The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-12-12
BREAK CAUSED
BY new HAVEN
New England Holders Sell
Stock, Owing to Loss Of
Regular Dividend.
PENNSYLVANIA AFFECTED
Demand for Capital Traction SIS on
Local 'Change-Washingto Rail-
way Common Advances.

New Haven's failure to declare a divi-
dend caused bad break in the COM
pany's stock on the New York Stock
Exchange yesterday. Pennsylvania nat
urally was influenced, also the latter
dropping as low as log SIS from Jos Is
though recovering and closing at LOT 5-S
New Haven, which closed Wednesday
night at a "a fell as low as 81 S-S, clos
ingg at s. 7-S. Suggestions OF govern
ment ownership of telegraphs and tele-
phones from the Postmaster General
caused a cut in American Telephone and
Telegraph to lis 81, the stock closing at
III. =
Interest largely was conferred in the
three stocks, and the rest of the list re-
manned fairly steady.
Trading in New Haven was unusually
heavy. Five thousand shares changed
hands at prices that ranged from SIS to
50 L. The maximum fall for the day
was S 3-S
Selling orders appeared to come from
all quarters and while shorts were large
buyers, brokers representing Philadelphia
interests took blocks of the stock around
6S. This is believed to represent purchases
for the account of the Pennsylvania Rail-
road who are credited with increasing
their holdings. In the later dealings floor
traders bid the stock up TO 69. Technically
the stock is oversold, and lie premium
was demanded for the use of 100 shares
over night
Standard shares Up.
sharp upturn took place in the
standard shares. Steel common rose a
full point, Union crossed 1885, Reading
touched 164 IL, and Amalgamated jumped
I per cent on the turnover OF 1000 shares
The passing of the New Haven divi-
dend will have a far reaching effect that
could not possibly be discounted in one
days trading. Half the stockholders are
women, and many Of the educational and
charitable institutions throughout New
England relied upon dividends for their
support
Pennsylvania, with its already large
holdings, will suffer a temporary loss of
income. Pennsylvania stock fell to l065s.
American Express, which owns something
over $1,000 shares of New Haven, dropped
az points
Many investors never disturb their |
holdings as long as dividends or interest |
is paid promptly. New England in |
vestors have been hit by a series of mis- |
adventures that will no doubt compel |
them TO further liQuidate their New
Haven holdings.
The principal difficulty about the New |
Haven is that its securities, temporarily |
at least, are put in a bad light. as its
bonds, through regular dividends, have |
been eligible for investments by savings |
banks and trust funds.
Changes in the leading issues were |
fractional o.. Weakness was again noted |
in many of the less active issues. Amer |
lean Tobacco lost 4 points Pittsburgh. |
Cincinnati, Chicago, and st. Louis, D; |
Western Maryland. and Wells Fargo |
over per cent. Rock Island As were
weak in face OF the declaration of the |
regular quarterly dividend on the old |
stock. Discussion OF possible government
ownership broke Telephone . points, and
Western Union !.
Closing prices were generally firmer on
short covering.
Local money market conditions showed
little change.
Brokers expressed the opinion that
Yesterdays market gave remarkable
of technical strength. At
tention is called to the action of Read
ing. Union Pacific. and Steel. The first
is the favorite, with Union Pacific
close second.
Local stock Exchange.
While the market for bonds on the
local stock exchange yesterday was quiet,
for Capital Traction IS was even better
than for the last few days. five transac-
tions being made at 107 10.
The feature of the trading was in
Washington Railway common, which,
after opening at s. IL, declined TO s., and
later advanced to IS. the trading amount
ing to $50 shares. After the regular call,
however, the stock was offered for sale
at 81 1-2. without result.
Announcement was made of the regular
quarterly dividend of s. per share on the
stock of she Eastern Light and Fuel
Company.
In the bank stock list sales were made
on Federal National Bank at lS5, and
Commercial National Bank at 1S6.
The prices were well maintained with
the possible exception of Metropolitan
Bank stock. which after sales at 100,
closed with bid off 1SS 5-S.
Ten shares of Washington and Norfolk
steamboat were sold at 1872.
After call five shares of Mergenthaler
went at 211.
when compared with the situation
existing in other cities local financiers
AXE a very favorable view of the bust
ness being done by the local exchange.
Sfuntz Acting Cashier.
Robert S. Stuntz. assistant cashier of
he Park Savings Bank. is acting cashier !
n place of f. F. Fawcett, resigned.
Bank Examiners Appointed.
The Acting Comptroller of the Cur
-ency Kane, with the approval of Secre-
.ary of the Treasury McAdoO, yester-
Law appointed Charles F. Riddell, of {
Brazil, Ind, a national bank examiner. ]
lie will be assigned to duty in the Brazil
district in Indiana. Thomas Z. Fletcher, !
If Forsyth. Ga, was appointed ma !
ional bank examiner for Southern Geor- ,
-ia and Florida. MIR. Riddell served as !
of the House, under the !
ast administration.