The Washington herald., 1913-12-18
SALES ON LOCAL CHANGE


Assistant Secretary Of the Treasury
Williams Denies Report Concerning
U. S. Trust Company.
y DuIlness was the principal feature of
the New York Stock Exchange yesterday,
only $4,000 shares changing hands. but
the market showed more strength than
heretofore and important recoveries were
made.
The market is thin; bid and offered
prices are often wide apart and in the
so-called inactive industrials specialists
are without any bids at all on their
books. This condition is constant
source Of unessiness to commission
brokers and causes bank cashiers to
scrutinize loans carefully and reject the
minor industrials when offered as coll
lateral in loans
~ Early prices in London were quoted for
American stocks. but little business or no
business resulted. The selling of Ca
madam Pacific for foreign account ceased
with a 2-point recovery.
American Telephone continued its re-
covery, crossing 115. President Wallis
l.sstatement was considered reassuring by
stockholders.
Union Pacific Steel and Reading were
practically unchanged.
American Express fell to 100 1-2, a new
low, and the Wabash issues are fast dis
/ appearing from quotable figures. The
common sold at rs and the preferred at
s. Rumors of a $40 assessment on these
stocks were again current.
Bond Trading Active.
If stocks were dull, bonds were un-
usually active. A block of 81, ,5OO, 900 Penn
sylvania convertible 31ks was sold to an
English house for investment at 81 IA.
Over s25O,0OO Central Leather IS were
traded in between 50 1-2 and Sc.
American Telephone and Telegraph con-
Vertible AIS were actively traded in, ad-
vancing a point. New Haven convert
ible debenture 6s were heavy. United
States Steel 5s were active and firm;
Chicago, Burlington and Quincy joint
As were in good demand. Rock Island
collateral is fell sharply shortly before
the close.
Our own bond market is making bet
ter showing than London's. British Con-
soils established a new low record in their
history by selling at II Is Unsuccessful
Canadian issues are no doubt largely re-
sponsible for present uneasiness- Grand
Trunk Pacific contemplates offering $l0,-
100000 seven-year per cent notes at 81.
- Mexican securities were weak in Lon
don on the fear that the January obli-
cations of the National Railways of Mex
leo would be financed with the utmost
difficulty.
Bank exchanges at New York, Boston
and Philadelphia show a further falling
SOf, indicating the contraction in gen.
eral business.
Commission business on the floor of the
exchange is at a standstill. A specialist
who watches three stocks made $50 in
commissions last month, while a we'll
known ''two-dolIar'' broker, who will
trade anywhere on the floor upon re-
quest. did a total business in November
of $40. And there is no immediate i'm
provement in sight.
Europe Also Affected.
There seems to be an agreement that
the slowing down in business Is both
economic and political; probably the fun
damental reason is the worldwide high
cost of capital.
Signs of recession on this account are
quite as pronounced abroad as in the
United 'ates; in Europe the situation
is aggravated by militarism and in Can
- ada by a to- rapid expansion. Neither
= of these conditions exists in the United
States.
of credit in this country nor an over
expansion in gener~l business. On the
contrary, the banking situation is pretty
well in hand, and oUr various merchan-
disc markets are more likely to suffer
from scarcity than from overproduction.
, As a matter of fact economic conditions
in the United States are sounder and
more encouraging than those prevailing
elsewhere
And yet business depression is no.
where SO marked as along the seaboard
Of the United States, and this depression
is gradually extending itself throughout
the West and South, and all this in the
face of the fact that intrinsic conditions
generally are sound enough. Wall Street
blames politics for the trouble.
Local stock Exchange.
Bond-trading again was active on the
local exchange yesterday, but there were
few sales of stock
Nine thousand dollars in Washington
Railway and Electric Is went at 70 3-4.
$1,000, at 797-S, and 1000, at 80. A 8, 900
Metropolitan Railway was sold at los.
A $500 Columbia Railway was sold at
I0o Four thousand dollars in Chesapeake
and Potomac Telephone IS went at 10e IL.
A Washington Gas 500 was sold at
iOs7-S. A $500 Georgetown Gas went
at 80. and a $500 at 1O2lk.
Ninety shares of Washington Gas stock
were sold at IS 81 One share of Metro
poIitan National Bank Stock went at $50.
For Capital Traction stock Ill was bid,
r1l3 asked: Washington Railway and Elec-
y trio, common, s. was bid, 81 asked.
A bid of 30 was made for Mergenthale=,
which was held at ~ For Lanston, 81 IA
was bid.
President Rudolph Installed.
Curo n. Rudolph yesterday was in
stalled as president of the Second Ma
tionaI Bank. succeeding William V. Cox.
who has served as the banks head ani
now retfres to become q member Of the
board OF directors.
After a months vacation in Bermuda
MFR. Cox will take an active interest in
Z the banks affairs.
! Mr. Rudolph received many congratula-
tions during the day and was the re-
cIpIent of several handsome floral trib-
utes.
Secretary Williams Makes Denial.
A report generally circulated in hnan-
cial circles yesterday to the effect that
n movement was ON foot by the Treasury
Department TO rehabilitate the United
States Trust Company met with an en-
phatic denial from Assistant Secretary
of the Treasury Williams.
Declaration of Dividends.
The American Security and Trust Com
pany Yesterday declared its regular