The Washington herald., 1913-07-31
LOCAL MARKET
AGAIN normal
Capital Traction Shares Sell
IN Small Volume at l16.
Trading Dull.
NETWORK MARKET DOWN
Cut in Dividend Of Illinois Central
Brings Losses to Entire List
Steel Strong.

Business, after the furry in Capital
Traction on the previous day, was mild
and in small volume. As might be eS-
Iected, Capital Traction was again In
evidence on evening up sales after the
buying and selling on Tuesday. But only
thirty-two shares were transferred from
one broker to another in three sales at
Zig. Judging from the bids. Railway
Common was in fair demand. but no
stock came out until the bid was raised
to 81, when 100 shares changed hands.
The preferred shares were firm at Sl-1-i
Gas sold at 41-2, with small lots going
at S. but less than sixty shares en-
tered into the transactions.
The local market simply went back to
normal conditions without feature as to
stock movements or prices.
Albion K. Paris returned to the city
Monday and was at his place of BUSH
ness and occupied his seat on the Stock
Exchange yesterday. His vacation was
spent on the Rhode Island coast
Alexander Mccormick, jr, has pur-
chased seat on the local Stock Ex-
change, and expects shortly to engage
in general brokerage business in WASH
ington- Mr.. Mccormick is at present
a resident Of Annapolis. He is son
of Admiral Mccormick. 1t is said he
paid $500 for his seat on the exchange.
Bank Has an Opening.
The Security Savings and Commercial
Bank has moved into its new building.
at Ninth and G Streets, and will for
mally open for business there this morn
ing. The bank was organized several
months ago, and has occupied temporary
quarters at 1S3 Ninth Street while the
building at Ninth and q Streets was
being rebuilt and made ready as the
permanent location of the institution.
no will he
this morning until o'clock at night, to
give all the friends of the bank oppor-
tunity to call and pay their respects to
the officers and directors.
Amid the general wreck and havoc Of
the storm yesterday, some damage was
done at the banks and in brokers Off
ces. The damage was chiefly in the way
of broken windows. flooded floors, and
scattering of papers about the offices.
In the inside office of Hartman & Co,
in the Colorado Building. a large win
dow at the rear was shattered, the glass |
flying in all directions, and actually i'm |
bedding itself in the hardwood desks to |
the depth of half an inch. Usually this |
room is occupied by several clerks, any |
one of whom hight have been killed or
seriously injured. Fortunately, the room
was empty at the time, those who work
there being in other parts OF the build.
ing watching the storm.
Prices slump in New York.
The opening in the New York market
Yesterday was fairly strong, and trading
during the first half hour was spirited
and at advancing prices. Then followed
the announcement of the cut in the
illinois Central dividend 10 a 6 Per cent
basis and ) per cent after the payment
of the next installment- This caused
sudden and appalling weakness in that
stock. 1t had opened at ll3ss, but under
the persistent hammering which 1t re-
ceived during the second hour the stock
lost more Than five points. the low for
the day being at loss. Later in the day
1t rallied to 1895.
The drop in Illinois Central caused
liquidation in nearly all stocks and most
issues sold off one to two points The
closing for most stocks was about point
under the opening.
Over against the dividend furry in ILL
NOS Central was the good showing of the
report of the United States Steel Com
pany and the great strength of that
stock. In the fact of the slump it gained
nearly a point net on the days transac-
tons, closing at 80 3-S. Smelters also was
strong through the day, and other steel
stocks shared in the rise of steel COM
mon.
The buying in lie by the prediction
of large earnings was due to double
tracking to Chicago and other improve ]
ments. The Erie HIS for several years {
been passing through a period of rehabi-
litation and reconstruction. BY this fall
il will be a modern and efficient rail- !
way proposition. Besides being an an
thracite coal property 1t will be double l
tracked trunk line between New York
and Chicago with grtdes lower than any ,
of its competitors Erie has been and is :
passing through a period of reconstruc-
ton similar to those of Reading and ,
Lehigh. Erie as a transportation PROPOSE )
ton has the advantage over Reading and I
Lehigh OF being through trunk line to
Chicago. :
Cut in Dividend Explained. /.
Illinois Central paid 31-2 per cent last I
time. now it payc 21-2 per cent, which !
Is a reduction for 1913 of l per cent and
means that stockholders gets per cent
this year but it places the stock on
5 per 1T basis hereafter.
The following statement was issued by
Illinois Central after the declaration of
the dividend:
1.-THE directors Of Illinois Central have b
concluded that under the unusual condi- g
TORS of the last two years not only those
affecting general business. but those
bearing esr "ciaIly hard on this company, f
II is wise to declare at this time a divi- Is
dend of per cent upon capital stock, o
making per cent paid for the year.
This has been fully earned, notwith-
standing the severe loss of trafflc and j
increase in expenses due to January and IN
April floods. The net earnings for May 81
and June were very satisfactory and es- s.
Inmates for the first three weeks Of July
show substantial increases. The operat-
ing expenses ere now rejecting improved 81
conditions due to increased efficiency of y
new shop organization and crop condi- d
t ms Throughout the territory served byl
the company's lines promise continued
increase in business" OF
II
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