The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-12-11
Foreign MARKET
REFLECTED HERE
Canadian Pacific Makes Fur
ther Decline of ~
Points.
N. Y. CENTRAL RALLIES
Improvement Shown in Washington
Stock Transacions-Local Bank
Stock Transactions.
N. Y. CENTRAL RALLIES

Reading closed strong, and Union Pa
citic and Steel yesterday scored fractional
advances, after a series OF unfavorable
developments in the New York stock
market that might have been expected
TO upset the entire list.
Foreign market reflected the unfavor-
able opinion of investors regarding Ca
madam Pacific financing by a further
decline of 215 points, which loss was not
recovered.
With the opening came the announce
ment from the Pacific Coast that Mexican
Petroleum had passed the preferred divi-
dend, owing to the unsettled condition
in Mexico" Both stocks dropped sharp
ly, the common touching 42h and the
preferred T2&. London houses sold New
York Central, breaking the price to 9lA.
about which time New Haven touched
1llS. These incidents gave the bears
courage, and traders of Steel common
dropped down to 557s. but liquidation
failed TO follow and prices stiffered when
attempts were made to regain stocks
just sold.
On rumors that no change will be made
in New York Central dividend, the stock
rallied to Sc.
Amalgamated rose a full point. At
the same time, Western Maryland
dropped a point, Missouri Pacific de-
veloped weakness and several of the
minor industrials fell 1-2 points.
All interest appeared to die out of the
market around noon. Trading came al
most to a standstill, which at best had
been highly professional.
Rock Island collateral As dropped from
81 5-S to 30. An attack on the stock fol-
lowed, carrying the preferred from y 3-S
to 19 3-4 and the common to Is. As usual
the traders overdid it, and prices rallied
a point when they attempted to cover
near the close.
The volume of the trading and the firm
ness of the price attracted particular at
tention to Reading. Quiet buying was
noted in Union Pacific, and Southern
Pacific remained firm in spite of the re-
port that the floods had already &C.
casioned SIS, 600 600 damage in Texas
where the water is still rising.
British ConsoIs established a new low
record, and private cables indicate a
pessimistic feeling in the London securi-
ties markets.
Steel tonnage, It had been estimated,
would show a loss of 100000 tons in I'M
filled orders, but the actual loss of 117,OOO
tons was an agreeable surprise. As
market factor it had little weight. Steel
common declined fractiOnally when the
news became public.
Cali loans were made at per cent with
renewals at ; 1-2. Time loans were quoted
shade firmer with little business doing.
Preliminary inquiries for funds over the
end of the year already have made their
appearance and will undoubtedly keep
the money market firm.
Reading, Union Pacific, and Steel re-
tain their position as leaders. Inc
strength of yesterdays market Is taken
to Indicate the anxiety of a large short
interest to cover. The undertone of the
market is considered good in spite of a
highly professional surface.
Improvement on Change.
improvement was noted in the amount
OF business done yesterday on the Wash
ington Stock Exchange.
The quotations on Capital Traction
were closer than for several days.
In the bond list $1,000 in Washington
Railway and Electric. Is brought 1874
during call and later the same class bond
brought 50. Capital Traction IS sold $1,000
at 1OIL.
There were sales of Washington Gas
at S8ss. which, while slightly lower, a
fair demand existed at S31G.
On the sale of Washington Railway and
Electric at 81 lower record than has
existed for some time was established.
In bank stocks twenty shares of Fed
eral National went at 134Ts; ten shares
OF Union Trust at 132. and ten additional
shares of the same stock at 152 IA; ten
shares of American National Bank at
1875. After call ten shares of American
National Bank broug. 100.
MIR. Fox Calls Meeting.
4 number of the holders of Washington
Gas stock are in receipt of a letter from
F. X. Fox calling a meeting in his office
tomorrow night. The meeting, which will
be attended by about twenty holders, is
understood to be for the purpose of dis
Cussing independent action at the APP
Troaching election of Howard s. Reside
TO the presidency of the Washington Cas-
light Company and other matters affect
ing the organization of the company.
Union Savings Directors Increased.
\ meeting of the stockholders of the
Union Savings Bank was held in the
board room of the Commercial National
Bank yesterday. The number of directors
was increased from twelve to seventeen
The new directors are Wade H. Cooper,
Thomas Z. Cooper. Ralph II. Burton, H.
3. Denham, and r. l.. Montague.
Home Savings Ohicers.
The directors of the Home Savings
Bank met yesterday afternoon and elect
ed the following officers:
James F. Shea: secretary, Alexander s
Clarke; treasurer. Howard Moran: assis-
tant treasurer. f. z. Fawn; assistant
treasurer, F. G. Addison, jr.
Semi-annuaI Dividend.
The directors of the Real Estate Title
Insurance Company met yesterday after
noon and declared the usual semiannuaI
dividend of per cent.
Cashier FaHcett Resigns.
Edward S. Fawcett. cashier of the
Park Savings Bank since its organization
four years ago, has severed his connec-
ton with the institution in order that he
may accept more remunerative employ
ment from another firm.
His resignation was accepted at the
recent meeting of the banks directors,
who took occasion to express high regard
for their retiring associate and to wish
him success in all his undertakings.
Mr.. Lanfbie n Director.
James B. Lambie yesterday was elect
ed a director in the National Metropoli-
tan Bank, having resigned in the same
capacity from the Second National, where
he has served for many years Mr..
I.aulbie was a director of the old West
End National, but when that was alb
sorbed by the Citizens Bank he did not