The Washington herald., 1914-01-25
NOTABLE week
in WALLSTREET
Stock Market Showed De-
clines Yesterday. but Cen
eral Situation Is Good.
INTEREST IS FELT HERE
Review of Week on Local Change
Grati6es Fiinanciers-National City
Bank to Join System.
INTEREST IS FELT HERE
By w, srEALEY.

1&aA ~ JS1ss - ~
By w. sTEALEY.
The New York Stock Market yesterday
closed under the prices of Friday. but
the undertone was strong and the reac-
tion was not regarded as indicative of
continued bear success
The opening was active and lower. with
heavy realizing by spectators who did
not care to remain over theeweek-end,
and who thought 1t not unlikely that the
advance In the market would be reflect
ed in a heavy increase in loans In the
bank statement.
The market remained under pressure
during the two hours session, heavy sales
taking place in all active issues. These
sales naturally caused decline In prices,
but stocks were well absorbed and at no
time did the market show any real weak
ness Reading as had been the case for
so long, was again in free supply, and
rumors continue to persist that the Bal
timore and Ohio and Lake Shore were
disposing of their treasury stock. The
market remained steady in the late deal
lngs. but showed little recovery, as the
pressure was kept up until the end.
BoRds Affect Statement.
The actual bank statement showing
enormous increases in loans and deposits,
was probably affected largely by the pay
ment of the S5l,OOO.00o New York State
bonds.
Steel, Pennsylvania. Reading. Union
Pacific, Southern Pacific, New York Gen.
tral, and a number of other stocks de-
clined a point or less.
ha uh ha oil cd
yesterday has been remarkable one.
Here in Washington. for instance. Gus
toners who have not been interested in
the market for over a year, are being
greeted by firm members. Evidently
throughout the country there Is an in
terest in the market that has not pre-
vailed In many months. 1t may be that
there are many who are attempting re-
placing holdings in stocks parted with
during the past prolonged period of liqui-
dation.
The attitude of the President as en-
phatically separated from that of wild
legislation proposed by individual men,
bers OF Congress. probably has been the
main factor in the market rise.
Local stock Market.
Bonds continued to feature in the busi-
ness of the Washington Stock Exchange
yesterday. There was an increased de-
mand for Capital Traction IS, $500 being
sold at 10ea1os Is. The price bid Friday
was los 1-2. For Washington Railway and
Electric Is, 50 was received on sales of
1900 and 5000. One 500 As brought s.
One s., 900 Washington Gas IS brought los,
and two S1,0O0 Potomac Consolidated IS
sold at 100.
Both the preferred and common stock Of
Washington Railway and Electric brought
30. Twenty-four shares were sold.
The largest sales in the stock list oc-
CURED i'm Columbia Gas and Electric, the
latest stock listed on the local exchange.
Two hundred shares were sold at 12a12 IA.
There is considerable demand being noted
for this stock, over 5000 shares being
bought on the Pittsburgh exchange last
week. The company and its controlled
companies supply natural gas to Cincin-
natl and adjacent communities, having
population of 10000. 1t owns one-fourth
Of the East Ohio Gas Company, which
supplies natural gas to Cleveland and
other Northern Ohio cities
The Washington Stock Exchange yes
terday ended the best week in months.
Bonds amounting to sz77.Oo0 were sold,
while the stock sales reached 1,sH shares.
Holding Companies Future.
The bills which have been introduced
to embody the recommendations in the
Presidents message do not contain a pro-
vision prohibiting holding companies. This
will be added later. 1t is now becoming
generally recognized. however. that the
intention is merely to prevent the forma-
tion Of new holding companies, and not
to attempt the indiscriminate dissolution
of old ones. Holding companies already
in existence will be dissolved II they
transgress the antitrust law. Otherwise
they need have no fear of molestation.
$. 4. L. Dividend.
The Seaboard Air Line Railway has de-
clared another dividend of l per cent on
its preferred stock. and this. taken in
connection with the statement issued by
the chairman in October and the fact
that present earnings indicate surplus
over fixed charges and adjustment in
come bond interest of between sl.9o0. 600
and 100000 for the fiscal year ending
June %. 1914. makes 1t appear that the
dividend has been established at the rate
of per cent per annum, or on the basis
of 81 put into the property for improve
ments for every 81 paid to the stock
holders.
National City to Join.
There is little credence given in local
National City Bank and the Corn Ex-
change Bank. of New York. are to con-
solidate into one great institution and
remain out of the Federal reserve sys-
tenn. On the contrary 1t is fully expect
ed here that the National City Bank will
enter the system. The success of the
new currency act SO far as the entrance
Of national banks Is concerned Is assured,
and has been from the start. The Ma
tionaI City cannot very well stay out.
The delay in entering probably is due en-
tirely to the absence in Europe of Pres
ident Vanderlip. The bank and the Treas
ury Department have had a few run
ms since March 4, but Ii is the belief
that on both sides the best Of feeling will
prevail before long.
Frank b. Devereaux, of the National
Savings and Trust and president of the
local chapter of the American Institute
OF Banking. leaves Monday on a visit
to New York. Philadelphia. Boston and
Buffalo chapters.
President Scott, of the Continental
Trust Company. will leave in few DAYS
to spend several months abroad.
It is believed w. G. Berd, vice presi.
dent OF the Minneapolis and St Louis,
is to become president Of the Chicago an
Alton.