The Washington herald., 1914-01-25

The annual meeting Of the Delaware.
Lackawanna and Western Railroad Com
pany will be held February - Only
holders of stock Of November ~ will be
allowed to vote. The three months re-
quirement of the Lackawanna IL an un-
usual provision. a month or less than a
month being the usual requirement.
International Traction Company has de-
ciared a supplementary dividend of per
cent on account Of accumulated back divi-
dends on the preferred stock. payable
February 3 This will reduce the amount
Of accumulated back dividends on the
S.ooo.ooo per cent preferred stock to 4
per cent.
Illinois Traction Company has declared
the regular quarterly dividend OF "a Of
per cent on its common stock. payable
February Is to stock Of record January 81.
Initial dividend Of "a OF ! per cent was
declared May Is, 1918.
The Monongahela Valley Traction Com
pany has declared the regular semi
annual dividend of :1-2 per cent on the
preferred stock. payable February !.
Books close January q and reopen Feb
ruary2 3
Robert ]. Dunham. vice president OF
Armour & Co.. asked how President Will
sons message was regarded by big busi-
ness interests. said: IT think / am Civ
ing Mr.. Armour's opinion when ] say
President Wilson's latest message meets
his hearty appreciation. Mr.. Armour feels
that a man who has been able to put
through within ten months two import
ant pieces OF legislation. is certainly de-
serving OF the support Of all those who
believe the country Is passing through
n urha rondiffnna nSt he
met and dealt with. President Wilson
evidently and sincerely desires to meet
the new conditions"
Dow. Jones & Co to W. B. Hibbs-From
its opening decline the stock market
made a good recovery with fair volume
of activity. some Of II representing cover
ing Of shorts put out at opening. Read
ing was weak on rumors OF selling by
Lake Shore and Baltimore and Ohio,
these companies being said to be dispos-
ing Of their holdings to anticipate legis-
lation which might make sale necessary.
There is some selling Of Steel in expec-
tation of an unfavorable showing for
the quarter. Everybody Is expecting
a reaction. which is certainly due. The
market is so healthy. however. and mon
etary conditions have Improved so re-
markably all over the world in such a
short space Of time that no reaction will
60 far. and should any occur. II ought
to be availed OF to pick up stocks. The
trend is toward higher prices.
C. B. Post to Lewis johnson & CO.
This is the best market We have had in
years and years. In fact / have not seen
anything like this since the palmy days
of 80. and 1900 when the market went
up and up and looked as IL IL would
never go down again. We were big SELL
ers on balance Friday, and SO were a
good many other houses / know of. Lon
don has been a seller right along and now
yesterday Field and Manning. our two
largest professional operators. have sold,
possibly 5000 shares between them. In
spite of all this the market Is just as
strong as II can be. II looks to me as
II We were in for a big time.
New York financial Bureau to w. B.
Hibbs & Co.-Further bulging will bring
larger realizing sales throughout the gen.
eral stock market. Calmly viewed. the
rise does not appear out of reason. Care
ful analysis shows plainly that the re-
cent low levels were far below intrinsic
levels. Return of confidence. therefore.
would merely initiate recovery to or
approximating intrinsic values. 1t may
be said that many issues are still below
such a range. Realizing is heavy in
American Corn Products. Baltimore and
Ohio. Can. New York Central, New
Haven. Reading and fractions on Union
Pacific, Southern Pacific and Steel
strength. 1t may be said that stocks
like Southern Pacific. Union Pacific,
Great Northern, Northern Pacific, Atchi-
son and Norfolk and Western all return
ing more than per cent with a margin
of safety, are still below proper levels.
Steel will be well taken on recessions.