The Washington herald., 1913-10-28
STOCKS HIGHER
BUT NOT ACTIVE
Decrease IN German Banks
Discount Rate Chief Good
influence Of Day.
LOCAL MARKET LIVELY
Leaders Show Best Strength of Ses-
sion-November Disbursements
Win Be Heavy.
BY 1. A. FLEMING.

BY I. A. FLEMING.
There was good strength in the stock
market from the opening to the close,
shown more pronounced in the leaders
than in minor stocks. The causes were
varied, some finding an excuse for
strength in the Mexican situation, al
though just why anything that has hap
pened there in the last ten days should
make for prosperity in investments re-
mains TO be seen.
One of the most potent Influences was
the reduction of 1-2 per cent in the dis
count rate of the Bank of Germany un-
expected and yet encouraging as giving
: more stability to foreign investments and
especially TO Canadian Pacific, which Is
largely held in Germany and which
gained two points.
Close observers detected some covering
of short sales, but no great uneasiness
on the part of the bear element 10 get
under cover 1t was one of those mar
kets where there was no dominant IN
y huence to the fore, but where condi-
tions generally made for developing
strength.
Reported formation of a pool TO give
Steel an upward turn was said to be
= on the basis of the fourth quarters re-
' ceipts or rather net earnings which are
being estimated at $4O,eW,Wd, which
would be equivalent to two years divi-
dend made this year.
Then, too President Farrell avoided
all pessirnistie talk in his Chicago ad-
dress and turned the tide with predic-
ton that another era of activity IN the
iron and steel and allied trades was
coming Immediately.
Mr. Farrell. like Judge Gary, has en-
joyed reputation as very conserva-
81, tam anti inc
him has weight with the people inter-
ested.
This may have been intensified by the
report from Sharon, Pa, that the Ameri-
can Sheet and Tin Plate Company con-
templates the construction of ten new
mills at Sharon and new office build
ing at the Farrell works. New spoke
mills just installed at cost of $10e,OOo
will be ready in two months.
The strength.
Traders were of the opinion that the
market might break loose on the bull
side any minute, and it was watched
very closely, but no sudden expression
rf added strength developed, although
throughout the day the trend always
seemed in that direction. but the big
interests are said to favor continuation
Ct quietness until the Mexican problem
comes nearer TO a solution, 1t being ad-
mittedly the one disturbing element.
Money is gradually working easier, and
bankers themselves. with few exceptions
have about conceded that the currency
hill, when it goes to the White House,
will have been purged of very many OF
its most Objectionable features and VIII
l. be acceptable TO many who have here
tofore objected to it.
As stated before, the leaders displayed
the best strength. as It was in these
and -hoT in
vestment and speculative orders were
placed to large degree.
Steel advanced 1873, Union Pacific,
"a; Reading, l 3-S: Canadian Pacific,
2l-2; Wisconsin Central, 2; Western
Union, rs, while the rest of the list,
with few exceptions, advanced an aver
age of 1-2aS-4 of point, an exception
being made on Copper and Smelter, with
5-S and l point gains ....
Local Securities.
very fair amount of business in an
aggregation of small orders was exc
cuted on the local exchange yesterday
afternoon. In ALL about 800 shares ex-
changed hands, including sales of eight
different corporate issues of securities.
The leader was Capital Traction, with
.Forty-six shares. all at lis, which was
the bid price at the close, with the
stock offered at an eighth above the bid.
Two odd lots of Railway common sold,
one at 81 and the other at s5. The pre-
Gerred was rather weak at S91z.
Washington Gas sold to the extent of
eighty-one shares at s47sas41k, generally
at outside figure. The street is inter-
> ested in the outcome of the Washing
ton-Georgetown situation and anxious
for news of merger probabilities, but can
= obtain nothing definite one way or the
' other. The fact of the matter Is that
the breach is not healing and will be
just as broad as II is today until the
courts have passed on the issues be-
tween the two corporations, and not till
then.
Quite little United States Trust stock
sold at $50 and seven shares at 129. Ma
tional Bank of Washington, 2i0 and
Continental Trust, 1l6;A.
Potomac Consolidated IS made a new
low, selling freely at 991s to 99k at the
close. Gas IS, l06; Traction IS, 1g7h.
1t is perhaps possible that Gas IS
were sold to avoid the deduction of the
tax On coupons next Saturday by parties
who might otherwise have to pay tax
There should be considerable demand
for municipal and State issues, but
there's not near enough to go around.
. First-second National Bank.
Favorable action by stockholders and
81
Bank of Pittsburgh and additional cash
subscriptions in a considerable amount
for the. proposed new issue of capital
stock were reported Friday by the de-
positors' committee.
This announcement accompanied re-
newed declarations Of. the intention 70
reopen the bank with the beginning OF
the new year Today is the time limit
to determine the fate of the bank, when
a decision was to be made by the neces-
2sary two-lhirds vote of the stockhold-
ers. 1t was reported that this number
was assured.
The depositors' committee further ex-
pressed much qualification over the re-
sponses made by depositors with deposits
of 5000 and more to the proposal that
they apply part OF their deposits to pay
ment on stock and their willingness to
let half of the remainder be represented
by certificates of deposit. payable in a
year at 3 per cent interest.
disbursements.
Total dividend and Interest disburse-
ments for November, 1913 are estimated
by Dow, Jones & Co. at SIS 100000 as
compared with s114.0Oo.0oo last year
Up 70 the present time dividends de-
clared payable next month by New York
City hanks and trust companies and the
various corporations OF the United States
Aggregate $685. SIS. based on a total
capitalization of 250s, ,g7S, 7es.
Z INTEREST payable in November on the
bonds of railroad Industrial and mist.eI-