The Washington herald., 1913-07-02
POINT INCREASE
FOR STANDARDS
Stocks Grow Under influence
Of Reports Of Improved
Crop Conditions.
UNION PACIFIC LEADER
Courts Approval Of Dissolution Plan
and Covering BY Shorts Give
Strength.
UNION PACIFIC LEADER


point yesterday under the influence of
reports Of improved crop conditions.
The advance, except for slight hesitation
raid. was steady, final prices being close
to the best of the session.
Union Pacific was the leader through
out the day, having price range OF
points, and closing with q net gain OF
II per cent. Its strength grew out OF
the approval by the court of the dis
solution plan and covering Of shorts. -
Southern Pacific, while slightly higher.
failed to show as much stamina as
Union. This was undoubtedly due to
strong belief In the financial district that
the road will lose in the proposed suit
by the government to force it to dis
pose of Central Pacific control.
Some Wall Street interests with a
theoretical turn Of mind expressed the
opinion that perhaps the Southern Pa
cihc stock would never be sold but
turned back to the Southern Pacific in
exchange for Central Pacific if the courts
ordered the sale OF the latter property.
1t is true that the Southern Paciic's
charter does not permit it to buy its
own stock. but financial interests ex-
pressed the belief that the government
would probably back the company In
asking permission to have its charter
changed IL the court decided that the
Southern Pacific must part with control
OF Central Pacific.
Earnings Reports Favorable.
Some strength was impaired to the rail-
road issues by favorable reports Of earn
ings for May and announced by several
systems. The New York Central system
announced an increase in net for all lines
of s., 81, SIS: Missouri Pacifics net in
come increased s272,sDs; Illinois Central
net was s225, 100 larger than for the same
month last year.
The Pennsylvania system was an ex-
ception to the showing made by most
roads, its lines reporting a decrease OF
S16,ee5
Brokers considered it significant and
reflection of the strength Of banks that
there were practically no loans called
yesterday. Owing to the large disburse-
ments made by corporations and rail-
roads on account of interest and divi-
dents on July i, there is usually consid-
cradle calling of loans by the banks. 1t
was said yesterday that the amount of
money called and -eloaned on July last
year Appropriated $780, 900. this being
the high-water mark. There was plenty
of money available, loans amounting to
slightly more than s2,O010o0 being made
around per cent on call. The banks
continue to lose to the subtreasury, owing
to the payment of corporation taxes.
Specialties shares in the general
strength. advances Of from 1 to points
being scattered throughout the list.
Woolworth rose nearly three points on
short covering. Lorillard preferred nearly
4, and National Biscuit preferred 4. Lig
gett & Myers lost points on the sale
OF 100 shares. Erie shares were also
higher, the first preferred advancing
more than two points. and the common
and second preferred l and II per cent
each
St. Louis and San Francisco common
was q fraction higher owing perhaps to
the knowledge that all of the 2,100,00o
maturities due yesterday had been met
On the Local 'Chnnge.
Capital Traction stock, selling at
lis IL and 116, made the biggest part of
the trading at the Washington Stock
Exchanges noon session yesterday. 1t
was not a notable distinction, at that
for with the mercury being bulled way
above par on Weather Bureau reports,
the whole of the trading amounted to
comparatively little.
Fewer than 100 shares Of Capital
Traction were sold Fifty shares of
Washington Gas changed hands at IS "a.
Three shares of Federal National sold
at 135 constituted all the trading in
the bank list.