The Washington herald., 1914-03-19
STOCK MARKET
AGAIN DECLINES
Suit Against Lehigh Causes
the Entire List to Ease Off
After Strong Opening.
PLAZA VETO DISAPPOINTS
City Was Counting Upon $2.0O0.0 900
Disbursement-New West Virginia
Oil Company Formed.
PLAZA VETO DISAPPOINTS
By W. STEALEY.

The New York stock market yesterday
opened strong, but rumors of the gov
ernments proposed suit against the Le'
high became prevalent about noon caus-
ing a decline. practically the entire list
going off below Tuesdays close.
Union at 1873.
Copper and B. and o. were the only
important stocks making fractional
gains.
The stock market opened with Cana
dian feature, this stock advancing a
point and a half on buying both for
European and domestic account. There
was but little movement in the market
during the first hour. although fractional
advances were recorded all along the line.
The market seemed very thin and al
most entirely professional.
The advance all petered out by noon
on the Lehigh suit. 1t was rumored that
the Steel Corporation was facing another
suit for rebating, which might mean
fines of s120o0O00 for the company so
this stock sold off carrying the rest of
the list with IT. Liquidation is entirely
absent
Colorado Southern first and second. pre-
1erred, declined sharply on the announce
ment that the dividend on tho profrrcd
Will be discontinued
market.
Ihcre was improved trading in the
Washington Stock Exchange Yesterday
SIXTY shares of American Security and
trust company stock sold at 20. and six
IelI-2 ''
In the bond list one $1,000 CapitaI Trac-
tlon sold az I09. ono SIosD Potonac
Electric Consolidated . at 100 IL. one s5Oo
Washington Gas at IO7 is, and one S5Nl
GEORGETOWN Gas at ld5
Eighteen shares OF Mergenthalcr
brought 2l5 Il.
Ten shares OF Railway common sold at
q L. one share of the preferred. 81
snare OF Capital Traction brought loo
PLAIN Award Failure.
The Presidents disapprovaI Of the
Plaza awards was a distinct disappoint
ment to financial circles The PROPERTY
OF Ia owners practically is untenanted
In thc~meantime loans have been ad-
Vanced payable on approval
Another feature is the fact that an
nroVal confidently was expected. and it
was felt that the disbursement of nearly
S.~3.NS would tend To remedy a husi-
ness condition in Washington which is
none too satisfactory.
There is room for an honest difference
OF opinion on the value of the Plaza
property. The value of real estate cam
rot be quoted accurately. Ono man will
ray twice what another would offer for
ar identical piece of ground
II is well to bear in mind that the
81 ,O0o00o SO going to the Baltimore
and Ohio Railroad is n mere drop in the
bucket to that corporation. 1t will not
be inconvenienced if the awards drag
along for years. 1t is not the railroad
that is being hurt. It is the other prop
Crty owners. For instance. Baltimore
al Hn IL lit 0
on the New York Stock Exchange that
rcade gain yesterday.
wayIand Oil Company.
A new oil and gas company is being
formed by West Virginia. New York and
Baltimore capitalists. headed by former
Senator Watson. The company will be
known as the Wayland Oil and Gas
Company, and will be incorporated un-
der the laws of the State of West Vir-
Einia. with an authorized capital stock
of 100000, of which $500, 900 will be
issued Immediately. The company is
named for Senator Watson. whose mid
die name is Wayland. Senator Watson
will be president Of the company.
Both oil and gas will be produced.
Leases have been taken on more than
2o.0OO acres of oil and gas lands in West
Virginia.
The board of managers of the New
York Cotton Exchange Yesterday
adopted the government standard types
of grades of cotton. The change in the
system goes into effect on contracts ma
turing on and after April ], 1915. Fol-
lowing is the resolution passed by the
managers: Resolved. That the govern |
ment standard types of the following
grades OF cotton, middlng fair, strict
good middling. good middlinC, strict
middling. middling, strict low middIins, |
low middling. strict good ordinary. and
good ordinary. shall be the basis for !
determining all cotton for delivery upon
contracts maturing on and after April |
!, 1876"
Chesapeake and Ohio earnings, second |
week this month. decreased s4G,I75, MAX
ing the increase from July /, s2i2,5s6,
The District National Bank has de-
clared the regular quarterly dividend o.
IL per cent.
OUTSIDE SECURITY NOTES.
New York, March B.-Aithougil trading Cd the