The Washington herald., 1913-10-18
STOCKS RALLY;
SHORTSBUYING
Start Selling Campaign but
Detect Banking Support
and Make Quick Turn.
LOCAL STOCKS EASIER
One Per Cent Extra Dividend De-
eIared on Railway Common.
Income Tax.
LOCAL STOCKS EASIER
By IA. FLEMING.

They started with the tap of the bell.
found conditions to their liking, and
had forced 1-2 to 5-s recesslons before
they detected what appeared to be bank
ing support Then there was a change
Of pace and the taking of profits became
an urgent maneuver, which brought
rally of about point net in the leaders.
There was no apparent urgency in the
demand, the bears were not wild to cover,
figuring that the technical position of the
market would be impaired by the cover
ing movement. and that no sustained
advance was likely.
Every kind of an excuse was given for
the better turn to the list. The most
plausible was that profit-taking, rather
than uneasiness, had been responsible for
the covering movement.
One of the financial news agencies sent
out the following: THE publication OF
the amendments to the currency bill sug-
gested by President Vanderlip. OF the
City Bank, helped the markets improve
ment m a noteworthy degree. 1t was felt
that Mr.. VanderIip. who is a very busy
man, would not have accepted the invita-
ton of the Senate committee to write
changes into the bill had he not had rea-
son TO believe that his suggestions would
meet with favorable consideration. As a
witness before the committee last week
Mr.. Vanderlip created a most favorable
impression"
Foreign markets were a little better.
the excellent bank statement by the
Bank of England kgiving encouragement
TO Continental Bourses, even though not
in the least helpful here, though the
effect abroad was.
T{ufn fril rad in
don as serious has operated to make
copper stocks strong. all. Amalgamated,
Utah, and Texas, as well as Anaconda
Union Pacific aud Steel Leaders
Union Pacific and Steel common were
leaders in activity, but business was well
distributed throughout the list, as was
the strength, Baltimore and Ohio, Rock
Island, and Steel preferred, with Cana
dian Pacific and st. Paul preferred being
about the only stocks that did not share
in the advance. In many of the second
airy list, both of rails and industrials,
there We're only fractional improvements,
IA to 10 point, with leaders 5-S to point
better than the finals of Thursday.
The gossip, although about as volumin-
GUS as usual, was not important other
than as they reported money easier and
) per cent rates over the year. New York |
fractions all attracted more attention and |
were flmer.
The broadness Of the selling, scattered |
as it was throughout the entire list on
the earlier days of the week, was re-
sNonsibe for an almost equal broadness |
in the covering movement.
The bank statement today should re-
feet a good gain in cash. the known |
of money indicating gain Of
over 100000
The Gains.
Union Pacific gained and held "a of a |
point; Steel. "a, preferred off to 104 S-4, |
a new low for the year; Southern Pacific |
gained 7-S with buying reported by SELL |
ers Of high-grade shares at higher prices; |
st. Paul gained IA. with preferred IA
lower; Chesapeake and Ohio gained a
fun point; Interboro preferred, 1873;
Third Avenue, rs; Atchison. a point; |
ing, 5-S; Telegraph and Telephone, \
point, and Can common, point. Read
ing made a point gain.
W., b. & a.
Although the Washington, Baltimore
and Annapolis Electric Railway Com
pany, for September, 1918, fell slightly |
behind its gross and net earnings for
the corresponding month of the preceding 4
al the rate of Is times its preferred divi-
dend requirements, and for the nine
ended September 30, 1913. surplus
earnings were at the rate of Isl times /
the dividend requirements on its 8, ,4eo. 900
Of per cent preferred stock.
For September. 1913. there was a de-
crease of SlS7 i'm gross earnings from gross
Of September, 1919, with a decrease of $50
in gross income and of Sl,794 in net in
come. For the nine months ended Sep
tember 80, 1918, there was an increase Of
fl3, ,sN in gross earnings over the corre-
spending nine months of 1872, with an
Increase Of s1e.64 in gross income and
Of S, ,555 in net income. For the month the
operating expense was $3.50 per cent of
the gross, and for the nine months this
was 4s6S per cent Of the gross revenue.
One Per Cent Extra.
way and Electric Company have decided
TO make the per cent dividend rate ef-
tective for the current year, as pre-
iicted, and for this purpose they have
seeded to pay an extra dividend Of
per cent with the iirst of December books
closing November Is.
Appropos of Transfers.
Before the consolidation. forming the
Railway and Electric Com
pany, there were six or seven traction
using as now Interchangeable
tickets, but each charging one fare for
zach passenger.
By this consolidation universal trans
ters became fact on these various rail-
roads, including City and Suburban,
and TennallytownF Washing
ton and Glen Echo, Washington, Wood
Side, and Forest Glen, the Belt Line, now
The Eleventh Street line, and in addition
the Brightwood road.
Universal transfers on these lines with
IN the District limits are practically in
Iorce today.
Local Stocks and Bonds.
Washington Gas shares were leaders
Dn the local security market In all
ninety-five shares were traded in on a
decline from As-S to H1-& This fire.
luently follows the closing Of the books
Tor dividend payment, just as a rally be-
tore the close Of the books Is natural.
Railway common was held at 90 and
'6 bic. The preferred still hangs fire
ind refuses to follow the common on
The upgrade, although It has many
friends. There is so little common stock
boating around that even higher prices
would not bring out much stock.
Mergenthsler 216 is. Commercial Cityl
Bank ls5, and Continental Trust
.16 Is
Bonds were easy. Railway Is 81. GAS