Newspaper Page Text
17
Wall Street Ignores Usual Influencing Factors and Watches Chicago and Baltimore Undertone Generally Good
THE WASHINGTON TIMES, SUNDAY, JUNE 23, 1012.
THE STOCK MARKET OF THE WEEK
The following table shows the week's highest, lowest and closing prices, lndl
Vidua Bales and net changes of all securities sold on New. York Stqck Ex
change last week. High and low prices arealao given for the full year 1911 and
the year 1812 to date:
RAILWAY AND MISCELLANEOUS SHARES.
1911. 1912. --Week' ended June 22.-
High. Low. High. Low. Sales High. Low. Clos.N.ch.
VA
31 6
.30 sale
7154 44
63
IC6
69
124
03V4
68
120
Ko sale
No sale.
41
84
61
2V4
2
87 2
61
12
.
1110
ft
S3T4
225
122
1S3
3 M AlllsChalmers Go.. 200
8 2V4 Allls-Chalmers Co. pr 200 2
2 1 AlUs-Chalmers Co. 1st pr 600 2
83 60 Amalgamated Copper .- 80,600 87
46 63 6S Am. Ag. Chetn 1.000 '61
' 101 100 Am. Ag. Chem. pf 200 101 100 101
89 76 63 Am. Beet Sugar 13,100 76 72 74
43 11 American Can 73,900 38 32 87 4
121 90 American Can pr 6,300 ttlfi 115 U17 2
49 American Car & Foundry ... 2,600 60 68 69
115 American Car & Foundry p... 470 118 UVA 118
31 American Cities 6,500 33" 31 33 1
81 American Cities pr 3,200 83 180 S0 1
45 American Cotton OH 400
American ice securities 3,iw
American Linseed 600
American Locomotive 1.000
American Locomotlvo pr 200 103
American. Ainu .. 3,000
8
77
42
113
61
120
33
83
30
17
44
110
19
62
89
98 108V& 102
235 169 123
16 30 18
8 17 9
82 44 31
102 110 103
3 19 4
31 62 42
56 89 67
52 6t 62
27 25 27 1
14 14 14
48 41 42 1
108 107 108
19 17 17
American Malt pr 3.600 62 60 60
American Bmemng 18, 7 w SB M bo?s -t-ift
American Smelting pr 400 108 107 107
American Snuff 1.800 159 158 169 1
imi 1334 114 American Sugai 8.126 131 128 129
131 149 137 American Tel. & Tel 1.900 146 146 146
2 123 2,
r 107
5 104
i tl9 2
115
270
28
81
20
39
38 2S
84 72
,148 129
I 126 100
I.C47 195
33 18
86 6S
25 17
49 35
133 105 112
&0 13S 145
1
M
25
1M
43
128
9
73
605
17
36
29
27
45
35
I
a
27
36
&
86
EM)
35
74
88
88
61
49
168 142
61 35
86 74
VA 3
140 119
63 33
No sale
147 132
1 !No sale
aun 13
3
35
34
115
45
146
17
87
569
24
46
S4
39
67
48
174
38
82
5
135
45
62
105
226
16
68
17
33
ICC
"ft
25
23
106
3S
138
10
76
540
18
34
28
30
60
40
155
30
70
4
126
36
57
2984 24H4 American Tobacco 6.060 295V4 2S9U. 293 1
No sale 106 101 American Tobacco pr new... 600 104 103 104 1
34 24 41 25 American Writing Paper pr.. 1,600 36 36 36
41 29 45 34 Anaconda 20,100 45 43 44 1
1M lOC'i ISJU 105 Assets Realization Co 300 J2011 122
116 99 110 103 AtchUon 8,550 107 100
105 100 104 101 Atchison pf. 1 .100 104 103
139. 117 143 133tt Atlantic Coast Lino 2.500 141 1138
No Sale 55 54 Baldwin Locomotive 1,000 56 J53 t5 1
107 103 loaVs 102 Baldwin Locomotive pra l.ioo losft jioivi jw
109 93 111 101 Baltlnioie & Ohio 2,300 109 107 106 J
si sow 91 87 Baltimore & Oh o nin .00 ss siv- mvi
n Z7 Betnienem Bteei 1,200 37 35 si -t-
90 76 Brooklyn Rapid Transit 6,i00 88 87 87-
145 137 Brooklyn Union Gas l.fOO 143 142 143 1
Burr., r. & P J00 115 114 116 d
Canadian Pacific 7,900 2C5 263 264
Central Leather 1,500 2C 25 26 fl'.i
Chesapeake & Ohio 5,500 79 77 78 1
Chic. & Great Western 800 17 17 17
Chic, Great West, pr 300 31 33 31
Chic. Mil. & St. Paul 8.200 105 102 101 4-1
Chicago & Northwest 1,350 137 135 136
Chic. Union Tract, ctfs 200 2 2 2
Chlno Con. Copper 13.100 35 34 34
Colorado Fuel & Iron 3,000 32 30 32
Colorado Fuel & Tron pfd.... 650 116 115 115 5
Colorado & Southern .TOO 59 38 38 1
Consolidated Gas 7.500 141 140 141 ,
Corn Products 2.000 15 15 15
Corn Products, pr 900 83 82 83 2
Delaware. Lack. .4 'Western.. 100 640 640 640
Denver & Rio Owiinde 1,500 19 18
Denver & Rio Grando pfd.... 300 35 34
Distilling Securities 1.400 33 32
Erie 1L700 35 33
Erie 1st pfd 1.400 53 52
Erie 2d pfd. 100 42 43
General Electric Co 6,800 174 169
General Motors 200 33 32
General Motors pfd 700 75 74
Goldfleld Consolidated 9.300 4 4
Great Northern, pfd 5,900 134 133
Gt. Northern Ore, subs 1,300 42 40
Gutterenhelm ExDloratlon 12,000 61 60
141 120 Illinois Central 400 127 127,
zott 1SU inspiration Copper 4.8W i4 ij
ie interooro-Metro v.
53 Inter-Metro pr 8,
105U Inter. Harvester
9 International 4"aper 5,500 16 16 ibi V
45 International Paper, pfd L00O 69 ' 68 68 1
24 International Pump 325 25 25 25
79 International Pump pfd 200 80
22 Kansas City & South - 300 25
66 Kansas City & South, pfd.. 800 CO
104 Laclede -Gas 600 106
40 30 Lake Erie & Western pro iw 3s
185 155 Lehigh Valley R. R 71.100 176
156 Liggett & Myers tod. co wh nuvt
Liggett & Myers tod. un, pro. w u
Ijine Tnlnnd 300 544
-. -: t-- -- --"' ,.--, - : ,..r l m.t
i nviiin fl-TMBnvm ...-. z.wjo isavi 157 iwv -mv
Mackay Companies &00 88 86 87 1
Manhattan Elevated jiso i- uf -m
May Department btores am . 7S'A ib
May Department Btores, prd... 300 106
Mercantile Marine 300 4
Mercantile Marine, pfd 300 18
Mexican Petroleum 8,800 63
Mlnml Pnn. f'oDDor 9.050 28
M. S. P. & S. Ste. M 2,900 143 140 143 2
M.. s. P. & s. s. m., pra 100 i5z
86V4 "M.. S. P. & S. S. M. L. L.... 350 87
26 Mo., Kan. & Tex 700 28
Missouri Facinc a.ww j:
NBtlonal Biscuit..., 3,400 159
National Biscuit, pfd 200 131
National Enam. & Stpd 600 15
National Lead 1.634 69
National Lead pr 100 109
Nat. R. R of Mex. 2d pr 2,800 31
Nevada Con. Copper 6,900 22
N. Y.. Air Rralc 410 75
New York central 3,826 tiis n Jus
N. Y. N. H. & H 250 134 134 134
New York. Ont. Western 2.OS0 35
Norfolk .t Western 3,500 112 111
North American 1,600 83 82
North. Ohio Tr. & L. Co 100 CO
125 115 Northern Pacific 6,600 121
65 47 Pacific Tel. & Tel 300 50
Pacific Mall 1,000 33
Pabst Brewing, pr 100 110
Pennsylvania Railroad 3,160 123
21
39 62
99 124
9 19
44 62
23 34
SO 84
25 29
61 65
108
19 -
35
33
34
62 -r
42
172 3
32 -1
74-1
134 1
42 1
fSSf
127
H t
113V
64
163
66
329
13
66
44
80
37
69
114 101
40 25
186 161
No sale
No sale
I 63 45
,160 1VPA
a 74 88
,142 131 138
87 70 82
118 107 112
5 3 7
22 14 26
'No sale 73
24 16 28
062 124 144
160 145 154
90 87 88
28 27
, 63 33
143 117
1130 124
22 12
42
104
25
15
45
99
126
37
99
64
39
110
35
23
jvo sale
130H. 118
109 101 118
11S ! 111
100 - 90 110
59
301
3S
2U4
76
116
155
46
111
76
65
137
64
33
31
47
161
131
19
60
109
36
23
76
121
142
41
114
84
67
105
43
149 Louli
76
134
69
105
4
17
62
23
129
147
35
139
126
12
61
105
28
18
60
106
134
34
107
74
56
9.300 20 19 20
8,000 69 57 68 1
900 120 119 120 1
80 80
24 25
60 60 1
105 106 1
3S 38
170 174 3
198 200 4
111 112
63 64 1
1 3
105 105 -3
4y 4
18 18
66
-
68 2
27 28
152
86
27
36
156
130
15
57
109
31
22
72
35
110
126
23 17
tw r
, No sale
No sale
No sale
37 23
1 106 101
120 103
'Ul 154
4 2
6 2
S9 26
1 19 12
1161 134
I 92 88
35 18
99 74
34 2J
68 43
,No sale
No sale
No sale
1 27 23
49 37
34 24
. 72 69
1192
66 35
,112 112
1126 104
88 24
23
32
170
200
115
37
103
111
163
8
12
37
22
179
93
27
85
30
69
101
27
56
29
43
34
77
125 194
54
105
30
10S
122
103
102
98
16
77
170
167
107
28
96
106 'i
158
3
3
27
16
148
88
15
64
22
48
100
24
60
21
35
29
68
140
39
100
115 105
31 36
ra liOM
People's Gas & Coke 1.500 114W 113
Philadelphia Company 400 105 104
P. C. C. & St. L '300 10S
Pittsburgh Coal 2,600 21
Pittsburgh Coal, pfd 6,000 91
Pitts. F. W. & Chicago 100 170
P. Lorlllard 1.300 190
P. Lorlllard pfd 300 112
Pressed Steel Car 800 35
Pressed Steel Car pfd 200 101
Public Seiv. Corp. of N. J 200 111
Pullman Palace Car 200 1C1
Quicksilver 1.610 7
Quicksilver pfd 1.560 12
Railway Steel Spring ,... 600 36
Ray Con. Copper 35.000 22
Reading 212.200 16S
Reading 1st pf 600 88
Republic Iron & Steel 1.900' 24
Republic Iron & Steel, pfd... 1,900 80
Rock Island 8.300 25
Rock Island pr 4,900 51
162 -2
87
28
37
156
131 1
16 -
68 1
109
31
22
72 -2
1H
- tt
34 35
11H4
82
60
120 1
49
33
110 1
123
114
105 2
108 1
21
91 1
170
187 -3
112
35 1
101
60
119
49
32
110
123
m
20
90
170
187
111
35
101
111
160
6
9
36
20
111
1
161
7 1
11 2
36
22 4-1
164 167 2
877 88
23 24
79 80
24 25
49 51 1
Rumely pr 1.500 101 00 J100
75 61
17 15
44 ;o
30 19
16 74
41 31
4
24 12
111 104
111 63
113 103
9 4
69 60
192 163
96 89
No sale.
108 97
107 101
49 2
76 62
19 It
61 40
80 24
79 65
48 30
115 104
79 66
82 60
120 103
57 38
70 43
12S 114
18 6
40 14
66 48
84 71
T9 tti
No rale
6 2
17 7
8 3
76
29
47
26
120 (
io4
16
109
112
114
17
67
175
93
64
101
108
37
65
22
61
42
81
67
116
S5
73
113
65
57
122
9
22
61
86
81
114
9
25
14
68
16
34
20
81
35
3
12
104
98
111
4
49
160
90
69
97
103
30
68
13
50
26
67
45
109
75
Seaboard Air Line 3,000 - 25
Seaboard Air Line pr 7,yuu &5
St. L. & San Francisco 200 25
St. L. & S. F. 2d pr 200 36
St. L. & Southwest 300 32
St. L. & Southwest pr 100 76
Sears Roebuck 2,100 191
Sloss Sheff. Steel & Iron 1,800 54
Sloss Sheff. Steel & Iron pr... 400 100
Southern PaclIU- 6,700 110
Southern Railroad 3500 28
Southern Railroad pr 500 74
Standard Milling 100 28
Tennessee Copper 3,500 4.
Texas & Pacific. 100 23
Texas Compan .' 17.200 120
Third Avenue R. R 1,300 39
Toledo Railways & Light 200 6
Toledo. St. L. & Western .... 600 14
Twin City Rapid. Transit .... 950 109
Underwood Typewriter Co.... 1,725 11:
Underwood Typewriter pr.... 100
24
54
25
64
25 25 1
36 36
32 32 -1
76 76
189 190
52 54 2
1O0 100
108 110 1
28
28
74
28
44
23V
74
28-
44
23 -
POLITICAL SITUATION IN RELATION
TO THE FUTURE OF STOCK MARKET
Various Possibilities Considered Developments Offer Few Opportunities for Com
parison Potential Essentials Aside From Presidential Fear Considered Fav
orable Merchants Carry Small Stocks, and Policy May Be Continued.
DY JOHN GRANT DATER,
Special Financial Representative the Munacr Pnbllratloni
NEW YORK, June 23. WaM Street
discussed politics last week to the ex
clusion of everything else. Interest
centered upon tho sensational happen
ings at the Republican convention at
'Chicago, and the stock market was ne
glected. As an evidence of how little
other things concerned the financial dis
trict, It may be said that the four Im
portant hearings going on In the city
with the trusts, namely, with the Oil
trust, the Steel trust, the Sugar trust,
and the International Shipping trust,
were conducted with scarcely a com
ment from Wall Street and with rarely
more than paragraph or so In the pal
pers and on the news tickers to indi
cate that such things were In progress.
Prices ruled strorg; la fact, tho mar
ket cast off tho effects of the Money
trust investigation, Which was hold to
be a restraining influence during tho
preceding Interval, and stocks regained
a considerable proportion of tho losses
they had experienced. Trading was so
restricted, nowever, and the cntlro
movement was so highly professional
that price changes were regarded as
without much significance. On Thurs
day the attempt was made to associate
an Improvement with the nolltlcal news.
Coincident with a report that a compro
mise candidate had been agreed upon by
the Roosevelt and Taft factions, the
the trading showed some animation, and
stocks worked up, but tho Influence, If
any, was confined wholly to the trad
ing element.
Not a Bullish Argument.
Wall Street may, of course, place a
different appraisal upon the political
developments at Chicago when all that
has been done is digested, but up to this
writing assuredly there are very many
persons who see nothing particularly
bullish in the final analysis. To what
extent the trend of politics ud to the
opening of the convention at Chicago
has influenced the market has all along
been a disputed point. There have been
many persons, to be sure, who have In
sisted that, irrespective of the cam
paign, prlceB would Improve, but all this
took place while Colonel Roosevelt was
winning delegation after delegation In
the strong and influential Republican
States.
As a result of tUn, as hns frequently
been stated In this column, the number
of Influential men whe huvt come out
In favor of Colonel Roosevelt has bem
Increasing steadily. Vha reasons have
been stated .-cpoatodly and need not
be reheaised li, detail. Ovp- rnd abovu
all, has been the feellrg that Mr.
Roosevelt could bo el:tcd. while all
aiong a very largo number ha e felt
doubt on tnat point concerning Presi
dent Taft. and thit doubt, with many,
has cryotall'r.rtl into a fetllng of tei
talnty. When It becarie livliWit that
Mr. Roosevelt could mt win t!.o "Uku
lar Republican nomination firm the
convention .is constituted, this cle
ment naturally hoped for a compromise
candidate, for to them, with a dlvldtd
party, with Colonel Roosiv.jlt running
on an Independent ticket, the prospect
of President Tail's re-elertlun cems
even more dubious than before.
Some Political Considerations.
The kaleidoscopic changes at Chica
go will force very many men to relbo
their opinions. It In safe to say thut
that revision has not as o-ot taken
place, nor Is It likely to bo complete
until after th.- l-p-oer:it!o con.-'-utlon
at Baltimore has mad; Its nominations,
and the full program of the progres
sive Republicans Is announced. It may
all turn out as miny bankerb and
business men have assfilod that the
security market and general' business
as well, have grown rick and disgust
ed of over much politics, ag'tatlon and
trust busting, and an i.-aly to take a
forward movin(iit If crops are fuvor
tble, IniH .1") .f ih -Mipn. ami
yet, when orv recalls the unscttlemcnt
and uncertainty that tho fvar of a
cnange of a-nuiilfi' itlon has always
heretofore engendi'.-ud, or.o may be ex
cused If he expresses a Uojbt on that
point.
If, as fn- campaign progresses, for
Instance, It should appour that the
Democratic candidate is likely to suc
ceed, the uncertainty of tho outcome
of a tariff revision, undertaken by the
traditional and ImMot'c n,iiu .f (he
protectle ysi-m, 'Plglit extrt a dis
turbing lnfluem:i! on general business
Muc.h of the country's "big bus'ness"
is repieseated by correlations which
deal In articles r.ffrctcd directly by the
taf-lff, and the securities of those com
panies are countors In the Wall Street
game and hence there Is the possi
bility that a campaign along tariff re
vision lines may becomo an active and
potent Influence in tho market. Up
on general bulnB, the elfect of a
prospective Democratic revision of the
tariff, would probably bo fo halt tho In
dustrial revival which U In progress
and tend to throw business back Into
the condition of hand to mouth btivlng
from Whloh wo have been slowly
emerging.
New Elements In Situation.
AH this may seem like an unneces
sary borrowing of trouble, and It Is
hoped that such wtlU prove to be the
casef but the features are mentioned
because they are suoh as one hears dls
cussed In banking circles as a result of
the confusion at Chicago. The hopo
ful view of the case Is certainly that
which takes Into account the manifest
improvement, which has occurred, des
pite the many disturbing elements,
which have been present In the situa
tion the while. In addition to this,
stocks of merchandise are still low the
country over and In consequence, pos
sibly. It would not prove as great a
hardship on this occasion as some
others, for the merchants to undergo
drastic tariff reduction. If stocks were
large, a reduction In duties might en
tall heavy losses on goods on hand,
which Is minimized when supplies arc
low.
As may be Inferred from the forego
ing, certain new elements have been
Injected Into the situation, by the de
velopments of the week, or perhaps
It is more accurate tOvSay that the pos
sibility and the probability of new de
ments In the situation are being dis
cussed. How soon the Street mav be
able to take the measure of these
things, is at present only a matter of
conjecture. It should be recalled, how
ever, that markets usually appraise
such things quickly and quite accurate
ly. As an Instance, one has but to re
call tho other great political surprise of
recent years, the nomination of Mr.
Bryan" In 1S06. At flrn Wall Street was
In confusion and had no bearings, but
before the end of August, It sized up
Mr. Bryan to a dot. It Is probable
that no longer period will elapse on
this occasion, and the appraisal on the
situation may come more speedily.
Crops and Foreign Trade.
Although the developments of the
week, other than politics, were entirely
Ignored, there were several which were
of Importance and Interest. In the first
and most Important particular, the
weather advices were generally good
and, although the reports of the grow
ing -crops continued conflicting, the
more respectable and Influential among
the experts, reported Increasingly fav
orable conditions. Encouraging reports
on acreage and conditions caused a de
cline In cotton, and all leading farm
staples, wheat, corn and oats yielded In
response to the Improving situation.
While It cannot be said that all com
modities declined, the tendency with
the more Important articles of gen
eral consumption was In that direction
and this. In view of the general com
plaint of the high cost of living, may
be regarded as a favorable feature
A development which was passed over
entirely was the foreign commerce re
port for May. Exports totalling 3175.895.
328, and Imports aggregating $155,600,721,
are the largest for that month ever re
corded. The enormous Increase of ex
ports, which are $25,786,661 larger than
those of May, 1911, was the least satis
factory feature of the trade statement,
but they furnish very positive evidence
of the expansion of business. The May
figures on International business com
plete eleven months of the fiscal year,
for which period merchandise exports
have exceeded Imports by 5t,466,962,
which has been exceeded during this
period but three times In the country's
history. It ' Is only necessary to say
that the excess of exports In 1910 was
but $180,025,000 to show how satisfactory
the present showing Is.
Steel Profits and Labor.
One new cloud, no larger than a man's
hand, perhaps, but Btlll a cloud, which
may give concern, was noted during the
week by the leading authorities on tlrt!
Iron and steel Industry. This Is the
possibilities of labor troubles In that
quarter. The Iron Age In Its review of
the week's developments devotes con
siderable space to the Increasing tension
In the labor situation at practically all
Iron anof steel works. The drifting of
workmen from one operation to another
goes on steadily. It says, and many
IN LOCAL FINANCIAL CIRCLES
plant managers are finding It difficult ever,
Ip holding their forces. With all the
restlessness, however, this authority
notes that there are comparatively few
strikes, but the demand for higher
wages Is insistent, and the entire ten
dency throughout the Industry Is toward
higher labor cost.
As Is natural under the circumstances,
this tendency of Increased cost of pro
duction Is reducing net earnings. The
first half of tho year has been vcjy
lean, Indeed, for the Iron and steel
manufacturers, and the prospects for
the second" half, according to tho same
authority, are far from satisfactory.
Prices have, advanced, but not commen
surate with the Increasing cost of pro
duction. Naturally, In Wall Street, this
situation Is ascribed to the Oovcrnment
sultagalnst the Steel Corporation, and
particularly to the abandonment of the
Gary dinners, which, while proper or
not, according to the way one looks at
them, certainly fesUlted In giving gen
erally better results to the Industry, as
to th emalntenance of prices and fair
profits to tho manufacturer than the
system of uncontrolled production and
competition at present In force.
Berlin's Money Strain Consols.
There were numerous signs of renewed
tension In the Berlin money market,
manifested both In the activeborrowing
of German bankers In this city, a ship
ment of $2,500,000 gold from London to
Berlin, and a Bharp advance In the dis
count rates at that point, but the gen
eral belief now Is that the critical period
In the German market June 30th when
the semi-annual settlements fall due.
will be met without reflecting seriously
on this market. What leads to this be
lief Is the extensive preparations which
Berlin has made for the supreme test.
Aside from that, the strain falls at a
time of monetary ease here and tho Ger
man bankers have been able to renew
their loans temporarily to New York
bankers, and to secure additional funds,
and so the day of reckoning, If not
averted. Is at least postponed.
Germany's scramble for money was In
part responsible, it Is believed, for forc
ing the price of British consolH during
the week to a new low record price of
75S. but an extensive liquidation, which
seemed probable, was checked In the
r.lck of time by the action of the British
treasury in letting it be known that
$15,000,000 of the budget surplus, which
was to have, been devoted to other pur
poses, would be used for the consols re
demption fund. This has been one of
the very many plans suggested for ter
minating the decline on consols, which
has become a very serious matter for
the government, and for all British
banks, which Invest largely In the funds.
Whether the plan will have more than a
temporary Influence remains to be seen.
Bonds and the Money Market
The bond market continued under the
restraint Imposed by the Chicago de
velopments, and there weie no definite
signs of an active Investment revival.
This was highly disappointing to bond
dealers, for, despite the lethargic condi
tions in that division of the market, It
had been hoped that the huge July 1
Interest and dividend disbursements
would have a stimulating Influence, The
tol disbursements of tho period have
been placed at $254,031,210, compared with
$251,639,707, a year ago. Although this
huge sum .seems to have caused no rip
ple onj the surface of tho established
bond riarket. the manner in which the
40,000,M six-year & per cent convertible
rotes'of the Brooklyn Rapid Transit
Company were snapped up, indicates
that the money Is not going to waste.
The Issue was many times oversub
scribed, which discloses that the taste
of the community is for higher interest
rates than can be secured from the old
established Issues. Of course the bank
ing Arms offering the new B. R T
notes were delighted with the satisfac
tory outcome of their issue, but the
great questlan remains unsettled, and
that Is. what Is to become of the old
typo of bond, which lb steadily depre
ciating In price and has become virtu
ally unsalable, except at concessions?
The aggregate losses from such Issues
through declines in prices reaches a
huge total and the shrinkage is com
ing to be viewed as a serious matter,
(or no one can see, In what manner a
recovery is to be brought about. The
local money continued easy at un
changed rates for both tme and call
funds. The-- best feature was an In
creased offering of mercantile paper,
for It showed a disposition of the mer
chants to prepare for greater activi
ty. The bank statement was void of in
terest ana attracted no attention what-
By I. A. FLEMING.
The third call of the year by tho
Comptroller of the Currency for a
statement from Dlstrlpt and national
bunks, would have shown the serious
loss in deposits but for the fact that
tho Government has put millions back
into tho banks to be repaid at stated
periods. Before the next statement,
it is probable that the tax money
will have been nearly made up in
tho natural increase of deposits to the
credit of the city's savers and busi
ness men.
Moat of the trust companies show
losses moro or less heavy. Some ot
the national banks have been good to
their trust company connections and
thus lessened the losses of the latter.
Washington Is a city of tax payers,
and savings bunks, trust companies,
and national banks have all lost their
riroDortlon of4tax money.
The apparent figures show a net
gain on all deposits of $215,644, hut
as a real matter of fact the net lost,,
actually, Is $2,784,356.01. Before this
statement, the national banks did net
owo tho Government anything on ac
ccunt of deposits of tax money On
June 14, the date of the call, the na
tltfna.1 banks found themselves In
debt for $3,000,000 tax money deposit
ed to relievo any, possible strain on the
the money market of the District.
First repayment of the tax money
will be made July 16, $600,000; an
other 20 per cent on Augus.t 16 and
thereafter 10 per cent monthly as
the District needs Its funds.
Some of the national banks would
show larger Increases, but for the
before stated fact that they Increased
balances with trust pompany affilia
tions.
Some of tho others have fattened
their own averages and have not ex
tended tho boosting hand to their
flflRl'tClatilR
Tho deposits of the Fourteenth Street
Savings Bank, absorbed by tho United
States Trust Company, have been of
necessity In keeping the record charged
to decreases, but an apparent net loss
to the savings Institutions of $131.024.8fi
replaces what should be an actual net
gain of $241,40.08. In this Is also in
cluded the first statement of the Wash
ington and Southern Bank, with $136,
311. R2 deposits credited to gain.
All In all, the aggregate showing is
Interesting, the call coming rather
earlier than expected but the one thing
that It demonstrates is that Washington
Is a city of tax players.
Ing business In their respective loca
tions. Apparent Increase, three banks;
actual Ihcrcase, two banks, and some
on the stocks that have not Men
launched Into actuality. Out on tho
District line another has been brought
into existence.
Bank Examiner Hann, called at tho
former headquarters of the Mercantile
Bank, a week ago, persumably to make
an examination, although he claims
that It was to "see my friend Bow
man. Ho was rather surprised to find
a cigar store where a bank had been
and tickets to tho big ball game on
sale. Baltimore and Washington la a
big assignment.
It Is rather exasperating to the comp
troller, when forwarding to State super
intendents of banking, reports on cer
tain conditions existing In some State
bank In the District to have the State
superintendent come back with a letter
in which the assumption that the "bank
seems to be acting In accordance with
Its charter. Thanks for examination
and report." Yet the comptroller has
to stand It.
And the maxim still holds good In the
District. Where one bank gives up its
corporate existence, another starts In
business.
The Fourteenth Street Savings and
the Merchants' and Mechanics' have
been absorbed by tho United States
Trust Company. The Mercantile Bank
has been taken under the care of the
Union Savings. Apparent losS, three
corporations: actual loss by closure, tjie
Mercantile Bank.
The Washington and SNuthern has
been launched. Before the middle of
July tho Seventh 8treet Savings and the
North Capitol Savings Banks will be do-
It muBt bo Interesting to be In tho
banking business, where loans are made
on butter, eggs and other produce, a
perfectly good and legitimate security,
but Interesting as to the terms of
loans, date when eggs must bo sold,
whether fresh or storage eggs, grades
ot butter, etc. When the borrower Is,
possessed of a high rating the matter
of collateral Is not of so much lmpor
tance, but otherwise It is.
Out eWst they do things differently
than they do here. Eggs are actually
broken open, the whites and yolks sep
arated and then sold as "whites" or
"yellows." Banks make loans on
these gradcB of eggs, the former used
by confectioners and'bakerB, etc.; and
tho latter by bakers of cakes.
President Loiter, of the Washington
Gas Company, expressed the willingness
of the corporation to furnish all facts
'and data that the Congressional com
mittee might deslrei and declared that
the corporation could not do business
with fair return to Its shareholders on
a 75-cent basis. He boldly stated that
there was no water In the stock. He
further declared that It would tie "Inir
possible to see how much money had
been placed In the company, because It
has been In existence for fifty years."
This In Itself ought to cause the sub
committee to consider the wisdom of
permitting the corporation to Increase
Its capital stock from the present redlc
ulous capitalization the $2,600,000 of
fifty years ago.
Howard Gillette, cashier of the First
National Bank of Chicago, was honored
with one vote for the Vice Presidential
nomination at the Republican conven
tion. He Is popular In Chicago.
Tho local stock market is holding Us
own In fair condition despite the in
creasing dullness. There has been an
other let-up In the Washington Railway
and Electric boom, although the street
seems to b of the opinion that It wilt
he revived later on. Pending another
Congressional gas Investigation Gas
shares are off fractions, but show a
very satisfactory undertone.
Because of the fact that money Is In
rather better demand and the supply
less plentiful, banks are not In the mar
ket for bonds as an Investment, and
prices bave shown an easier trend.
Dally clearings at 10 o'clock would
meet with the approval of four-fifths of
the members of the Clearing House As
sociation and of practically nine-tenths
of the banks and trust companies of tho
city.
The majority of clearing house banks
should take heed and take the neces
sary action to make the change effective.
James M.
in July.
Green will go abroad early
Union Bag & Paper 2,100
Union Bag & Paper pr.
200
Union Pacific 78,600 171
Union Pacific r 600
United Cigar Mfg 600
United Dry Goods 300
United Dry Goods pr .
United Rv. Investment 300
United Ry. In., pr 300
U. 8. Cast Iron Pipe & Fy 200
U. S. Cast Iron Pipe & F. pr.. 600
U. S. Industrial Alcohol 800
U. S. Realty & Imp 850
U. S. Rubber 11,900
U. S. Rubber 1st pr l.soo
U. 8. Rubber 2d pr 1,000
U. S. Steel 185.300
u. e. aieei. nra
62V4 Utah Copper
vii&uim t-tii. I.UQJI11C&I
114
12
60
170ft
90H
60ft
100V4
100 10U4
i4 119 8 Minneapolis Man Held Up
by Highwaymen, Who
Take Machipe.
T
6W-V
144 -H
30V4
60
20T4
59ft
42
"6ft
61
OO ".A
107ft
Ulft 110
82V4 80ft
"Oft
47ft
117 Va. Car Chemical, pr.
3i Wabash
13ft Wabash, nr
West Maryland
Western Union Telegraph
Wesilnghouso Mfz
Weyman - Bruton Co. pr...
1. ,t:wii& ct xJ ,ve CXIB
554
73
66V4
113
4
11
6
Wheeling & Lake Erie 1st' pr!
Wheel. Lake Erie, 2d pfd....
2.600 111U
12,300 64i
2,000 484
200 117ft
19,600 7
26,600 17ft
600 57ft
600 $83ft
3.700 74ft
210 114
900 7
200 23"
650 ll
6ft
14ft
106ft 109 3ft
$U0ft $110ft 1
1M 114 1
12ft ft
60
169ft 14
90 -ft
59ft -Cft
100ft ft
101ft -1
30ft - ft
60 lft
20ft -ft
69ft 1
42 2ft
6V4 ft
66 2Ti
110 -1ft
SOft -lft
694 lft
U0H ft
64ft ft
4S4 ft
117 -1
4ft -lft
15ft -Hi
57'i A- K
Zft ;3ft lft
73 73
113 114 ft
1 2i
lift
60
167ft
,90
59ft
100ft
101ft
SOft
69
20ft
69
40
75
63ft
6S4
110ft
63ft
4TS
117
3ft
13ft
57
loi 11: -l u.
rv-t..lAl -o -.. ..- . - ' '
from opening price. M flm Ume thlB "' net cnanses
Tctal sales for the week, 1,260,000. f
YICTII OF THIEVES
SEES THEM ESCAPE
IN HIS AUTOMOBILE
MINNEAPOLIS. June 23. Four
masked men. after holding up nt point
of revolvurs, Edmund C. Bates and
parly near the top of a hill, a mile
from the city limits, and obtaining $25
In cash and two gold watches, forced
Mr. Bates, two women, a upall child
nd another man to get out of their
ai'tomoMIe. Tho highwaymen then too
the machine and disappeared.
According to Bates, he had Just
crossed a small bridge over what is
known in Browns Lake and was going
ip a st'.M'p hill.
"Danger alD'.id," Bates tald a young
fellow shouted, and as he slowed vlown
and stopped three others with revolvers
In their hand? and handkerchiefs ovir
their fat-es rushed out from the bushed.
"Hold up your hands," it is slid tlvjy
commanded, and then -thtv searched
the party. As soon as they had ob
tained th)- va'iiaDl-'s one of the men,
who ordered them to leave tho mtchlno,
apparently familiar with the mechanism
of an automobile, cranked It, tfid the
four Jumped In, and started on at a
high rats of -noed. The women wore
bJdly frightened.
PIKE TO ROCKVILLE
BE
mil
IMPROVED
BY MONEY PLEDGED
Luncheon at Home of
George E. Hamilton Has
Good Results.
The Improvement of all county roads,
the organization of a county good roads
association, and the repair and upbuild
ing of the Rockvllle pike, from the Dis
trict line to Rockvllle, at a cost- of
$30,000, are to result from the good roads
meeting at the home of George E. Ham
ilton, on the Rockvllle pike.
Sixteen thousands dollars for the Im
provement of the pike has been pledged
by the county commissioners. A com
mittee, composed of Mr. Hamilton, John
Joy Edson, Dr. John L. Lewis, and G.
W. Offutt, Is pledged to raise $12,000
from property owners along the pike,
and Logan Waller Page, director of the
office of public roadB, has promised his
co-operation and' as much supervision
as he can give. All of those who at
tended thb luncheon as guests of Mr.
Hamilton will co-operate In organizing
a good roads association to work for
the Improvement of all county roads.
ARCHITECTS
MAKE
PROTEST AGIST
GOVERNMENT
PLAN
Give Reasons Why Men
Outside Official Staff
Should Be Employed.
DEATH OF JACKSON
TIES UP ALL FUNDS
FOR USE OF HOUSE
Successor to Sergeant-at-
Arms Will Be Appointed
Promptly.
The death of U. S. Jackson. Sergeant-at-arms
of the House, which occurred
In Greenfield. Ind.. after a two months'
fight with Brlght's disease, complicated
by pneumonia), may cause some em
barrassment to the members of tho
House, as his office can only be as
sumed by another through appoint
ment. At the close of the business day
upon which the Sergeant-at-arms dies,
therefore, his office Is without author
ity to pay out any of the money placed
to the credit of his office at the Treas
ury. As this office actB as a checking
bank for the members, Charles F. Rid
dell, cashier of the office, decided to
extend the buslnes day of Saturday
over until Monday, In order to obviate
Tomorrow the House will be asked to
pass a resolution which will make it
possible for Mr. Rlddell to continue the
office open until Mr. Jackson's succes
sor can be elected. Should this fall he
will resort to the banks.
Mr. Jackson was long prominent In
Democratic nolltlcH In his State, belnc
chairman of the Democratic State Com-
m))taa tnr- nlr vpnra Ha HMln,i1 rav.
eral State offices In 1911, but asked the
aid of the State In his struggle to be
come Sergeant-at-arms of the House.
The present arrangement Is to have
the funeral take place tomorrow after
noon In Greenfield, Ind. Mr. Jackson
was sixty-four yearB old.
TEPPER TO PRESIDE
AT BIG MEETING TO
BUILDING
Effort Will Be Made to
Raise Money to House
Jewish Organizations.
Joseph L. Tepper will preside at the
meeting at Pythian Temple this even
ing which Is called to further the proj
ect of a central building for all Jewlaji
educational and social organizations. Be
sides Mr. Tepper, Simon Gordon, presi
dent of the provisional organization,
will address the meeting. It was
hoped that the Rev. Abram Simon would
be able to Epeak, but he mav have to
leave the city before the meeting, which
Is called for S o'clock.
"The question which confronts us is"
the raising of $10,000 or $15,000," said Mr.
Tepper this morning. "If we succeed
in doing this In the next couple of
months we will then be In a position to
undertake the purchase if ground and
start the erection of a building. It Is
hoped to gain many recruits and en
thusiasts for the cause at tonight's
meeting '
Curb Prices for the Week.
H. L.
Anglo-Amer. Oil .... 23ft 22
Braden copper 7ft 7
Brit -Amer. Tob.
L. N'ce. . i
23H A B
V '
Rr5S!SSti;Stl
r4h PnHfS-E ?-txi
m Ov flRl---S-EE '" . i
ilBH---i----ii-i-iifl
ilPi!ii'
wSwiiilteSM
29ft 2Sft 29ft 2
British Copper 6ft 5ft
Glroux Cons 6ft 6ft
Greene-Cananea 104 9ft
La Rose Cons 3ft 3ft
L. V Coal Sales Co. ..243 240
Manhat. Transit .... 2ft lft
Niplssing Mines .... 8 7ft
6ft ft
5ft
10ft ft
3ft ft
242 2
ft
8 4-ft
l'n. Cigar Stores Co. 244ft 240ft 242ft -
Architects of practically every
American city are vplclnf their op
position to the provision af the sundry
civil appropriation bill as passed by
the House, which would In effect pre
vent the employment by the Treasury
Department of architects outside off
the Government service. v
James Knox Taylor, Grant La Farge.
and many other men noted In the field
of architecture, havo expressed them
selves as bitterly opposed to this pro
vision. It Is declared by them tha:
the Government work would suffer
Immeasurably by the passage of this
provision, which would eliminate the
ccmpetltion of the best architects In
the country, for the designs of all big
and Important public bulldlnes.
These buildings would necessarily
have to be designed by the supervis
ing architect's office, and the Govern
ment would suffer through the loss of
competition, and the work of the men
rated highest in their profession.
$3 Buys 1,000 Shares
Non-a.-sessable Gold Leasing Stock.
25-stamp Mill nearly completed will
treat our ore. Detailed reports, sworn
statements and Interesting pictures
FREE Address today, Sam Morris,
45 Jacobson Bldg., Denvqr, Colo.
FINANCIAL
The Safest Investments
Are thoo that do not fluctuate during dlf
turbed conditions ot the money or itook mar
kets. Flrit deed of truit notes (flrat mort
(agea), well aecured on real estate In the
District of Columbia, constitute "gllt-edm"
lneatmenta. They do not depend upon the
financial responsibility of Individuals or cor
porations for their stability, and are exempt
from taxation as personal property. We can
supply such Investments In amounts from
ttCO upward. Send for booklet. "Concernln
Loam and Investments."
SWARTZELL, RHEEM &
HENSEY CO.
m mil STREET N. W.
PUT UP THIS
PKUDEN
FIREPROOF
GARAGE
ANYWHERE
Put It back of your home, it's an
ornament to any property; put It f
on rented land Its easily erected
or taken down. Put It downtown
within the "fire limits." It is ab
solutely fireproof. As substantial
as masonry
At One-Third the Cost
Let us tell ou moro about It
Phone, call, or write us at once.
Metal Shelter Co., Makers, St. Paul.Minn.
Exhibition IUiIk. and Sale Hooina.
N. Capitol St. and Mass. Ave. N.W.
Washington, D. C.
See me here about a Pruden Sys
tem portable fireproof garage.
Onrncen, all steel, from $hO up.
BungalowM, nil Mteel. vlth
I screened porch, from $10'J up. We
pny freight font of Itocky Moun
tains. C. N. BUCKLAND, Sales Agt.
l'bone Lincoln -7-2.
MB sMMtaaawk
