Evening star., 1919-09-23

ordered printed 1t provides that any
J., person who shall draw a check upon
any bank in the District of Columbia,
:. knowing a the time that he has not
sufficient funds on deposit to meet
p the check. shall be imprisoned for not
more than six months or fined not
. more than $500.
/. Bankers National Convention.
;. The annual convention of the Amer
lean Bankers Association will begin
at st: Louis September 20. Among
&, tend. SO far as known today. are
George w. White. president of the
National Metropolitan Bank: William
T. Gailiher. president of the Amer
president of the District National; H
=, II. Mckee. president of the National
Capital: Harry Haynes. president of
the Farmers and Mechanics National;
w. w; Spaid.. president of the Du-
.pont National; Joshua Evans. jr.,
cashier of Riggs National. and Victor
. b. Deyber. cashier of the Second Ma
tional: This is by no means a COM
-plete list of the Washington bankers
sswho will attend the convention.
:. American Institute of Banking.
~. The annual convention of the Amer
, lean Institute of Banking will be held
in New Orleans October to 9. in
elusive. Among the Washingtonians
"a who have arranged to make the trip
:" are Mr.. and Mrs. E. J. McQuade. Mr.
Mrs Mrs r G. VsdST sdasdn psySer aydn MI and
Riggs National Bank, c. Louis
g Eckloff of the National Metropolitan
:, Bank, George a. Heron of the bureau
of engraving and printing and Miss
is treasurer of the Liberty Savings
Bank, and a leading spirit in the
Washington Chapter of the Ameri-
can Institute of Banking. Victor B.
s .tional Bank. and F. G. Addison is
treasurer of the Home Savings
. branch of the American Security and
Trust Company. The party on the
leans to New York by sea.
Regarding Corners"
The price action of certain stocks
on the New York exchange has re-
Gently revived the word corner"
sometimes the very modern phrase
'near-corner" has been used. but
generally the writer's on and operators
in stock transa ctions set down the
phrase squeezing the shorts" or
something like that.
Corner" in stock market parlance
Is older than the New York Stock
Exctange. 1t was used before the
New York merchants and stockbrok-
ers established themselves in the
Iontine Coffee House on Wall street
in 1894: before the New York Cham
: Der of Commerce was organized in
l16S. in the long room" Of Faunce's
Tavern. and before the New York
s merchants established meeting
1852. Corner in stocks is about as
old phrase as stock jobbers." which
lis a term of reproach which seems
to have been coined in England in
s Corners are roughly divided into
two general classes-corners that are
deliberately planned. and corners
which create themselves. An illus
was the Northern Pacific corner of
1901. when the quotations on that
stock went to $1,000 a share There
was contest for control of the COM
between them they bought the whole
j, stock issue. Some spectators sold
:, short, and when called on for delivery
!, found that the market was bare of
actual control wanted the stock and
not settlement of differences.
Some Incidents.
Corners in stocks must have excited
: the market in the early part of the
nineteenth century. for the New York
. Stock Exchange appointed a commit
!. tee in 1886 to investigate corners.
The immediate cause of this investi-
sgation was no doubt the corners in
!. 1885 in the stock of the Morris Canal
Company and the Harlem railroad.
The stock Of the Morris Canal Com
pany was bought in by a clique or
pool at various prices all consider
: ably under par, and the shorts who
had not already run to cover were
forced to settle at $50. In the Har-
: lem corner of 1895 the pool bought
- oh @
shares. whereas only 1000 shares had
been issued. The shorts settled at a
very high figure.
" Among the classic corners in Wall
lem stock by Commodore Vanderbilt
in 1863 and 1864. the Prairie du Chen
corner in 1865. the Michigan Southern
corner in 1866. the various Erie cor
ners engineered by Drew and Gould,
Gould's corner in Northwest in 1872,
. by which the shorts settled at 230.
and which was otherwise remarkable
for the attempt to deliver preferred
stock on common stock contracts, and
the Lackawanna corner credited to
s. V. White in 1884.
Corners in grain. cotton and conee
have been favorite adventures with
= rash manipulators having great re-
sources, but there have been few sue
cessful corners in commodities. The
, field has been too big for most Of the
tempt.
Reducing Outstanding War Issues.
. The announcement is made by the
Treasury that the supply of outstand-
ing liberty bonds has teen reduced to
the extent of over SIT .5OO.0oo. as
= result of purchases for the per cent
sinking fund, purchases on account OF
:. repayment of loans to the allies and
= payment of estate taxes. 1t has been
predicted that by the end of the ccr-
rent bond-purchasing year. the last
of which ends on May next. the sup
ply of the outstanding war issues
would be reduced by over $1,OO0.0OO,-
= 600, since the government was fully
carrying out the provisions of the
sinking fund purchase. The s717,50O,-
stated, is as of August 81, and indi-
Gates that the $1,000. .000. 600 mark will.
in all likelihood. be passed.
Back on Duty After Rest Period.
John L. Fugitt, assistant treasurer
of the American Security and Trust
! Company, has returned to work, after
. summers rest at Atlantic City.
Packing Company Makes Record.
A. A Housman & Co. have received
advices from,their San Francisco cor
respondent that with only six and
one-half months. of the fiscal year
!. completed the total pack of the Cali1
fornia Packing Company exceeds the
average of the past two years. indi-
eating that upon the completion of
: the fiscal year total production should
be at least 80 per cent in excess OF
!. last years pack.