The Washington herald., 1913-09-20
MARKET Strong;
STOCKS ACTIVE
Reaction Appears in Closing
Hour, Due to Profession
al Profit Taking.
LOCAL MARKET IS DULL
Capital City Savings Bank Opens for
Business This Morn
ing.
LOCAL MARKET Is DULL
By /. A. FLEMING.

by i. A. LfsMlN0s
The New York stock market behaved
well yesterday in the face of a general
belief that there would be a decided re-
action from the squirt of the previous
s day. Trading was fairly active through
out the session. with some profit taking
r. in the afternoon which carried prices
down from fractions to a full point from
the highest for the da.', Reading and
Union Pacific were the leaders, with Le-
high Valley and Peoples Gas close sec
onds. Union Pacific, because Of the ad-
vance on Thursday and again yesterday,
suffered most in the reaction near the
close, dropping back nearly two points,
but this was due to nothing more than
a healthy decline after an unusual ad-
vance Reading was strong and very
active all day on the strength of the
good report of earnings.
Market news was on the whole favor
able, and much of the trading was from
commission houses. The market is well
supported on recessions. but there is
small chance for extensive bull opera
tions at the present time.
ST. Paul to Be Financed.
Il is understood that the Chicago. Mil
waukee and St. Paul has under con-
sideration a comprehensive plan for new
financing that makes provision for the
roads needs for long time TO come.
This does not mean that the road is to
offer securities for sale at present, but
that the plans. if carried to consumma-
ton, will place 1t in position to salts
factorily care for all its future needs.
Central Railroad of New Jersey reports
for fiscal year ended June 80 last total
operating revenues increase 3, 4St,I2l.
Total operating expenses increase a,lO4,-
SIS Net operating revenue increase
SI.Sg2,l7S. Surplus decrease S7l6,656.
Foregoing balance for dividends is
equal to 1913 per cent on the 81, 1861 500
outstanding stock compared with ISO
per cent the previous year.
The steady advance in the price of
Great Northern Ore certificates is not
due to the prospect of an extra dividend.
While It is impossible to get any infor-
nation those familiar with the company
affairs say that the trustees would hardly
be likely to increase their dividend dis
buIsements at this time. The lease of the
steel corporation on the Great Northern
properties expires December 81, 1914. and
it is the intention of the trustees to con-
tinue the development of the properties,
mining and selling the ore. 1t is known,
however. that Mr.. Hill and his associates
are great believers in the value of the
properties and are convinced that larger
profits will accruestO the company from
selling ore direct to iron and steel
makers than from the corporations lease.
Petroleum Profits Explained.
The much-taIked-of report of Ralph
Arnold. consulting geologist and pc
tSOIeum engineer the California Pc
troleum Corporations properties, is now
available Mr. Arnold states that the
reduction in earnings during the last few
months is attributable to an abnormal
decrease in production of certain of the
CCaling wells due to water trouble and
t. the failure of some of the new wells
to yield the expected production; he also
states that he has changed his ideas re-
carding the total oil value of the corpO-
ration only slight His report concludes
with the recommendation of an eNpendt-
ture of at least SSJO,CO0 per yen to be
used for the drilling of new wells. this
exclusive of the amount which is re-
quired to clean and repair old wells
and which is chargeable to cost of pro-
dUction.
The foreign trade statement of the
United States for the month of August,
Was regarded as a bullish factor. show
= ing an increase of so, 900 in exports
and a decrease of sl7,OOO,OOO in imports,
by comparison with the corresponding
month last year.
Local Market Slow.
The volume of trading on the local
stock exchange yesterday was small
One quotation lot of Washington Gas
was sold for S51.. Fractional lots of
Railway preferred went at 80. and some
small trades in the bank shares were
recorded without essential changes in the
prices.
In the bond list sales were made in
Potomac Consolidated IS at 1875. and Po-
tOmac Electric IS at fG and 104%.
The Security Savings and Commercial
Bank, in accordance with its spirit of
progressiveness, will today install a holi-
day savings club. This club is organized
r. TO help the members accumulate snug
sum for use at the holiday season. BY
starting any amount from so cents to $
and placing the same amount in the bank
each week, an easy way of raising Christ
mas money is realized. In addition, in
terest at per cent will be paid at the
end of the period, when check for the
entire amount will be mailed each men,
her.
For the benefit of those desiring to use
their checks for Christmas presents or
shopping, the bank has arranged with a
number of downtown merchants and
storekeepers TO accept these checks, the
: same as cash. The CLUB starts today and
dTlay be Joined any time until Saturday
night of next week
The Capital City Savings Bank will
open for business this morning at Sew
enth Street and Florida Avenue. The
officers of the bank are: H. D. Gordon.
president; Z. A. Garlock, vice president
and treasurer; F. R. Gordon, vice presi-
dent; Z. S. Gsrlock, director; A. B. Cor
don, secretary; NJ. T. Virgins, assistant
cashier.
NEW YORK COTTON.
Furnished ny W. Hibbs q Co
z# Oren. High. Low Close
OCtoher.................... 1910 1884 5l5 1873
December. 1917 1873 1910 l2z