The Washington herald., 1913-12-16
bears CONTINUE
TO rule Street
American Telegraph and Tele-
phone Drops Five Points.
Declines Are General.
MOEGAN ISSUES DOWN
Dali Day on Local 'Change-Issue Of
Western Maryland Railroad
Securities Proposed.

The New York stock market yesterday
went through another period OF declines.
Tia feature Of the day was the drop
of points in American Teegraph and
Telephone. Wall Street insisted that the
drop Is due to agitation OF government
ownership, but as that generally is recog-
nized 10 be a LONG way OF, even under
most favorable administration tndorse-
ment the best view is to the effect that
the decline Is due principally 10 the New
Haven slump.
The stock market closed irregular, with
distinct weakness in ecial issues. Early
strength was checked by sharp break
in American Telephone and Telegraph.
Liquidation in this issue was intermittent,
finally carrying the price to ITO shortly
before the close.
This combination of telephone COM
panies, one of the latest products of J.
p. Morgan & Co., caught investors and
not SPECTATORS, the stock having been
distributed as a hi h grade investment
The convertible 1-2 per cent bonds
dropped from 81 IA to SO 3-S. These Sc
curities were sold at high prices and in
the opinion of many bankers, outside Of
the underwriting syndicate. were over
estimated by the promoters
Morgan Issues Down.
sO-called Morgan issues. General Electric
dropped . 1-2 points and New York Gen.
tral fell TO 80 3-s.
Western Union, another valued invest
ment fell to Sc SIS, a new low mark for
the year. Weakness however, was not
confined to any one class Of stocks.
Canadian Pacific broke sharply on selling
for foreign account, netting loss of
"a. This stock has long sold at figures
cent stocks and may find its level below
900. 1t is not believed that Canada can
escape without further readjustment of
real estate values.
Baltimore and Ohio sold below 81 on
the decrease of S1,Oo0.0O0 in November
gross earnings.
Losses of from one to three points
again were scored in active issues, Amer
lean Express selling at 10S, and Pitts
burgh Coal preferred, 50. Pennsylvania
was heavy: Northern Pacific weak;
Union Pacific "choppy." and Steel COM
mon firm.
Assets Realization sold at a new low
figure despite the announcement that the
company had succeeded in extending its
obligations.
Bonds were heavy. High grade issues
sold of fractionally. convertible bonds
being - notably weak. Baltimore and
again sold at 49, New Haven debenture
is were fractionally lower.
Trade news over the weekend was all
of an unfavorable nature. Bank clear
ings at all important centers showed
decline Railroad earnings display in
creasing losses Steel production is gen.
orally 30 per cent below capacity and the
mildness of the weather is seriously felt
by the dry goods trade.
Foreign houses bought moderately,
taking some 5000 shares of Steel and
Union Pacific. They were sellers Of
Canadian Pacific.
Investors are coming into the market,
but not to buy stocks. They are bring
ing New Haven. Telephone, Northern
Pacific. New York Central, and other
stocks that they are willing to exchange
for cash Until this movement ceases, |
there promises 20 be little announcement
for the public with money TO PICK up
the bargains offered.
Local stock Market.
Extreme duIlness characterized the
trading in the Washington Stock EX-
change yesterday.
Twenty shares of Mergenthaler went |
at 30 H. and one share Of Washington
Railway and Electri. preferred at 81 L. I
A bid OF 81 l-2 was made for the COM |
mon, which was held at 90. This was
the extent Of the trading.
Washington Gas was held at S 3-4. A |
bid of III Is was made for Capital Trac-
tion, 112 1-2 asked.
What is regarded as very favorable !
factor in the local situation is the |
strength of the bond list. For Capital
Traction IS 1O7 IA was offered yesterday:
civ and Suburban 5s 9S l-2; Metropoli- |
tan, lO4l-2: Washington Railway and
Electric. 70 "a.
Local securities undoubtedly are stand |
ing well.
Western Maryland Securities.
The Western Maryland Railway plans |
to issue S5,0O0,000 in short-term securt- /
ties Permission was asked Of the Public |
Service Commission yesterday by the rail- |
way 10 issue eighteen-montks per cent
notes for the above amount The bulk
of the issue will be used to take up |
"a o0o 600 of twelve-month notes which ma
ture on the first day of next month and |
the remainder expended for improve
meuts The excess will be used to eX-
tend the roads system.
II the necessary consent OF the COM
mission to the issue is obtained the West
err Maryland will have SIS, 900 of short
term notes maturing on July !, 1915. The
petition filed today explains that the road,
I:nder authority, issued SO, Coz, 600 in notes
in 1872, the proceeds being used to take
over subsidiary companies To this
amount $S.000.OO0 was added in twelve
month notes a year ago.
Easter Money in Sight.
Money should become easier after the
turn of the year. The interior banks ap-
pear to have plenty OF money. Western
and Southern banks did not take out
nearly all of the $50. 600 900 offered by Sec
rstary of the Treasury AcAdoo, though
the rate charged was only per cent;
and they have not touched dollar Of the
500, 10000 OF Aldrich-Vreeland emergency
currency. Some bankers say these offers
BY Mr.. McAdoo encouraged the banks TO
expand or TO have their loans in an in
fated condition, but the fact remains
that with the close Of the year there is
little more than the ordinary stringency.
A semi-annual dividend Of Ia per cent
' yesterday was declared by the directors
cf the Ontario Apartment House Com