The Washington herald., 1913-12-27
STOCK MARKET
PRICES ADVANCE
Reading Again Leads in the
Trading on New York
Stock Exchange.
CLEARING HOUSE MEETS
Committee Appointed to See Secre.
tary MeAdoo in Behalf of City's
Claim for Reserve Bank.

Prices on the New YorI. Stock Exchange
yesterday continued the advance begun
early in the week. An undertone Of quiet
strength in stocks is encouraging to bulls
and very annoying to shorts and the sold
out traders who already are hoping for a
reaction that will enable them to pur-
chase stocks.
Trading in Reading monopolized 25 per
cent of the days dealings. From the
opening at 1863 3-4, the stock rose two
points where liquidating sales wiped out
all the gain. Several blocks of this stock
have been quietly picked up during the
past few weeks by speculative investors
who express the opinion that develop
ments regarding segregation will come to
the surface during the next month.
So-caIIed official denials that any sepa-
ration is contemplated caused a hasty un-
doing of speculative trades by floor oper-
Rtors.
OF all the active shares Reading alone
Is selling at higher prices than ruled one
wear ago. Unfortunately for the rest OF
the stock market this stock is rarely
good market leader and the activity has
checked optimism on other issues The
present move, however may prove the
exception.
Steel common was firm. 1t is the pres
ent fashion to believe that corporations
will seek solutions for their problems
rather than dissolution, and II is suggest
ed in quarters familiar TO the trade that
the United States Steel Corporation may
agree to the separation of their transpor-
tation companies and reorganize under a
new charter, preferably, with Federal
control.
Copper stocks Firm.
Gamer stocks were firm. Amalgamated
crossed 10. and Utah 20. No Improvement
is noted in the metal market but at the
,,rasent trade prices are not stock mar
ket factors.
Less than two weeks ago it seemed
impossible to get fair bid for many OF
the inactive issues. AS an indication. OF
the rapid change that occurs in senu-
rrent without Immediately affecting
prices brokers Yesterday found it diff
cult to get offerings of these same stocks
St Paul preferred, a prime investment
rose over points on the purchase OF a
few hundred shares. Advances CT from
| TO . points were numerous when brok-
ers attempted to fill buying orders
With the approach of an official an
nouncement regarding proposed assess
ments Wabash shares are disappearing
rapidly from quotable figures. The com
mon dropped to 21-2 and the preferred to
! Missouri Pacific was also heavy.
Lehigh Valley sold ''ex'' the semi-an-
nual dividend of j. per cent. In future
dividends will be paid quarterly. As
10 per cent investment the stock is con-
sidered an excellent investment at rul-
ing figures. There was an advance of
l II per cent in spite of the poor showing
made by November earnings.
Operating Expenses Increase.
Other November railroad statements
confirmed the reports of diminished
traffic and increased operating expenses.
Atrhison reported decrease Of $l,044.OOG
= nd in Chicago
Northwestern had 4 loss of Ss4lO0O in
gross and a decrease in net of S423.0oO.
Bonds were active and in many cases
strong Traction issues showing the
larger gain. New York Railway Adjust
ments IS were heavily dealt in around
50 to 20 II. Speculative interest in this
issue has been increased on the rumor
that the full per cent interest will be
paid.
London and many of the continental
markets were closed. Paris, however.
was open. and government bonds there
rose sharply.
With d return of confidence in prices,
there Genes first of all a cancellation of
selling orders. This stage has been
reached in the stock market. The next
step should he further attempt of the
bears to cover This may lead to a re-
newal of special activity by bankers, vino
are no longer at sea over currency legis- !
ation. Later on the public is expected
TO come in, but it rarely buys stock
until the advance is we'll under way.
LocHI stock Exchange.
The usual after-holiday lun was ap-
parent in the Washington Stock EX- !
change yesterday.
Five 81. 900 Potomac Electric 5s were |
sold for los. and $1,000 Washington !
Railway and Electric per cent went |
at so. In the stock list seven shares |
of Commercial National Bank brought |
1851. and forty shares of Washington |
Railway and Electric common brought |
S6ls.
A bid OF llOIH was made for Capt. |
tai Traction. Sc for Washington Gas, |
and 2lO for Mergenthaler.
BRHSerS to See McAdO".
At a meeting of the Washington Clear
tng-house Association yesterday it was |
decided to recommend to members of the
Washington National Banking Associ-
alton that they enter the new system |
provided by the G'ass-Owens act.
The action of the associa ton makes
certain the cooperation OF the local
banks.
The ass J. iatiOn also named a commit
tee consisting of President Ashton G. !
Clapham, of the Commercial National
Bank; George W. White, of the National
MeIrOpOllIan -Sank. H. Ii. Mckee. OF the Il
National Capital Bank: John Poole of /
the Federal National Bank, and W. T
Galliher, of the American National Bank
which will see Secretary McAdoo andi
place before him arguments in favor of |
the city's claims for the regional reserve
bank center.
Local bankers generally believe the
reserve bank organization committee is
certain Washington will become a Fed
eral reserve city, but it was considered
desirable that the campaign having that
object in view be prosecuted vigorously.
! This was regarded as important by reason
Of the activity of outside cities.
Actual Cash Increased.
When the currency bill was signed
provision went Immediately into ef-
feet providing for a decrease in re-
serve requirements to Is per cent from 1
the recent basis Of 25 per cent, This
Is quite considerable concession in
he direction of actual cash.
Missouri Pacific stntu,.
Bankers for the Missouri Pacific and
directors and other officials of the com
pany unanimously assert that there is
nothing in sight which would indicate
that the Missouri, Pacific cannot take
care of its obligations. Particular ref |,
srenee is made to the $25,OO0,00O notes
maturing next June and about which
maturity there has been sufficient ap-