The Washington herald., 1914-06-05
STOCK MARKET
Tone IMPROVES
Steel, on Better Orders, Gives
Strength to General
List.
DUN'S FAILURE RECORD
Agency Reports Fewer Commercial
Defaults-MetropoGs Building
Association Directors.
DUN'S FAILURE RECORD

Defaults-Metropolis Building
Association Directors. :
BY w. sTEALEY.
Wall Street went through another light
days trading sales. falling below $4,000
There was good gain in Steel, which
closed at 81 -1-2, while Union Reading
and Copper also were up.
New Haven and Lehigh again displayed
weakness.
Sentiment is bearish, but stocks will
not go down. Probably nine men out of
ten yesterday expected the day to end
with prices lower than the previous
close, but instead of that values ad-
vanced. The market appears to have
reached a state of equilibrium which per-
mits of only the narrouest fluctuations.
Both bulls and bears are awaiting the
result Of the rate cases, now expected
soon before taking definite stand on the
market But some observers think that
a moderate increase has been discount
ed, and that only an Unexpectedly large
increase would serve to put the market
up.
On the other hand, the bulls argue that
any sort of an increase once definitely
insured would start idle wheels Of busi-
ness moving, for then the carriers would
know where they stand and just how
much money they will have to spend
Local Stock Market.
Bond sales on the Washington Stock
exchange yesterday amounted to $35. 5.oo0
the highest figure reached in some time.
OF this amount SIS 900 were in Railway
Is. selling 50 1-2aS2 "a: The remainder
were in Potomac Electric Consolidated
IS, at 80 3-4.
In the stock list ten shares of Com
mercial National brought 100. and five
shares of Federal National 135.
Ten shares of Railway common sold
s. IA sivty shares of Washington Gas
75a75 Is.
MergenthaIer continued strong. five
shares selling 217.
Dun, Failure Record.
Once again the failure record for the |
United States discloses progressive i'm
provement, commercial defaults during |
May. as reported to R. G. Dunn & Co., |
making the best exhibit of the year from |
a numerical standpoint and also showing
some contraction as compared with the
corresponding period of 1918. Thus. there I
were 1,221 business reverseS last month,
as against 1,SS6 in April. 1.4S4 in March.
1.505 in February, and 1,S57 in January.
while in May. a year ago. 1.2+s concerns
were forced to suspend. All of the de- |
crease from 1913 was confined to the trad |
ing class, in which the losses numbered |
S33 in comparison with SIS; manufacture
ing insolvencies, on the other hand, were |
slightly larger-322 agains 313-and among
agents, brokers, and firms of a similar
character there were no less than 66
failures. or twenty-one more than last
year. In respect to the Indebtedness in
volved. the total was again above nor
,1n1 i IL,
sl6.S6S, S04 reported in May, 1913, and also
being the highest amount shown in the
present year, with the single exception Of
January. Yet, chief significance attaches
to the number of suspensions rather than
to the aggregate liabilities, and it is
gratifying that in the former connection
the mercantile death rate is diminishing ,
especially since more new enterprises are
being launched. 4
Evil of Many Masters.
The extent of the change of opinion
among big interests on the question of
government control of large corpora ]
ions was shown during the hearing We'd 4
1esday conducted by the Senate Inter-
'tate Commerce Committee 1
When A. H. Harris, vice president of ]
he New York Central. testified that in
his opinion Federal incorporation would 1
zinc system and other railroad men :
present nodded assent "A few years ago r
he suggestion of government control {
vas regarded with horror by all capital {
SITS. Now it is wanted. &c
The answer is found partly in the trou- :
'les that State regulation has caused. =
n sense the railroad men are choosing q
he lesser of two evils-from their point 10
# view. 1t is becoming increasingly diff L
1cult for common carriers to please the 7
many State commissioners to whose Z
Fhims they are subject and also thei e
government This difficulty will be fur n
her aggravated. they contend, If the In u
erstate Commerce Commissions powers Ii
IRE enlarged as proposed under the anti L
rust bills
The railroads would prefer one gov 7.
rnment master to many. Probably down I.
n their hearts they still would prefer no L
overnment masters at all. But that day NJ
5 past never to return, and they know il. N
Looms md SpindIes Grow. NJ
An increase for the year of 1o,7o2 looms n
nd 6l9,964 spindles is shown in the 1914 N
dition of the Southern Railway textile N
irectory giving cotton, woolen and knit n
ng mills on the lines of the Southern n
,ailway, Mobile and Ohio Railroad. p,
eorgia Southern and Florida Railway P,
nd Virginia and Southwestern Railway P.
Along these lines there are 616 cotton r.
Hills. 143 knitting mills and thirty-one 81
'oolen mills. a total OF 790 textile plants Q.
this character. These mills have a | n
'tal equipment of 20S. .7H looms and $3.50. Sc
y spindles. Eight new mills were put in So
peration during 1873 These figures do So
OF include mills under construction or 90
improvements not ready for operation 81
anuary ]. 81
National bank notes of each denonina- Cr
on outstanding June were as follows: ~
ne dollar, $3lS,5 two dollars, s1s4Nu2: II,
We dollars. $50; ten dollars 1881, ,221. vi
0; twenty dollars, $3.50 7n, ,2so; fifty dol vi
rs, $50, sol 800; one hundred dollars. Ssl. WI
$3.50: five hundred dollars, SIS, 500; one w
lousand dollars. 81, 600; fractional parts. W W
!. .9S5. Total, SOB %, ,s1 70
Now that the weather is clearing M W;
Texas the bulls are falling back on ]
n. Boil Weevl. A Dallas wire said: 81.
rhe exporters here are receiving
oomy letters from South Texas. Their
en- tell them weevils are destroying
cry square and bloom One banker A
Id me there We're seven weevfls to nj
cry bloom Weeds and grass growing; Pre-
,ttom lands can never be re-planted Ea
At the annual meeting Of the Metropo- Ss, s,
Building Association yesterday the ~
lowing directors were elected: Adam ma
lddis. Martin Weigand. C. E. Northing- der