The Washington herald., 1913-04-01
TONE IS GOOD,
PRICES STEADY
Mr.. Morgan's Death Without
Effect On Values in
Wall Street.
CONDITIONS PECULIAR
Low Prices Help Stability-Little Need
for Support-Loeal Securities
Firm May Move.
By I. A. FLEMING.

Wall street knew that Mr.. Morgan was
dead before the opening of the Exchange.
For years this announcement had bean
expected and dreaded as TO the possible
effect on security values.
When il came there was a SILVER and
feeling of keen regret in the street,
but nothing more.
Great fnanciers have passed from the
scenes of their activities. and their going
has been followed by wild declines. TIE
passing OF Jay Gould. the sudden deaths
of William A. Vanderbilt and Gov. Flow
er brought panicky scenes, with much
need for the support that stopped the
declines. The assassination of President
Garfield nipped a f1ood-tide bull market
tn frost.
But when the leader, the master, the
king of Wall street goes hence il is with
out sensation i'm the section where he
ruled almost supreme--a little break IN
prices and then full recovery.
The stage setting fer the great tragedy
was different. Mr. Morgan had practi-
cally retired from business: he had put
the burden on younger shoulders, on his
sturdy son and his partners in the great
banking firm of J. p. Morgan IL Co. His
house was in order, as every one knew
Il would be. His firm goes on, his great
interests intact. as the men of affairs Of
this day and generation are accustomed
to leaving matters
Moreover. there has been no great pub
lie interest in the stock market for many
days Prices were grinding on low rec
crds. the result of money stringency,
administra ton changes and fear of legis-
lative measures. Nc public to become
panic-stricken; too low prices to check
further sacrificing.
True. there may have been some sup
port given the list TO check any attempt
on the part of The bears to create senti-
ment in their favor. and yet support was
The most natural thing to expect. Mr..
Morgan has frequently stepped into the
market in urgency, and he was not
without powerful influential friends to
take his place when occasion required.
strong Closing.
But at the low of the day the leading
stocks We're a little more than a point
off, and at the closing but a fraction,
u or IS on the average, while some
shares made good gains.
Mr. Morgan and his work furnished
the gossip Of the day. The consensus
of opinion favored the theory that he
had practically retired, the more so
when it became known that on his last
voyage, he had yielded all responsibility
10 his partners giving them free hand.
The Market.
Steel opened a point off. and the early
price proved the low. for it came back
and closed but H. point lower. Union
Pacific opened Ia off and closed but
IS below the final figures of Saturday
and so with other stocks--the closing
showed slight changes.
The net losses. therefor9 may be said
to in no way reflect the effect of the
Passing of the great financier.
Some industrials and some rails lost
1-2aI point. but this was nothing more
than an ordinary days fluctuations.
The closing was strong.
April Disbursements.
In addition to the dividend payments
for which checks We're sent out last night
and which totaled s66S.52O there were also
sent out checks i'm payment for interest
due April /. 'for Sl4l $40. making the total
disbursements for today SSl0,f6
Such p heavy distribution should make
an appreciate difference in the market
for local securities today. 1t is safe
10 assume that a large part of this money
will be reinvested, and with stocks he'd
as well as they are they are likely to
he popular with the buying public.
The actual disbursements will exceed
tho figures quoted as it is Impossible
10 estimate the payments thai will be
made in Washington on account of gov
eminent bond interest Interest is due
today, l-2 Of per cent on nearly s543, 000-
COO of government IS, and A certain per-
Centage of this large sum will be paid to
local banks and investors.
In addition to helping the investment
movement. this big distribution ought to
increase the supply Of loanablc funds
and make bankers generous.
Bank Opens Wednesday.
Tho Security Savings and Commercial
Bsnk will open for business tomorrow, in
temporary quarters, just north of G in
Ninth. Street.
Julius L. Peyser. prominent i'm the or
SANITATION of the sI0o.9o9 bank. will be |
its first president. Associated with him |
are a number of men who were prom |
nent in the management of the Mer- |
chants and Mechanics Savings Bank.
The bank will clear through the Riggs |
National and will also do business with |
the Metropolitan National and the Com |
mercial National Banks. |
The contract has been let for the new |
hank building on the northeast corner |
of Ninth and G Streets, and as soon |
as the building is ready the bank will |
occupy ii.
The stock of this bank was subscribed /
for without offering any to the public. |
A call was sent out last week for pay |
ment of 30 per cent of the subscriptions. |
Local stocks.
On a very limited line of business the |
local exchange showed a shade stronger |
to end. Capital Traction sold at l21, a |
sharp gain OF previous quotations. The |
broker given to buying Washington Rail-
way and Electric shares seemed willing |
to take on stock at recent~igures, 90 IL |
for the preferred and 81 3-ia92 for the |
common, and while there were light sales |
around these figures the market showed |
no life, holders asking better figures.
Washington Gas moved up another
eighth to 81 "a bid, one lot sold at 81 rs. /
Stock was offered at 81 rs at the close
with the 81 "a bid dissatisfied.
Lanston was shade firmer at So lisa |
81 IA with s. freely bid around the room
In the bond list Railway As Were firm
at s. 1-2 and Traction rs moved up to
100 5-S. while Potomac Consolidated IS sold |
at 100 ga.
Want Stock.
The Potomac Insurance Company is out |
after its own stock at $50 share The
circular plainly states that there is little
chance for dividends, that the company
has been sold to the General Accident
and that the proposed increase
10 a million capital cannot be increased |
TO a million until the stock has all been /
in.
May Move.