The Washington herald., 1913-09-10
Stocks QUIET;
i CLOSING firm
A Government Crop Report
Was About as Expected.
Petroleums Excited.
INVESTORS ARE BUYING
Local Securities Firm - Baltimore
Bank Mergers Likely-Crop
Experts Good Work.
INVESTORS ARE BUYING
BY 1. A. FLEMING.

BY L. A. FLEMING.
'Au street trading was somewhat ir-
regular but the net movement was un-
important either in volume of transac-
lions or in the net changes In the early
hours the list went of, and in the later
operations the leaders recovered more
than they lost and the majority Of stocks
made back their losses.
The trading element was bearish on
early strength in cotton futures and belief
in a worse corn condition than reported
Later when the crop report was made
public, showing 65l per cent, indicating
a production OF 2S5l, 100000 bushels corn
and 24S,OOoO0O bushels Of spring wheat,
the market found that conditions were
not worse than expected and when this
was followed by a drop in corn prices.
the bulls took stocks to the high levels
Of the session.
There were many rumors OF the inten-
tipn of the bulls TO take command of the
situation just as soon as the tariff bin
was enacted. Just why or wherefore, no
one seemed able 10 tell. 1t is admitted
that our manufacturers will have to- de-
veIop to the greatest possibilities their
foreign trade: that the absolute necessity
for steel construction on all cars used in
a comparatively short time, will greatly
some time and necessitate much new
financing.
Some of the confscatory Legislation
urged in Congress recently is not helping
the situation a bit
Financial News.
In June. 1913 the operating income of
all large railroads showed S2S7.l9 per
mile, a loss of SIS per mile, as compared
with June, 1912.
The New York Central has sold to J.
p Morgan & Co. $4,000 one-year notes
bearing I-2 per cent interest.
InterborU Rapid Transit for the year
ending June so showed a surplus in
crease Of SlO6 500
1t Is said that representatives OF the
Dutch Petroleum Company, and of the
Shell Transport and Trading Company
the most important rivals Of the Stand
ard. who have recently invaded the
United States. are investigating the Cali
fornia petroleum properties. Othcials OF
the latter company will neither deny nor
affirm closure Of an agreement for the
absorption of the California Company
by the Dutch Company. Stock OF both
the Mexican and California companies
was much higher, Mexican rising 70
7Oa70 Is, from a closing Monday at g.
The subtreasury continues to gain from
the banks, so far this week about *2'S20-
Copper and Smelling held their own
Anaconda was Il higher; Chino Copper
q better; Union Pacific, after losing H,
came back to a closing at u net ad-
vance so did Reading, Peoples Gas
gained points, Steel common held .
betterment, and New York Central y.
The market was very slow, the morn
ing hours being spent scalPing and wait
ing for the report, and the closing hours
speclllatiug more on todays action than
anything else.
Local Securities.
II was better looking sales sheet than
the local exchange has sent out for a
month in that the transactions all looked
like investment buying and was of the
odd lot variety. But siXty-nine shares
were. recorded on the sales record. Gas
showed some real strength, moving up
to SiIs and later to S. on small sales.
One thing that can be credited TO the
recent furry in Gas Is that 1t has re-
moved the floating supply; that IT has
nut the stock in stronger hands and that
it will take higher prices 10 dislodge
stock acquired in the late unpleasant
ness.
Nothing in the immediate future, visi-
BILE will seriously operate against local
utilities and they are all dong peIteE
business than ever before
little Railway common sold at SS!2a
a.: hid ard asked prices were the same !
Citizens Savings Bank 2OI5.
Potomac Consolidated IS eased on
again 70 9g7s. Gas IS, l07ls.
Good Work
:. B. Chaplin < Co call attention TO
the report OF their crop expert, Oscar h. !
Lyle, who on the 18th Of August es-
timated the corn crop at 2,Sa2VDoSJ
bushels, or exactly 100000 bushels more
than the government crop report made /
nearly a month later.
Chapin x Co also say that there has
been heavier damage to the corn crop
since the compilation of the govern
ment's repOrt of September ! condition
ma yesterday. The firms estimate Of
spring wheat condition is but 100000
bushels over the governments, which Is
based on tens Of thousands of reports
digested by a group OF expert crop
statistiCians.
Crop proEnostication has been whit
tied dowp to a science and Mr.. Lyle GER
tainly has the credit of being a truthful
expert this year
The crop OF corn last year was S,125,00o,-
600 bushels, Of spring wheat yield a
year ago, SSo,"0010 bushels. The total
wheat crop is 1J0,OO0,OGn bush els against
the record crop OF 7ISoO0,CO0 in 1901, and
40 Oc0.eD0 bushels last year.
Cereals were weak yesterday.
BnIimore Mergers.
Upon reputable authority it was stated
today that plans are now on foot for
the merging Of three large trust COM
panies of Baltimore and that one OF the
city banks will ultimately be drawn into
the consolidation. The proposition is
said 10 have advanced TO the point where
the plaEs for the merger are being
worked out, and the details are expected
to te announced within a few days.
Several weeks ago The Star published
reports Of a rumored merger Of two To-
cal trust companies for which there was
strC assumption for belief in many
quarters 1t was stated today that this
plan has since been abandoned in favor
Of the larger scheme for an amalgama-
ton three trust concerns.
Today the rumor of the merging of
three trust companies was heard in the
financial district and while a tour Of
that section did not elicit any definite
statement as TO what companies are con-
cerned. It was not denied but, in fact.
was confirmed by certain interests. who
practically admitted that Il was a fact,
out that the time was not yet ripe for
an announcement Of details
The name OF the bank which is said to
~be o-lcerned in the deal will not be
given cut for several days It was said
that the plan whereby the bank could
be connected yith the three trust COM