The Washington herald., 1913-07-27
MARKET STEADY
FOR ALL STOCKS
Profit aking Stands in the
! Way Of Any Permanent
Advance IN Prices.
RAILS EXHIBIT STRENGTH
No Important Changes in Principal
Securities Trust Compa-
MES Are Popular.
RAILS EXHIBIT STRENGTH
by 1. A. FLEMING.

New York stocks opened stout fractions
below the closing on Friday, with a fair
volume Of business for the short session.
Prices were weak at the start, but rose
one-half to two-thirds of a point upon
the appearance of active buying. some
of it from outside commission houses
But even at this small advance the pro-
ft-takers found opportunity to realize
on their holdings and prices were
smashed before the close, getting back
to about the level of the opening.
The impression is very general tlat
the market is due to a reaction for vari-
Gus causes, aAd the moment stocks be-
gin to show strength the offerings are
greater than the market will absorb.
This is the true explanation of the move
ments of stocks during the last three
days
Canadian Pacific had quite A trading
range. opening at 2l6l.. selling at 2l7%s,
and closing at 2lT. 1t was one of the
strongest of the railroad issues. Future
movements of the stock are uncertain, ow-
ing to the unsettled condition of the for
eign markets. Union Pacific. Southern
Pacific, Amalgamated, Reading. and
Steel all exhibited a brave show of
strength in the middle of the morning.
with considerable realizing on the bulges.
All these stocks closed around the OPEN
ing figures.
Hill stocks Show Strength.
Great Northern preferred, Northern
Pacific. St. Paul. and Atchison We're well
taken by traders representing the invest
ment houses. Rock ISLAND advanced
slowly along with Missouri Pacific, buy
ers claiming that the stocks were good
of nf ho
bonds.
The announcement of the election of
MIR. Elliot as president of the New Haven
system naturally brought on a small ad-
vance in the issues of that corporation.
and shorts seeking to cover found hard
shedding to obtain any stock. Interboro-
Metropolitan was bought literally on
dividend prospects. and fair buying was
seen in Westinghouse and Smelters.
But the price range was within narrow
limits, ard the volume of stocks pouring
upon the market at the high points
made 1t impossible for the buying bulls
TO advance quotations.
The market news yesterday showed
considerable interest in the stee! in
dustry. A bulletin announced that
the Bethlehem Steel Company would un-
doubtedly retain its earning capacity at
l. per cent for the balance of the year
This opinion seems TO prevail among the
steel men in regard to all the big prop
critics, and the idea is gaining headway
that all the steel stocks are safe in
vestment at present levels. This view
of the steel situation, borne out by re-
ports from all the centers of manu-
facture, is and will be reflected in the
market of this industrial issues.
Why Trust Companies Win.
government publication has the fol-
lowing pertinent things to say about the
Stability of trust companies:
Trust compa anies guard a treasure con-
servatively estimated at S55,000, 0UJ, 60, of
which at least $4,000, ,O0OOCO represents
wealth which the companies protect as
trustees and guardians, and the re-
mainder stands for the value of their
own banking resources. Thus the trust
companies hold in their keeping at least
One-fourth of the nations garnered
wealth. A sum equal to more than one
third of the total wealth of Great Britain
and Ireland and more than one-half of
the wealth of France and Germany is
under the control of the American trust
and the amount almost equals
Russia's entire treasure, and surpasses
that OF Australia, Italy, and the numer-
Gus lesser kingdoms.
ReasOnS Tor Their safety.
"One quite naturally inquiries why.
How is it that the trust companies have
forged forward at so swift and so SUBJ
stantial a pace? The answer is found
in the increasing readiness with which
men OF wealth and business sagacity are
making trust companies the, executors
and trustees of their estates. Assured
that their wishes and purposes will be
carried out to the letter. knowing that
rigid laws and intelligent supervision,
under the guidance of the several States,
will be followed, and confident that men,
specially selected for the service they are
to render because of their integrity, and
even experience, the possessors of large
and even modest fortunes. are giving to
the trust companies the care of their es-
tates at death rather than to commit
them to the hazard of individual control |
1T is. therefore, not strange that a ma
ton. the wealth of which is represented
in a sum so great as to dazzle the aver |
age man, finds its prosperity so elo- |
quently reflected in its financial institu- |
tons, which not only act as bankers !
but as guardians, custodians, and as
general watchmen of the products of
thrift and foresight Add to this statis- !
teal attestation the additional fact that !
not one dollar held in trust by the trust /
of America has been lost .
through the dishonesty Of an official and /
the integrity of the companies and their |
worth stand unquestioned"
Government Bonds.
Government securities we're weak and |
prices lower. Bid prices for registered |
Is fell to 95% and coupon IS were no
'etter. The latest quotations yesterday
'ollow:
Bid. Asked.
= 5 con. 2s. registered le3o...-...-..--. 9s2 eE