The Washington herald., 1913-12-10
STOCK MARKET
SHOWS LOSSES
New Haven Drops to New
Low Figure Canadian
Paciec Falls. 80. ....
LOCAL CHANGE is DULL
Transactions Are -----cedingly Limited.
:-gton Chapter Of Bankers
to Meet Tomorrow.
LOCAL CHANGE IS DULL

10 HieeI 1OmOHOWs
Hopefulness regarding security values
received check in the New York stock
market yesterday, when il became
known that the Canadian Pacific melon"
consisted of rights to subscribe to per
cent ten-year notes at 50.
A four point decline at London in the
stock unsettled prices at the opening, and
although Union Pacific, Reading, and
Steel held firm tone for the first half
hour a fresh outburst of liquidation in
New Haven and New York Central car
ried prices Of these, issues down rapid
~ with a final result of a weak close
at the lowest prices of the day.
New Haven dropped to Il L., a new low
figure. New York Central lost three
points. dropping to 81 3-4, on the story
that the family skeleton of the Wander
bilt control would be aired before the
public.
2 American Sugar, hurt by suits, con-
tinues to come to market from investors
and broke below par. Such sharp reac-
tions influenced the less active stocks,
and many losses of from one to two
points were scored in st. Paul, Illinois
Central, Lehigh Valley, Rock Island, pre-
ferred. Third Avenue, and Interborough
preferred. Union Pacific lost full point
and Steel showed its first substantial de-
cline fro many days.
Reading Holds Up.
In face of this general weakness, the
strength in Reading was noticeable, the
stock closing firm at 16S.
After selling at, Il, Amalgamated Cop
per dropped sharply in the late dealings
10 So 1-2. Conditions in the copper trade
failed to show any sign Of Improvement
A heavy increase in idle freight cars Of
$500 on December l. is further evidence
of business contraction. Bank exchanges
also showed a marked decrease in such
important cities as New York, Boston,
and Philadelphia.
Call money rose to per cent and time
loans for short dates were in better de-
mand at increased rate. Trading in bonds
showed some sharp recessions with a
volume of business small. In fact be-
tween L and / o'clock only $4,000 worth
changed hands, the smallest hours busi-
ness for the year.
London houses sold stocks to the ex-
tent of some 1900 shares, Steel predomi-
mating in the dealings.
The fortnightly settlement in London
is proceeding quietly, with indications
that there are no large speculative ac-
counts open in Americans. The Bank OF
England got practically all Of the $1,000
600 South African gold that arrived in
London.
Fears were expressed that by the pass
inE-of@ff1 next New Haven dividends
bonds would be made illegal for savings
banks in several States. 1t has been
pointed out that the next dividend may,
with propriety, be omitted without en-
dangering the investment status Of these
securities, as per cent has been declared
and paid during the present year.
Dull Day on Local 'Change.
Proceedings at the Washington Stock
Exchange yesterday were without fea-
ture.
transactions in both stocks and bonds
we're exceedingly limited. The days
business comprised but one sale in the
bond list that of a Capital Traction $500
five at 107 10, which was the same as
:he price of Monday. There were four
sales in the stock list. Of these three
transactions in Mergenthaler at 211a2l0 1-2.
One lot Of Washington Gas sold at 81.
Four shares of Union Trust sold at
I32 IA.
Saving of Pennies.
Two million pennies have been saved in
the last year by the depositors in the
Christmas savings fund, of the Ameri-
can Exchange and Savings Bank Of
Baltimore.
The fund started about a year ago.
Depositors who began with two cents and
Continually added to their original fund
at stated intervals, received yesterday
handsomely printed checks for $21.62. The
depositors who started with 5 cents will
receive checks for $54.55.
President Fred W. Schanze said the
scheme had ben an unusual success. The
1000 depositors in the fund constitute
about 40 per cent of the total number of
depositors at bank
Seaboard Earnings.
For the month of November gross earn
ings of the Seaboard Air Line were
s. Is, ,2OS. an increase of 1855 The
fourth week in November showed earn
ings of S5sS.SO3, decrease of s23,07S. This
decrease, however, is more than Offset
by the gross from July l. which is
S.So.6lS, showing an increase of $3.50. $40.
Adding Machine Contest.
The Washington chapter of the Ameri-
can Institute of Banking will hold an
open meeting tomorrow night. at the
chapter rooms, 1914 F street northwest
President NJ. d. Rosenberg. of the
Bank of Commerce and Savings will
speak on THE Income Tax"
A special feature will be an adding ma
chine contest. The Burroughs Adding
Machine Company, through its local rep
resentative, E. S. Newman, has offered
three prizes of SIS, SO, and s.
J.. B. DeyereuX is president of the
chapter; H B. ireland. vice president.
and w. Nick. stoweIl. chairman pro-
sram committee.
Rudolph TO Become President.
The presidency of the Second National
BInli will be assumed by Cuno H. Ru-
dolph on December II, upon the retire
ment of W. V. Cox. Mr. Cox retains
active membership of the board of di-
rectors.
Baltimore City stock sold.
The issue of $1,SOO.OOO Baltimore city
per cent stock, recently sold by the mu-
nicipaiity to syndicate of New York
bankers headed by Eastbrook & Co, of
that city. already has been sold to in
Festors. Upward of $4,000 of the amount
was placed with investors in New Eng
land, and the remainder in this city.
The bankers are confident that the bal
ance will be marketed before the end
bf the month. This stock was sold by
the city at sLSs, and 1t is being sold to
the public at s57s and to brokers at sJ1s