Evening star., 1914-11-13
IMPROVEMENT SEEN
IN FINANCIAL CIRCLES
Sentiment Shows Hope and Con-
fdence-Standard Oil Stocks
Are All Higher.
Little Steel Shares Back to 47-Mer-
genthaler Shareholders Will
Protest.
BY I. A. FLEMING.

BYI. A. FLEMING.
There can be no denying the fact
that there is general improvement
in financial apd-security circles in New
York city and that it is spreading all
over the country. Up to date it has
been largely sentimental, to a great eX-
| tent based on the feeling that the
worst has been passed and that from
| this time on it will be case of clear
| ing up to an ultimate recovery in con-
ditions generally. No small part of
the feeling of reinsurance and salts
faction Is based on the recent election
returns, with the belief that there will
be an entire change in the administra-
tion of national affairs in the not dis
tant future.
Investors are anxious to make use of
their funds; traders who are specu-
latively inclined cannot resist the
market. especially now that the New
York exchange has removed trading
restrictions on. certain unlisted stocks
and has gone SO far as to permit pub
ltcation of market values on Standard
Oil shares.
This is decided stimulus to trading,
the knowledge that quotations are
actual and actually represent market
often not up to actual values.
The Investment Bankers Association
in session at Philadelphia sounded a
keynote of hopefulness yesterday, when
1t declared that 1.-The future holds
great promise"
President Caldwell suggested a pool
Of $250.O00.000 to take whatever stock
panic-stricken investors might desire
to throw overheard on the opening of
the exchange.
If conditions continue as they are.
prices recover as they have been doing
and the interstate commerce commits
sion puts value under railroad securi-
ties there will be good buying without
support. but the mere existence of the
big pool would be a bar to panic
stricken selling
1t is a question whether or not the
federal reserve board would sanction
such action on the part of banks in
the system as it gave to the cotton
poor and the gold pool"
Little Steel, AZ.
One Of the leading factors of betterment
was advance in the price of Stee,
common yesterday on the open market to
Al. an advance of over So share rom
the low figures following closure and not
very far away from July 80 prices.
All Standard Oil issues were several
points higher this morning, and the fol-
curb sales: Standard Oil of Ohio Com
pany. 4O5: Standard Oil of New York,
1870; Prairie Oil and Gas Company, $40;
Anglo-American Oil Company, 14k: South
pany. 1872; Ohio Oil Company. 1s5; Stand
ard Oil of Indiana, $50; Standard Oh of
California. 2S7.
Mergenthaler Meeting.
Shareholders Of Mergenthaler Linotype
Company residing in Washington have
been asked to be present at a meeting
to be held tomorrow afternoon at
Raucher's. "for the purpose of taking
action on the recommendation Of tine
president Of the company to discontinue
the payment of usual December 80 extra
dividend and such other business as may
come before the meeting"
The call is signed by W. J. Kehoe. 1t
is understood that L. V. Murphy, one of
the largest shareholders of the corpora
ton and a director. representing Wash
ington shareholders. will be at the meet
ing OF the directors of the corporation to
take action on the dividend to be held
in Philadelphia Tuesday next. 1t is gen.
orally understood that Mr.. Murphy will
protest any dividend reduction
Dividends Declared.
Not the least cause of the better feel
ing today was the declaration of regu-
lar dividends by the great Union Pa
cific and the Southern Pacific systems
American Sugar. Standard Oil of New
Jersey. Woolworth Company. National
Biscuit, United Cigar Stores and the
Adams Express Company were among
the more prominent of the corpora
tions declaring dividends yesterday.
In Washing gton dividends were de-
clafed, as usual. on the stocks of the
Washington Railway and Electric
Company, payable December /, to share
holders of record December H. COM
mon dividend, IA preferred, X per
cent.
Railroad Earnings.
The greatest concern. other than over
wars. possibilities, is caused by the
shrinkage in gross earnings of rail-
roads. October revenues were off S to
per cent, as compared with to per
cent in the months of July, August and
September. Preliminary returns for
September show gross loss of 5.54
per cent.
Losses are due to limitation of cot
ton exports, lessened transfer of struc-
tura1 steel and othel. building material,
and general merchandise as well.
Investment bankers are of the opin-
ion that the railroads should have ask
ed for much more than . per cent in
crease in rates and might thereby re-
ceive a favorable compromise PROPOSE |
tion from the interstate commerce
commission.
This would be after the manner of
many labor unions and especially OF
railroad employees. They vote for a
big increase, vote strike if not granted
and then accept satisfactory COM
l,aSv nf Ia