The Washington herald., 1913-10-16
STOCKS FIRMER;
BEARS Buying
Pro6t-Taking Movement
Steadies List and Causes
Some Good Gains.
RAILWAY COMMON, 96-97
Local Bonds Easier-More Interesting
Features Of the Income
Tax Law.
RAILWAY COMMON, 96-97
Rx i. 4. FLEMING.

BY /. 4. FLEMING.
Stocks were distinctly better, in that
the selling pressure was removed, but the
Improvement was due to the enormous
bear operations during the last day or
two, rather than to any improvement in
sentinent. The bears. with fat profits
in sight, started in to take them and
make additions to bank accounts, and,
covering freely along these lines, ad-
vanced prices on the leaders fractionaliy
and in a few cases with more impor-
tant gains.
But aside from the short covering. the
demand did not look especially good, big
interests still avoiding anything that
looks at all like support
Hope that the Bank of EnglandN would
not increase its rate of discount was
expressed and the chances are that the
rates will be unchanged. Mexican sit
uation is admittedly tough nut for the
administration to crack, and it is a
blockade of minor Importance in the
Street, but nevertheless has its effect
with the nervous ones.
Traders found some satisfaction in the
financing of the New Haven and the
prospect that President Elliott will be
able, in time, to pull the old reliable
out of its troubles.
That the rally did not have a better
appearance was reason for gossipers to
remark that the weakness would prob
ably develop again. Commission houses
look upon it entirely as a traders mar
ket about as liable to go one way as
the other, but with the trend probably
bearish, as the traders seem TO favor
this side.
Copper's advance in London. after
stagnation, and the threat of strike
in Butte and other centers, gave the
copper stocks a strong tone.
Selling was almostly entirely fo- ac-
count of the bears, as well as The buy
ing, they being on both sides of the
market. Observers d<d not note anything
like heavy liquidation that has been in
evidence for few days and therein and
by so much the market was actually
better.
Net Changes.
After the rush of covering the
price list went back. reducing the
advance in the leaders to about
5-S of a point, this covering the
gain in Union Pacific, Steel common. In
tcrbor0. and a number of rails. Steel
preferred gained a point, so did Great
Northern and New Haven. Mexican Pc
troleum also point higher. Reading a
shade firmer: Nirper 5-S. Utah Copper rs
Amalgamated Copper IL, Anaconda a
point, and Canadian Pacific lost a point
as did Atchison and 500 Line. while Balti-
more and Ohio was IS lower.
n.-,. S--..- ~ ~. nj,
For the first time in several days, Wash
Ington Railway and Electric figured in
the sales record, when ten shares sold at
81, and Immediately thereafter a quota
ton lot at sc. The 81 is the highest price
ever reached by the stock. The bid price
at the close was So.
The general impression is that ] per
cent extra dividend will be declared, max
ing the payment for the year per cent
as stated in this column before. Divi-
dend has been earned for the year, and
the earnings continue excellent
Small odd lots of Traction and Rail
way preferred at 115 II and 30 1-2 were
reported.
Gas Ex-Dividcnd.
Washington Gas shares were ex-divi-
dend. S156,oOO being assigned to the hold
ers of these shares for payment with the
LIST of November. Only los shares were
sold. but the strength on this volume of
business was encouraging; about 20 cents
e share advance, net.
Railway Is were easier. selling off 5-S to
s. to " IS with 500 bond at s.. Trac-
uon 5s, 1O6 IA, and Gas IS los.
So far as bonds are concerned it looks
very much as if the values of local is
sues were gradually coming to a point
where they are nearer New York levels.
Another 100000 Conc.
Another SR"rgU uf the tax money was
repaid 1t. Jhr government yesterday |
Despite this withdrawal. there are signs
OF satisfactory easing of the money
market but with no desire ON the part Of |
the banks 10 be generous save to their /
own customers. Until conditions outline |
the future more plainly, the money mar |
ket Is likely to be controlled with con- !
Eervatisu, legitimate demands of GUS |
toners taken care of. speculation and ex- /;
pansion curtailed within narrow limits.
Rates on average loans are per cent: !
on collateral, 5a5 l-2.
Universal Transfers.
There is no question but what every
citizens association in or around Wash |
ington will argue and insist on universal |
transfers. A hearing on that proposition |
seems to be unnecessary, save from the
carriers" side. and they will oppose on 1
the theory that transfers as they are |
given today reduce the six-for-a-quarter |
fare TO the railway company to close TO |
3 cents.
But universal transfers have come in |
many cities. They were opposed and |
fought for in Chicago for years, and /
finally granted through a partial unifica-
tion of the systems and there were three |
main lines and numbers of subsidiaries.
Washington ought to have universal |
transfers. They would be obtained. by 1
forcing a unification OF the two compa-
nies, just as Washington can and should |
have 50 or even so cent gas instead of S.
cent gas in one street and dollar gas |
block away. I
One street railroad company with uni
Versal transfers: one gas company with /
10 or s. cent gas for the people.
Conditions existing at this time make
FOR easier probabilities as to merger than
ever.
OF course, every one except that con-
dngent thar uses automobiles exclusively
wants traHsfers and the rest of the popu-
lace rs we'll.
File New Tarins.
Thousands of tariffs have been filed by
he railroads In advancing the schedules
per cent. Ii is of course next to GER
ain that the Interstate Commerce Com
mission will s.ep in with postponements