The Washington herald., 1913-04-06
STOCKS EASIER
0NREALlZlNG
Taking Profits and Some I'm
easiness IN Europe Cause
Modest Recessions.
LOCAL MARKET IS DULL
Bank News-Poor Bank Statement.
Western Maryland Earnings.
Year to Date.
BY L. a. FLEMING.

BY L. a. FLEMING.
There was a turn the other way on
the New York Stock Exchange on Sat
urday, and yet it was nothing more
than the natural reaction that one might
expect after five days of constant up
ward trend. The losses varied from Is
TO a point, with little larger loss on
Can common, Chesapeake and Ohio, and
Mexican OIL with advances OF nearly
a point on Southern Pacific and ~ on
Louisville and Nashville.
II was easy to realize that Chesapeake
and Ohio was under pressure, on the
theory of heavy damage to the property
of the company in the flooded regions;
the advance in Southern Pacific was on
the rumor that the company has been
able to make an agreement with the
Rock Island that will give il Chicago
connections.
AS for the declines. they were due
more or less to rush of profit-taking.
Profits were Unexpectedly large; it was
the end of the week and the most nat
ural thing that there should be an even-'
ing up Then again, the short interest
has been whipped to a finish, for the
time being. and the removal of their in
CURRY has lessened the demand.
Europe led in the selling. Europe is
;urbed Four powers are standing or
Montenegrin territory, with a view of
coercing the little country from the spoils
of its valor against an oppressor. The
powers are fearful lest some big power
espouse the cause OF the little kingdom
and pick quarrel with Austria, the
cause of il all.
While prices We're lower. there was
but little activity 300 900 shares covering
ho OBJ in no session.
Aside from the stocks mentioned, Can
adian Pacific was one of the weak sis
tiers 1t sold freely in profit-taking
transa ctions and dropped ~ points to
a weak close.
Generally, there was slight rally
ka% Of a point before the final clos
ing.
Poor Bank Statement.
The inside information was to the
effect that the bank statement would
not be favorable. The banks had lost
heavily on the earlier days of the week
to the subtreasury, and the drafts from
the Middle Western States for money for
the flooded district reducing the surplus
reserves by s5,539S60, actual.
The belief that the statement would be
less promising had a bearish influence on
stocks.
Local stocks.
II was a case of continued limited trad
ing on the local exchange. Washington
Gas moved up is of a point, but at the
close was off from S. to 81 1-S so no
advance was made. That il was the &C
tive leader, with 40 shares sold, tells the
story of inactivity.
Two small lots of Railway common
brought o. The preferred was held at
%, with 80 1-2 bid; no sales.
z1,a Of
Gas at 101 Ia was rather noteworthy, but
further comment is not arrented.
Mergenthaler rose to is, making a good
: points gain in short order.
There was some Improvement In bonos.
Georgetown Gas As sold for the first time
during the current year, and for months
before. the price being l0i. Potomac
Consolidated IS, 100 IS. and Railway and
Electric IS at So l-2.
Dupont Branch.
The Dupont Circle branch of the Unit
ed States Trust Company opened for
business yesterday in its new and beau
tifully arranged home. The transfer of
the branch assets from the Connecticut
Avenue branch, now closed. occurred on
Friday night The new home of the
bank cost in the neighborhood of 100000
all told There are two elegant apart
ing, and these will bring sufficient in
come to make the banks rent merely
nominal
Being constructed on a colonial design,
simplicity and quietness dominating. the
bank building is an ornament even to
the exclusive residence district. Con-
necticut Avenue is fast evoluting from
a residence to a business section, even
to the next block south Of Dupont Circle,
and the erection of the bank building
carries business to the circle itself.
The Dupont branch is under the man.
agement Of r. ID. Hagner, with Marcus
A. Jordan as assistant manager. For
some time, during the illness Of Mr..
Hagner, B. b. Wilson, assistant treas
urer of the United States Trust Com
pany has been looking after the inter-
ests of the branch.
These three were on duty yesterday
until late in the evening. Mr.. Hagner
does not expect to lose any of the Gus
toners of the institution from down the
avenue.
The ladies' parlors are very prettily
furnished and commodious, with a splen-
did fireplace for good CRATE fires in sea-
son.
The vaults are of the latest design and
ample. this business being counted on as
one of the big possibilities of the bank.
Many OF the neighbors have secured
boxes In the basement ara large silver
vaults, and they will be called into use
with the annual summer migration.
All in ALL the branch is furnished in
keeping with the main Office, on the
northeast corner of Fifteenth and II
Streets. and may be counted on to win
its way in short order.
= What's the Matter.
Washington securities are admittedly
as good as those Of any other munich
pality-actuallv better-and yet there is
scarcely any investment buying at this
time. Summer dullness prevails-almost.
Washington securities are better than
those of an other city, for the reason
shat they are unaffected by the infiu-
ences that depreciate stocks and bonds
elsewhere. No matter what happens
elsewhere, the people who have local
stocks and bonds hold on, and the float
ing supply of securities is not large
enough to break even a dull market
Every one seems to understand that
Washington investments are the kind &c
leave for an estate, just as hundreds OF
investors have left the traction and gas
shares for their children, and even to
the second and third generations.
They understand that only real cata-
clysms of the kind that hurt and retard
the advance of the nation, can give
even moderate setbacks to American
securities, and then only temporary.
But just now investors are keeping
away from the market. There 10 no
~~oo,,Iox;x,o inu,rfry nor haa there baaf,