The Washington herald., 1913-12-20
STOCK MARKET
MAKES ADVANCE
Substantial Gains Recorded
in Transactions on New
York Exchange.
TRADING IS DULL HERE
Railroad Freight Rate Cases Will Not
Be Decided Before February l.
Declaration of Dividends.
TRADING Is DULL HERE

Stocks in the New York Stock Ex-
change Yesterday closed strong at sharp
advances on a volume or tradlhg that
indicated hasty retirement or an tx
tended short interest.
Early orders were cabled to London
for the purchase OF Union Pacific and
Steel. Our market opened firm and main
tained a steady tone without once waver-
ing. Well along in the afternoon a rush
Of buying orders swept prices up an
other two points and gave brokers more
business than they had experienced in
weeks.
BuoyanCy was not confined to stocks
alone Bonds developed strong tone
with many sharp advances. American
Telephone 1-2 COnVertibles, ROCK Island
Is, and Reading general IS showed gains
Of from l to points. and Distillers 5s
jumped from 81 to s.. Wabash Terminal
is were an exception. with 5-point de-
cline on the proposed assessment under
the new organization plan
Moston Buyers Active.
Boston houses were heavy buyers of
stocks, taking Steel. Union Pacific and
Reading This was attributed to short
covering. Steel jumped up nearly :
points, with : scramble on the part OF
the room traders to get in out OF the
wet. American Telephone made up some
loss. crossing III L..
Selling of Canadian Pacific for foreign
account ceased and the stock recovered
over ) points. A revival Of interest in
Erie developed, carrying all issues up
point or more with a renewal OF the
rumOr that Canadian Pacific would
obtain control of the property.
Inactive stocks became strong for the
first time in weeks. This is of itself
significant and may mark the turn Of
liGT low -af
strength and the copper shares gained
a point or more, although there is not
he slightest improvement in the metal
trade.
The success of the Lehigh Valley bond
sale justified the > point rise in the
shares. Buying of Union Pacific was
termed excellent. This is hardly sur
prising in view of the showing made in
he annual report.
Local stock Exchange.
One bond transaction and the sale of
three lots of stock constituted the busi-
ness on the local stock exchange yester-
day.
A Potomac Consolidated $1,000 > was
sod at IS I-2 Ten shares of Washington
Railway and Electric common went at
s. L. ami another lot Of ten shares of
the same stock was sold at s..
Five shares of Federal National Bank
stock was sold at lGi.
For Washington Gas stock s. l-2 was
bid Sc 3-4 asked. For Georgetown Gas 80
was bid. bid of lS6 was made for Met
ropolitan National Bank which was held
at l9O For Chapin-Sacks l6j was Of
fered, the stock being held at go.
Railroad Freight Rate Cases.
Reports going out of Washington to the
effect that the Interstate Commerce Com
mission has decided to grant the pro-
posed } per cent increase in railroad
freight rates are purely guesswork.
The commission may take this course,
but it is by no means certain. In any
event. no decision can be expected before
February l. this for the reason that there
are number of questions which the
commission intends propounding to the
carriers before actual consideration is
given with Il view of handing down an
opinion.
In fact Commissioner Harlan may holi
another hearing on the case, 50 reports
of anything like immediate action are
idle 1t may be March bsfOre the de-
cision is reached.
Reserve ROard Quarters.
The new currency act may mean an
other public building for Washington in
the not distant future. The government
property at Penns- 'vania avenue and La
fayette Square. opposite the Treasury
Department eventually may be used to
house the Federal reserve board.
Declaration "T Dividends.
The commercial National Bank will
nay it's regular quarterly dividend Of
per cent on January TO stockholders
of record December -.
The National Capital Bank will pay the
regular semi-annual dividend of . per
cent Jan uary !.
The Merchants Transfer and Storage
Company will pay its regular semi-an-
mual dividend of S a share January :.