The Washington herald., 1913-11-08
QUIET MARKET,
FIRMER PRICES
: Covering by Shorts Helps
Steel and Other Leaders.
Some Weak Spot.
SCHIFF QUALITIES WORDS
Mergenthaler's Comparative Earnings.
Traction Stock 0ff'to 114-Local
: Investment Buying.
SCHIFF QUALITIES WORDS
BY 1. A. FLEMING.

BY I. A. FLEMING.
Undertone on Wall Street yesterday
was somewhat better, but 1t was more
because of an oyersold condition and a
little nervousness over this than because
of any real Improvement in the situation,
and the betternent was shown In the
leaders more than in the genera. list.
Immediately following the opening
short covering was noticed, and the mi
tial sales Of the leaders were tSaes higher.
from which there was reaction, and
then a better show Of strength in the
closing, which was generally 4 below
the high.
THE bears made an attack on :he list
about Ii O'Clock, but they met consider.
able opposition and detected signs OF
some commission house buying, which
with the evident rush to cover in Steel
gave the market a more wholesome ap-
pearance.
~Some Of the best judges OF the street
are inclined TO think that the liquidation
which was so in evidence on Thursday
has been completed and that the market
will do better. The return of Mr.. Lind
to Mexico City was accepted as an as
surance that the end Of diplomacy was
not at hand.
, But the chief feature of the session
was the absolute dullness, neither dis
position to acquire or to sell securities
and during the last four hours of tie
session il was so slow that but 5000 to
$1,000 shares were traded in on an average
each hour.
Very many stocks did not show on the
list, and there were also many moderate
reactions on the industrial list and some
few in the rails as well, so that the mar
ket had its weak spots.
in the industrials Rubber was the
weakling, selling 4 points on the common
with a point recovery on the announce
ment that the company planned an issue
of So, $1,000 first preferred stock. Can
common and preferred lost about a point
American Telephone and Telegraph s.
DistiIlers 2, Consolidated Gas y, Cali
{ornia Petroleum IL. and smaller losses
We're in evidence
steel Common Stronger.
Steel common. of the active leaders,
showed excellent strength on covering,
advancing a point. Most of the non
D-sctives were in Thursdays price range.
Mexican Petroleum advanced 3-4 on the
report that the corporation had plenty
Of cash on hand TO pay the next diyi-
dend. but that Its declaration would de-
pend on conditions in Mexico. Biscuit
recovered 1-2 point
Union Pacific, after a slow session,
closed 5-S higher than on Thursday.
Reading mad it SIS, ST. Paul, IA, and
Canadian Pacific, 81.
Just TO indicate the irregularity, Louis
VILE and Nashville and Lehigh Valley
each lost 5-I, New Haven lost S-S and
.Nipper was a little easier. Many minor
rails did not show.
II is within the possibilities that Jacob
Scbiff's remarks made in the early dis
patches may have had some effect
S.I,FR
Jacob II. SchiG, who stated before the
Chamber OF Commerce Thursday that
unless monetary reform of some kind
was enacted We would have to face
serious situation. was asked by Wall
street journal reporter if he thought
the present financial situation was sim
liar TO that existing prior to the Panic
of 1907 when he also made a statement
similar to the one made OH Thursday, he
replied: absolutely not There is moth
ing like financial panic or crisis in
sight. To the contrary, money is likely
to work into a comfortable situation
next year. But if currency reform be
not enacted before long we shall likely
feel the disappointment and discourage
ment about this in an extended period
of depression, which may result politically
nd economically in very unsatisfactory
State of affairs"
Investment Buying.
There were evidences of investment
buying on the local exchange yesterday in
the number of odd lot transactions which
practically completed the days record.
The feature of the session was the
,Souching by Capital Traction stock of
new low record, ia. Some one put in
stop orders on thirty shares and they
were sold at that figure and more offered
at 1875, with IlS the official closing bid
The drop from 1l6 to Ia has been Bit
terly contested by the friends of Capital
Traction, but the Liquidation of a large
block of stock at time when it was un-
der pressure helped It along, fraction by
traction.
II has been a persistent fight, perhaps
aided by the fact that these are not the
times for a 6 per cent utility, no matter
how good. to sell materially above par.
CAPITAL Traction has many friends, and
the drop of this year from 126. the high,
10 the ia or offered at 1157s of today,
has been by fractions and frequently on
split fractions
Railway common was % bid, with the
asked price advanced to IS. The preferred
showed a slight Improvement, selling at
e Lass L.
Gas, 81 s41-laSi1-2. Mersenthaier firm at
s1S.
CAPITAL Traction IS. I07 S-4a10T rs. In
all, $500 sold. A small lot Of Continental
Trust at 1l6
Mergcnthalcr Earnings.
review of the past several years
of the Mergenthaler's operations shows
a singular steadiness Of earning power.
In 1902 the net earnings amounted to
s., 81, 900. representing 30 per cent on
the Sl0,O0o.OO0 capital stock then outstand-
ibg. The high point reached in the
earnings of the company was in 1907,
when the net was SSIT1, ,00oi This amount
ed to eS9 per cent on the Si005o,oO0.
Over the ten-year period from 1904 the
company mas earned a total OF s26,56S,slS,
or 2o4 per cent on the present outstan6-
ing capital stock. Throughout this time
a dividend of 15 per cent has been paid.
Dividend disbursements for the period
have amounted TO over s17r5oc.0oG Com
parisons follow:
- Net on
Year. DiEidends. Surpius STOCK stocS.
lsi3........... N,sls,S0 S4s05 Sl2.7W.m ZG
. / HgTS2 u ES 900 q.