The Washington herald., 1913-12-31
trend OF PRICES
SHOW INCREASE
Reading Again Features on
New York Stock Exchange
on Agreement Rumors.
LOCAL MARKET Is DULL
Income Tax Troubles Banks-Com-
mercial National Takes Favorable
View Of Business Situation.
LOCAL MARKET Is DULL
BY w. STEALEY.

by w. sTEALEY.
Speculative interest again was center
ell in Reading on the New York Stock
Exchange yesterday
From 16S SIS the stock jumped to 20 1-2,
falling back to I67 rs. At low price.
excellent support was met, the buying
at the close being particularly good.
Rumors are current that the company
will distribute its holding of Jersey Cen
tral TO Reading stockholders and then
declare cash bonus from the surplus
on hand, this action to precede plans for
the segregation OF the Reading Company.
While this rumor could not be confirm
cd, 1t proved highly interesting and Will
provoke further speculation
American Sugar held firm on a re-
port that an agreement had been reach
ed between the company and the Attor-
ney General that would result in set
tlement of all differences with the gov
ernment without further suits
Until the general market developed
weakness, copper stocks were strong.
Amalgamated rose to "a rs and Ten
nessee Copper crossed 3 on buying for
foreign account. This property is in eN-
cellent condition.
Floor traders bid Canadian Pacific up
to 2OS sharp break then carried the
price to 205 Ia. where orders for London
aud Berlin account checked a further
decline.
Foreign Markets SeII.
Trading for foreign acct mt was on the
selling side, while prices advanced. The
volume of business was small. A petition
Is being circulated In New York favoring
the reopening Of joint accounts between
New York and London I'm the hope that
a broader market for American secuTi-
ties may be developed thereby. The peu-
tion is not meeting with very general
support. as brokers argue that II would
he unfair t. encourage dealings with the
London market and not. at the same
time permit similar joint accounts be-
tween the Philadelphia, Boston or Chi
cagO markets.
Bonds were in good demand. Invest
ment houses report gratifying inquiries
for securities for institutions, banks and
foreign capitalists, which may be the
forerunner Of a broadening market that
will permit the floating of new issues.
Missouri Pacific securities were firm on
the report that consent had been received
from a large number of noteholders for
the extension of these obligations, falling
due next year.
Canadian Pacific earnings for Novem-
ber showed a gross increase of $i,O44,00
and net increase OF $3.50. 600. Illinois
CentraTs gross fer the same month in
creased S25SQ10 and net SI04.OO0.- Union
Pacific had loss of s45S,OOO in net. while
Northern Pacific with a decrease of
$4,000 in gross, displayed a net loss of
sos coo.
Local stock Exchange.
Two $1,000 Potomac Consolidated 5s sold
on the local stock exchange yesterday
for IS as A $50 Washington Railway and
III. nGO
Potomac Electric IS brought los.
In the stock list ten shares of Capital
Traction sold at IL. and one share at
III -. One share of Washington Gas
brought SO rs, and one share of Mer-
genthalcr 2l2 1-2.
The scant trading on the exchange is
expected to give way to more liberaIity
with the passing Of the holiday season.
Trust Companies' Attitude.
Other than the Munsey Trust Company
trust companies in Washington have not
indicated any enthusiasm over entering
the Federal reserve system.
The prestige of being in the new sys-
tenn. of course, presents attractive fea-
lures. which, however, may be counter
balanced by the necessity of complying
with the same reserve requirements in
cumbent upon national banks. con-
tied up under the new act
However, the matter does not have to
he settled definitely by boards of di-
rectors until February "a.
business Outlook Good.
The December Digest of Trade Condi-
tons, issued by the Commercial National
Bank, publishes the following:
"A great deal has happened within the
last month to reassure business men
about the future. With the enactment
of a currency law, which is on the whole,
well suited for the people, will come the
gradual restoration of confidence and the
sort of reinsurance which almost in
variably bespeal1s business revival. The
reaction already witnessed has not gone
far enough to paralyze trade; a very de-
cided depression in business has, how
ever. resulted, Influenced largely by the
laying off of the large number OF men at
many of the manufacturing centers. With
the new financial law on the statute
books, however, and business men fast
adjusting their affairs to comply with
the conditions caused by the reduction
of the tariff, 1t is safe to expect a de-
Cided Improvement in business, with in
creased activity in those lines which have
shown rather pronounced depression Of
late"
New York Phone Case.
The New York Public Service Commits
sion has served an order on the New York
Telephone Company requiring that cor
poration TO present at a hearing of the
telephone rate reduction cases a state
ment showing Gross and net earnings,
cost of operation l. New York City, and
surplus income.
time limit of January Is is set for
preparation Of the statement, and 1t also
is ordered by the commission that a re-
port on progress must be made at the
hearing January 5. The company has
until December 81 to notify the commits
sion whether it will obey the order.
Income Tax Troubles.
Washington banks are having their
share of the income tax annoyance of
ether cities. An estimate made yester-
day was that II is costing the banks SO
to collect 81 for the government.
The General Accident, Fire and Life In
surance Corporation Of London, owners of
the Potomac Insurance Company Of
Washington, have just completed the
transfer of 10000 to the credit of the sur
plus account of the local corporation.
The corporate existence of the First
National Bank of Onancock, Va, has
been extended until December 26. 1888
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