The Washington herald., 1913-10-01
RAILWAY STOCK
SHOWS STRENGTH
Shifting Of Investments Re-
spOnsible for Two Days
Trading Records.
BEARS RUN WALL STREET
Cunning for Stop 0rders-Disap-
pointed at Failure of Melon
Cutting.
BEARS RUN WALL STREET
By IA. FLEMING.

changing OF investments started Mon
day with the sale of a block of American
Security and Trust Company shares, and
was at least partially completed yester-
day in the purchase of 225 shares OF
Washington Railway common.
The operations were for the account of
a well known New Yorker formerly To-
Gated in Washington, and mark an evil
dent desire to take a good profit on stock
acquired some time ago. and to obtain
larger income through the purchase of
a stock paying half the income, but sell
ing at less than One-third the price.
The shifting process gave good strength
to Railway common. and it sold to 81,
with 30 l-2 bid. and 20 asked at the close.
The preferred stock was strong, but Of
fered at 90, with 50 1-2 bid. \ little sold
at 90
The whole market presented an i'm
proved appearance and gave promise of
better things coming. Bonds were es-
pecially wanted. and $4,000 face value
sold at 100 for Potomac Consolidated SIS.
lO7 to lO6 3-S for Capital Traction 5s, and
s. 3-SaS2 1-2 for Railway Is.
American National Bank brought l6S
ex-dividend. District las, and Federal Ma
tional was shade firmer at 1856.
Serious stump in Stocks.
An entirely different story was told of
the action of the New York stock mar
ket Conditions that should have pre-
vailed months ago, and which were pre-
vented by powerful operators. who put
up the list many points and distributed
much stock, are responsible for the
slump.
Just what effect tariff reductions would
have in industrial matters were matters
almost as easily guessed at months ago
as now; the tales of reduced tonnage in
steel production and foreign competition
in all industrials was not necessarily de-
ferred until enactment.
Aside from this keen disappointment
felt by the street collectively over the
failure of the Union Pacific board to
split the melon and the fear that II may
finally be nothing more than 10 per cent
and continuation of the 10 per cent divi-
dends. has taken the tucker out of the
trading element.
MANY stop-loss orders were placed by
traders. and for these the spectators
went cunning in real effort, and were
successful in uncovering many in Steel
and Union Pacific and elsewhere.
For time a fair show of strength was
maintained on the hope that the Union
Pacific directors would make some an
nouncement after their meeting. but when
this last hope went glimmering stocks
we're thrown over Technically the posi-
ton Of the market is better for a new
short line has been established. And on
some covering the last few minutes of
the session was attended by some re-
covery.
Railroad earnings for August were not
coming in as satisfactory as expected.
Canadian Pacific showed net decrease
for the month Of S756, 7SS. National Rail-
ways of Mexico lost S.7S3,4S2. Readings
net income, all companies, decreased
S222 400. The Seaboard Air Line showed
small net decrease.
At the close of the session the list was
moving freely, and most stocks were IA
points off, the extreme low of the session
being nearly points of.
The Declines.
Steel was sold in volume from 60 IS to
IS S-4, with little rally. Union Pacific
from high at 159 1-2 to 156 3-4, to 157 Is;
Canadian Pacific lost l 1-3; Reading a
point: Smelling, Can. and Snuff a point
lower; Car Foundry lost "a: Lehigh Val
ley point. and industrials generally 1-2a1
point Illinois Central and Mop surprised
their friends by slightly better prices, IL
being the gain.
Incorporated.
A. S. Pratt & Sons has been incor-
porated with nominal capital. with Fred
erick W. Pratt, James c., and Walter S.
Pratt as incorpOratOrs.
The concern is simply the incorporation
Of the old banking agency firm which
for years has stood so high in Washing
ton. with correspondents all over the
country. one of the leading agencies,
operating between banks and the Treas
ury Department.
Government Bonds.
About the only buying of government
bonds for some little time has been by
bsnkers desiring to secure issues for de-
posit with the Treasury Department as
security for crop moneys
The following are the latest bid and
asked prices:
2s rprisfpreI