The Washington herald., 1913-12-21
XMAS CHEER ON
STOCK
New York Market Has Big
Demand for Favorite
Stocks.
A. 7. T. MAKES BIG GAIN
Gas Stockholders to Confer-Census
Cotton Report-Dul Day on
Local Change.
A. 7. 7. MAKES BIG GAIN

Local SnanSe.
Christmas cheer was in the air and
the holiday spirit pervaded the New
York Stock Exchange yesterday.
There was a general recovery all along
the line. Telephone stocks scared by
reason of the agreement between the
company and the government. A report
also was in circulation that the Della
ware and Hudson may take over the
Boston and Maine, which now is operated
by the New Haven The new currency
measure contributed in large part to the
buoyancy, many New York bankers de-
claring their intention to enter the new
a reserve system. 1t was one of the best
days Wall Street has had in some time.
Home News Good.
American stocks ruled higher in Lon
don but the initial impulse was caused
entirely by domestic news.
Initial advances ranged from a small
fraction TO 3-4 in Union Pacific, IA in
Lehigh Valley, 7-S in Canadian Pacific
and 31-4 in American Telephone and
Telegraph. Hasty short covering was
clearly apparent throughout the list, but,
with the exception of the special issues,
the performance was orderly. Profit
taking on the recovering Influenced some
slight recessions before the end Of the
first hour.
- Sales in the first hour exceeded 21400o
shares, nearly double those of the same
interval yesterday, and transactions in
bonds expanded in an even larger pro-
portion. The rapidity of the advance in
vited profit-taking in the closing half of
the session. but American Telephone and
Telegraph lost 3 IA points of its extreme
gain. Western Union, which ran up
points in the early short covering move
ment, reacted > Is. This was associated
with the prospective sale Of $3O,OOO,OOO OF
stock held by the telephone company.
Elsewhere recessions from the high fig
ures were fractional, and the list as
whole retained substantial Improvement.
Local Exchange Inactive.
Transactions in bonds again formed the
principal feature on the washington
Stock Exchange yesterday.
Two $1,000 Washington Railway and
Electric Is were sold at 79 T-S, and one
at 80 One $500 Capital Traction was
sold at 107 "a
Ten shares of Washington Gas stock
went at s. 3-4, and one share OF Com
mercial National Bank at 1S Ia
Capital Traction was held at III IL,
1IO1-2 bid. For Washington Railway
and Electric Sc was asked, s. bid. For
Mergenthaler 2O9 was bid, 2101-2 asked.
A bid of 40 was made for Chaplin Sacks,
200 asked.
Gas Conference Tuesday.
Acting President Howard S. Reside,
of the Washington Gas Light Company,
Tuesday will hold conference with
committee of stockholders, headed by
Edmund X. Fox, which desires to place
before him certain complaints formu-
11Vt4fr God Of q
recent meeting in the Office of Mr.. Fox.
The resolutions call upon the officers
and directors to refrain from sending out
the usual office proxies for the annual
meeting and that instead an open meet
ing be called at which free and open
discussion OF the policies of the company
be had.
Unless the officers and directors of the
company agree to this and other propo-
sitions made in the resolutions the COM
mittee states that il will advertise in the
newspapers of this city, Philadelphia,
and New York. calling a special meet |
ing to be held in this city January Is to
perfect an organization for the control |
of the ensuing election in February.
The committee also proposes that the |
board of directors be enlarged from |
seven to fifteen members and that such |
directors be selected from the entire |
stockholding body and be agreeable mu- |
tually TO the present officers and the |
committee
Reserve Boards Pay.
The remark is frequently made that |
the right kind of men cannot be obtained /
for the Federal Reserve Board at a |
salary of $4,000 a year. The remark |
arises from a misapprehension. salary |
of that size would not attract the right |
kind of men if they had to give all their |
time to their new duties. This, of course |
they will not be called upon to do. The |
governors of the Bank of England meet |
only once a week, and the Federal Re |
serve Board will not be in continuous |
session. The $4,000 will not be to pay
for time, but for knowledge and expert |
ence. The tax on time may be small.
Census Cotton Report.
Cotton of the growth of 1918 ginned |
prior to December 10 amounted to 12,923,- |
yesterday. Round bales included num- |
bered 81, ,6S3: Sea Island, 6e,312 bales.
Ginnings by States are as follows: Ala |
hama, sos bales; Arkansas, SS4. .702; |
Florida, 6S,o32: Georgia, ana 426; Louis |
lana, 3s1, 266; Mississippi, 0A.5S4: North 1
Carolina, 706,252; Oklahoma, 20, ,623; South |
Carolina, 6,4O2; Tennessee, S4o,546; Tex
as, S,62T,lo, and other States, 99,76O
Sea Island cotton ginnings by States: |
Florida, A,126 bales; Georgia, $685. and
South Carolina, $3.50
Income of W., b. & A.
For the eleven months ended November
20. 1913, net income of the Washington.
Baltimore and Annapolis Railway Com
pany was S19O.44S. This is sufficient to
provide for the entire twelve months
dividend on the 81, 10000 per cent pre-
ferred stock and leave a balance of about
per cent on the 100000 OF common
stock.
It was reported yesterday that the
earnings of Mergenthaler for October
and November showed an increase of ap-
proximately $4,000 over the correspond
ing months of 1872
The regular semi-annual dividend of
the Bank of Commerce and Savings will
be paid January 9 to stockholders OF
record December 90