The Washington times., 1913-03-13
RAIL WAY ISSUES
STRONG ON CHANGE
Three Hundred Shares of Com.
mon Stock Sell at 86, and
Bonds Advance in Price.

sues, particularly the common stock,
were notably strong and active in the
trading on the Washington Stock Ex-
change today. A total of 800 shares OF
the common were sold at sc. On call
only twenty shares We're transferred
and there was none offered. but after
call when the offering was made at 50
the balance sold quickly the price was
then raised a quarter. Subsequently a
broker offered to buy or sell at Sc, but
theer was no further trading. Forty
shares of the preferred sold at sS
The prices of Railway As were ad-
vanced also. when the bonds We're
marked u pto s3h bid and y offered.
Two thousand dollars of the bonds
were sold at Sh.
Forty shares in all of Mergenthaler
sold today at 2l3.
With money easy in Washington, Bal
timore just now finds itself in tight
place. The payment for the sl,5@,0O
of Consolidation Coal notes, placed with
Baltimore investors, all of which were
paid for yesterday, practically took this
amount from the aBltimore banks ana
institutions and sent II to New York,
where the whole issue of $,5o0.oO0 OF
these notes was financed. 1t was said
that the aBltimore market was hardly
in a position to stand so great strain
on its resources at this time, and that
IL win require some days for IL to get
back to a normal money condition.
This was one Of the explanations Tor
the calling of loans. 1t Is not to be
understood, say the Baltimore lenders,
that customers needs for all legitimate
t~asr, 1ns Ia a q
are still extending accommodations at
the prevailing per cent rate, but these
institutions are not seeking new Gus
toners Many loans ire still being car
ried at 51z per cent, but II Is almost I'M
possible to make new loan at this rate,
even by the most desirable customers.
The company may and likely viii
bring back some OF this money for de-
posit until it has need for 1t in Its
business. 1t is said authoritatively
that all of 1t is not Immediately need
ed in the extension and improvement
work the company is now doing. but
that the loan was arranged at this
time to place the corporation in FUNDS
should any immediate urgency arise.
When it is returned for deposit in the
Baltimore institutions 1t will at once
be available for market uses.
The Iron Age today says in part:
Manufacturing consumers OF steel
products reinforce the confident views
of the steel companies by continued
large specifications on their contracts.
1t is not surprising. with the heavy ac-
cumulations on order books, that new
| business is not up to the present record
rate of output; the surprise Is that there
Is so much new buying.
THAT consumers are specifying farth-
er ahead than ever. and are rarely CIV
ing the mills a chance to cancel any
nf &Iat,
confidence in the continuance of present
conditions far On in the year.
"The pig iron situation has changed
to one of larger inquiry in nearly all
selling centers, ut with no increase in
sales. Foundry buyers are sounding
the market for third quarter and sec
onl half, but are not disposed to pay
prices recently quoted. Sellers are
standing on the current consumption.
which shows no falling off. while buy
ers make much of the recent increase
in merchant iron production.
Weakness in Southern iron Is more
pronounced. several furnace companies
being disposed to meet the s13 level for
No: foundry fixed by resale iron. In
Chicago, the Central West and eastern
Pennsylvania, foundry iron has declined
about % cents in the week.
The big fight will come on the agri-
cultural schedule. says the Hibbs farket
letter today. THE farmers are becom-
ing alarmed over the prospect of re-
ducing duties on their products and are
organizing for trouble.
'.The sop to be thrown the farmers
by reducing duties on goods needed
in their avocation, and on manufac-
tured articles does not reconcile them
to opening their products to the COM
petition Of Canada Australia. and
Mexico, and South America. It's all
take and no give with the farmers, and
Oscar Underwood expects to have
have trouble"
Underwriters Board Elected.
F. S. Brashears, of the Pacific Mutual,
president: George w. Lynch, of the
United States Health and Accident,
chairman of the executive committee;
william B. Hardy, of the Great Eastern
Casualty Company, vice president, and
c. NJ. Wright of the Continental Cas-
ualty Company, secretary and treas
urer, are the officers who will lead the
District of Columbia Board of Casually
Underwriters through this, the second
year of its existence
The election was made at the first
annual luncheon of the board yesterday
at the New Ebbitt. The general pur-
poses of the organization, protection of
the agents. and the public against
fraudulent companies or agents, was
reiterated at the meeting and plans
for furthering the membership in the
association were formulated.
Holcombe Johnson, outgoing president
OF the board, reported his findings on a
recent tour he has made through the
South. He says agents are particularly
interested in the formation of a Nation
al Association of Underwriters, and
the possibility of such an organization
will be considered carefully by the
District of Columbia board.
n 4, ~ r