The Washington herald., 1914-05-23
TRADING Light
ON Wall STREET.
Prices Move IN Narrow
Range, with Gains OF
setting Losses.
WOODRUFF TO GET SEAT
Washington Broker VIII Be Admitted
as Member of New York
Stock Exchange.
WOODRUFF TO GET SEAT
By w. sTEALEY.


The New York Stock Market yester-
day backed and filed within fractions
losses and gains being about equal with
trading in an extremely narrow range
Steel Union. and New Haven closed
slightly up Reading and Copper were
on.
chesapeake and Ohio made the best
gain, closing at 81 Il, over a point up, on
the directors failing to pass the per
cent quarterly dividend. Railroading is
in such a condition these days that any
action beyond an actual dividend cut
creates a bull movement.
New Haven showed a gain yesterday
regardless of the continuance of the
Mullen testimony.
Western Maryland stock was up slight
ly, closing Is "a. The first mortgage As,
however, developed renewed weakness.
On small offerings the price declined to
g. Is, loss of So of a point from the
final sale Thursday. Weakness of the
bonds was due more to lack of support
than to pressure to sell them. As
matter of fact, there is practically no
market for them. and holders who must
sell are forced to make concessions to
attract buyers.
Thursdays low quotations was only
Is points higher than the low Ievel-ss
recorded on Wednesday which is the
lowest, price the bonds have sold since
1eoS, following the placing of the property
: in the hands of a receiver On March
Of that year they touched their record
low level of 40. Their high. price was 81
In 1906.
Local Stock Market.
There was improved trading In the
Washington Stock Exchange yesterday,
and prices were frmer.
Bank stocks were in better demand.
M al Nof
at 1SS, fourteen shares of Bank of Wash
fngton at $40, and twenty shares of Dis
trict National at 10.
Thirty-three shares of Mergenthaler
brought ZIG.
Ten shares of Railway preferred sold
at 81 Is and six shares at s41-4
Par was bid for Capital Traction, IS
for Gas There were no sales.
Bond sales amounted to $4,000. A 5000
and g 900 Potomac Electric Consolidated
sold at 100. A s1,oOo bond sold at 80 rs.
Five thousand dollars in Potomac Electric
Light IS brought 1o4 3-Sa105.
Woodruff on n. n. Exchange.
Benjamin W. Woodruff, president of
the Washington Stock Exchange, has
taken the examination for membership
On the New. York Stock Exchange, and
under the rules will be elected after the
lapse Of two weeks. The seat is trans
price being s45,Ooo
Mr.. Woodruff, of course, will remain
here as a member of the firm of Lewis
johnson & Co.
Mr.. Woodruff entered the brokerage
firm Of Post & Flagg about fifteen years
ago. Five years ago he became a mem
Der of Lewis, johnson & Co. He is one
Of the best known and most popular
brokers in Washington.
Thompson Discusses Conditions.
A w. Thompson, vice president in
charge of operation of the Baltimore and
Ohio system, returned yesterday from an
inspection which he has been on for ten
days over the Baltimore and Ohio Balti-
more and Ohio Southwestern and the Gin
cinnati, Hamilton and Dayton lines. Mr.
Thompson said that the physical condi-
ton of the property is very satisfactory
The railroad official said that traffic
is somewhat heavier than it was last
month, but that there is still a feeling
of temerity in Industrial circles which \
does not indicate-a quick revival While
the increase in traffic has made ii neces-
sary to take on more men in train serv-
Ice, only those who are actually needed
to handle the business have been given
employment It was said that conditions
do not warrant any other course.
Crops are promising, said Mr.. Thomp-
son. and the farther West the inspec-
ton party went the more encouraging
were the reports. In Indiana and II |
linois the corn crop will be large, and |
winter wheat is in good condition.
The Hessian fly is 20 be found in the |
wheat fields every year, but its damage
is seldom serious, although in 1900 1t 4
caused loss from the early promise of |
from 80 to 70 per cent in winter wheat
In Ohio, Indiana, Illinois, and Michigan. |
There was a drought crop scare in that |
year which came mostly from the North
west, and the price in June advanced |
Is cents in two weeks. Traders recall /
one year in which the wheat crop in |
Western Indiana and Eastern Illinois /
was damaged by fly, the territory cover
ing 100 to 80 square. miles, and the price
here went up 2 cents bushel, but later |
declined TO a lower figure than that from |
which the advance started.
There have been only a few years in |
the history of crop reporting when a
scare was not sprung on the trade, and
moderate bulges in prices made. The