The Washington herald., 1913-12-23
STOCKS REGAIN
q EARLY LOSSES
Western Union Makes New
Low Record, but Closes
at Opening Price.
BETTER BOND MARKET
B. & o. ReEor! Shows Losses-Local
Stock Exchange Gets Present.
Maryland Raising Funds.

der that of Saturday.
Western Union dropped to a new low
record, 81 IA. but closed at the opening
price, 81. Missouri Pacific went to the
lowest point in twenty years, % IA, but
closed at q L., three-fourths of a point
on the closing price. Canadian also had
a slump but regained its opening price.
London sales, which amounted to the
unusual heavy total Of 4O,OOO shares, were
easily absorbed, in fact buyers seemed
waiting for offerings. Five thousand
shares of Southern Pacific were sold
, around 81 1-2 and as soon as the broker
finished the stock rose to SO. Another
sold 10000 shares of Union Pacific around
l5il-2, supposed to be for the account
of a speculative banker. For few
minutes the price broke to 154, but
quickly recovered a point when the SELL
ing was completed.
steel Closely Watched.
Traders watched Steel hoping that large
offerings would come in, but were dis
appointed in this and bid the stock up to
SO IA, where it closed.
OF all the international issues, Cana
a dian Pacific was the weakest. Another
new low level was touched when Assets
Realization sold at 26
When a stock market can absorb SELL
ing IN volume and ignore fresh declines
in special cases, it is a safe CONCLUSION
that sentiment regarding values has
turned for the better.
OF all semi-spaculative issues, Reading
promises possibly the greatest possibili-
ties for Improvement. As broker put
it Yesterday: THE worst thing that
could happen to this company would be
the disclosure of the true value OF the
common stock" Directors have long
been in possession of figures that give
the minimum dissolution value at $-25
per share for the common stock. The
shares closed strong with a gain of 1-2
points on what the floor traders call the
best of buying.
, Can stocks rose sharply, the common
crossing 90 and the preferred So. 1t is
believed that this company will adjust
itself to new conditions without the for
mality of a government suit
Copper stocks were sluggish. Utah was
strong and Amalgamated irregular under
the late dealings. when it advanced
Seasily to -.
There were many gains from to
points in the less active issues. Bonds
displayed irregularity. Distillers' 5s rose
over points TO % 3-S. New Haven con-
vertibles gained fractionally. and New
York Railway 5s were strong and active
Rock Island collateral As developed fresh
weakness, dropping back to 30 IA.
" 1t is noticeable that people who have
not vet purchased stocks are advising
others to go slow until the situation be-
cCmes definitely improved. Such an at
titude usually results in the placing or
orders to purchase stocks just under pre-
Vailing figures.
Boston houses had selling orders, and
were apparently disposed to fight the
advance. 1t is believed there is still
a large short interest open in this quar-
ter
Local stock Exchange.
While in the main confined to bonds,
trading on the Washington Stock Ex-
change yesterday was more brisk than
has been the case in several days.
Five thousand dollars in Potomac Con-
solidateu IS were sold on prices ranging
from 9S 3-S to IS 81 A $1,000 Washington
and Norfolk brought 104 IL.
SiXty-nine shares of Washington Rail
way and Electric preferred went at 81
10 81 -.
Two shares of MerFenthaler sold at
20, ten shares of Federal National Bank
at 1S4 81. and one share at lS4.
For Capital Traction stock ITO IL was
bid, 112 IL asked.
For Washington Railway and Electric
common s. was bid. Sc asked. For Wash
ington Gas So was bid; Georgetown
Gas s..
Case of Politics.
Local financiers who are Interested in
the currency bill were not inclined to
regard as serious any hitcI in the meas
urc caused by the Demo rats eNclud-
ing the Republicans from the confer
ence committee. They would be con-
cerned only over disagreements on the
bills principles.
For years it has been the policy Of
the dominant party to act independently
of the minority and this policy was en-
forced under Republican rule quite as
drastically as it is today by the Senate
and House Democrats.
Applications Merely Informal.
Applications which are being received
by the Treasury Department from ma
tional banks throughout the country to
enter the new reserve system are, of
course, purely informal The matter is
one which must be passed upon by the
several boards of directors and trans
mitted to the Federal reserve board The
directors have sixty days in which to
consider the matter.
The Secretary of the Treasury has re-
ceived many applications all of which
are regarded merely in the light of an
Endorsement of the new currency bill
and therefore are highly gratifying to
the administration.
President Harper, of the District Ma
tionaI Bank, was the first of the local
institutions to communicate with the
Treasury Department in this manner.
A number of Washington bankers have
been in close touch with the conference
committee and Secretary of the Treasury
during the progress of the currency
fight and they have been of material
assistance in perfecting the measure.
Exchange Gets Christmas Present.
Members of the Washington Stock Ex-
change yesterday received from Mr.. l. |
A Fleming, the financial editor of The /,
Washington Herald, box of grapefruit |
sent from st. Petersburg, Fla, Wherein. |
Fleming is spending a few weeks.
After the regular call. Secretary Allan |
E Walker directed that the box be |
opened and each member received a |
sample OF the celebrated Florida west
coast product.
The subjoined letter was received by |
Mr.. Daniel Fraser. of the National Bank |
of Washington:
"St. Petersburg, Fla, Dec. 10, 1913.
Dear Mr.. yFraser-I have this day sent |
by express a box Of grapefruit for my |
,friends on the stock exchange in your
care.
ut Is sent with my best wishes and