The Washington herald., 1913-03-14
SHARP ADVANCE
IN LAST HOUR
Wall Street Market, Dragging
All Day, Closes Firm
and Higher.
ELECTS FOUR DIRECTORS
Signs Of Activity in Railway Common.
Comptroller Murray May Hold
Over.
ELECTS FOUR DIRECTORS
BY i. A. FLEMING.


The New York stock market was
about the duIlest possible during the
carly nours of the morning. Noon found
II hanging at nearly horizontal levels
and practically where prices We're at the
close of business on Wednesday
There was Il big drop in the rate on
foreign exchange that gave unmistak-
able evidence of easier conditions abroad
and a Cessation of gold exports to Lon
don. The Bank of England did not find
matters such as to Warrant an advance
In the rate Of discount
With sucn d crop of favorable items
the bears could not make much head
"ay. while the plight OF the Union Pa
life. in its attempt at reorganization.
with the Supreme Court at one end of its
dilemma and the California State Rail
cad Commission at the other, operated
70 prevent bullish trend.
And so stocks passed into the after
1oon as they were. Then the unexpected
happened. Shorts in all the hiEh-grade
stocks undertook TO cover quietly, and
Immediately there was a rush of the
interest. over one-third of the day'S
transa Ctions coming in the last hour.
All told. but &l@.NO0 shares; between .
and ; O'Clock. n1,OOO shares.
1t was mixed advance along the
changes. others holding Just steady.
while the leading rails and industrials
rose as to rs points. The best gain
Was ; Ia points on American Tobacco:
Eeading gained is. Southern Pacific,
81. and Union Pacific lis. st. Paul
preferred showed excellent strength. The
Hills We're very steady; firmer, but not
materially higher.
Lggett & Myer Tobacco turned the
other way on realizing sales for a 5
points decline.
The gossips of the street are nearly a
unit against any material advance until
easier monetary conditions prevail.
Gas Company Demur>.
The Washington Gas Light Company's
attorneys filed their answer in the suit of
the Georgetown Gas Company for the
cancellation of certificate for $40
shares of Georgetown Gas stock. which is
claimed to be Illegally held by the Wash I;
ington company.
The claim is made that the GeS1Eetown
Gas Light Company cannot qUSstior, the
legality of the Washington. comnan ny;s
holdings. such right restingfn the United
States. Protest is mad.egainst cancel
alton of an evideI-S of Indebtedness
Valued at s5o0,c'o, 10 offer to pay for the
Sr9a9St Sr6t,fiSf'e hay,;~ been made in the suit
N~ssrs1 terms, the Washington COM
pany declares that the Georgetown Gas
Light Company cannot set up a defense
against its own act in transferring the
stock and, therefore, has no right to
complain that the transaction was illegal.
All things considered, it looks as il
there was little chance for compromise,
and that the issue would be carried to
q conclusion.
And thereafter it may be matter for
the Utilities Commission.
Movement in RAILWAY Common.
There was more action in Railway
common yesterday than for some time.
In all 27J shares OF common stock
were sold. all at Sc half point ad-
vance for the day. and with stock Of
fered at Sc and Sc bid by the same
broker at the close. There were un-
der the surface indications that the
stock was likely to attract more atten-
tion than it has for some weeks.
The / per cents moved up from the
old Sc peg to S3L.
Washington Gas stiNened quar-
ter of a point to Nji2 bid and S59i asked,
with sales of only five shares. There
was no speculative movement in the
security at all; nor has there been in
more than a YEAR. What strength
shows is from small investment buy
ing.
Preferred Railway and Electric was
a shade firmer. in sympathy with the
common stock. but the advance was
only one-eighth Of a point
The rest of the stock list was prac-
ticaIIy neglected. other than Potomac
consolidat ted IS. which sold at 1o1.
Money.
Money is easy in Washington and
in large supply. Practically every
bank and trust company has increased
its deposits and bankers are wonder
ing where the cash is coming from.
The last Of the tax money was paid
back to the government February -,
but even this loss has not -neen felt.
Investments are dTagging. realty and
building operations are slow. general
business has been good. but is letting
up little. Savings are accommodating.
Some of our politicians. recently in
Quoted into office. have unquestionably
added to the individual deposits. hut it
would hardly be reasonable to think that
they had deposited more than the long
in-officc-but-now-G took away with
them.
One Cabinet officer is known 10 have
opened three accounts
Wherever it comes from, the banks
have ample money for all entitled to It.
Comptroller Murray.
One month from to-day the commits
sion Of Lawrence O. Murray. as Comp
trOIler of the Currency, will expire.
If he shall step down and out at that
time, and the chances are that he will,
the government will have lost one of
its most capable. courageous and eff
sent officers, one who. in executive
ability has brought about more useful
reforms and managed the large staff of
bank examiners under his charge with
tact and skill. such close personal re-
lationshp. that he has made them con-
form to his personal ideas and beliefs
as to the intelligent examination of
banks. and in making directors of in
stitutions familiar with the results of
their examinations.
Mr.. Murray, in his position as Comp
troller. has made the bank Xaminer part
and parcel of the Comptroller's depart
ment; has made them thinking, impor-
TINT. responsible officials and not just
mere figureheads, going through the
routine of examination and making re-
ports in meaere compliance with the law.
To-day they are a large cooperative
body OF men, interchanging condolences,
cooperating in many ways, and, as a
force, it is OF higher calibre than ever.
The laggards have been weeded out.
There have been few rumors that
Mr. Murray might be reappointed by
President Wilson.
There are applicants for the position
galore. One of the most prominently
mentioned, John Skelton Williams, was
removed from the lists yesterday by ap-