The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-29
SOFT MARKET.
BUT OVERSOLD
Bear Operations So Expanded
that They Give Some I'm
easiness to Shorts.
FIVE PER CENT BONDS
Seventh Street Savings in New Home.
United States Trust Stock
l47 Bid.
By i. a. FLEMING.

By !. a. FLEMING.
IT was a rather sickening opening on
Wall Street yesterday ana for an hour
the bears pushed and pounded, and then
they stopped, short up to their necks. and
covered a little. There was nothing in the
news of the day to salve the wounds OF
the Street; no balm in Gilead in the shape
Of a Supreme Court decision on the Minne-
sofa rate case; no soothing Information
to the effect that the Union Pacific might
delay until July /, 1918, the selling Of its
big block of Southern Pacific stock. The
bond market showed no Improvement
Moreover. another S10,000,0 900 block of notes
was announced, this time the Lake Shore,
and Michigan Central very high credit
road, putting them out.
steadying influence in the midst OF
this weakness was the announcement by
the Attorney General that the Department
of Justice could not reopen the Tobacco
cases The immediate effect was sharp
recovery of 6 points in Liggett & Myers
and 5a on American, with no Lorillard
sold, but with strength in bid and asked
prices.
AmaIgamated Copper was the first to
show the white feather in the opening,
and brokers commented on the absence of
aggressive support; but it came back well
when the rest of the list changed.
After the break the market gradually
steadied on the slight covering and as
sisted by the strength in Tobacco and the
possibility that a decision might come
down.
With another disappointment, no de-
cision, the market became very quiet, and
vet many Of the leaders showed but slight
recessions, some no losses at all, while
few specialties were higher. The losses,
as well as the gains, were, as rule, in
other than prominent stocks.
The short interest has become very
large but not afraid, and in its assurances
lies its danger-it is vulnerable always.
Little investment, some commission SELL
Ing:
Ten Point Rise.
Since the announcement that Lawrence
o. Murray. retiring Comptroller of the
Currency, has been chosen as head of the
United States Trust Company, the stock
of that company has arisen SO share,
with sales of thirty-five shares. The
bid on Change yesterday was 1f, the
asking price 100. medium might have
been found where stock might have come
out, but the highest bid, 147, did not find
a suggestion of a sale, save from the
bidder himself, and this at 16o.
MIR. Murray was at his new desk in
rounded by roses galore. Numerous
messages were received from friends of
n congratulatory character and he kept
open house all day.
Local Stocks.
Prices were a shade easier on Change.
a sale of twenty shares of Capital Trac-
ton at 122 "a furnished the largest rec
ord of the day. Odd lots of Railway
preferred We're picked up at easier prices,
and Gas was offered at 81 ga, with 81
the official bid.
The Five Per Cent Bond.
Il is the day of the ) per cent bonds.
and exceedingly difficult to sell even high
grade issues at much better than this
basis. In some sections of the country
even the per cent bond is hard to sell,
though ii may be standard security and
next to certainty as TO income.
st. Paul Railroad Company could not
place all the last issue of 414s. and st.
Paul has heretofore been considered as
possessed of high credit though the
realization of the coast has been an eX-
pensive accomplishment.
st. Paul have been classed with Chi
cago and Northwestern, Atchison, and
high-grade. prosperous Western proper
ties.
The Missouri, Kansas and Texas issue,
5 per cent two-year gold notes, was large
~ disposed OF to yield the purchaser
per cent, and it seems as if the gen.
eral run of railroad companies with less
favorable position than ST. Paul as to
credit. will be obliged to talk per cent
10 make sales
Moreover the market for railroad bonds
and notes is extremely sensitive, in view
of the maturings and the comparatively
few actual cases of redemption of bonds
or payment of notes in cash.
There is too much pressure on the
II arkct vet railroads must rehabilitate
their roadbeds. rails, equipment, &c, and
continue the payment of increased wages
TO some branch of their service so rapidly
that il is next to impossible to keep track
of the added payments, save when the
reports come of greater operating ex-
penses. And the Interstate Commerce
Commission is still the dominant force.
Income Tax.
The income tax. drawing from the
source, may have something to do with
the dullness in the bond market. There
are many ways Of getting an income
without sufficient coming from any one
place to permit of deductions at the
source. and many men will take advan-
tage of any scheme by which they can
escape a tax which they consider a pen
atty on industry and economy.
One thing is certain: under present con-
ditions issues of new bonds must bear
tempting rate to find buyers having also
the first requisite, safety.
Seventh street Savings Bank.
The Seventh Street Savings Bank is
now satisfactorily domiciled in its own
home, as pretty. neat, and attractive as
there is in Washington.
The building, designed by Rich & Fitz-
simmons for the institution. stands on
the northwest corner of Seventh and N
Streets Northwest. and is carried on the |
books of the bank at but $4,000.
The interior fixtures are of mahogany, |
with brass ratings. The banking room |
proper has aslarge lobby, off from which. !
on the left as one enters is the private |
office Of President Waters, who, with |
ether officers and directors, We're lat |
home" all day Monday. mid roses and |
other choice blooms the gifts of friends !
and well wshers.
Better than that, many new accounts |
were opened, the first over the counter |
being one of $500 in gold by new Gus
toner. This gold. in several stacks, re- |
NAMED in plain view In the receiving !
teller's window all day, and the officials |
were inclined to look upon the yellow /
boys as an omen of good luck.
fafx