The Washington herald., 1914-01-29
READING STOCK
MARKET feature
Fractional Losses Generally
Predominate Developments
of Day In New York.
IMPORTS SHOW A GAIN
Commercial National Bank Review
Predicts Wave of Prosperity-Com-
ment on Proposed Gas Merger.
ny w. sTEAIEY.


ny w. sTEAIEY.
With the exception of Reading. which
went TO III Is and closed at 16s rs. Tues
days figure, the more active stocks wers
on f-actionaliy on the New York STOCK
Exchange yesterday.
Steel declined "a Of point, closing al
% L.; Union Pacific lost 1-s a point, clos
ing at ISL Ia; Southern Pacific lost q
point. closing al 81 SIS: American Car
closed at 81. IL point of.
There is Wall Street superstition tina,
strength in Reading during periods of de.
preston means further declines In other
stocks and the bears yesterday made ths
most of it. However, a serious reaction
Is not thought to be likely unless some.
thing develops OF very adverse nature
Foreign relations appear to be the only
packset- Here, too, 1t is confidently be.
heved the President will be able tc
handle the situation as successfully as
he has domestic affairs
Steel yesterday was under pressure for
the greater part of the session. London
houses offered the stock down at the
opening and were again sellers when the
price recovered to S.
Copper stocks were steady. Anaconda
was purchased heavily for foreisn ac-
count and showed a slight gain, ANAL
eanated was unchanged and Utah scored
loss. Equipment issues furnished an
example of strength. Car Foundry gain
ed fractionally and pressed Steel Car
preferred oveI points
Bonds were active, United Railways of
San Francisco gaining one point and
United States Steel IS were fractionally
higher.
Local stsck Exchange.
Bond sales on the Washington Stock
Exchange yesterday aggregated Ssl.0oo.
slLeo0 of which was in Railway and Elec-
tric Is at so. Three Sl,0O0 Capital Trac-
ton IS sold at 1854 and four 1900 Poto-
mac consolidated 5s at 100
In the stock list ten shares of Conti-
mental Trust brought lla 25 shares Of
Arlington Insurance 12s4- Thirty-one
shares of Capital Traction stock sold at
ll3all3A- Twenty-Five shares Of Railway
and Electric common and shares of the
preferred brought 90 Twenty shares OF
q Mergenthaler brought 2l5ael5 Is; one share
Of Lanston 50 Is.
Comment on Gas.
Aside from the question of the merits
of municipal ownership of gas, local
fnanciers generally construe the letter
of Commissioner Newman to Senator
Gallinger as favorable to the adoption
OF the Senator's amendment. permitting
the consolidation Of the Washington
and Georgetown gas companies.
District ownership would not be de-
layed by the consolidation. whereas IL
Congress ever concludes to adopt this
experimental policy. it can be accom-
plished as easily under the merger as
under the present arrangement In
the meantime. the object of the bin, S.
cent gas on both sides OF Rock Creek,
can be secured.
So far the utility commission has not
been able to get an appropriation for
obtaining the physical valuation fig
ures of any utility in Washington. The
Washington and Georgetown gas COM
panies' value is estimated at from slS,-
O0O.OGO TO $4,000. 600. The Washington
company paws the District a personal
tax of $4,000 a year.
Imports show Increase.
Imports and exports of the United
States for December. issued yesterday by
the Department Of Commerce, are Of
more than ordinary importance in view
Of the fact that it furnishes the second
month under the operations OF the tariff
act of October Is, 1913.
The report places the imports Decem-
ber last at s1S5, 7s2, 1856 against sl5i,O95, ,4ii
In the same month, 1919, under the opera
items of the Payne act, an increase Of
So. .6STss2 Exports last December We're
S253, iSs.5l2 against s2JO,3lS.s7 in Decent
Der, 1872.
The imports of December are larger
than those of any earlier month in the
history of the foreign trade, the next
largest month having been October. 1912, !
sl77.9S7, ,aS6
The excess of exports over imports in |
the calendar year 1913 was $692. 127 ,5Sl, |
against S5sl IA. 93s in 1912. This excess of |
exports over imports was larger than in !
1fY,rr dor
our foreign commerce, having been in |
the calendar year 1905 $3.50. 46l $50 and in |
the fiscal year 1905, s6s6. ,55i.
The share of the imports entering free |
OF duty in December 1913. was Sc. 6 per |
cent, against S.42 per cent in December |
1872: and in the full calendar year 1915, |
SI23 per cent against sSi.5S per cent in |
1872.
Commercial Banks Review.
The Commercial National Bank in its
Forthcoming monthly statement on the |
financial outlook will take an extremely /
favorable view of conditions in Washing |
ton and its vicinity. There has been a |
pronounced Improvement, it will be de- |
.clared, and one that is expected to ex-
tend.
There has been a noteworthy change |
In sentiment within the last fortnight, |
and people everywhere are feeling more |
HOpSlo4 IL VIII pc
stated
This Improvement has been pronounced
in Washington also, where the invest /
ment inquiry is enlarging and money Is
being constantly invested. This willing
ness of the public to buy high-grade
bonds is 1eassuring sign, and shows
that investors and business men are TAX
ing fresh courage and are no longer de-
pressed with doubt and uncertainty about
the future.
There is reason to believe that this
Improvement will extend, and that before
very long almost all of the unemployed
money in the hands of investors will be
permanently placed in high-grade securi-
ties. Recent Developments in the invest
ment situation show that a large share
of the $3.50, 900, 900 January dividend and in
terest fund disbursed during the last four
weeks has already been reinvested. In
comparison with the attitude Of the public
one year ago, this change in sentiment is
highly significant. and suggests the dis
tinct progress that has been made within
the last few months In the direction of
restoring confidence II
business men in this section are more
cheerful and the feeling is that general
trade is going to improve. The volume
Is not excessive, and in some lines 1t Ia
not nearly as good as it often is at this
season OF the year; but the trend Ia
upward and the community Is looking /,
forward to better times. IT is perfectiyt