The Washington herald., 1913-12-30
MARKET AWAITS
COMING Of 1914
New York Exchange Practi-
caIly Held Up Until Ar
rival of New Year.
BANK TO CHANGE HEAD
Wade H. Cooper to Become President
of Union Savings-Loeal Reserve
Committee in Session.
BANK TO CHANGE HEAD
BY w. STEALEY.

BY W.. STEALEN.
The New York stock market yesterday
maintained a fairly steady tone.
Orders to sell stock for foreign account
were unexpectedly heavy at the opening.
Amsterdam and Berlin disposed Of Cana
dian Pacific and Steel common or direct
orders, and London sold these issues as
well as Amalgamated Copper through the
usual arbitrage channels. In all, some
5000 shares were sold. AS the selling
sackened, a point advance in Amalga-
mated Copper gave temporary strength
ln the list, but this cnly induced fresh
liquidation in Canadian Pacific that car
lied the price 10 the new low level of 204.
Il was noticed that as soon as the mar
ket became soft, selling orders were with
drawn, and there succeeded periods of eN-
treme dullness that worked back into
growing firmness of prices.
New Haven, which has risen rs IL on
covering, dropped back to q, although the
2 stock still is in good demand in the loan
crowd at a premium, showing that con-
siderable bear interest stiIl remains to be
covered. Steel common was under pres
, sure. a stock appearing on any sign Of
firmness.
Reading Led Rise.
Reading led in point of activity, mov
ing with the carrying currents of the
day. Floor traders still watched this
stock in the belief that II will lead in
any fresh advance in the general market.
Other coal stocks were heavy. Erie
dropped to d and Lehigh Valley fell
to Ii9.
A further improvement in the market
for copper metal was reflected in a bet
ter market for the copper shares. OF
, these issues Titan was the strongest,
crossing 81.
Texas Company stock rose points in
Standard Oil issues. Pacific Telegraph
and Telephone preferred recovered 6
points to IS. Tobacco stocks showed ir-
regularity; American Tobacco declined 5
points, and LoriIlard preferred ad-
vanced >.
Bonds were active and in many cases
strong. New York Railway adjustment
IS on heavy trading rose from IS 5-S to
20. Wabash refunding IS advanced from
IS 3-4 TO 81. New York City bonds dis
played a good tone. Investment issues
generally indicated an Improvement.
r One Colorado Midland first mortgage As
sold at I5, whereas the last previous
transaction in this bond occurred at q.
Trading in the New York State LIS
when issued" around lC5 IA indicated
that the S5l. coo 10. be offered January
l. will be 5IargeIy=SoFer subscribed. II is
believed that the state will realize be-
tween lOt and lO5 for the entire issue.
, Brokers call the tone OF the market
good. The market displays underlying
firmness which suggests that the next
movement of Importance will be toward
a higher level. There is little disposition
to encourage speculation until the turn
OF the. year or the beginning of next
week.
Local Stock Market.
one $1,000 4 per cent of the Wash
, ington Railway and Electric Company
was sold in the Washington Stock EN-
charge yesterday at 7s3s. $500
Washington Gas : per cent sold at lOb-
This was the extent of the trading in
bonds.
Odd lots of stocks were sold. Ten
shares Of Federal National Bank
brought l34h; five shares of Washing
ton Loan and Trust, 231ss; one share
of MergenthaIer, 212, and one share OF
Washington Gas, 81.
For Capital Traction 11lH was bid.
For Washington and Norfolk Steam
boat 1877 was bid.
Cooper to Head Union savings.
At the annual meeting of the board
Of directors of the Union Savings Bank.
which will be held next month. Wade
I H. Cooper will be elected president.
Mr. Cooper now is president of the
United States Savings Bank.
1t also is understood that the board
of directors has been agreed upon.
Reserve Committee Busy.
Chairman CIapham and the members
Of the committee designated to bring to
Washington one of the regional reserve
banks, held its first meeting yesterday
and outlined plans for the campaign. Each
member of the committee will work upon
certain designated lines, and when the
meets here January l. the local commit
tee will be prepared to place before it
every available fact why Washington
should be selected. The committee will
he in d position to file brief and make
IA orai argument in behalf of the citys
Claims.
Gas Stockholders Meet.
At i meeting yesterday. attended by
Vice President Reeside, the directors of
the Washington Gas Light Company and
a number OF stockholders, headed by Ed
nund h. Fox, it was decided to submit
10 the corporation counsel, through the
>Public Utilities Commission. the right of
the company to Increase the board OF di-
rectors 40 fifteen members. This and
other changes ri poiicJ in the manage
ment .pr the c0n;pany's affairs are being
asked BY those represented 6y Mr.. Fox.
Efforts also are being made to have stock
holders withhold their proxies pending
the election in February.
Washington bank clea":Iss FOR 1918
; will approximate Sl02 30, ,0O0 Tie clear
ings from January to %este:day in
elusive. amounted to SioO.1I$.I6@.
Increase Passenger Rates.
Increased passenger as well as f7eigh:
rates now are being agitated.
The Interstate Commerce Commission
will shortly De asked to permit ~: I'M
crease in passenger rates II plans now
tndcr Informal discussion by railroad eg-
cCutives receive the approval Of j ma
lurity. The argument which will back
M. the prayer for higher rates is thst
Passenger Transportation is more costly
to produce than hitherto. thai larger
taveEucs are necessary if the railroads
are TO keep tip the standards Of eff
cheney and safety. and that Passenger
traffic should bear it's share Of the i'll
creased burden ag well as thc freight
traffic.
The first move in this direction is in
New England where the Boston and
Maine traffic experts are at work on new
schedules.
Money and New York.
In juzt what MEASURE the new currency
81 stem will succeed in keeping funds
away from New YORK. which new seek
EnvrSfiueI.t in, this market is yet 70 be