Evening star., 1914-12-22
INVESTMENT DEMAND
FOR LOCAL SECURITIES
Indications of Buying Movement IN
Several Stocks in Near
Future.
Federal Reserve Board Ruling
Shares Of Coal Roads Higher.
Financial Gossip.
BY I. A. FLEMING.

BY I. A. FLEMING.
| There is considerable inquiry around
| brokers' offices for local securities
forecasting good buying orders when
the local stock exchange reopens. Nc
date has been agreed upon for the re-
| opening, although ii is probable that
| trading in stocks, under some restrlc-
,iops will be resumed about January T.
| Nv that time a million dollars or 10
ca, disbursements will be in the hands
! 80 Investors and will be a material aid
! to the situation.
Washington Gas is likely to ne IN de
mand. Judged by private sales over the
counter. which have been made at 7s.
| This is several points above the cur
rent figures of few weeks ago HAIL
way preferred is wanted at so.
Bank shares are very quiet NO ttans
actions have been reported: nnt d p.u
price is on the market at S24O q snare
for Farmers and Mechanics Natlohai
of Georgetown.
Today's business on the po!iu ea
showed a fairly firm tone in prices on
the few sales made. Railway IS are
back to soy, at which hgure so,9oo;
face value, were traded in CapitA,
| Traction per cent bond at 1867 ana
a Potomac Electric Consolidated b per
d j
Bid and asked prices were STEADY.
suspends Statement Law.
The federal reserve board has sus-
nended until January IS the sectloh
| of the law requiring the MAKER or
makers of commercial paper oHered
for rediscount to a regional oahh- .o
furnish a statement of business condl-
ton, under oath.
Bankers have long made it practlce
10 obtain, from applicants Tor impor.-
ant loans. such report OF thelr ous1
ness condition, under oath, nor WIN
ing this by the reserve board cause any
less careful scrutiny of paper onered
them. - ,-
mercial paper that is oHered LOT
discount must be the unequlVocai IN
dorsement, without recourse, OF tne
bank originally accepting 1t: rms IN
itself is assurance that the federal re-
serve system will not be loser.
Bankers are looking forward 10
freer use of the rediscounting privi-
leges, but not until the rates are mace
more attractive. At present New \ ork
bankers are offering money at lower
rates than the reserve resionals. more.
over, it is argued by the banker, the
thirty days limit at which the lowest
regional discount rates may De op-
tanned Is by no means the average
maturity period of strictly commercial
notes and acceptances, but three anu
four months is nearer the average;
They expect that rates Will be low
cred to point where one or two per
cent margin will be given the bank
offering paper for rediscount, when the
system is in good working order.
New York Stocks.
A decision in federal court handed
down yesterday afternoon. dismissing
the government suit against the
Lehigh Valley Railroad Company and
a number of other defendants engaged
in the mining and hauling of hard
coal. on the ground that there was no
violation of the commodity clause IN
the Hepburn act, gave the market
stronger opening and higher prices, es-
peciaIly on the coalers.
This strength, while maintained as to
coal roads and Canadian Pacific, was
not held in the rest of the list.
Brokers were hopeful for better
market after the first of the year, but
admitted that the lack of response of
the market after the rate decision had
exercised a depressing effect on some
shareholders, who preferred to liqul-
date and stay out of the trade until
there were more evident Signs ol I'M
provement
Lehigh Valley gained a point, Read
ing IL. and Canadian Pacific ". To-
bacco was up q. Tennessee Coal and
Chino Copper were about point lower.
The rest of the market was listless.
Steel common, 49A.
Equipment Orders.
The first batch of orders for equip
ment from railroad companies. fol-
lowing the rate decision. includes 700
cars, 1000 tons of rails and several
thousand tons of bridge steel.
The Illinois Central has $5,000,000 to
spend for 1880 freight cars, seventy
FIVE passenger cars and fifty locomo-
tiyes, but has not placed its orders as
yet.
Prices for equipment supplies are
probably lower than for years and 1t
is expected that the railroads will take
advantage of this fact with large Or
ders after the first of the year.
B. and o. Earnings.
The statement of the Baltimore and
Ohio Railroad Company for the month
of November shows an increase in net
operating revenue of $46,327. This
was accomplished by economies that
reduced a gross operating decrease of
s1,194,6ls to the gain noted. A cut
in every item of operating circum-
stances, save one, reduced this charge
to the amount of $1,240,945.
For five months of the fiscal year op-
Grating revenue decreased $5,139, ,513.
Economics reduced operatng EXPENSES