The Washington herald., 1913-09-18
new YORK LIST
CLOSED Lower
After Manipulated Boom Rush
of ProGt-Taking Turned
Market Very Weak.
U. P. MELON DIMINISHES
Local Stocks Slow-Exports of Gold
ProbabIe-Bond Situation.
Gossip of Street.
By I. A. FLEMING.

tangible. they ran them down again. The
turn on the reaction was sufficient to
wipe out all the advances and an addi-
tional point to a little more, while frac-
tional losses of a half point were gen.
eral throughout the list
Having failed to make good on the
melon proposition on the Union Pacific
the bulls took up the cry of 10 per cent
dividends on Reading, instead of S, and
in this they were not as far away as
they had been in some of their fairy
tales.
But the stock market, to a conservative
observer. is far, far away from war
ranted to advance anything like as rap
idly as it has during the last few days,
since the passage of the tariff bill
The crop damage is real and earnest.
1t is hurting the traffic of the Middle
Western roads already, and will be more
marked as the year draws 10 a close.
Railroads are more satisfactory, per-
haps, but if the big decline of the early
spring and through the summer was
warranted. then the advance may well
be questioned.
Money is by no means in plentiful sup
ply: il is more plentiful than il was a
month ago. but the demands of specula-
tion are not recognized as much as are
the needs of customers. The advance
Of the last few days has wiped out the
short interest, and their covering support
is missed in the attempt 10 further in
nate prices.
Brokers. long close observers. declare
that the cards are too quickly shufhed
for u to follow" and in that kind of a
market the conservative trader is sUs-
pirious and watchful.
Gold Imports.
In order TO help out the situation, gold
imports are suggested The exchange
r11g int IN u
it, Sterling bills have not been made as
freely this year as usual, foreign imports
suffering materially. so that our trade
balance may be reduced by gold imports
II was just this time last year when they
started. and after sl2OO0,0oO came this way
they were stopped. England taking the
ground that with the Balkans afire it was
time TO conserve resources and the re-
lations between the financiers Of the two
countries was sufficiently close TO make
the thought work.
1t is not thought that England will put
any stumbling blocks in the way of the
flow of yellow boys this way, although
Germany is just now competing with
England for South African and South
American gold.
May Cut Dividend.
The weakness in New Haven, on the
theory that it would be necessary for the
from to per cent. caused weakness
therein Rock Island was another weak
sister. and these two was more than the
list could stand. turning to weakness and
closing near the low of the session.
For the fiscal year Reading shows
balance for the common stock OF $l2Go'-
go after deducting 10000 for the sinking
fund The sl2.Oo0OOO is equal to Il per
cent on the common stock. This with
GS per cent a year ago.
Railroads should not be too free with
their cash in distributing il at this time
All-steel cars will tap many a till. and
they are coming. Because a road can
pay more Is no reason why 1t should I'M
til more peaceful times.
The Union Pacific melon has shrunk a
watermelon was expected: it has shrunk
to a canta loupe. Perhaps orange will
please tomorrow.
Declines.
steel lost a point. closing weak a s. IA.
Union Pacific. after advancing a point,
turned IA of. Rock Island lost points.
Reading At the tape was up S-S; at the
close net SIS below Tuesdays CLOSING.
Nipper. New York Central. Mop. Lehish
Valley. Interboro, Great Northern Penn
syIvania General Electric. and few
other stocks were 1-2a3-4 lower Copper.
SmeIter. Canadian Pacific. and New
Haven. lal 3-4 lower.
Financial statistics.
The Acting Comptroller Of the Currency
has just completed a vouminous report Z
of the last i've calls issued.
1t is interesting to know that slS.3TT. .a93 81
is being used by the depositors of ma |
tional banks in the United States (spd |
insulsr possessions) without paying a !
cent OF interest This large amount rep |
resents oYsrdrafts. The New England |
States furnished but s5S5.ooO OF this |
amount. the Eastern States s1.2s9. 900. of |
which SSi,lll is due TO District of Column |
bia banks: the Southern States hold the !
banner with $.679. 022, and the Western !
and Middle Western but 100000. all told. |
Taking September 1, 1872 and August g. |
lg13 as comparative dates, loans and dis |
counts have increased Sl2I 0,O0O: indi- |
yidual deposits have decreased S13n, ,OO0. |
and the total resources have decreased |
SCI. 900. AS compared with June 4, 1872. |
the August figures showed a decrease |
of $24OOo.OOO in loans. a loss of l92122. 600 |
in individual deposits, and $3.50, 900 de- |
crease in total resources.
Savings departments have been in |
stalled 3,42I, national banks. indicating J
trend toward catering to the interest de-
sire of the savings public. New England |
has I43 savings banks, the Eastern States |
1.lO6, including five in the District: South
Banks hold, to secure circulation, $7S5,-
$4,000 United States bonds: to secure de-
posits, s47694,11 National banks hold
furniture and fixtures. banking houses,
&C. aggregating in value s252, ,SSs. .3s9, and
other real estate valued at S31, 1,229,OOO.
LocnI Securities.
1t was a slow, uninteresting session of
the local exchange. A little Gas at S5-1-2,
a sale of Railway common at So, and
few odd lots completed the stock sales.
The market for Gas was easier, the clos
ing bid being 81 IA. with stock offered at
a point above these figures.
In the bond list, Potomac Electric first
mortgage IS sold at 1O4, the first sale in
some time: Traction IS. small bond, 107.
Bonds.
The Wall Street journal says:
Bonds have advanced sufficiently from
the low level of June to justify naming
the change in trend as a real turn in
the bono market. Not since bonds were
recovering from the effects of the 1907
panic have they advanced 50 steadily.
he average price of the twenty-five
representative railroad bonds at the end
OF each month stood at the close on Mon