The Washington herald., 1913-01-31
Observation-Disclosures

metropolitan at 2o4, Union Trust at 1861.
| alSi, National Savings and Trust 30.
Bonds showed 10 81 for Traction IS,
81 Is for Railway As, 100 3-S for Potomac
Consolidated and 10 3-s for Gas IS.
Wall street.
1t was great day on Wall Street.
Thursday. There was no reason for a
bull market, but there was a good I'M
dertone to the list all day and many
sharp advances made and sustained
Looking for a reason. plausible ex-
cuse for such a market. mid the un-
certainty of action by the dominant poll
teal forces, month hence. with Rep
resentative Henry suggested as the trust
buster of the new administration I'd
and with prosecutions of Steel and Har-
vester going right along, ii was discov-
cred to be clearly and plainly drive
against the shorts.
When every one is pessimistic, when
the air is surcharged with gloom then
is the time that the unexpected hap
pens and the spectators are made to pay
the penalty for too much one-sidedness-
The movement of the week has been so
sharp. so unexpected that the shorts
have been given no chance to make a
turn, and have literally been run in yes
terday and on Wednesday, with serious
loss.
The great bulk of short selling has
been in Steel common. with Union Pacific
and minor industrials all heavily sold,
as well as some of the leading indus
trials-Copper, Smelling, and Petroleum
shares.
Weak Spots.
The only weak spots in yesterdays list
were Norfolk and Western, because OF
a new issue of convertibles. and Southern
Pacific. not for any special reason, but
simply because the shorts were run in
Wednesday, and the stock advanced
while the rest of the market was stand
ing still
Dan Reds movement in Can has de-
veloped along new lines. according to
statement without definite confirmation,
regarding the payment of the back divi-
dends on the preferred, with s per cent
bonds, and the payment then of larger
dividends on the common shares.
The result was a AS rise on Can
common and liz on the preferred, ad-
vancing values to ranges not thought
possible a week ago.
Independent steel stocks acted excel
lently, due to large orders being placed
by railroads. II was a great day for
Republic preferred. which rose points;
Pittsburg Coal, IS: Loose and Manu-
featured Tobacco. points. Corn Prod
uCts advanced IS. and Mexican Petro-
leum rose points in the last few minutes
of trading. Sales were 695.O00 shares.
Chesapeake aud'Potomae Telephone.
The annual report OF the Chesapeake
and Potomac Telephone Company was
filed yesterday. II shows total receipts
of Sl.625, 81. Expenses, administration
and the like cost Of Sl23.Ol2.57. Operat
ing expenses were ST.. 365.52. Maintenance
amounted to s572.607.e0 Rentals, insur-
ance. etc. were s7SS10.43. Dividends and
interest amounted 10 s45S, 422.S. This
leaves a balance of S7o,Ooo.72.
Chapter Lectures.
The education of the younger banking
men along lines consistent with their
every day work being the avowed pur-
pose of the American Institute of Bank
ing. no better subject can be used as
basis of banking education than the
laws of bills and notes. The Washing
ton Chapter arranged a series of ten
lectures on "Negotiab BILE Instruments" by
Prof. Charles A. Douglas, the well known
authority on the subject. Two very sue
ccssfuI lectures have been given.
This course will compare favorably
with any given in our universities and
colleges, and il is the desire OF the
chapter to impress on the minds of its
members the importance OF knowledge
Of the rudiments of this subject. Dam
lei and Douglas on the Elements OF the
Law of Negotiable Instruments Is used
as a text.
II has been necessary. TO suit the con-
yenience of Prof. Douglas, to change
the meeting night from Thursday to
Wednesday evenings.
Lectures will be delivered on the fol-
lowing dates at SIS:
Wednesday evenings, February ,. D.
and %, March l.. 10. %, April ? and p