The Washington herald., 1913-08-09
Letter ESTATE
SOLD TRACTION
Over 1900 Shares Of Capital
Traction Liquidated- Other
Stocks to Be Held.
POOR CONDITION ON CORN
Government Crop Report Disappoint-
ins-Want Much Inside lnforma-
tion from Bankers.
POOR CONDITION ON CORN
By 1. 4. FLEMING.

By /. 4. FLEMING,
Ii develops that the heavy selling Of
Capital Traction shares last week, which
eliminated in a sale of 1900 shares In
one day, represented the liquidation by
the Letter estate of /. 80 shares of Cap
ital Traction stock. which had long been
held as a high-grade investment in the
Letter family.
When il came To settlement with GER
tain of the foreign heirs. it was found
necessary to turn a considerable quantity
of stock into cash.
1t is now understood that the balance
of the investments will be distributed
pro rata among the principal heirs. ard
that no further wholesale liquidation will
be necessary.
PERHAPS the peculiar feature of the
markets action at that time was the ex-
ceIlent manner in which this 1.750 shares
of stock, netting over 100000, was abb
sorbed.
1t was evident that there was support
for the stock, evident that insiders in
Capital Traction Company knew perfect
ly well that was coming on the market
and were prepared to care for it-at
Price. =.
Under ordinary conditions this amount
of stock coming on a market as dull as
washingtons would have resulted in ser
ious recessions. In the choice of broker
for the selling end there was wisdom. as
cit gave out the impression of continued
bear operations.
Going to Find Out.
Secretary McAdoo has addressed,
through Acting Comptroller Kane,
circular letter to all national banks in
large cities, in which he asks for infor-
nation of borrowings and lendings, in
vS,ith other hanks. State, S,.,,
rediscounts &c. evidently with view
of seeing Just how much of a helping
hand the banks of the larger cities have
been extending and just the particular
sections of the country that ed cash
most urgently. Where the greatest re-
discountng has been going on, there Is
the greatest need.
Information is asked Of bankers In
large centers as at the close of business
August 9, this afternoon.
The fact that the Secretary has made
il necessary for banks obtaining part OF
the currency to be given out in the near
future deposit at least 10 per cent OF
their security in Government bonds has
been a helpful provision
Nutty Meat.
The August circular of the National
City Bank is full of nutty meat.
II Is largely Il OlSSeTIdtlbll vi liic
fications of the proposed currency law
in its important features The chief ex-
preston of uneasiness is found in the
probable future of and per cent and
even per cent Government and insular
bonds with the non-circulation privileges.
The bank indicates that it purchased
roore government bonds in July. Of this
year, than il sold, giving the exact fg-
tres. a gain of over $4,000. stuiy
of the figures indicates that the stock
of per cents did not increase. Uneasi-
Iiess is expressed over the future on ri!
government issues.
Local Securities.
A short session of the exchange, a lin
tied volume of business, small attend
ance of brokers. and no activity or any
thing approaching it. Washington Gas
down to 81 and that price bid for more.
Further comment is unnecessary.
government Crop Report.
The government crop report was de-
cidedly poor on corn, very fair on sprirg
wheat, excellent on winter wheat, aid
gust moderate on oats.
Interest centered in the corn crop, be-
cause it is the mainstay in many Western
States.
Corn condition 75s per cent as COM
Jared with S6.9 per cent last month Chi
cago crop experts looked for a 10 per cent
loss. but were not prepared for II per
cent 1t means 500,000,000 bushels less of
corn. unless rains relieve the damage
quickly.
Spring wheat crop al per cent, indt-
eating a 253,00o,Oo0 bushels production n.
Winter wheat 93.7, indicating a 5Il 600 0J0
bushels production. Oats 1917 per cent
This report is of July d. and much
damage has been done since then, but
there were reports of numerous showers
in the last few days that may be help
full.
the expectations of best informed grail.
men. providing that all crop reporters
are not liars
But the crops will be large, averaging
somewhere between 5000, 10000 cnc
500 900, 900.
Wall Street Market.
New York stocks were strong early.
went off on the crop report and in ad-
vance Of it, on the theory of many hold
ers that the report would be bad, and
that a gathering of profits would be but
wisdom, and came back good and strong
in the last hour, but not with sufficient
strength to save the net loss of fractions
Of a point on the leaders.
ST. raul displayed the best strength OF
the leaders and made slight gain, the
stock closing at los 1-2 as compared with
los is on Thursday.
Union Pacifics action was indicative of
the general trend of the entire list. 1t
sold at 152 rs for high, on to Isl IA, and
came TO l52 3-S within a small fraction
of Thursdays final dealings.
The people who have the stocks are
not in business for their health. There
is no pressure to sell, and the liquida-
ton was the work of trailers who have
good profits.
Steel lost 3-s net for the day, despite
unsettlng reports of the general trade.
Reading was under pressure on the
prospects Of legal troubles. 1t lost 5-S
net.
New Haven was under distinct pres
sure. dropping back to 9s SIS, nearly 2
points and recovering rs
Cotton Oil, Canadian Pacific. and In
terborough were firmer. American To-
bacco and Bethlehem Steel were lower.
The Mexican situation may have had
some influence, but the crop report was
apparently much more important in Its
effect.
NEW YORK MONEY.
New York. Aug. s-Call money opened at n