The Washington herald., 1913-06-24
STOCKS Higher
ONLIGHT TRADE
London Sets the Pace and
Sharp Rallies Are Made
In List.
WASHINGTON GAS HIGHER
Good Buying of Favorite Local Indus
trials Continues-Happenings
of Importance.
WASHINGTON GAS HIGHER
By L. A. FLEMING

when it was all over.
II seems that the recall of the Inter-
state Commerce Commissions dictum on
Saturday was just for a change OF words
and that 1t meant the same thing. Some
consolation was found in the fact that
that defeat was not permanent; that the
famous commission would investigate on
its own hook, which led some optimis-
tically inclined to believe that there
were sumcient actual causes and reason
for an advance 10 convince the commits
sion that an increase was actually neces-
sary. In the meantime, the commission
refused to permit few tarifrs for higher
rates TO become effective, and is prepar-
ing to adjourn for the summer. while
the railroads continue to sweat, even on
cool days.
There was really nothing of Importance
in the action of the commission In CALI
ing back its ruling.
Second thought on Saturdays slump
differs 1t was accredited TO some as
Lawson movement; by others to fear OF
currency legislation, but generally ac-
credited to one more straw-the Inter
state Commerce Commission straw-on
the hopes of the railroads for higher
prices.
Opening Strong.
There was little chance for the short
Seller of last week to get back stock
after the opening Monday. Everywhere
higher prices prevailed, and they proved
TO be the low of the session. Almost i'm
mediately the advancing movement de
veloped to a net gain Of 2a2ls points IN
the leaders and lsal elsewhere in the
list The str ct seemed to think that its
fright of Saturday was uncalled for. the
shorts rushed 10 cover and they bid the
prices I'D on themselves.
Then they slowed down and during the
rest of the session reacted slowly to a
close with about II points net better
ment in the leading securities and 1sa1a-
Il. in the rest of the list. During the
last three hours of the session changes
were comparatively few. The old active
leaders were re favorites in trading.
Steel held rs gain. Reading sold TO 1571s
and closed at 1851: Union Pacific was
high at 144l4. and Steel common. 525s as
compared with 80 rs, the final figure of
Saturday.
In the second rails Nipper was firm,
Great Northern rose N. and there were
many ha24 gains that were held through
out the session.
higher, American Tobacco gaining rs
London Buying.
London was a buyer with the opening
and acquired considerable stock on bal
ance. This helped matters materially.
Wall Street men have about decided
that all the real liquidation is about
ever: that is. that there will be no fur
Their forcing out of stock at anything
round these levels. The short interest
is large, but much of the covering has
been accomplished, with actual stock
coming out. so that the outstanding in
terest is not as large as some may i'm
agine.
Nothing has happened as yet to give
the shorts any especial nervousness, I'M
less it is the currency bill, and Wall
Street has not digested the proposed
measure. Over in Europe the allies are
demonstrating the fact that friends fall
cut and that greed will cause misun-
Outstanding.
No further steps have been taken in
the Union Pacific case. Crop outlook is
excellent. and this, with the promise of
easier money, is factor in the stu
alton.
Gas Again Higher.
tinues without let up. Seeming the
movement as out of the usual, holders
are steadily marking up their prices.
and the buying movement, which CEN
tiers around the one real friend Gas
has had on Change for years, meets
the asked for advance. There was just
as good buying at Sass IA as it was
when it was 81, and when it closed with
S. rs bid and none offered under 81, the
street was puzzled.
Just why it should advance at this time
is matter of interest to every one The
gas company is doing well and has been
for years. The officials are hopeful of the
years results, but as for anything spe-
cial happening at this time it isn't in
the air.
Nothing on with the GEORGETOWN COM
pany, no chances of consolidation, with
out the order from the Utilities Commits
sion, but on the merits the shares are
worth the market price.
Mergenthaler was the other feature of
limited local market, advancing to
21hsa215. Boston makes the price, Wash
ington follows.
Capital Traction was offered at III rs,
with III bid. There was some comment
anent the fact that there seems to be
no organized support for the old time
favorite, which in times past, even re-
Gently, has been strongly supported.
Washington Railway shares nominally
unchanged. Washington Railway As sold
at s21z, and Potomac IS consolidated at
100 IA.
How 1t VIII Look.
OWNERSHIP OF southern racine STOCK, IL
consented to by the government, will be
a new departure for Pennsylvania, which
company up to date has owned securities
only in roads which form a part of its
system or interest in which was once
necessary to maintain rate conditions in
its territory. This latter was the cause
of the purchase into Baltimore and Ohio,
and the condition which made such
step desirable has long since ceased
Pennsylvania now swings into the far
Southwest, obtaining a IA per cent inter-
est in Southern Pacific, to add to its in
terest at present in New York. New
Haven and Hartford here on its Eastern
end, and its control of Norfolk and West
ern. which is natural extension of its
great system.
After the swap with Union Pacific is
contaminated, IL it is agreed to by all
parties, Pennsylvania ownership in
systems outside of its own will include
q q per cent ownership in Norfolk and
Western common, 40 per cent of the pre-
ferred, IA per cent in Southern Pacific,
and 2 per cent in New Haven, viz:
Owned by Per Ct
Outstanding Penn. Control
rfafk n az 20