The Washington herald., 1913-04-02
Higher PRICES
ON ALL STOCKS
European Peace and Quick
Resumption Of Flooded
Regions the Cause.
LOOKS LIKE FAIR YEAR
Gains Of One to Two Points-LocaI
Market Aetive-The Outlook.
Income Tax.
BY i. A. FLEMING.


notice to the world that the obituary o,
It's great leader should not be written or
the tape
The show of strength was remarkabl
ana with 1t came an almost right-about.
iace on the part Of the trading element
iong pledged to the short side, but suffi.
GENTLY well informed on the tape move.
ment to read between the lines the sigr
Oh real upward movement and to wish
10 join in the opportunity for profit takine
on that side.
The market had just turned I'D when the
mood news became bad and operated to
turn the tide the other way, slowly but
fractionally
But the floods abated quickly. the dam.
age was nothing compared with the first
estimates, plants shut down in the flood
ed areas We're quickly placed in order 10
take their part i'm the productive work,
promising little delay in rushing orders 70
completion.
another good sign of the day was the
iact tnat Judge Lovett, president of the
Ihion Pacific Railroad Company. and the
Attorney General have made headway in
getting together on an agreement in the
mon Pacihc-Southern Pacific matter
Inc Attorney General presented the sa
hent points of the plan to the Cabinet
meeting yesterday, and that he has fur
ther confabs scheduled with Judge Lovett
= SSShi " lilulCdle at least favorable
progress.
Peace I'm Sight.
The peace of Europe seems assured as
me allies and the Ottoman Empire have
all accepted the media ton of the nowers
ana the Ottoman reply is couched in
grateful appreciation of the action of the
powers.
The short interest became decidedly
erNous al the turn of affairs. the pass
ing OF Mr.. Morgan was expected to give
them the chance for profits but on the
contrary, they were being badly beaten
"nere they expected success The finan-
clal pendulum was swinging true and
strong. and the com animation started
them TO covering their contracts uuite
freely. d"''e
There was also evidence of an old
tine combination at work on the bull
s'ue. Inc Moore-Reid crowd was buy
ing STOCKS an9 leading the bulls to sue
cess however temporary It NAV be
But good judges claimed that there
was little stock for sale on the advance.
ana the recessions of the late afternoon
We're but on the small fractional order.
the closings being strong
some market judges asserted that in
olcations were noticeable of distribution,
Dut N this was a fact il was we'll COW
cred, and most of the commission houses
took the DUH side and advised their Gus
toners to get in on the long side.
Gains.
The gains on the leaders averaged ia
points; Copper and Smelling, Ia. Read
ing, 21-f; Canadian Pacific 3-S, with
London buying back the stock it sold
III points lower ten days ago. Steel COM
mon was SIS higher. while the preferred
showed the best strength in weeks mov-
ing up 3-4 of point
At the immediate opening indications
were Tor slight recessions, but this trend
soon changed. Practically everything on
the entire list shared in the advance as
shown by the gains listed elsewhere.
The high of the day was about IA
point better than the final figures.
Money was easier in the afternoon.
Even some of the industrials that are
expected to suffer from tariff legisla-
ton showed tone with the rest of the
list. The street is not unanimous in
the ability of Congress to get through
with the full revision schedule the local
issue feature being counted to disturb
leaders.
Outlook Good.
From the April Digest of Trade Con-
dltions. published by the Commercial
National Bank. we extract the follow
ing:
Our February exports amounted to
sl9i. 100000, compared with sl99, 00O 900 for
February of last year and SIG. O0O. 900 for
February. 1911. Imports for February
were sl50o00,oo0 compared with sI34 200. 900
a year ago and Sl22, 600 900 two years ago
The balance of trade i'm our favor for
the month was slightly in excess OF sH-
-p0"o0, compared with nearly So, OOo 900 for
the same month of 1872 The consider
able increase in imports wiped out
good part of our favorable balance, while
our failure to export greater quantity
OF farm products caused us to show a
decline in exports for the month COM
pared with the same month of last wear
Grain prices in this country have not
been on an expert basis for some time.
except at few of the interior markets
The large visible supply of all grains
as well as the continued activity in
heavy manufacturing lines would indi-
cate an export increase for March or
April or both.
In the steel industry activity con-
TIMES, specifications for the expired DOR
ton of March being heavier than for
the same period of January or February
AT the present rate of specification and
with the present volume of contract bust
ness. the Steel Corporal ton and most of
the independents will keep exceedingly
+. busy throughout the year and probably
llnu themselves at the close OF the year
facing heavier specifications even than
at present New contracting is being
done at the rate of about IS per cent
of capacity. The fact that specifications
are going Into immediate use makes the
Steel situation very satisfactory
There has been some increase in pig
iron activity. although pig iron prices
are easy, with softening tendency"
Locn1 Market Active.
The large April payments had a posi-
tive effect on the local market, not so
much i'm the price movement. as In the
volume of trading, not only in stocks,
but IN bonds. And this increased activ-
ity is likely to be more apparent in the
next few days because of the show of
strength in Wall Street, which is likely
10 give confidence to investors, where
they have heretofore been timid.
II was rather peculiar that Lanston
was chosen for a market leader in the
stock list. There were rumors that the
annual statement would not be as salts
factory as that of 1911. but there was no
confirmation Of the report, which prices
have discounted, II Il be fact. In all
1s2 shares Of Lanston changed hands at
Sass Ia
The old favorftes were quiet and with
out change. Railway common sold spar
ingiy at s1&ass, and the preferred more
frosay Ct 9at. with evidences OF little