The Washington herald., 1913-10-29
STOCKS RALLY
AFTER ASLUMP
shipment Of Gold from Eu-
rope Checks Decline, but
Prices Recover Slowly.
TRACTION IS IN DEMAND
Lower Nominal Prices on Railway
Shares-No Activity in
Local Market.
BY 1. A. FLEMING.

BY Il. n. FLEMING.
There was positive weakness in the
market during the earlier hours, and this
declining trend was only checked by the
eport on engagement of S2,5OO.OOO on
he other side for import into the Unit
d States.
This announcement gave check to the
scline, and was taken as an Indication
lat a real import movement might be
tarted in the immediate future, but the
norts were not especially scared. and
lille they covered rather freely and the
me from noon on was more favorable
seclines were general throughout the
st.
While very many are OF the opinion
at the Mexican situation will gradu-
Wy adjust itself without involving the
TIED States there are others who fail to
how the matter can be settled without
Ouble. The advice of the conservative
Dan6Ing interests TO let the market mark
time until such progress has been made
toward pacification or unity of action by
the powers as shall remove the possi-
bility of conflict
The reports Of the situation were rath-
er more serious. Two point losses were
sustained on Union Pacific, and Union
Pacific with less severe losses through
out the general list
Partially responsible for the rally was
the announcement that the Interstate
Commerce Commission had sanctioned
certain advances in schedules which
>Onsent is beginning to create an i'm
preston that probably the Interstate
commission will recede sufficiently from
It's all the time attitude TO give the
railroads of the East their much needed
horizontal increase of per cent.
The weakness was checked. about noon
and from that time OH the market pre-
Sented a much healthier ASPECT
The announcement of the important
meeting TO be held today by Rock Island
company, and especially the statement
that the Phelps-Dodge interests would
succeed w. II. Moore and that this in
terest was recognized in banking circles
a. conservative and pushing and would
sooner or later be in control of the sys-
tem helped Rock Island. Control is still
held in the MoOre-Reid crowd. But the
promise of the meeting and better times
ahead gave Rock Island shares, pre-
feTred l 3-S advance
Apathy on the part of traders and of
ne larger interests was responsible for
he earlier weakness and slowness, in
ducing concessions in prices which in
tirn brought activity in moderate form
nd then the gold announcement added
Iv note Of str,ngth.
The street takes a bulliSh position on
he Steel Corporation earnings for the
-ter, and remembers the speech of
president Of the corporation as en-
5uraging. while action by the Interstate
Il Commerce Commission is permitting
,srme unimportant advances here and
here throughout the country is giving
'ew hope in the probability of a general
Increase in rates Icing permitted.
Copper opening unchanged. gained a
Traction, then receded TO 80 81. and ral-
4 led again to "A 3-S Canadian Pacific,
'hich opened lower. at 22S Sl4, lost more
than two points, and gained about half
Jhe loss. Reading, which was per cent
eN-dividend, opened at I6l 81, sold up a
point, lost two points, and got back the
loss Union Pacific lost nearly three
points, with partial recovery, closing at
t5l IL. Steel lost two points from the
highest of the day and shared in the
losing rally only slightly.
Speculative interest seemed to center
largely in the low-priced shares. such as
American Can and Rock Island.
At the close the market was essentially
strong, and considerable optimism was
expressed of a further rise from the
present level.
Rock Island Changes.
J An important meeting of directors of
hallway Company is scheduled for to-
lay. One probable development is that
representatives of Phelps. Dodge & Co.
will assume greater prominence in the
property.
Although it has been rumored that the
Phelps-Dodge people had acquired abso-
ute control of the Rock Island, the re-
'Ort is denied on behalf of the Phelps
Dodge interests.
abap In,
,sect is the election of a new chairman
Of the executive committee of the Rock
island in succession to w. II. Moore.
This position may so TO Arthur Curtiss
James, of Phelps, Dodge & C6.
There is also a possibility that in the
near future stockholders in the st. Louis
section of the country may secure rep
resentation on the board, succeeding a
Iirector who has for some months
wished to retire. w. H. Moore will con-
inue on the directorate.
Traction Bonds i'm Demand.
. Traction bonds were the feature of the
small volume of trading on the local
stock exchange yesterday. The demand
,or whatever CAPITAL Traction 5s might
BE offered advanced the price to Jos and
AZ that figure S5,0O9face value, were sold.
Railway As brought and were in good
fractional lots of NMergenthaler at
rS Ia to IL and tuotation lot of
Union Trust at l2s complted the record
Or the day.
Offerings of Consolidated ), and of the |
Washington-Virginia common were not
taken. Chapin-Sacks CompaiT shares
we're also offered at 200 with n6,buyers.
Bid and asked prices on RailwaSshares
we're lowered. The prospect ofNfree
lransfers was probably the cause. bn no
sales were made.
COTTON STATISTICS