The Washington herald., 1913-12-17
MARKET STEADY,
WITH FAIR GAINS
American Telegraph and
Telephone Receivers
Part Of Losses.
LOCAL BONDS ARE SOLD
Income Tax Collections May Be
Facilitated by the Individual
Holder.
LOCAL BONDS ARE SOLD

The New York stock market showed
decided improvement yesterday. A bet,
ter tone pe-vaded nearly the entire list
American Telegraph and Telephone
which opened at ITO rs closed at 1lS IA
on an optimistic statement by President
Vail.
New Haven showed a gain, and Penn
sylvania held its own. Steel closed Il
higher than the opening price, So 1-2
Illinois Central broke from 104 3-4 to the
years lowest point, 1c2 "a, but closed at
13 1-2. Canadian Pacific showed a loss
of S-4. These, however, were exceptions
to the general show of strength.
The early decline in Illinois Central
and other closely held stocks influenced
the general list only slightly, and evil
dences that important outside liquidation
had been checked caused short coverings
in stocks which recently had been over
sold.
Prices showed Increase.
Attempts to cover disclosed a scarcity
of stocks, and prices of many issues
mounted q point or more in short order.
Reports of a better tone in the steel
market and the decrease in European
copper supplies furnished a basis for
bullish operations, but trading on the
long side was not active.
moderate transactions. while Northern
Pacific and Great Northern preferred
displayed a heavy tone.
Commission houses report little or no
change in business. Investors are SELL
ing stocks and are not inquiring for their
usual quota of bonds referred to as jan
uary investments. Bond brokers are lit
tie better on than their brothers who
make speciality of stocks. The bond
market was narrow with the bulk of the
trading in American Telephone con-
vertible 41-2s, which scored a fractional
advance.
Some activity was noted in the market
for railroad short term notes, and these
issues displayed a heavy tone First
mortgage bonds of the better grade
touched new low levels.
Formal announcement that the new
State loan would be issued at 1-2 per
cent late in January will undoubtedly
have the effect Of causing other munich
palties to raise their rates. of interest
Call money for the first time this
month renewed at 3 1-2 per cent Out
of town institutions broke the rate with
their offerings.
transfer of $4,000 to San Francisco
was in line with expectations. Further
shipments West are anticipated
Stocks that cannot readily be sold |
short are relatively the weakest on the |
list. Illinois Central, New York Gen. |
traI, and Northern Pacific and Canadian |
Pacific are cited as instances where the |
pressure from investors is heavy and the |
short interest light. Bank houses speak |
very conservatively regarding common |
stocks rarely advising the purchase Of |
these shares and then only with the idea |
of averaging holdings on a further drop |
in prices.
Bond Feature on Local Change.
Trading en- the Washington Stock Ex- |
change yesterday was confined entirely to |
the bond feature. No sales in the stock |
list were recorded.
Five thousand dollars in Chesapeake |
and Potomac 5s were sold at 1O2 1-2 and |
"A 900 at 102. Three Capital Traction IS /
were sold at 107 So Two Potomac Con-
sc lidated IS were sold at 9S 3-4: one at go, |
and, after call, one at 102. One Washing
ton Railway ami Electric went at
70 rs.
While no stock wac sold, Ill was bid for
Capital Traction, while liz 1-2 was asked.
For Washington Railway and Electric
common IS was bid. 81 asked. For the
preferred Sc 1-2 was bid. IS 1-2 asked. For
Gas Sc 1-2 was bid, IS "a
lsked.
Bank stock generally held strong. there
1eing a decided margin between the
amounts bid and asked.
For Mergenthaler Linotype 30 was bid,
~ asked.
Income Tax Collections.
In view of the fact that the January 1
bond interest payments will be unusually
heavy it seems timely to suggest that
owners of bonds having coupons falling
1ue on that date will save themselves
ielay and greatly assist the banks and
rust companies which perform the work
1f collection, by preparing the certifi-
;ates Of ownership required under the
nconfe tax law, and forwarding the cou-
oons with the certificates attached to
he collecting agents as early as possi-
Die. Such action will leave time to cor
'ect any errors that may be made in
illing out the certificates and will en-
Ible the institutions to get ahead a lit
lie on what will be long, hard task.
Declaration. of Dividends.
The District National Bank has de-
lared the regular quarterly dividend OF
1-2 per cent payable January 2, to
folders of record December -
Lanston has declared the regular quar-
erly dividend of 1 1-2 per cent.
The Union Savings Bank has declared :
he regular 2 per cent dividend payable
december 81.
]. c. Stuart on January l will become
ssistant to the president of the Erie
railroad. The Erie system is to be
ivided into three parts to be known as !
he Erie Grand, Ohio Grand, and Chicago 4
criminal Grand. each having a separate :
eneral manager.
Third Lecture for Bankers.
The third lecture on Agencies and L
ssociations" win be delivered at the J
leeting OF the Washington Chapter of !
nc American Institute of Banking to- :
lorrow night at the chapters rooms, 4
IA F street northwest.
NEW YORK CnFFEF S