The Washington herald., 1914-03-14
STOCK MARKET
gain DISPLAYED
Chesapeake and Ohio Up and
Baltimore and Ohio Also
Improves.
INITIAL PRICES LOWER
Lewis Johnson & Co. Discusses De-
mand for Politically Exempt
Securities.
INITIAL PRICES LOWER
By w. sTEALEY.

By w. STEALEY.
The New York Stock Market yesterday
was characterized principally by inacuV-
ity.
The covering movement was contihueo
throughout the forenoon and Kept lne
market strong at the sharp advances oss-
PLAYED under the leadership OF Chesapeake
and Ohio. Reading. Lehigh valley, cnioh
Pacific, Canadian, Steel and Ne" iorA
Central
During the late afternoon some profit
taking eased prices of a little from the
ion. but the undertone continued gooo
up to the close
The market showed a fractional gam
for the day. Steel closed higher al % -.
Baltimore and Ohio gained over pomt,
closing at s95-s, Chesapeake and ohio
gained over two points. closing at a. n
Local stock Market.
Rank stock was the feature on the
local stock exchange yesterday.
Fifty-nine shares of Second National
Rank sold at l5o twenty shares of Amer
lean Security and Trust sold at 3D. ana
ten additional shares of the same stock
at 2e4 81
Forty-six shares of Lanston sold at
S4l-aaS5 H., ten shares of Mergenthaler
at Pa
Twenty shares of Railway preferred
brought 81.
There was only one bond sale one 1900
Railway 4. selling at s. 81
Regular dividends were announced on
Riggs National. Capital Traction. and
Eastern Light and Fuel
Conditions In District.
Lewis johnson & Co., Washington cor
n r X
The inquiry for bonds has been stimu-
lated in this community by the attitude
of Congress towards increased taxation
of real estate. The constant effort to in
fict upon this nonvoting and politically
helpless District all the CROSSROADS
theories of taxation and finance. is lead
ing investors into new paths and away
from the dyspeptic influences of a pa
ternal government. Trust companies
will be inclined to consider bonds from
now on because owners of deed of trust
notes. following the editorials in the lead
ing newspapers. are becoming restive and
inclined to come out fistfootedly for bond
investments. The entire country viii do
well TO consider the probable influences
Of the radicals in Congress on invest
ments generally, and confine purchases
to welI-secured and politically exempt
issues. Each week adds some new argu-
ment in favor Of public utility and mu-
nicipal offerings
Consolidated Gas stock.
The sl.IO6SOO per cent debenture stock,
application for the issue of which has
been made to the Maryland public serv-
ice commission. by the Consolidated
Gas Light and Power, of Baltimore is
for new construction and other capital
expenditures to be made during the pres
ent year
The notes are convertible into the COM
mon stock of the company on the basis
Of 80 for the stock. The company also
has asked authority to issue SECS, 500 of
common stock, when and as needed for
the conversion of the debentures. The
company has already issued g. 200 of
these debentures convertible at any time
prior to July !, 1916. into common stock
and the new issue will bring the amount
outstanding up to 100000.
Norfolk Southern Break.
Norfolk Southern stock has broken
again. selling al 90. The company has
been paying dividends at .he rate of =
per cent per annum. but the usual l-2 of
! per cent, which would ordinarily have
beer declared at the last meeting Of the
hoard was deferred, and it was said that
'ne manageme mt Was opposed to making
the distribution due April ]. The dividend
has been earned. but the directors think
ii wise TO conserve cash resources
There is sls.oOo.oeO of capital stock, maxi
ing the dividend requirements only 500. 900
year at the present rate. The Norfolk
Southern suffers directly as well as in
directly from the poor lumber demand
II owns all Of the capital stock of the
'IoIn L. Roper Company, which has sIO.-
Wr acres OF timber lands. and timber
rights on 2Oe,n00 acres more.
Interest In Franklin.
J. FendaIl Cain. who will become cash.
ier Of the proposed Franklin National
Bank. said yesterday that subscrjntions
for stock in the new bank are coming
IN rapidly. gratifying feature. he said,
rs the surprising number of small subj
scribers. thus evincing. a general interest
Ia the new financial institution.
The board Of directors OF the National
Savings and Trust Company meet Mon
day to discuss the bids for the con-
struction Of their new building. The con-
tract is expected to be awarded soon in
order that construction may start as
early as possible.
At the annual meeting CT the stocx-
holders of The MARYLAND Steel Companv !
Yesterday the retiring directors we're re-
elected.
The 100000 Third Avenue Railway .
per cent first refundins bonds offered di. |
rect by the road n few days ago were
oversubscribsd. the total bids being
SIS, ,o9n.
The successful bidders were ], and n
Se!isman & Co. and Clark, Dodge & Co. |
Jointly; Lazard Freres. Bernard NJ. Ra
ruch. Seasongoo6 8: Hass. and George ,
Ehret.
Southern Railway earnings: First week |
March, decrease. sia2s55; from July /, in
crease. sss4.e5s.
Trust Branches Sale.
number OF conferences were held |
yesterday relative to the sale of United |
States Trust Company property at Du- 1
pont Circle and fourteenth and U streets |
In neither case have negotiations been |
closed but this may occur today. There /
are two bidders for the Dupont Circle 1
If one Of them may be Forthcoming this
morning
The United States Savings Bank, which |
is opposite the United States Trust Com |
pany's building AT Fourteenth and U |
streets owns its building. and. there
fore docs not care to acquire the prop
erty. II IL understood. however that ne
goJiations are In progress for the Savings /
hank TO acquire the Trust branch's busi-
ness.
There arc said to be several bidders.