Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-10-23
LIBERAL TRANSACTIONS
AT PRICE CONCESSIONS
Increased Volume of Irregular"
Trading Indicates Good Buy
ing at Lower Levels.
Working Out Cotton Problem-Low
Price for Exchange Seat.
Deferred Dividends.
BY I. A. FLEMING.

BY I. A. FLEMING.
1t is becoming more evident from
day to day that the reopening of the
New York Stock Exchange might be
| furthered by lowering of the prices
at which transactions are possible. The
volume of business, irregular, perhaps,
but none the less indicative of more
actual conditions than the prices at
which the stock exchange committee
permits of trades, is growing. Despite
the limitations, many brokers are fill
ing orders for customers and some APP
parently choice bargains are being
picked up.
one cannot take stock in all the re-
ports and all rumors circulating on the
| street. but in the mass there is some
truth here and there that may be taken
advantage of.
| Sugar. Beet Sugar and perhaps two
| or three other stocks are somewhat
| higher under war conditions than be-
fore. High-grade shares may be mar
| keted at modest concessions, and there
are many stocks moving at to IL
points decline.
| Within the last few days Steel COM
| mon has sold rather freely, one day to
| the extent of 5000 shares, and the
prices have varied between 80 and 40
| to fraction better.
| Moreover, the bond market has shown
| an appreciable increase under the re-
| cent more liberal rulings of the COM
| mittee. 1t is estimated that trans
actions in New York, which are par
TALLY on orders from interior points,
Washington included, have reached the
very fair total of s1,500,000 day.
| The increasing transactions in stocks
and bonds should form a basis at which
open trades might be quietly closed, In
preparation for the opening, or at least
the adjustment to meet actual condl-
lions.
In commenting on this very condition
the New York Times has this to say:
prices other than those at which
stock exchange authorities, even though
established unofhcially or even surrep-
titiously, cannot be maintained 1ndef-
nitely without doing away with the
nominal maintenance of prices at the
level prevailing when the stock ex-
change closed. That being true, any
unnecessary delay in meeting in some
manner the problem of restoring the
stock market to an actual as compared
with the present nominal position more
easily increases the proportions OF the
problem which will finally have to be
dealt with"
Stock Exchange Seat, $34, 900.
The seat of Allan F. Cohn on the
New York Stock Exchange has been
sold to Warren w. Erwin for $4,000.
The last membership previously sold
brought $4,000.
Yesterdays price establishes a new
low record for a period of twenty-nine
years. The actual low was $4,000 in
1899, and thereafter the advance was
speedy and steady to $4,000 in 1905.
Iuaa 1nxu
eral transactions at $4,000 have been
recorded this year. August q a seat
sold at $4,000 followed by few bids
but no transactions until yesterdays
sale. Incidentally Mr.. Cohn became
member of the exchange in 1905-the
high record cost year.
Cotton Conference.
Another cotton conference is being
held this afternoon at the Treasury De-
partment. the federal reserve board
consulting with bankers and others re-
garding the problem.
A settlement of this question, be-
lieved to be near, world be a great aid
in the rehabilitation movement. Eng
lish spinners might be tempted by low
prices to anticipate orders 1t would
be better to sell than to store.
Lessening demand for gold would re-
suit from England.
New York bankers with their usual
generosity have expressed a willing
ness to contribute S40.000,00O to the
cotton pool.
Deferred Dividends.
The Seaboard Air Line directors at
their meeting in New York city yester-
day voted to defer" the usual action
on preferred stock dividend of 1 per
cent. This step was made necessary in
the interest of conserving cash on hand.
The Seaboard has been hard hit by the
embargo on the cotton traffic and also
by the war In another direction, in the
shipment of phosphate rock in large
quantities to Germany. The deferred
dividend Will not be welcomed py the
shareholders whom war may have crip-
pied elsewhere.
also deferred" action on 1 per cent
common stock dividend.
The j. G. Brill Company of Philadel-
phia decided to pay 1 per cent on pre-
ferred stock November 2 instead of
l y, the usual payment.
The Cambria Steel Company voted it's
regular 4 per cent dividend, but in
script instead of cash. Earnings show
the smallest margin of profit since the
formation of the company, between the
periods of January 1 to October j,
compared with the tonnage, being at
the rate of 4 per cent on capital stock
as compared with 1873 last year.
Appointed Bank Examiner.
A. A. Carlson, private secretary to
Deputy Controller Kane, has been APP
pointed bank examiner and assigned
to the city of Chicago as assistant to
the new examiner there, vice Col
Reeves resigned
Building Permits.
Building permits were issued today
to the following:
Carrie Phillips. to build dwelling at
1917 Hamlin street northeast; architect,
Conrad M. Clancy; builder, Conrad M
Chaney; estimated cost, $25,0OO
George Myers. to build dwelling at