The Washington herald., 1913-07-25
Strength in Closing.


After the opening the market showed
weakness, and eased off IL point or a
fraction more on the average. In the
second hour the action was better, and
some recoveries were noticed, but in the
final hour the list came TO its own. max
ing the top prices OF the day on prac-
tiCally everything.
Industrials were stronger than the
rails.
Copper and Smelter made better than
a IL gain, the two issues being lead
ers. Locomotive and Lead l IL higher,
Central Leather SIS, Colorado Fuel 3-4,
Consolidated Gas a point, Biscuit Ala
points. and Third Avenue a point. Peo-
pies Gas moved up 214. Utah Copper
lis. Republic Steel 1875. Beet Sugar
11-2. while American Tobacco made it
AIS and Lisgett e Myers points net
gain. Steel common advanced from IS 1-2
to IS, and closed at the top.
High Grade Rails.
Reading rose to 1G1 3-s, Union Pacific
to is, the former 3-S higher and the
latter IL gain. st. Paul was a point bet
ter, Rock Island preferred 3-S. Southern
Pacific IS, and Canadian Pacific a point,
despite some rather heavy selling ear
lier in the day. The ticker was over
six minutes back of the clock for the first
point
Nearly all the trading was speculative,
some short covering, and rumors Of
syndicate to bull stocks Little atten-
ton was paid to news developments, but
advantage was taken of technical posi-
tions and traders efforts were concen-
trated on advancing certain stocks.
New Haven Financial.
While the bulk of New Haven financing
is somewhat staggering, there is general
relief in the financial districts of New
York and Boston that this important
transportation system has arranged for
the weighty problem of funding its float
ing debt The existence of a big bulk of
10000 900 notes maturing December l has
long been a source Of secret anxiety to
the bankers. The very proportions of
this unfunded obligation. the delicate
position of the New Haven itself, and
the possible vicissitudes of this extraordi-
nary financial year have caused no little
concern among bankers who have. how
ever, kept their anxiety pretty much to
themselves
Now that a program to take care of
the financing of the property has been
evolved and bears every prospect of sue
cess, it is argued in many quarters that
the cardinal source of weakness in New
Haven securities is practically removed.
The new financing will give the New
Haven approximately $4,000, 600 new cash
even after allowing for special bank loans
and the maturity of 100000 debentures
early in 1914. And this new money will.
il is believed, carry the system into 1915
without creation of further floating debt
or outside financing.
Bankers Worrying.
1.-The morning mail" says the Wall
Street journal, brings to every one of
the national banks with many interior
correspondents letters that might be epito-
mixed as follows: Our capital and circu-
lation are $4,000, and we have $4,000 in
government deposits. As security for cir
culation and government deposits we hold
s150000 per cent bonds of the United
States. The currency bill has resulted in
a depreciation in the value of these bonds
and We apprehend further depreciation.
We believe that from existing market
conditions for the bonds a price Of 80 at