The Washington times., 1913-03-25

NEW YORK STOCKS
SHOWED STRENGTH
Leading Rails and Equipment
Shares Higher-Leggitt and
Myers Tobacco SIumps.

NEW YORK, March 25.-While there
transa cted. the trend Of values was
toward higher figures, with average
advances of y of point in the lead
ers. The equipment stocks were good
seconds. and about the only weakness
was in Leggitt & Myers Tobacco stock.
which took a ten-point header with
out any special reason therefor. Ten
point drops are exceptional and usual
ly accompanied by a reason therefor.
but the exception was the rule today.
Balkan news and a belief that the
Bank of England governors may see
fit to reduce the discount rate at their
meeting on Thursday were given as
the reasons for strength.
Some of the leading commission
houses are Of the opinion that liquida-
ton has run its course and hat further
selling must come entirely from the
bears. They are also hopeful that legis-
lation may be secured oy which South
ern Pacific may be permitted to ac-
quire the Union Pacific Company's
holdings of Southern Pacific stock:
thereby relieving the market Of one OF
its most serious problems. especially
with the market in a strain.
Most of the gossips Joined in express
ing belief in the better trend OF things
generally, and that conditions from now
on will improve.
The inadequacy of our currency sys-
tenn was touched upon by Hartman &
Co. in this letter:
.Our opinion is that Wall Street has
practically completed its liquidation.
1t now awaits the new Presidents mes
sage to the extra session. II that mes
sage contains a proposal for currency
reform. 1t will create most favorable
impression, for the unanimous opinion
here Is that our antiquated system Is
the cause for all our ills. 1t is inelastic
and unsound. Unless this Is done, and
right away, and having another big
crop to take care of, besides an enor-
the Balkan wars destruction. such
financing can only be done by con-
tinued liquidation Of securities. We are
personally most hopeful, and feel that
such a step is in contemplation by Mr..
Wilson and that values are cheap"
While there was a very good under
tone the advances were not as marked
as they were on Monday. The shorts
have not begun to run, as yet. That
they are nervous Is evident because OF
are not a badly scared crowd Of shorts.
though the short interest is unwieldly.
New York Central was one of the
strongest stocks on the list. with "
advance. Pennsylvania was surprise,
in that it went of fractionally with
strength all around 1t. Sugar rose 2
points.
The street paid no attention to the
laying Of capital by Vice President
Marshall, understanding that he spoke
for himself and not for the Administra-
ton.
William Rockefeller was the first d.
rector to arrive at Union Pacific head
quarters for the regular meeting, and
he expressed satisfaction over better
physical condition.
The New York legislature has passed
reform bills prohibiting fictitious trans
actions and false representations on
securities.
Latest Omaha damage reports in dol
lars and cents is placed at $12, 900, 900.
Suit has been brought by a share
holder in the International Petroleum
Company to have 81. 420, 900 stock held by
]. Hays Hammond declared void.
The disclosure Of tariff plans as far
as they have gone has not hurt stocks.