The Washington herald., 1913-03-27
BULLS CONTROL;
PRICES Higher
Wall Street Ignores Unfavor-
able News and Closes
Stocks at High Point.
LOCAL STOCKS QUIET
Railway Common Easier, Preferred
Higher-Good Investment Buy
ing Of Bonds.
By L. A. FLEMING.


From a strong. good opening. followed
by recessions throughout the list, ano
especially in the stocks of railroads
whose lines are located in the storm
center, the market gradually gathered
strength, and in the last hour OF the
afternoon came through with sharp re-
coveries. wiping out the ceclines except
in few stocks, and giving the list an
excellent closing. Moreover. there were
a number of excellent gains. the chiefest
51-2 points in Canadian Pacific.
Our English cousins have been selling
Canadian Pacific, one of their best Sc
curities quite freely during the none
tary crisis in Germany. and now they
have turned and are getting 1t back. as
qhickly as possible, evidently without
limit.
But there was in the closing of the
market yesterday afternoon something
more than a mere show of strength NO
one questions the fact that millions OF
property has been destroyed. wiped out
That the storm. floods. &C, have made
havoc: that the rehabilitation will be ex-
pensive is palpable, yet Wall Street had
forgotten it as financial problem before
the full returns were in.
Not Worried.
The tariff problem is worrying Chair
man Underwood the President being ia
vorable to much more drastic cuts than
the trainers OF the bill have considered
and holding that the income tax Will
more than make up the deficit in pubic
revenues Yet wall Street paid no at
tention to the tariff or income tax sltua-
ton
One might be permitted to suggest that
not caring for any possible effects from
such vital matters may be taken as an
evidence that the big interests are un-
der the market again. and that main
force is TO be used in making II respond
to the will of big interests.
On the right side of the ledger. the
market benefited directly from the fall
of Adrianople, with the practical certainty
that it will end the war. from feeling
that the tight money period is practi-
cally over and from good business gen.
orally.
The bears and the short interest gen.
orally played hard for a reaction in the
morning figuring that the damage in
the unfortunate districts where storm
and food have worked havoc was reason
sufficient. They were successful in these
instances. and had the general list easy,
but not particularly weak. other than
Smelling, at any time. Panhandle, Penn
sy!vania line. l 3-4 points: Erie Railroad
Company. point: Illinois Central. IA
points: Chea sapeake and Ohio. L.
points: Baltimore and Ohio. 1-2 point;
Louisville and Nashville. l is points.
Rallies.
But these losses were generally wiped
out on the upgrade. the strength hold
ing right to the tap of the bell.
There was much less than the usual
ampunt Ot gossip from the street. and for
this there was an excellent reason. Most
of the wire talk related to flood damages,
repeated Ger and o er in press dispatches:
many leading operators did not digest
the movement TO their own satisfaction.
and so did not comment: much gossip
related TO the bear operations of the day.
and was not pertinent to such a strong
closing.
The total sales were 600 shares.
Local Securities.
a goodly volume of trading was re-
corded on the local exchange yesterday
noon. There were distinct evidences Of
investment buying in Gas IS. and in evil
dence through the odd lot purchases of
stocks.
Gas IS opened at los IA and closed at
los 1-2. The high grade Potomac IS first
brought l05. the Consolidated IS 100 IS.
while a $500 Railway per cent brought
81
The bloom was of the bull movement
in common stock of the Railway and
Electric Company. for the day at least,
perhaps just let-up for digestive pur
poses. The sales We're at "a and to 9317.
closing with offerings at ~. a3a4 bid.
Preferred shares were very strong and
supply light. Small sales at 9Oa9O Is
Tins is a gain of 1-2a5-s
Capital Traction was offered at 10.
with a small lot sold at that price.
Washington Gas did not show on the
sales record. except seven shares: stock
offered at s., with 81 SIS the best bid
Bank shares attracted considerable at
tention at 17ea173 for American National.
1sea1g for Commercial National 205 for
Metropolitan. 80 for American Security
and 1856 for United States Trust shares.
Washington Utilities.
A correspondent asks for information
concerning the outsta nding capital Of the
Washington Utilities Company. earnings
&c.
The Washington Utilities Company has
outstanding s,4se.3oo of stock and 1896, 900
bonds. In January Of this year three
fourtbs Of per cent was paid as divi-
dend. For the year ended December 81
1912, the following statistics have been
furnished:
Gross operating receipts and other
income OBSERVATION-DISCLOSURES. s6S4, is6
Operating expenses. ses.............. 244 1856
Gross income. 4os, ,as4
Bond interest. taxes. &s............ 262, so
Net income. .SlfI, 2OO
Dividend Increased.
Directors of the National Rank of
Baltimore yesterday increased the divi-
dend on the stock from an S per cent
to a 10 per cent basis, and at the same
time ordered payments quarterly in
stead of semi-annually.
Bankers Active.
II is understood that in all prob
ability committees of bankers in vari-
Gus parts of the country will visit
Washington and seek interviews with
the President and Secretary of the
Treasury within a few days. They are
not expected to come In body. but
individually and in small groups Busi-
ness men not primarily engaged in
banking will undoubtedly be included
in these groups. and they will endeavor
to make clear to the Presidents mind
that they believe something should he
done without any unnecessary delay.
It has been realized by a number Of
national organizations which have been
promoting banking reform that the
critical point in the whole campaign
has now been reached. and that failure
to take steps to make their wishes
time win Suhiect thero