The Washington herald., 1913-05-08
BETTER CLOSE
ON THELEADERS
Bears Roam Through the List
Seeking New Vulner-
able Spots.
CAPITAL TRACTION 120H
Demand for Local Bonds-Cas Stock
Firm-Seaboard Air Line
Doing Well.
CAPITAL TRACTION 120H
By i. A. FLEMING.

OOlnS wen.
By i. A. FLEMING.
The Wall Street bears have found such
juicy feeding in the stock market during
the past few weeks that they are not
satisfied with ordinary profits; they are
not willing to take a good days pay and
get out, but keep roaming around the
market, first one place and then another.
seeking vulnerable positions, which they
may FIND easy for their attacks, and. as
as there is no support anywhere, they
are usually successful.
Yesterday they pounded New York
Central to levels that have not been
reached since 1908, 9984: they turned again
On Illinois Genital, and they gave Della
ware and Hudson sufficient pressure to
drop a couple of points from Its price
Underwood was another one of the vul-
,lerable, and here the drop was 3 points;
they hit Wool preferred for 80, and
Louisville and Nashville for point.
Leaders Close Strong.
In the early part of the session the
bears were after the leaders, starting ru-
mors that Union Pacific had commenced
the liquidation of Southern Pacific stock
on the street-a fake-that the dividend
would not be paid that no sale plan
could be agreed upon, and this. that. and
the other canard for the purpose of fur
Their unsettling matters.
These reports carried Union Pacific on
"a, and Reading ss from yesterdays close,
and then the bears tried to take some
profits, but in doing SO they bid the lead
crs I'D on themselves. This brought about
the best prices of the day. just before the
close. with net gains of rs on Union Pa
cific, q on Steel common, and rs on
Reading. while Southern Pacific gained
Ia net. Copper, Smelter. Canadian Pa
cific, Missouri Pacific, and Lehish Valley
were all higher.
News of the Day.
The news of the day was not i'm
portant, other than the resumption of
negotiations for the solution OF the
great problem confronting Union Pa
cific, the sale of S126,000,o00 Southern Pa
cific stock, so as to meet the approval
of the courts. With this out of the way
the biggest stumbling block would be
eliminated and the market greatly re-
lieved.
Renewed buying of steel material was
reported from the mills. The Bank OF
England may reduce its rate of discount
Railroad earnings are more favorable
and the crop reports are all that could
he desired.
The Closing.
The closing was decidedly strong on
the top on the high grade issues.
Where there WAS no support the bears
had the best of il.
The enormous short line. is i'm itself
af H.. hull a time.
for any play by market leaders against
the bears would result in a gain, al
though conditions do not warrant any
material Improvement
Seabonrd Air Line.
The Seaboard Air Line Railway is
earning at the rate of over per cent
on its S25.0o0.oO0 preferred stock, and
because of this YER satisfactory show
ing holders of the shares are hopeful OF
the beginning of dividends before the end
of the calendar year, or early IN 1911
at the latest, provided, of course, the
company continues as prosperous as II
is at the present time.
In the nine months to March 81, the
company earned within 100000 of its
years fixed interest, tax and adjustment
bond requirements To put it another
wav. there will be an indicated surplus,
after all deductions. when the balance is
drawn on June 30 of approximately $780,
600 or nearly three times the surplus
shown at the close of the 1el1-l2 fiscal
year.
When the new management took charge
on september 80 last, there was a dehclt
of $4,000 on the first quarters operations,
and in the next six months to March 81
this was converted INTO a surplus of
sl.I70OOO over all charges and income bond
interest requirements.
Local Market.
There was. in the aggregate, large
business transacted on the local En-
change yesterday Capital Traction
was the center of interest, and IT was
also under pressure from the start TO
the close of the Exchange. On the reg
ular call 40 ga was bid and 121 asked.
Later il was sold at III, and then frac-
tionally down by eighths to 40 SIS, when
the final sale was made at 10 Is. The
closing was weak at the low.
In the meantime, the old bids were
made for Railway and Electric, 81 L.
bid 80 asked, for both common and pre-
ferred, though there were small lots Of
the preferred offered below asking price
and slightly better than the bid figures.
Gas Strong.
washington Gas continues slroHS.
There were sales at "a 7-SaS5, with stock
offered at s., and with anything under
that price attractive to buyers.
Union Trust shares sold at 135, Amer
lean National 170.
Bonds were in good demand at lola
lO1 1-S for Potomac Consolidated IS,
S31-4 for Railway As, and l09 3-4a1O9 Us
for two $500 bonds Of the Capital Trac-
ton Company.
Tax Money.
National banks have been informed OF
the amount of tax money they will re-
ceive payments being prorated accord
ing to deposits but Assistant Secretary
williams has not made known the bonds
that will be accepted as security other
than in a general way. Local bonds OF
the traction companies and of the gas
companies are likely to be acceptable.
ssunscy Trust Company.
1t is said that the officials Of the
Munsey Trust Company will be as fol-
lows:
Frank A. Munsey, president: Stewart
Olivier, first vice president; W. T. De-
wart. second vice president: Wilton j.
Lambert, attorney and trust officer;
Charles r. Burhans. secretary, and C..
II. Pope. treasurer.
1t is hardly probable that this or
ganization will be anything but tempo
rary. The first vice president is the BUSH
ness manager of the Baltimore News.
the second vice president is Mr.. Mum
sey's right hand man and general man.
aver.