The Washington herald., 1913-12-19
CANADIAN PACIFIC
: SUSIAINS LOSSES
Stock Falls Six Points on New
, York Stock Exchange.
Prices Ragged.
SALES ON LOCAL CHANGE
Local Bonds Again Actve-RePort on
Cotton Seed-Dividends Declared.
Bankers Hear Lecture.

IL WAS at S1Z 10
The drop was due to foreign selling
and a rather demoralized condition in
the Russian market which extended to
other European centers.
After a lower opening firm tone de-
veIoped with advances of one to two
points in Union, Reading and AmalGa-
mated but heavy and persistent selling
for foreign account proved too much
for the market
Beside some 1000 shares of Canadian
Pacific, an equal amount of Union Pa
cific and Amalgamated was sold Tor
London and the Continent.
Southern Pacific sold of fracuonally;
traders arguing that the Union Paclhc
would be without funds to purchase Cen
tral Pacific should the courts decide upon
the separation of this company from the
Southern Pacific. ,
Central Leather rose a point on the
Arenewal of rumors that dividend Woulu
be declared on the common when the dl-
rcctors meet next Tuesday. While some
are In favor of a distribution it Nas
stated Yesterday that it is exceedingly
unlikely that any action will be taken
and it is understood that for some time
the matter will not even be discussed.
American Express continues to break
low records with each succeeding SAFE.
1t sold at 90 yesterday against los last
week. Just one year ago the shares SOLD
at lS9.
EurIeSon Report Discounted.
The publication of the Postmaster Gen
erals report. advocating government
ownership of telephones had been fully
discounted, and although there was an
early advance in American Telephone on
short covering. the price for the stock
closed unchanged. The convertible bonds
we're a feature of the bond market, ao-
vanCing a full point.
Shortly before the close, Reading gen.
eral fours declined from % I-S to " IL on
rumors from Philadelphia that the COM
panv was about to offer l4,0O0OOO of these
bonds to the public.
The weekly statement tof the Bank OF
England reflected a loss of S6,o0OOOO in
bullion. and $1,000 900 in reserves. Bank
ers fear that the continued weakness IN
British consols foreshadows turther
, lowering OF security values.
Several of the commission houses made
attempts to encourage bullish operations
on the theory that the early passage OF
a currency bill would revive interest IN
stocks, but finding that stocks came easy
their enthusiasm waned before the day
was out 1t is a fair conclusion, now
ever. that the first real money to be made
in Wall Street will be on the upside of
the market
The feature o: the market which
makes the most impression upon the OBJ
server is the limited supply of stocks Tor
sale, even when the market Is at It's
worst The best judges in the Street
hold that this reflects the previous ac-
cumuIation of the standard securities
whose earning power has been estaE-
lished by the severe test of the last year
steel Continues Dull.
The iron and steel market continues
dull and inquiries so far have failed to
develop any business worth talking
about. Further preparations are being
made to cUrt2il operations, which now
are on a basis of about 80 per cent ca
pacity. According to an authority,
stocks of goods in warehouses are larger
than earlier estimates indicated. There
is a little spasmCdic buying here and
there, but not in sufficient volume to
give much encouragement Steel manu-
facturers are endeavoring to hold prices
at their present level. While they are
meeting with some success, very little
business is forthcoming. Steel mills are
operating at less capacity than reported
in years, and an Improvement is looked
for.
Local stock Market.
Sales of bonds again proved to be the |
feature of the Washington Stock Ex- |
change yesterday, although there was
limited amount Of stock trading.
Capital Traction IS formed the princi- |
pal basis of trade. Eight thousand dol |
lars were sold at 107 "a; 200 at 107 3-S |
and $1,000 at I07 5-S. Nineteen shares of |
Capital Traction stock was sold at |
Ill 5-s one at 112. and one at 112 1-2
Two $500 Washington Railway and |
Electric bonds went at 81 and $1,000 at |
70 81 Then shares Of the common stock |
went at s..
A washington Gas 1900 per cent |
bond was sold at los 3-s. A $500 5 |
changed hands at 10S 1ss. One share Of |
the stock was sold at SO 1-2.
Two $1,000 Potomac Consolidated IS
were sold at IS 1-2 and IS 3-4. respectively. |
Twenty shares of Mergenthaler were |
disposed of at I'll
One share of National Metropolitan |
Bank stock brought Isl.
Abid Of 81 SIS was made for Lanston, |
1S5 for Norfolk and Washington, and 103 |
for Chesapeake and Potomac.
Trust Companies May Enter.
Trust companies in the District Of Co. |
lumbia will be allowed to become mem |
bers Of the new regional reserve bank |
ing system which is provided for by the |
possible by an amendment which was
adopted in the Senate yesterday after |
noon.
Senator owen, chairman of the Bank |
ing Committee, offered an amendment |
and said its purpose was to admit the
trust companies Of the District to MEM
bershIp in the system. He added that
the American Security and Trust Com
many Of the District had made the re-
quest that the bill be thus amended.
Mr.. Charles ]. Bell. president of the
American Security and Trust Company,
stated last night that the amendment |
was requested in order that the trust
companies in this regard might be \
placed on the same footing as the ma
tional banks, and would be permitted to
companies in this regard, might be
If they so desired.
How Rank Runs Start.
In a bank yesterday the conversation
turned on senseless runs by depositors on
banking institutions, and from what lit
tie things these runs sometimes start
An Ohio man told Of an incident when
that State first began to make calls on
the incorporated banks for statements of
their conditions.
These calls were made in the same
way as those on the national banks andI
were at the close Of business" on the