The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-16
STOCK MARKET
SLOW, EASIER
Bear Sentiment Predominates.
Petroleum and Other Indus
trial Shares in a Slump.
INVESTMENT BUYING
Utility Bonds May Be Used As Sc
curity for Tax Deposits-Gen-
eral Financial News.

of further declines in the value Of New
York stocks is about the only bull card
in sight. 1t is too unanimous and may
go the other way. Unquestionably the
street is none too certain as to the out
look. Bankers are discriminating in the
matter of loans and many good stocks
are being thrown over just because of
this policy, and one that the banks can
not be blamed for when every one is talk
ing declines and bear successes.
From the other side, the promise OF
peace, often made, is renewed. From Ger
many and England comes assurance OF
easier money, but the American situa-
>tion is the more interesting at this
time.
Were the country certain that President
Wilson is right in the statement that
tariff changes would not interfere with
prosperity, conditions would be better,
but the record of the past is a record Of
disturbance and will be repeated every
time prosperity at high tide is threat
ened.
Good Rails Comparatively steady.
While the high grade rails made a fair
ly good showing, other than Reading.
which slumped to 166 3-S and closed al
l63 3-4. many industrials and secondary
rails were weak and lower. Mexican
Petroleum and Smelling were weak, the
former making new low record and the
latter nearly , points off, and these two
stocks were influential by their weakness
in hurting the market elsewhere. Cop
per shares were is point off. Union Pa
cific. Steel and other leaders off about IS
The actual showing in the face of the
bear sentiment was better than might
have been expected
In the short interest is the hope of the
factors friendly to recoveries. This short
interest is heavier than at any time In
the last five days and is always quick
to cove" on any news.
Ii was not much Of z market one way
or the other, the safes of the session
were but $4,000 shares. The news, ac-
tual happenings, was not important eX-
cept as relating to possible prosecutions
of railroad officials and trusts, reports OF
strikes and general uneasiness.
Good Movement.
The efforts that will be made today to
secure the consent of the Treasury De-
partment to accept local bonds as Sc
curity for the deposit of tax money
is in the right direction.
No bonds. not even those acceptable
to the savings banks of New England
have higher standing, are more read
lily marketed or have more real security
hack of them than District utility bonds.
New England savings class OF bonds'
are i'm 10 way subjected to the fuctua-
lions shown in bonds listed elsewhere
they are investments for bonds. estates
and investors generally. always nave
market and are secured by the pros
p.ri:v OF the capital of the nation as
VOL as by intrinsic worth back of them.
These bonds at - or ~ per cent OF
their market value ought to be ample
that the Secretary of the Treasury VIII
look upon the suggestion with favor.
LocnI Securities.
There wasn't the slightest sign oil
manipulation in any of the stocks trad
ed i'm on the exchange yesterday.
fair investment buying movement was
responsible for the Slight pettermeh''
A healthy condition.
Washington Gas sold eX-dlNldend AT
ST. equal to 1870 dividend on, a
slight Improvement over Mondays fig
ures Railway preferred brought 81 3d.
also IA of a point rise. These were the
only stocks that attracted much atten-
ton.
american Security and Trust shares
sold at the opening at 30S and then at
the close al 305. No other bank stocks
were traded il.
Nergenthaler was slow at 2ls Is
Railway Is were active at SS Lass 81
an Offering at the top OF s6,WO oonds
finding a buyer for the block. Washing
ton Gas IS sold at los "a to JOS l..
Declare Dividend.
Al tho meeting of the directors OF
tho Washington Gas Company held OH
Monday, the usual declaration of $40
= share dividend, payable May i, TO
shareholders of record April Ia, was
made This and a little routine busl-
ness covered the subjects of the meeting.
Mr.. Letter is still president and has
no notion of retiring
VIII Celebrate.
W. s. Hoge. vice president of the DIS
trict National Bank, will banquet MS
fellow officials and directors at the
Shoreham on Saturday night. The oc-
casion is another large notch gained IN
the individual deposits of the District
National.
Barkers' Association.
The regular monthly meeting of the
District Bankers Association will he held
al the New Willard Hotel next Monday
evening II is supposed that the mat
ter of savings bank law for the Dis
trict will come up for further discus
sion. Secretary Poole announces re-
freshments.
Buys Bond Issue.
The Continental Trust Company has
taken the entire issue of $4,000 Chaplin
Sacks Manufacturing Company bonds.
The issue is highly thought of, and the
Continental officials do not contemplate
the slightest difficulty in marketing the
bonds.
1t is probable that the bonds will be
listed on the local exchange in the near
future.
u. a. O. May Retire Notes.
II is possible that the directors of the
Baltimore and Ohio Railroad at the
board meeting on Thursday may deter
only a portion of She $50. 900. 900 outstand-
ing three-year notes will be retired at
maturity. However, as there will be an
other meeting in May before the notes
mature on June l, the matter may go
\over for determination until the later
meeting.
1t is evident that il the proceeds of
the Baltimore and -Ohio's bond issue are
used in retiring the short-term notes.
the extensive betterment programme out
lined by President Willard at the time
of thu Baltimore and Ohio's application
to the Public Service Commission for
approval of the recent bond issue. will
be indefinitely deferred. Even such bet
terments as the railway company con-
templated making out OF income must.