The Washington herald., 1913-11-06
STOCKS FIRMER;
SHORTS Buying
More Favorable Aspect Of
Mexican Matters and Over
sold Condition Factors.
LEADERS SHOW THE BEST
c. H. Radolph Chosen President Of
Second National Bank-0ther
Changes-Gossip of Day.
LEADERS SHOW THE BEST
BY 1. A. FLEMING.

BY 1. A. FLEMING.
At the immediate opening stocks were
Lag lower Soon after covering by shorts
on the assurances that an ultimatum had
not been dispatched to Mexico, caused a
sharp upturn which continued most of
the day, although prices eased OF again
toward the close.
In their search for an excuse the tips
ters accredited the recovery to various
causes. II was a very thin, heavily over
sold market, it was doing better because of
the prospects Of currency legislation, and
even better because of the Democratic
victories.
Probably the strength resulted as much
from the hopes, the lingering hopes, that
the Mexican matter will not prove much
more embarrassing than it has, though
just on what basis, other than delay.
the hopes are founded remains to be
seen.
There is no question but what the
bears have played the game rather reck-
lessly, but they have the profits back
Of them to do 1t, and so far as the mar
ket goes there has been nothing TO give
them any scare.
The steel business is poor and price
cutting is reported all around octo-
Der failures increased I45 over September
and liabilities were 81 per cent heavier.
II there is any satisfaction in these
statements and in the railroad earnings
and trust prosecution plan, there have
been few evidences that we're plain
enough to be seen.
4 cable reported 5000 gold coming
from Germany II was said, that the
gold had been shipped. Probably this
had some effect in iastiIlinE better feel
iuEs IN the part of the htIlls.
Little LIquidntIon.
There was little liquidation, and this
with the apparent belief that the powers
on the other side will side with the
United States in a policy of non-inter-
vention, while permitting the combat
ants to struggle to the death, probably
induced some short covering. Bullish
sentiment does not prevail generally on
the street only the small actual liqui-
dati0n checking the bears.
It was not horizontal rise and there
was much irregularity. The leaders
were the oversold. They rallied best.
Mexican Petroleum gave spectators
in fits stock an awful jarring again. 1t
opened at Is, a loss OF a point, dropped
to 42. and then came back in good shape
on the rumor. persistent, that the cor
poration would not pass its dividend. the
high being IS IL and the closing Il 81
steel common held 5-S of its gain, like
wises Southern Pacific SufeitfngsT Great
Northern. and Illinois Central. Union
Pacific was 81 higher; Reading. which
rose 81 to the high, closed at l6V 81,
a net gain of IL points for the session.
st. Paul was "a higher; Pacific Mail, In
terboruugh preferred. American Tele-
graph. and Republic Steel preferred
q point. Canadian Pacific gained ! l-2'
and Copper q point
National BISCUIT lost ; points: Amer
Jean Tobacco was weak, and other in
dustriaIs lost fractionally.
W. V. Cox Retires.
President Cox, Of the Second National
Bank, rendered his resignation 10 his
directors yesterday morning and they
.gccepted ii n Of date, December L.
Vt the same time they carried out the
program and elected Cuno II. Rudolph
4 director ard president of the bank,
tho last office effective December II.
Director Sacks. of the Chapin-Sacks
Company retired Of his own volition
from the board. President CoX's resigna-
ton was accepted with deep regret by
his fellow officials. and a committee
named t. prepare suitable resolutions
of the long and able man
agement of the retiring executive.
Mr.. Rudolph also presented his resig-
nation TO the directors of the National
Metropolitan Bank and received the best
wishes of his associates, who were loath |
to part with him.
Both Mr.. Rudolph and Mr.. Cox have |
long been influential citizens of the Jis-
trict and each has a legion of friends. |
Mr. Cox retains a directorship on the /
Second National board and wifi give his /
best energies TO its success. even though /
his time will be more devoted TO per-
sonaI matters and the enjoyment Of a /
vacation well earned by years OF service.
Local Securities.
On the regular call yesterday, seven \
shares of stock and one $500 bond were
as the sum total of the sales.
After call eighty-five shares OF Railway |
common sold at 80, the lowest price since |
the rally. probably an imperative order.
Then 5000 Gas IS brought i07 S-4, showing /
some improvement in strength.
The earlier transactions included $500
Traction IS at 107 rs and four Mercy at
21S, with three American Security at 296
and 299
The market is extremely narrow and
will remain SO until money works easier,
after the first of the new year.
The income tax is still taking up the
time and patience Of the investing pub
ic and is actually worrying many in the
Effort to solve knotty problems
MunKey Trust shares.
..E. ]. H"-The stock OF the Munsey
Trust Company, of Washington, has not
,een listed on the local exchange 10 I
ales have been reported recently. The
,tock was offered ten days ago on
change at sc and later at g5, without
,uyers at the price.
Railroad Earnings Poor.
Gross earnings Of United States rail-
Dads, according to ''Duns Review con-
inue 10 make a somewhat indifferent
omparison with a year ago, the total
or three weeks in October amounting
o S3o.Hs.24f, a loss of G9 per cent as {.
ompared with the $50. .70S go reported by
hese roads for the same Period last year.
he decreased total, as heretofore, is al
lost entirely accounted for by the falling
n in the earnings of the railroads I'm
he West and Southwest. practically al
( which make smaller returns than at
his time in 1872 These losses are prob =,
bly, a reflection of reduced shipments
{ agricultural products, resulting from a
ne short crops in many sections that Z
ere affected by the drouth Of the past
ummer. 4 much more favorable ex- :
ibit. however, is made by the railroads !
the South. where an active volume1
: business is Indicated by the increased
srnings reported by such important sys-
ms as the Louisville and Nash
lie. Southern. Chesapeake and
HE. Mobile and Ohio. Cincin-
III. New Orleans, Texas Pacific and X
sabosrd Air Line the gains ON these =