The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-07-29
y 4 ~
LOCAL MARKET
SLOW ANDDULL
New York Stocks Exhibit
Strength with Less Show
Of Profit Taking.
NEW HAVEN LEADS RAILS
Mexican Petroleum, Steel, and Anal
samated Copper Aetive-Bank-
ers Assail Currency Plan.
NEW HAVEN LEADS RAILS

The local stock market today was with.
OUT special feature. A few bonds were
picked up In the early trading, and more
were offered at higher rates than were
bid for them, but the market was pretty
dry of that kind of securities. and the
sales Of Capital Traction IS, Washington
Railway and Electric Is. and Potomac
Electric IS were limited.
Stocks went of slowly Capital Trac?
ton was bid in at 11s. Several frag-
ments of hallway preferred went at IS,
and the common stock sold in quotation
lots at 81 Gas was in small demand,
and the price could not be pushed above
IS, and that, too when it was freely pre-
dicted a week ago that it would go to
par and stay there.
The trading yesterday was of the mid
summer variety. slack and slow.
New York Market Stronger.
The course Of the market yesterday in
New York was strong opening, show
ing an advance of point in some stocks
a rise during the middle of the session.
and a decline near the close, due ap-
parently to profit-taking. The recession,
however. did not amount to as much as
the advance. and most stocks closed well
above the opening figures. The trading
yesterday showed increasing interest in
market operations and confidence in the
future The tendency to realize on the
bulges was not so marked as in the
closing days of last week, and while the
drift, toward specialties continues, rails
were the strongest stocks and showed
the greater fluctuations.
New Haven, Amalgamated Copper, and
Canadian Pacific were the leaders in
the advance. New Haven and Amalga-
mated each gained 1 IL points, and
Canadian Pacific point. Great North
ern. Chesapeake and Ohio. and others
were among the active issues Balti-
more and Ohio common opened at an
advance of 3-s, selling up to 80 and re-
ducing is OF a point, showing a gain of
"a above Saturdays close. Reading
showed 7-s gain at the opening. sold
up "a to 1sS Ia. and lost IL point on
the decline before the close.
Specialties like Mexican Petroleum
gave exhibition of strength. and Steel
common gained nearly a point AS the
result Of rains and good crop predictions
Kansas City Southern advanced a point
and held the greater part of the rise.
Erie Issues Advance.
Strength in the Erie issues was one
of the features Of the day on the pre-
diction that earnings for the present
year would exceed former records by at
least s1o,0oo,0o0. The buying of Steel
was traced to a Wall Street house
closely in touch with the banking
house Of ]. P. Morgan & Co.
Bankers are beginning to criticise the
proposed currency bill freely. President
Vanderslip, of the National City Bank,
has sent an impressive letter to the
chairman of both committees in Con-
gress. in the course of which he de-
clares that the weakness of the bill lies
in the. separation of the management of
financial institutions from their owner
ship. James B. Forgan, of Chicago, de-
clares that the political control of bank
ing operations can result only in disas-
ter.
Charles G. Dawes, former Comptroller
of the Currency, analyses the measure
exhaustively and finds it weak and IN
satisfactory at several crucial points.
Up to this time bankers have re-
Trained from expressing their views in |
a manner TO annoy or embarrass the |
administration in the formation and pro- |
mitigation of its financial program. Now
that it has become known they are point |
ing out its defects with a seriousness |
and force that may well lead the Presi- !
dent TO pause before pushing the plan !
to a fulfillment.