by the regional
bank. free of charge. No pay is al
lowed by Treasury regulations for the
collection OF such checks
The suggestion has been offered by
local bank officials that checks on
non-member banks be sent direct to
the non-member by mail, making an
immediate return by draft on the af-
filiated member bank Practically all
non-member banks are said to have
member bank affillation.
Preferred stock Issued.
Preferred stock to the amount of
100000 has just been issued by the
American Graphophone Company to
care for the enormous orders now on
the cOmpany's books. The stock was
sold en- bloc to one buyer. According
to a report from New York the com
pany is literally burdened with orders.
Directors Named.
Union Fire Insurance Company OF Wash
ington. held Monday, the following were
elected to the board OF directors: Charles
B. Bailey, Thomas Bradley. Floyd f.
Davis. Albert F. Fox, w T. Galliher,
John B. Larner. Philip F. Larner Walter
S. Pratt, jr., B. F. Saul. George Spransy
and John c. Weldon, Albert F. Fox was
elected president of the board. Charles
B. Bailey. vice president; Philip F. Lar
ner. secretary and William H. Somer-
veil, assistant secretary.
Would Retain Mail Tube.
Led by the Bourse. the business and
commercial organizations of Philadel-
phia are making a hard fight for the
retention OF the pneumatic mail tube
service and are urging the Conference
Committee on Postofices and Post Roads
to extend the present contracts for at
ledsl one year, instead OF SIX months, as
contemplated.
The Bourse. Commercial Exchange,
Board OF Trade, Grocers' and Importers
Exchange, United Business Mems Asso-
citation and others have been keeping the
telegraph wires to Washington warm for
the past four days. They point out that
a six months extension affords no in
surance against suspension of service
in a Presidential year.
New York Analysis.
The following analysis of the New York
market was received yesterday by w. B.
Hibbs & Co. from Logan & Bryan:
The stock market displayed very little
vigor. Declines were general and there
were no distinct indications Of lIquida-
ton having run its course, or the over
extended condition of the long account
In the Industrial department having been
materially rectifed. The borrowing de-
mand for stocks does not suggest very
much of a short interest. The action OF
the market is now being governed in
large part by technical conditions, and
We see no occasion to alter the view
which we so often expressed recently,
which in effect is that long lines OF in
dustrtals should be contracted"