OCR Interpretation

The Washington herald. [volume] (Washington, D.C.) 1906-1939, December 20, 1914, Image 11

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045433/1914-12-20/ed-1/seq-11/

What is OCR?

Thumbnail for 11

; "
collateral trust 4s were atrone. advancing I dunn. In MO-lb
-. at An th Mtwirt that th aIH atrwk i bnn. la W0-Ib. wrkt. V.I
behind tht. Issue would be distributed -?, ?i "
shortly, as the parent company 18 a solv
ent concern and the stock once old aa
I mgn an Afu, ami mere are speculative
t Piwtuniues at at present low range
of a;.
Eventful Week in Wall Street
Comes to a Quiet
llncreased Interest in Railroad Issues
Confidently Expected Soon New
Haven Gains a Point.
New York. Dec. IS Wall Street had an
I eventful week. The preliminary try-outs
of trading a week ago today stimulated
outside interest, and on Monday the de-
nand for storks grew so insistent that
fthe committee of live found it necessary
to transfer all the stocks on the floor of
the exchange on Tuesday.
optimism got the better of judgment.
and prices shot up four to six points,
bringing many of our international stacks
rlose to the maximum prices established
in London. Selling for foreign account.
supplemented by bearish "peratiuns of
professionals, cheeked the ad.va.ioe and
ttirew the market back intadullneaa.
Vigilant stock exchange officials prompt
ly discouraged speculative .operations.
and the market became dull and some
what erratic on Wednesday and Thurs
day. -
Friday's market turned decidedly weak
I in the forenoon, and the turn cai ried the
st down to the minimum figures i.. many
"stocks. This tendency was cheeked: how
fever, by the handing down of the deci
sion by the Interstate Commerce Com
' mission, granting an increase in freight
rates. Prices steadied, although, from a
Street point of view, there was disap
pointment that outside buying of stocks
did not immediately follow.
Dull and Narrow.
Commission houses express confidence
and look lor an increased Interest tn
railroad issues when the public uulizes
the importance to the railroads of the
apparently changed attitude at Washing-
Jton which 1 considered -a "'right about
face an railroad legislation and re
T days market was dull and narrow,
with a total turnover of leas than 50.000
shares. New Haven was strong, ad
vancing from M to 59. The position of
this road has been improved substantial
ly by the ri.te increases. Southern Pacini-
gained 1-2 a point and Baltimore and
Ohio sold up to 70 1-8. Missouri Pacific
was firmer on reports of favorable earn
ings. Alaska Gold sold up to 25. It is un
derstood this company shortly will is
sue 11,500.000 convertible 6 per cent bonds
lo be offered to stockhoidtrs at 110. Amer
ican Beet Sugar rose to 21 7-8, a new
high for this move.
Rock Island issues were quiet. The
CtsWatione tine below are tor large lota of eooa
marketable good oulT. Jobbers' prists are higher.
Lower grade star be sold tor leas. Faac? good
conmaurii-d higher prices
ECUS Freeh, per doe., ?e; do.. Boutbara. per
dor.. XeS.
BUTTKR-Best prist. rear, per lb. SI: rob. per
ll X; process, per lb., flam!?, under grade, per
lb.. 2a27: etare-parked. per lb., Malt.
LAHD-Tub. pure. per. lb. UIUU: do., erea
ponrjd. iter lb . 9 Cottooaeed oil. per can. IS.
"HEESE-New Tort. nw. per lb. IT: Sat. par
lb.. 19: Swiss, doraesric. . lb., X: do., foreign.
Bar lb. 3
LIVE 1-OlI.TltT-nen. per lb. U: rrjoatera.
per lb, M: duet, per lb.. ljell: turken. per lb..
15aI7 ;-cbicaetw. per lb.. 1J'.3.
IiBI'.SSKD (irED) POILTRT-Tblcteae. per lb..
43.11: ben, choice, per lb.. 1313; docka per Px.
1413: torseta, ebnice. per lb.. 1719; fair to good,
pa lb. Mai;: rooater. ir lb.. Kail.
QBJtmn COODS-Bcaaa. per baaket. 1 713.50;
r.-et. per bunch. 2lsC: cabbage, per 100 lb.. 73a
L0r: carrot, per bunch. m3: celery, per do..
25eo; !'.. i-er crate. ffiiatOO: encumber. Iiot
No 3 timnibjr. MSteiatl: ttekt etotar seized.
lAlemla.il: No. 1 ekmt tailed. ettt.rT.et; ekoka
ckner. .; Ko. 1 ekreer. Saw; No. S dower.
rJ.0O.17.9ti: No. 1 ekrear, UttaJt.: ample grade.
as to kind, quajttr and eemilttloa. MOOama.
STRAW-NO. I atraigilt IJB. lt.tl.lt.9t; No. 1
freight rre. l? 00.13 a). No. 1 Uuietad rye. art,
ll.tt; No. 2 tangled n, S9t9ef Xo. I wheat.
I.S9; No. 3 wheat ..-.; No. 1 oat, SJmJtlt;
No 2 oat. S.tOalS).
I1RE8SEU POrLTRT-Ouekna, old here.
railed, per lb. 12; do., rooMera. old. par lb.
10; do., young, per lb. U: duck, per lb.. llaJS,
geaar. nearby, per lb.. UaK: do.. Wasmrs and
southern, per lb.. Malt; turteya, choice, lb., U;
da. fair to good, per lax. Hart; 06.. roagh and
poor, per lb., 12.13.
BUTTia-Creamerr. fancy, ajrr lb. 33aM: do.,
choice. 3eia31H: do., good, Kattra; do., prists,
V do., buck. 9); ladles, 2323; alarytud aad
Trennsjlranla roll. 303; Ohio roll. Mali; Wee
Virginia roll laaJO; atore-pacted. Ut3: dairy
tainta. 19a JO: pt eea butter. 3taJ7.
ECUS Mirylrnd. l'msatlienia. and nearby
drate, loae ott. per dot.. 31; Meetera Irata, at; Weak
Vugmia nrata, 31.32; Southern nrata, SaaJb
May ,
Jaarssry.... .......
Kay .
at 13
999 MM . Mat
Pnrnlabed by W. R lllbba.4 Co?
AUu. (lol.l Mine
3.M9 Arukounated Coppar
list As. Bast aeajar
tOt Am. ran
Ml Am. Oottoa Oil
Ml Am. Hide Leather
M0 Am. le Seeuritlei
301 Am. LanonoUie a.
3M Am. Saaertlag.
MO Am Hutar...
Mt Am. Tbbacoo ofd.
W awe
keta, ,1th .m holdiag np of ordeea, la iwaow r
aaaat ta cotton tjhulta M aaagea frnaa tlu! eanatry
reoaeitb here basal dttaved. with taw c of eaaa
kx kra to In ana am aha all at well as to Aaarrl
oaa broker.
The I'nited Sutaa Ttroanry 1ept.taarot baa not
yet rfralibad foil hxfiilllnlt cooca-nlng epn
to foreign mrntrkm. the reports of which htee Inn
withheld to ansae arUBK by order fpan the depnrt
aaeat. Tbla rafaiaaalluo at r.lubto to the trad lu
AAWUae the MfMl i K tnmmm iImi.ihI WBlrh 1.1
t"- Croat, tora la of infloenev In aharene market twicM. i.'ot-
jj too kt not eontrabaad. and there aeame u he do
H reason hr rkwreneae ahould not he unblmhed In
31', :i m fai.
3k The decision of tb cotton loan committee to
w majrb loan onlv an onrtm i.mmiI Mndiu to
ew J w 1 gnterament -tauuarda will brtag hoaae to the rkratw
x - I tM mil nrreaaity of obaeTTrna the law in clauo
or toe apl. It will ak aenre 10 ngurate
W 2J 9 ' S uP- S w11 "" ngtikiie
- J lh dlffcreno on grwim and nfw tb or of Uw
lypw fui4ii by uw gtmnmrnu .! trp-
- Hrl J" 51? I -. W thf fiebir tmder - law. u'l
Vm ToH, Drr.
eeUnoua botsda:
AtMrtcD HliHtnn .
d mh-
Chicago. Dec. U. A fpature w well w a factoi
Id tbe wheat marrt at Chicago todajr was ura-njcj
in t he ilnn an ' i fur the paau articVe. w hich waa
grabbrd up b) bouaea ntrtwullas France. tngUnl.
aiid Hj'lard. Thuac c intria were lavamhaemt aa
bouae. per ka.. 75aJ 3; nV. norida. per baaket Lbuyeaa and cagirly paid tha new price tvtela
oa. u. Lli ev a mi. a at. a 7l.VI..I.J .A sah- ....'. ..n.. I ratal 1
.iRjsjaj.aV, crn"illav'. per CTsllt.', IUusV, etrjTPtini ' i"."ui " t" taaaasa-t, u-.iuiL. jiuanrai ta
per caae. .(r4.00; kali, per W.L. 1 IOal.3; lettner. fiitun acre la to A crnta, and the pfanxtumt
irvarhv. per haaket. Se50. do.. Morida. iwr baaket. ' uimandeU by the caah article over the foturea
laaaT V oajuiim. par 100 lb. fMtrk. I.SObITj; ukn. i m abo moit-d to a h'tgher ktreL .The
i-r crate. XU0a4 S: p-a. Hnridi. per buket. 100a uraeti-j in the Imyiug of whaat in all
fi.no ; poUloes. per oM . 1 Sal. SO; do., northern., poaitiiia. ia doabtleaa a rerlsscUtin of thtj
per saek. .a! w. do., pet lni-Vl. tCaW: new krn.nleLe t w-rring uti.na thatrgthe enrinjtt now
vanv, per hbl., 1.7SaI 25: eltow aweer rotato-a. per i ragitig will he long drawn out. Caah trantectlnna
bH., C.Oaa.i.TO; pepi-ns. p-T crate. 1.7Sa3s0: radiabea,
lliwliunaw . per 10". ort:..00: trinach. tr bbL. l.a
Mt; U-matoea. norit.a, per crate 3.00e4.W.
FRriTS-Apnlra. Ir bbL. l.arJal.OO; gnpfrr.lt.
per boa. lOOal.W; granea. Cfrd. per banket,
lii!-.V d.. Malaga, per keg. lOOaS.00- len-ona. par
MrK, 1 Via? 00; lime", gar 100. BSal.OP; nrangea.
rtifrrnU. per boa. 3foa3 JC. piDeatrlea. per crate.
fr'?rriTi-t.. per strap. 3.004 09
LIVK STti.Tv-Vtml ca'Tes. priine. iwr lb., wtr,:
aa.. netlium. per lb., f?'a9 ; do., beary, 7a; iwvtng
1ar-b, rT lb., "kTz.
DKES8KD UOODB Pork. choice. light, to
mediitm w tight- per tb. 9SaJ9; do.. hear weighta.
fRESH FISH AVP CRABJ- fprlcM gi.en belo--nre
by tbe puund 'inleaa othenrlm atated.) Butter
-in i sw.tr". large. aai: carp, aae: crnaaera, per Mi..
in all i-itif.nt imbanlj totalled 2.500.000 Niahcla.
Tlie ataboard reicri--! l.oon.000 hnaheU, the gulf
SiO.OjO ouartcli, Chir-ago CoO.OUO buahela, and the
rVMithwealrrn markets tu.J uf liberal -alea to
Wttli coTjunue-i Nr.nng br ftrrignert of the wheat
in thi iintnr fiium are refuaing to tell at the
iisir. saaaaam )iil aakrli ra avur( I U lis a I nan tka
-".p The Armour (iram Coeni-aiij raoeived a dbcjv
(pu HaatinCT. Nr ! r .. t-ta. aay'ng ihu uf
thw many hide aest out in that country no Fridaj
ntgitr the n!ii'f ahowid that a completa let-up
In tlie rnort-meLt ta afoot.
Tbrre i r.ow lut one aide to the wheat market
and that ta tlw bull tide. onditiona (aor Uill
luglier Dsrwra 'ne of tbe rnncinal ht-li for th.
rx:i OrgcaaaV tbe escrllent lxiyitii of tlie eaah
articre i9 the i.i-'t that rroeiiaa at primary marketa
awH IwH
1 1 AtcMaoa pM.. M
' 1.809 Hltlmore A "Klo US
3M Baltimore A Ohio ofd San
900 Bethlehem Steel tilt
Broottm Raped Trermt....
MO California Petroleum pM.... SfV
mt Canadian Pacific .... Ml
SM Oarral Leather 3PH
Mt Cfaeaaiwak. A Ohio. an.
m Chieajo A M. W B3
KBgjThrBo Oon. Copper ... Mm
US rvimrado raai A IronA.. 31
1) Coneasdatral Qaa .W... HI
Mt Cora I-rodorta. 1
m DeUware A Hurt n Ml
3M Dearer A Sir. Grande IV
3.900 Erie 39m
ttm Ert. lot pfd,' SH
300 JJrrt Northeni raM 1M
SCO ISreat Northern Ore, Sob.... X
30) lnep. Oopprr k
'.00 In'erboro-Metropnlttaa ... 124
MO Inrrrroro-Mrtrrpoutan prd.. 90S
999 Int. Iper .
M9 let. Paper pfd 33
3A Kanaa itj rtouther.. ta
109 Lrkawaiia HUeL JF... a 31
309 Lrhlsh Valley -.... US UMk
TOO Mrn-hinU alarlne.T.
Mt MUmi Copper Its u
4W MinneeuolU A M. I ml. . II M
1P0 Minn., bt P. A K. 8. M. 101 Ml
1.100 Mlaaouri PadSc MS its
Set Moot. Power tl
700 beted. C. Cover lis
m New York Central It
1.90" N. V . N II H st
will be paaalraad lor
rlolatkm at MJ par bate.
fumlihed by S. L. Carpenter A Co., Pfoodward
US j BuUdlag.
l Plwrlrraa
f I Open. Cloae. .w.
ljm January February tatS I.r3 1U
37S MerJune tit LSJ t JJ,
Jub-augiM... .J l.3S ' i
Octoter Notamber m IJCS tSS
Middliag. 4.13: raaterday. 4 M. Saw.. i,lta..
rk Jeanarr
39S M
in aw
5. July
sos '
Mw kork.
IjS9: ariaaaerel. 3: roek. boifirg. 99: do medhiin 17- "miinue ti c.rreaee. .Tbe were oalr T.7S.0OO
mull. 1013; yellow perch. Urae. ISS: do., email, t:' hHbc bujt week, oomrArtd with UTI.WO Ikvuk-I
uie prrraous .tea. ai.j t,ujwi dud-i . rar c '.
In the eheence of rnougli wheal to go arouad rx- I
Ii.Tter. entered the e-im market on a larger acale
l:nnn tiorrt. 1015: griT trout, large rale: do.
.m.11. Fall). flniinJfT. 10.ILS: ratflsh. M.I2: gle-'u
pike, entire. IS; aala. medium to large, tat: apota.
liuge. 9; tailor, large. 13; aturgeoa.. dreaaed. 3":
do., akin on, 90: eiama. per 109, 1.30; snipper, aa to
lire. 1012. bhietlh. fresh. 13: atmon. fresh. 3D:
Boaton mcter.l. cacti. 40: lorMcrs. 3e: crah meat
15; -.dlop. per qt.. 73; Potomac baa, large, pir
.. 2; do., small. 13. cbrimp. per e,t. 93.
s?;El)Sn,CT. nrd. per Ih . lSSairi; like. 13.15:
red t..p (or herds' era), rw Ih.. 33.3; blue gram.
t"4 and tbe hustnes. far the dv waa reiwtro
at n nr. th.u 900.09 htubela fw foeebm shiienent
wirn edditiotial amount- taken br damtwtie uujer.
While the country ... retiorted aa a little arnrr
per qt.. 30: Take, per qt'.. 5 sea baas, per lb.! ",v"' '" Ml" "'j ,h h",lb """
Oata .ere strutut with the other market, hat
the r hin.r . f trad.- was only motenu. CfcJi asite
wrt aruller a; 190.000 bmuiels. Krartlonal .ilran'v.
per bu.. 1.B; thootbr. 'pe, b .' 150.153; orehatd "7""", '" J?Mt, ,"" """ '"m,"
. . ..... . i'.iia, i na; -atint.ri at. atria arir laiurt
gra. iter bn.iet IJmLII; ee4 rye. per bo.. 1.01
HAT STRAW. AND rORN-Iliy. het thawthv.
Dfw. pir too. 17.00; rtraw, old, lng rye. per ton.
'!'. wbeat trtraw, per ton. 7.00; new corn per Mil.
3 9.
WOOL AND HDEH-n'ra;. anhd. free of
htirna. per lb., 30; wool, unwashed, rxr lb.. 36a;
hiJea. dn . r lb. llhC4: eatt hdc-, dry. per lb..
S0aJ2; aalt l;i ', green, per lb, 17: calfskins, green.
ea.-r,. i.
Kaltim... Md.. Iiee 19 -MILl-FTED-Hering
bran, in lOO-lb. sack. 26a3a.jr); nearby winter bran.
u MO-'.h. Ht.. 3f.aoa27.09: floor ta white mid
dline. in '00-lb. sack.. MOOajlOO: Western mii
rtiircs. 100-lh. sack. 3kaaa3.50: city mill' mi '
dlings. 100 lb. aecka, A.0a3i.a0; do., white mid-
free wller. tn;t their orTenrar were well ahenrbrd
The lareyr packer and the houw. wi.n atoek yard
...i.intinn. h.l in tbe earb buying. Buair.eta.
iti Isrle&et "i.tinue. ti hruadcu while tua caah
trade waa .till quirt. I "1-v
Kiralslj-al by W. ft. HiLI A Co.
303 BjerJtaa: A Wevere
500 Northern Paelfte 103
1.309 Penaylrania R. It lot's
I0O Pitt-l inrh Coal MS
r-i ln.a Net Car M
900 Kay Con. Copper..... l'S
:.5oo Kearttmr 14T
r Hock Uland 1
70 Rock lland pfd. 3
309 Rumle) as.
ttm rtoutherr 1'aciBc US
100 HtudenakiT
201 Tennessee Coyiper
10V Third Avenue
109 Twin City B. T.
109 Cnloo Use A P
3.931 1'aim, i's.inc
109 Datoa r..-itic pfd.....
905 I in. ,ii Paclflc war
109 tnaHad Railway loy...
109 fniti-l btatea Rubber
HV I nitnl Stair Rub let nfd Mt
T.9 I'ritH State nto.) pt,
3D0 t'nited Hute. Steel prd... MS
SM 1'tah i'atKr 49S
KO Wells Karao T9S
Xt We-t Marrland 15S
30 Pt. Cnjoo Telesraph... SIS
500 Wrmlng!"". St
i .
M.i .
Open. Hick. Low Cloae !
.... Ml IX 1 H I.J3 TJ1
.... T.49 7.5f . U ijl
.... r.j t.ti T.ta i ra J.at
.... T.T TJI 1 1JB trl
.... I.O- Iff tIA r.lJ .N
.... T.UI f.li 7.01 7 IS T.al
lew prlrana.
Open. High. Low. Iloar. ckaw
.... r.e 7.x. T.ji 7 j .a
..... 7. ,7 7.a .. 7.51 IJf
.... r.SI 7.73 717 0M "J
Aajartoan Telephone A Tetegraph !'..
Agar. afaJDor flg. fkm
AatasVaaa. Trpaka A riaatt'ira'gat 'it.lL-. aa
AtrJaraoa. Topaka A Saarta '. c.L ta, Mfk... at
araJrJsaora A Ohio pi. Sa. a),
UelUmore A Ohio gold 4a Bra
rawUroore A Ohio eat. 4Se H'.
i entral Leather 5a. sf
Central Paciae let 4a St.
Central B. B. of New Jeraei la. rtajaatarad.... IB
Csaaaamaa A Ohio eon. I II s
I haaapeake A Ohio gnL Sa SI
Chicago. Rurllngton A Qulacy 4a. ft
("bleaSD fireat Western t- st
Chie-ao. Mllwaukae A (K. Pard ltd. ta, ear. A tr
rblngo. Milwaukee A fit Paul aaL (Sa Mrs
hJcago. Milwaukee A St. Pan cat. IS.. t
hlcago A Northwestern anL la. t
Chicago. Bock lala-d A Pacific By deb. t..
Chlcaan. Rock leland A P. Ry. gal. 4a.
Chi.. B. L A P B. K. rot. 4 Ota, Tr. ct.'a
C.. Rt. P. M. A Ira a....
Color"V Foel A tr-e awl. "a
i r c-e ttdat-d (las ert. St. alea aaracd.
Delaware A Hndao it. 14
Erie general 'if- 4
Erie ert. '4a w-1 . A
Erie eet. 4a. set . . B
tnter-atiratal :..itlla Ms 't fH )...
Irten at1 P -wr Is ta ,. .,
, Karwaa ri' . I'ri Oeott A Mr-it'is A
i lehigh Vail i : V.-w Yori 4s.. ..:
! L.''.,llle ,v V.-! !'- I-, ti M. I. a.
I.o i.rille A Kl ' -. A N. .1. earn, la, '.S3 It
lla-surl. avataraa a T aa ast it JI
Miwu-urt Psnfc ci. w- 70S
1 .
Csttad State.
UaataaV Btate. aCoauon Sa. SJ
United Itataa Bsllatered 3a. 99
United date. Coopoa . ,a9
United Rlasaa Baawllial ta. :.. Me
United Sutaa Coupon a,. BM
lle.rgetowa Gas aa. Ml
Uaabiaatoa (iaa aa. Ml
Col. Oaa A Bee. at
Capital Traction R. B. ia Ml
Ansciatla. Potoaaac guar. la. IS
(3ty A Seen raw ia...
l.elroi.Mun 11. B aa. Ml
Wathlturlon Bailway A Eertrte ta. at
Washington, .tkuodrta A Mt. Vet. at.
Potomac aaratrit ameeJIdatrd as 9S
Pousoac Etacr.r Lagii j a).
. hitaiaikt A i otoaaac Te p ana la... MS
Aaaerieaa Tela. A Tela?..
l Aaaencaa Ttie. A Tetrcr. . S3
Hi net of Coo ia Paiwr n:g. la.... a
N rott A Waa n .on 8twuiho.t ta.. US
Blast Caaltg iLo aj fa MS
uigga itaalty InWrti 3a Ml
Charapeiae A Poto...ac selerajoae ta, 11,1
i3t; 31 S3 t isA
Pot uae let ia, tUtM at M.
outsat C.aayJtrlatad Sa. U. at Wk: II .(
aa a
after tall:
if 1-rm (iaa ta. .-) at t'3S; BW at
I sv-saisjaSa A Potuscac -a. 13. ul at 105.
C. P. , aVanVstered. 09
V. a 4a, Coopw Its). ..
C. 8. Pas. (!aX 10-31 yr. 3s rag..
C. 8. Paa. CaX M-JO yr. St. tag..
V. B. Faa. Itl 3a. Beta.
C. . Pan. CaX 3a. C.
.vtiaa.nl r. tdr c'. '" I'
Mlwoin racirle H rar ta C
Saahrille. ' Srii . ga A tr. Lo-rla 'e HSU
NeATork O t.al L. 8. 3S
'rflk A West.rn dit. 1
, Norfolk A tt. rmm c.t. lia...S
NirthTti Paelrle ta
1 Northern I'sttne .
' UBetj .. lui.waj A .iaUjo tt
I. . j. i-ai.i. --. laii
ksssdtug I'd. a
raafA ataal A sieei ja. Is j , .
at. .Ai.j A oaa ii. os.' rg a.
ot. L. a oaii ataat, i.t. .. tlaft o ci.a. a
rcboaru Au u c ad.. Ja. afi-a
H .
1 .
WHEAT Open Hieh. Low.
J ii .i IK I f . 1 MW
lcembcr 1.3 IJ., LS0S
May LSI 1.3 L3
Ct RN-
J"L 0 Ttt, 71S TS
Iiecarabrr MS ttS W
M.i 70 70S -
Ih-wmb r I a tat.
May s.". lev S31.
Janoaxy ia.li i a 3).t
May IK into 1. to
. 7C.
Aaaerieaa L'tbt Tr
Aratrvcen Light Tr. pfd.
Adlmrd'k LMrotric
Adtrondk. Electric pfd
American (iaa A Electric
Amerir.o Ct A Blertnc pfd
Aaaertran Power A Lt
Araeriran Power A Light p'd
Aaaancan Public I'tlllCst
i Cltle. Hersle
(ttie Henio pid
I (' P. R. A L
Ir P B. A L. pfd
1 Issnw 11. A K.-!n. f ta
Etoctrvr B. D. rd
r1 Emp. D. Eleetrir 9a
" Federal light a Traction
" Kieral Ugiit A Traction pfd
' Oaa A Kkitric arc .'.
"a ' 11 A lW tfd
Lincoln lie A EVctric
N. Ont. L. A P
at. Irnt. L. A Pf pfd
N. ntatea Power
N sut,-. I,uwer ld
(I. P. A W. Convwni
Pacfc (iaa A Kleerrte
tscttl,- (iaa A Eiec-V pfd.
.. n..i I .
More derided strenalh waa shown in tr- cotton I u... u.4i... t t . m
market vcierdar. with tranaartlona it .bout tn. ,,".crn CaJ. Edison
highest lere' of the rtil caat. RmadT market. s..tluTU (al tVdiaon
for staple tertile rdicta with larav sale, n the I Manrtard (iaa A Klecirsc
irimary market-. atrmil.:.t1. saattraawjl winch I ' s. t.aa A kwiltli trfd
airea.1) become more -WBHaeJtkr redi .4 Setir ' Trutfwnee Railway. Light A Pee
eatawt. and the prrjeciae .f a ..-itiniona and in- i Te-a Railway. Light A Power ld
creaatag dam-id from focrn eonntn.-. li.ri.im re raloa Lirl't B lit ffd....
Isoinj ia on tie rn-.. ith ordrrw ,n t'..-tnsi.t Union Lltht 3d pfd
at lia.lt. whi h hare ip u, thia time abr-abal ad , Utah S. orttlas
offering. I tvst Power
Iielay in cable coni!.nioicatioo with Grecian mae Wrat Powrt pfd.
New York. irc 19. Trauitg in public ut: HUca i t Soulliem Pat3 rig. la
was rastticted during the first two da., Orcauee ot S uth.rn Pad c gat. 4 ...
t-e iliierwlon of etwcu'atiie and inteataent inter- m-nlhern PaaaaSt c. . j. .
eat to tbe stock cicha-ar djallngs hut la add week ' eW.uL.eeu c...-a, a
tb. market waa more attiia with the iniaat . t as- ' Sow.ueni ii. . aavj te
sue. aaauif n a a pmmloaait position There were' ie e aaataat ciL o.
many innynriia. ee.ecisllj for the preferred -toeks. : I oioo I'sak-c is.
This Bitiiity was maintained for only a anon
tertod. after which the market ouleted down, and
at the end to quiet and without feature.
Quotations of the artire liauea follow:
Bld Akrd
3:1 ta
Lnited artal a i:u Ui f..
tiUed tsuw. a 1. aa
atush lat is. .
V. abaah (fa 4.
Watt 31an!a.:d
ha ' I aaai
. J Wtatrra
JS. "-'r-e
UA.ro. 1 iti ... Kd in g.
Hid. Asked
I tt. 4. Mat 9s
Italtlnxra Efcric 5s ata p li ST
(1 . . C. M. 5Se j HE lois
Coa. O. O. M. ta, I'J . . SC-s
U E. L. A P. '. ' ta 138. P..
oa. li. K. L. A P. 1. .' MT
RAIUB".1 TiK.g.
Mathorn r t:a:. i St it
A C L. of Crn i-SJ. V.
re A AnaiB'S S I. 5a tt D
. A I. Pa' ay Co. W a. VO. 9 MS
el's r al Penirau a a 301
ti. ar A N r. lat 5a, K39 Ml
ha- V. (-r a. M0
A N rth ib tt nil
. "a ., MS at
II '. A Penr.. In- 4. 1351 ., tl
Nc 'hrl aa (ioeit Nortbera aa. Si it
". b u-d 'a (stam-wd).
i St. P. It. 5a
Varyland 4a.
Araeoaei. Put is
Arerage Aetaal.
14.31 US M.3S3.A
ttC.3tt tM.AS
ruralakid by N. L. Carpanter A Co.. Woodward
- .
4 JO
Total aalea ai.'3 there, atatnat 33.7TI leetrrdx.
Il0.a a week ago. and 304.SB) a irsr ago. IVom
Jaonan 1 to dite M.tn.SJi agairat Bl.4H.3al . year
Tbtal aalea. BUC.m. aatunat HJaCM ye,rday 1 ACai :1c C. st Railway 5. 1599.
bho.juo a rl ago. aad i. .' . . . rar ago. am wy. a a a iw
Abut. Gold
AmeraaiaasT.Srrione. .
AS .
Art 00a Commerrial Mining
Boatr- A Malae
Butt.- A I ..rior Mlni-g....
Calmiet A A.'ir'a Ml- :ng .
Cahunet 4 llrs-kt Mialng....
"tiini. Mi-iing
Oarter Ra-ge roaa. lidatad. .
East aaratae Mlwirg
Kranklm Mmaaj
(Irsnby MtBieg
'ieere Cananr. Mtricg
l-'ao-l Oee Coal
La s.lle Minirr
Maamrb'iaetts (iaa
Mi-.i Mining
rfaiarla OataanrsTrntflal Miring
Vs Arcaui.il Mc.ing
N T . N II. A H
North Burte Mining
ilM-Mil. Minitu
Poid Creek Mimng
St. Man a Mm. ml Ltd
Shatruck Artrou Mining
Swift A (0
I'nited FVuit
I nttwi ttassa Maoliiaer
I mtrd Shoe 3lacblrery pfd
IT. 8. Smel'ine Ref. A Mm
C. K Smelttrg. Kef. 4 Mm. pfd.
('ah CrTTr Mining
S. P. A C. lat IS llrj. .
(' rar Raibeaya a
1 It A Sub. lat Sa. :
(..,I.m S-i. ti.li.... a.
"1!fm' "" " x N O P G M. Sa. 1941. ...
High. Low. Om s-w. A Porta Trae. 5.
3S 3iS Nor. Railwar A Lijht Sa
.lias ll lie r. R t rttrd la. '.
M ' r. R A E. ''o lat ta. IMf
3 I' R. A E. I .. Inc.. 4. B49
3 iC. R 5. note.
35 Washington. Baltimore A An. ia....
373 OyjMSCms. Rat 5a
3IS Moaceor-ia Car A Nor. 9.
3S I to Pa a'jliaala Water Power Sa
-S at. fj n, a s.liirban Sa.
I 11.-' United Bailway 4.....
09 ' K.IOO "rl'ireore Sp. PL 4Se
K.OSO U-ited Railway Ire
39 Hhaeea Tiiitrd Railway
K Shai.- Pan oon: Oaa pfd.
Ctt United Ral'waya Fdg. Sa
Sieo I'nited Bailwaia Nola.
13 ro I'nited Railwara Note.
f.0 0 Ha' it r. Eleetr'c ta. sum' 1
14,-W hie Ral'waia Sa
109 Share. Nath.ru Central
309 Shares W a-, land Oil
7S -hare United Raitwaya
50 Shares H.iapei Oil pfd
7t 71 !
I 1
, 00
... i
". . ..
1. .-I
U 97
. 43 43
. SVt. .
. m
7 9 "
IS 19-A--3
m at .- .
11 11
t a -
33 S
9 9
17 t7H
. 3
. M
. 34
. rs
. rS
. S4S
. ti
. 3S
. M
. 19
. 13
. srs
-' .
I .
a i
aoaaamliiil by H B tiioba a Co i
Mew Toek. Dec 19.- United ProSt eKutrleg start
oa a aaw upward spurt oa taa curb today, aei 1 .. -
to high aa M. a new high taeord. TradiBf ha .
htlawaa m the Hal waa ar-crall, qmet. bat Ota. -
waa a arm smdertotse. Cloae:
IT,7tS Atbutu
399 Eradea
3.0 Comb. Fiacrcm...'
1JBI (Sal Cor. udattd
3.799 Diamond Hks.t Kuttr ..
MS ncdraSeld ConwJldatpi..
3.901 Jtaahn amtawasaB
M McKinley Da.r
J.ltO Orn
MS ToQopefi Ktonaioa
SOS Tooepah Mrrawr
!.00t United Cigar storea
4,009 IToSt Sharing
1.70) Anglo-American ... . 14 14
3S Standard nil of Ohio Ml Ml
M tjuodard (hi of New Jeraey.. SB SM
New rata, De. !9 MIM.KtEIe-staady: trade
quiet, epeing araa. in 1'.' i-.ind sack. 33 ZmSi.40.
t- arriae. rtaacLnt ati'lrilinss. to arrlre. Mat: win
ter wheal, in Ita-iaiiuid ears., to amis, 3..7S: city
urea. In hoik. J4S0
BTat KLOUB-. strong: dealinta Uttit. Good to
choke. 5.BaLM. in aacka
COBS '.'EAL-Kirm: moderate dealmcs Klbv
dricd for export. 3.M, in at-ka. Coaxer aaaaL u
tap. 1.99B1 39
BU'KWHEAT FL11UR Quiet; choice A tail
ing In a 'lUlet way .t 3.75.
HAY -Becrirt. 'JM p.a; Stat: trade rniiet, Qoota
prime tim Ut. 1 Ml No. 1 taw. thy. LU. Na 3.
I OS; N J. 9t reu.
STRAW- Beee-ir.. 34 toM. rtesdy; trade fair
Lurg rye ijuotMl at 69.70 crnta
liiKK steadi - maud la alnw. Mem. It Bat
33.00: tami'y. M.taaSIM: rtaar. 3l.S3a3i.lt
Hrj' steed), uacaa. 33.Oaaat.tS: familr. 3ttSa
LARH Firavr trade eBBart, Prtme Waatara.
M.4e; re-re.1 .-.Tineut. H :5. .South Ararrksaa.
11.59: reflne.1 Kruiiian. in keaa. 13.S9- harf ataarme.
10 crtt,. Lasl .teartn. uuart: Now lork. US
Furaiahed by W. B. Ulbbe A Co.
U. 8. con. 2. Rr.-t.ured. rMS.
F. S. eon. 3a Casaawm. 1900
C S . Iteciat. rr.1. !9M.:S
If. S. 3. Coutsio. ttOa-ll
Total tmo.nt of Honda s.,1- v,v
lltlSf Warns aiO.SIeO.
There as a marked revival of buai-r.-as
"n Ike lcM-at kiock exchanftc yeat.r
day. Bond.' to th total amount of JlO.j")
were traded in.
A full Dotnl adcance waa nule bv
Chesapeake ar.rl I'm, .ma.- Tel. phono as.
aa.! ".irth I,, ing sold at 105. The bid
price waa rais- d from pats, to H6, and Ule
arked j.nt e fnm MG to aaCH.
The bad prite on Potomac Klectrk
Power first a- advanced from 103 to 10"
one bond beina? aold .it lta, Two Potor
Eleclrlc power Consolidated " wer.- d
poa. d of at fSj and a4, respectively,
fractionavl tmprorement in Waahina;
Gas Ss was noted. (3,300 worth !
traded in at l'O'..
Federal Reserve Bank Act a Success
( - .
Prominent Bankers of Washington Expect Big Things of the New Systerr
"Provides Facilities for Con
verting Commercial Paper
Into Currency."
" g - H M W
MM M' at-Kv k
mttisraaaHmllimK a8li3BBaa V
rmmfl HMH). I ml Y' sltaamma, I
I Wt IS li
Acts as a Business Shock Absorber, Says
Frederick Delano
' Commercial National Bank "Panics a Thing of the Past"
tnjoys Enviable Record
The Federral P.eserve Banking System I vide an effective shock absorber which greater in crop movi
created under the provisions of the act will take car- of sudden demands, such
of December 23. 1913, opened for bust-1 as come in times of panic;
non on November 16. 1911. It trill prob-1 T'h-d Another vtry Important feature
ably be tbe 1st of January before every- in the new banking syetem is In the dear
thing is running smoothly, but already i ing relations which arc created by IL
the pessimistic views held by many bank-! I'nder the system which has heretofore
ers snd business men tn regard to the Iseen in effect some lity cities had
prospects under the law have given placg clearing houses and the method of clear
to optimism, and many whotvere oppon- 1 jng checks through these clearing houses
enta 01 me measure al on. time are will-i which .'till
ing to admit that It is at least
:g periods than attw.cn January and May In normal years f'atron!' ' '
s it la of course Im-; ih. amount of Federal reserve currency A 1-snk's use'
The Commercial National Bank, in all
important eaeentlals of Its business, holds
proud poa"lon among the banking insti
tutions of the Cspltal, while In the all-
important t -tnt or service rendered to
j .elds i.ecedenee to none.
fulness to its clientage ,
Is at least JO perl to be- handled sr-jiaratrly us 'o.
0.1 all sliftfs the 1 the banks beomuse It was complex.
other seasons, whorea-s.
possible nulckly to increase or diminish ju island trig will Is comparatively email: evidenced by .:. manner In which It is i
me amount ui currency uunevi on 1 niieu 11101 nuitj .ua rmnniu 11 -sua arauiiai:) used, by the service it Is Called on to
mates itonns purcnasea oy tue uanss increase ana reiicn a minimum vinunie in
and deposited with the Treasurer of the Octolier. the height "f the crop-moving
rnlted States. To remedy this the new season, and from this peak it will gradu-
law prov.des that this old bond-secured ally diminish again until January 1. In
currency shall be graQually retired (in other words, tht ca: tal invested it. the
twenty years) and that its place shall le banks, plus, say, ,yi per cent of the m-n'V
ft many corntry bank Items' taken by a currency which shall be ,,r the depositors In the banks, will rep-
to responsive to putilic demands, uy n.-inir resent the fund which is eonstutiliy loa
tlve and by Its growth in deposits and
Importance in the financial business of '
its community.
Year after year, during the ten years j
of its existence the Commercial National
Hank has increased its facilities for the I
year '
after year the customers have Increased 1
The Federal reserve act is the re
sult of nearly twenty years' agitation
and discussion of banking and curren
cy reform problems. It has long been
recutmized that the old national bank
ing system, admirable as it was in ;
. many respects, was deficient in some of I
the Tnost important and vital essen-1
uais. it provided a safe currency, but
I not one capable of responding to either'
(expanding or contracting business de-i
llruvnda. This grew out of the fact that!
oast national bank notes were tied to I
jthe government bonds by which they I
were secured: and this sort of curren-
Icy was not related "to the business as-
sets of the country. The new banking
system makes a fundamental change In j
this resp.ct, and provides facilities by I
Iwhiclt commercial t.aner. the Dt-oceeidsl
of which have enured Into commercial. ,
industriAJ or tvgrlculturai uses, or Am
to be so used, may be converted Into
currency. This may be accomplished
through the rediscount privileges of
the acL member banks In the new
system being permitted to rediscount
commercial paper with the Federal re
serve banks, subject to restrictions and
conditions imposed by the Federal Re
serve Board at Washington No
doubt the commercial. Industrial and
agricultural centers will be greatly
benefited by the recognition thus given
to commercial paper, and in general
these benefAts will extend to the
whole country. Those communities
which are not favored with mnch
trade, or which have not become in
dustrial or agricultural centers, will,
of course, not be benefited except as
they are bound to share in the gener
ally improved situation. The city of
Washington, for IngUno. may not ax-
cent good. We hear 0.1 all sldTrs the 1 thr banks beomuse It was complex. Banks readily increased or diminished accord- able for ordinary purposes, whereas when accommodation of its customers:
statement trust ir me. administration or j which had to pay dearly for collection of mg as ousiness requires. tn" ctemanua or Dusiness increase an.t
the act can be kenr in wtrnnir hnnd. unrl I .,. ... - la ........ . ,n' Tbe intent nf the law is that the normal lh.se itemnml. nr hevun. the re.nifre-
fre from partisan politics It will be ai themselves by charging dearly for the banking business of the country li. e., I menu of norms.) conditions added funds tneir deposits until the acme hasb.cn j
i-ieni .-.ucec.-s. , payment 0r items, and lt was a race be-1 xur icuuinrj ii money ior tvmiiii-niai . can us- supplier oy me. appncaii'm 01 me rearneo ana me si, million uuar mars.
The whole nature of the provisions of j twtven them as to who could collect most: 1 needs) shall bo done by the batiks of the rdltrlcting privilege of the member has been passed,
the. act Is so technical that the public in 1 th- result being that the .customer of system on the basis of capital Invested banks through the district roscrv banks .. k . 1Ln(a, .
general necessarily anderetands It but the bank as well as the business com- an(1 'hare ot the money nf deiiositors. , and the Issuance of Federal reservo cur- n mara 01 onnaerue. gratiring t.y
little. Even a large majority of the munity suffered In consequence. The'11 '" assumed that if the normal business rency. In other words, this reserve cur- "e officers of the Commercial National
bankers have a very incomplete under-1 new act provides that any member bank 1 done on this basts, then It will only be I rency affords the necessary shock ab- and lo the directors. Is Its greatest asset,
standing 01 It. Two generations of bank-' within a district may clear at par j necessary to take care of the Increment sorber. The Idea, while new. is not un- m "KOod will" beyond va'ue without
ers have been educated under an entire- I through the central bank of that district 0( business Which comes In times of stress tried lt is based upon tho experience of
ly different method and- it takes time for any check of any other member bank- or '" irop-movitrg periods through some ' European countries and has been .level- hlcn Its capital would be powerless to
thsun to understand this new method, and as the reserve hank r.rriew nn ac omer macninery. me currency issuing opea largely in emergencies here as tne prouuee returns ami wnicn promises a
lunctioia ot me new nans- provioes mis oniy safeguard wnicn nas neen iounn continued growth and further prosperity
macninery. it gives eacn nisirict central 1 ertecttve in recent panics. (We reter. "I
bank the right to accept from members ' course, to the issuance of clearing-house
commercial paper upon which these mem- j certificates between banks based on the
However. It was the intention of Con- count with every stockholder bank, the
g.-ess in framing the new law to adopt- clearing of checks becomes a very simple
one which, while far-reaching In its ef- operation. At the same time the clear-
would be sufficiently adjustable to Ing of checks between one district and
for the Institution.
With resources of over j.OOfj.OOO. with an
trie existing conditions not to cause any ; another, while Involving a somewhat 1 n,"r banl(s have loaned money to their rediscount by clearing houses of commer- aggressive personnel managing the bank.
revolution in banking methods. Thus, more difficult guestloa. is simplicity It-
ior cuiupie. 11 win tase tnree years ior. sen. compared wjtn tne old system, be
all tho previsions of the act to come into cause there arc only twelve districts,
effect and yet. each step In.the process is each of which keeps an account with
so gradual that there should be no scri
ous Inconvenience either to bankers or
their customers. m
In answer to the oft repeated query as
to where the great benefits will come
evey other; .!iereas. under the old sys
tem there were, say sixty clearing houses
and a. great many country banks not
connected with any clearing house;
1-ourth-A highly important but little
from the new banking system. It may be understod feature of the law is the pro
stated briefly that these benefits will j vision under which currency will he Is
srise: i sued. For the last fifty years, our Na-
First Tn the grouping of National tlonal bank currency has been based
banks of the country around twelve cen- wholly on United States bonds. This
tral or district banks, which gives the was under the provisions of an act
500 to 1.000 banks In each district the . pasaved during tbe civil war and a chief
machinery for effective co-operation; object of it waa to create a market for
Second There Is a very Important re- United States bonds. The law was high
lease of reserve requirements, and yet I ly effective In Its purpose, but from the
the entire system is made safe because, standpoint of the banks of the country
by following the banking experience of i has proved an exeeeflingly objection
European nations as well aa our own. ; able system, the reason being that the
we have brought our gold together to demand for currency fluctuates with the
twelve centers In such a way as to pro- ebb and flow of business and is much
uatomera as the basis for the Issuance clal paper of constituent banks.)
of currency. The character of this lean i The foregoing gives but a brief and
paper must be defined by the Federal Re- I necessarily inadequate comprehension of
serve Board; It must represent the actual the functions of hls great piece of legls
pttrchase or sale of produce or commodl- I lation. At the same time It may serve
ties and must run only a short period it ', to point out what the business commti
tlme (not exceeding six months). Under nity Is looking forward to with so much
this system it la to be exiected that bo- , hope.
there in no predirtinK the service which
thin hank may omr day render to tho
buntnwa interests of Washington.
Kntirely in accord with the Treasury
Department, accepting the guidance of
the Federal Reserve Board; contributing
V the various public benefit movement-.
the "gold rJool" for the control of the-
HEc ? wjjjH
&cs KtHgrK r mm
H gePfc amaiall
Tlrlt the Federal reserve banking
Bel has already done much to restore
confidence in the bu.-mesa world Is the
opinion of Cuno II Ktidolph. president
of the Second National Bank. Mr Ru
dolph is optimistic about the financial
and business out loo for the coming
i'.W .net nine..- .n-ut f.,ltV, in St..
foreign exenange movement tne cotton ,,, lo d,,v, frm ti workinf.
pool" for the aid of Southern banks, go-1 out of lis -.- bunk ,y,tem
Ing a step further and establishing, ..Thpr h .,, . di,tnct r0V
branch banks on the Panama Canal xone. of condw,,... ,n ,. busjn(. WC.M
at Balboa and Cristobal, for the further- duT.,nK ,,, ,BS, ,,,, w,.,.Ws , , Mr
ance of business in that section, the
Commercial National Bank may well lay
Rudolph. "1 think this Is largely due
1 to tne fact that Hie federal reserve
claim to be up to date and enterprising. hankinK -.. ,. -. s ,..-. ...
Its board of directors comprises a full .,t. ., .. ..... .... .. e , .
score of Washington business men. as-
n.lnB a iw.ImI fon.ili.. ..-Itl, ..-.e.' to-l-
:.:"". r.: " ;,"rj:A' .:...' i'"15- nw .y.tem
luif ui utiniiiwriTSB nit- ut iiiTj i.iiiscu.
It sipfivi rnanMmTamrrtciit in in t hirfe '
ation. It t-i too soon yet to foKMt just
how far-rrarhing will be the ffects of
but it would diem
hat the days of the panic are of th-
a 1 IIS itlUif I(lallli-IK-IIIt-lll IB 111 ' llla,r
pct to derive as much benefit from elsewhere than the city of Washington ! and well-known hanking firm of Riggs name was afterward changed to Rlajgs of 1U president, Ashton (J. Clapham; ita past. With the latie currency pro
in- axii ar v;mn, t'liisuurgn, juouis- " BUt" jJiycr.
ville or New Orleans. Washington In the formation recently of a gold
& Co. Mr. Glover's familiarity with A Co.. which name waa retained when Tle P.dnt, ja ics A. Cahi.l, and Its , vlded by the Federal .reserve banking
. . I . ... .,. s4 .... a r. 1 Aatalil.B Tllrllr.a LT
cannot lay claim to being either a pool to assist In aolvlnw th. rnr.iwn the details and practice of banking, the bank was nationalized in ISM un- TTT!. . ' .. ,,.j ' at tl. capable of expanding or contract-
commercial, agricultural or industrial exchange problems growing out of the and his intimate knowledge of the leg- . d'r ,he tlt,e- the R1gs National Bank ,n h,8 choBen C8jnng, eal-'h giving his Ing to meet conditiona as they arise
center, lt is a residential city; and European war. and In the formation Islation of the past generation affect-:0' Washington. D. C. Its management , ,,,, -.,, .nd h' intirw time to the all the financial requirements of rood
while it has a fair trade and some of the cotton pool to relieve conditions Ing banking and currency problems In " A'80 noted for Its conservatism, and .JftLra of the Commercial National ern business should be provided for
thriving Industries, yet the people of in the cotton industry of the South, the the United States peculiarly fits him to ,ta name Is a synonym of soundness Nofle of thMf, 0fnclals Is a member of Already a wry 1 videnl inijroen.nt
Washington have not been inclined to banks of Washington have unhesltat- speavk with authority upon the prob- nd stability. In Its early history the a .tocR , gratn or other exchange has been felt in business circles gener-
, encourage the location of factories Ingly and promptly reaoonded to the able workings of- the new banking banlt 1 n important part In the 11 are .nthuslastic over the success that ally throughout the country.
there or the upbuilding of large com- call of public authorities. Thev have system. As a oubllc-sDirited citiren he financing of the Mexican war. and In . p,h th.tr effort, and In this re- "It is goinu to take time, of .our
merciai nouses, mere nas neen a tear none tnia, aitnougn not rated as com- has taken deep interest in banking
1 that if Washington were to become a merclal institutions, but as a patriotic legislation and waa a leading advocate '
. great business center. It would mar the duty to the country. of the passage of the Aldrich-Vreeland j
beauty of tne iapuai. ax, a nence mere Mr. Charles C. Olnv.r ...iH.m of act of Mav JO. 190 under the term. ;
are no large commercial or industrial the Rlggs National Bank h.. ariven of which several hundred millions ofl80"1"" of approximately $15,000,001),
concerns nere wcin-.uiu. uj,u ieo.ii.. 1 am nerwiu tne aDove brief analysis of national Dank circulation was Issued
for commercial koana In anything like the benefits to be expected from the op- to pass the crisis of the past summer
the degree such concerns do tn the eration of the Federal reserve act with and afutumn. He has been a most earn
other cities named and those of like particular reference to its effect upon est and influential-advocate of all the
character. If the banks of Washington the banks of Washington. Mr. Glover legislation looklitgPto the betterment
which are members of the Federal re- i Is unusually competent to speak upon of our financial system,
serve system desire to equip them- this subject. He has been president of The Rlggs National Bank Is one of
selves with commercial paper falling the Riggs National Bank ever since lt tho oldest and betft known hanks in the
within the requirements of the act and waa organised in 1896. and for many I United States. Its history dates back
available for redUcount with federal years prior to Its conversion Into a na- to 183.. when It waa founded under
reserve banks, they wrili have to look tlonal bank waa at the head of the old' the name of Corcoran at Ris. This
financing or tne Mexican war ana in ilM crowned thtt, ettortn and ln thl8 re. "It is going to take time, of course
ts later hlstorr It has been helpful and , , . e0,iowed by every mem- to work out all of the provisions of
influential in all Public undertakings. fm f fa , clerical force of the m- the act. and s great deal of study to
The bank has a capital of $1,000,000. atJtution '""v comprehend its meaning and its
.surplus of 82.000.000 and total re- Wjth ,. ltal BUrplus and undlvldd possibilities Just how great its bene-
profta of ovtr tl.X.000. with deposits ot flu will be
. wTth
lo be determined as
making It the largest financial lnstltu- v 8f.O0O.O0O. wTth ab. eatable officials. It proves itself in opera-Ion.
tion in the city or Washington, it does ,,. . ,. ri, d. ,, . .... mak.a for The Second National Hank
an extensive foreign exchsn-re busi-
succesf, th Commercial National Bank member of the Federal reserve banking
ness. having direct relations with all ltand, toda" safe, sound, progressive, system and as such, champions Its
the principal capitals of the world, and , .. . -, j.,.. in th. rum. .. e.u.e i think that a. time enei na
lis as well known abroad as It Is at ijiiit.d States In the City o? Washington an a full unders.ai.d.n tne tu i vork-
'"",,c- ' and t." a d will ever aim to be loyal Ing of the act is reached it will be
Through the Rlggs Bank also $20,- tn It otto "The Bank of Personal found to be very far reaching In its
OtlO.000 waa paid for the Philippines, Service." effect on the business world. And in
and the $7,100,000 paid Russia for Ale,- o.i tula slogan It has woa hich recog- .ell It should further Increase the p roo
ks passed through the Rises Beak. ' nJtlea, sects for better business in 1811s'

xml | txt