The Washington herald., 1913-11-15
Stocks STRONG,
BUT Still SLOW
Big Spurt IN Prices at Open
ing, Followed by a Cen
eral Reaction.
LOCAL SHARES ARE QUIET
Railway Preferred Active at SSaSSl1 ",
E1-DiTidend-Gossip on the
Situation.
LOCAL SHARES ARE QUIET
By I. A. FLEMING.

there were advanced a point or two.
Naturally the same advance attended the
opening here. 1t is q rare thing for a
stock like AInalgamated Copper to open
3-S higher than the closing of the pre-
without hesitation, and any number of
stocks on the list to act likewise nutty
without any real bullish news.
But that is just what happened Friday
morning, and then the people responsible
on the inside for the display of strength
on the other side sold stocks right and
left at the advance. and the bears, who
really could not see anything so very
unsatisfactory in the Mexican news, al
though admitting that there was en-
Couragement, sold also. The result was
= that opening prices were the highest
Of the session and the squirt of activity
ended with the start.
But close observers Of the situation ad-
mitted that they could Bot see any evil
o dences Of stock pressing to sale after the
first rush, and throughout the rest Of
the session il was slow and the total
sales were but 10000 shares.
! The Mexican situation is evidently bet
ter. the chances of the present head
making trouble grow less. the protracted
peace policy seems likely to win, with
the support Of the powers.
Some Of the strength was caused by
confabs of Steel Corporation representa-
tives with the Department OF Justice,
suggesting that perhaps the suit for dis
memberment was to be called of, but
no such intent is admitted by the de-
partment, though the case is admittedly
falling fat
Steel was admittedly firm all day be-
cause of the good showing it is making
in the case referred to and by reason of
the enormous short interest, confident OF
l. L.
ing serious recessions by covering at frac-
tionaI recessions and moving il up again
by their buying.
Despite the reaction. it was day of
fair strength save for the two erratics
which again suffered and fell back, Now
Haven TO a new low at 10 II, with a
3-4-point rally, and Mexican Petroleum
to a from rash high at A, with re-
cOvery of l IL from low.
General Advance Held.
Despite the reaction, there was a gen.
eTal advance throughout the list. Steel
held 3-S, Copper 5-s and Smelling point
gain. Central Leather also made a good
advance-over a point-while Can was rs
higher on the statement the earnings after
all charges and preferred dividends are
about $500. .OOO. with the possibility of
some back dividend payment at the first
meeting Of the board early in December.
American Snuff squeezed 5-point gain
and held it, while Tobacco was steady
and slow.
In the rails Union Pacific held a point
gain. Reading, st. Paul Northern Pa
cific, Lehigh Valley, Great Northern,
Canadian Pacific, and other stocks were
l-2a3-4 better.
Wall Street is rather inclined to the be-
lief that President Wilson will carry to
completion with stubbornness and pa
III ,,r, l.al
did with the tariff and as he is trying 20
do with the currency propositions.
London, which bid the list up, closed
rather soft, selling stocks bought earlier |
in the session, which would seem to indi- |
cate less confidence in the situation
The business was large in the first hour |
Thereafter it dragged along at a 10000 |
shares-an-hour pace.
HALLWAY Preferred Firm.
Action on the local Stock Exchange
yesterday was confined largely to twoI
stocks, Railway preferred and United |
States Trust shares. The former was ex-
dividend i IA points. The first sales |
were at IS. After l19 shares had been
sold the price advanced to IS L. with |
none offered under 80. The commonl
stock was also ex-dividend, and the bid |
price was reduced to 80. with 81 asked.
United States Trust sold to the extent |
Of l50 shares in Is and 10 share lots from 133 |
to l31 to l34, and closed with the final |
sale at IS3, and this price bid.
a little Capital Traction sold at 10
and lO9.
Washington Gas, 81 1-4aS4 3-S
Bonds were slow. only one $500 issue
being sold, 1O7 Ia for Traction 5s.
Local financial interests are watching |
with interest the developments in con-
nection with the investigation of the
washington Railway and Electric Com
pany.
Think 1t n Mistake.
Almost without exception. the Street, |
TO use a familiar term involving the
financial district, is Of the opinion that
the District Commissioners have suffi-
cient business to attend to without hav-l
ing 70 serve as a utility commission. and
they hold to IT that this latter body should
have been composed of business men,
men familiar with the workings of utili-
ties not only here but elsewhere. 1t is
the law that is criticised and not the
Commissioners.
Financial interests feel that the inves-
tigatIon now started cannot end until
espionage has involved all corporations
engaged in serving the public, and that
this, Involving much time and effect
must detract from the successful per-
fotmance of the duties or the District
Commissioners
IL is related that a recent sale of one
share of stock by the Washington Rail-
way and Electric Company by legal
gentleman involved in the conduct OF the
investigation pressged its coming.
CopPers.
AmaIgamated Copper and Anaconda
will close the year with surplus,
ever IL deliveries OF copper are made at
a lower level of prices during the re-
manning monthn of the year. The re-
cent drop in copper prices has given
rise to the report that Anaconda and
Amalgamated could not maintain pres
ert dividends on a basis of 15h-cent
copper. But in this connection, divi-
dends on the shares will be absolutely
safe, unless the metal drops below
Is cents a pound.
Anaconda has been producing at the ;
rate of 270,o0O,000 pounds Of copper a
year, which means earnings of approx
imateIy sIs,500.0O0 a year on basis J
of 15-csnt copper. Anaconda's cost of .
production is figured at 10 cents 3 :
pound. which leaves margin of s
cents a pound profit.
0SheFe are 4.ss2.5Oo shares of Ana