The Washington herald., 1914-05-29
STOCK MARKET
AGAIN DECLINES
Seven-point Decline m Cen
eral Motors Affects
List.
LOCAL TRADING BETTER
Cotton Again Soas WelIs-Ears In
erea.es HoldinsslLoesl Chapter
Iastalls Officers.
LOCAL TRADING BETTER
By w. srEALEY.

- &Ek t1StaHS OmccrS.
By w. sTEALEY.
The New York Stock Market closed
Yesterday with prices slightly undei
those Of Wednesday.
General Motors was the feature OF the
market. sustaining decline OF seven
points. The stock reached q low OF 81
compared with the previous close Of IS,
but rallied to ss rs. There was runnor
that the recent rise in addition to the
earnings was due to the story that the
Ford Company. has been buying stock N
General Motors
Missouri Pacific closed at ISL gain
Of Ia points
1he good rally in Missouri Pacific was
duo chiefly 70 covering of shorts and a
better class of buying on statements that
S1d0oa00o Of its short time notes matur-
ing June have been deposited. and that
the banking interests connected with the
company viii arrange TO take up any
notes that are pressed for payment from
the balance that have not agreed to
extend this loan for another year.
The strength in this stock was, how
ever. counteracted late in the day by the
reaction In General Motors stock from
its recent sharp rise and also by liquida-
tion In United States Steel, Union Pacific,
Residing, and A c. P.
Steel closed s. is, Reading 16 SIS, Union
15S and Copper %. r-.'---
Local Stock Market.
Trading in the Washington Stock Ex-
change yesterday carried wider range.
Mergenthaler continued to show
strength. twenty-four shares being sold.
21s 1-2aZs rs Six shares Of Lanston
sold So 81
Twenty-six Shares sold 100 1-aaloo rs.
Par was bid at close, 1o1 1-2 asked
Railways was confined to one share
Of the common at 90. For the preferred
s. IA was bid. s. asked. .. --....
Five shares of Union Trust sold 132 "a
and four additional shares at 132 IL.
Seventy-hve shares of Arlington Fire
Insurance brought l2 81
Sales in Washington Gas were at "a,
ten shares.
One 5000 Government conpon brought
Ill IL.
One 1900 Railway 4 sold at 50 and
500 Gas l05 81
Cotton Again Advances.
The activity OF the cotton markets
continue 10 excite interest, In New
York yesterday May closed at 14.3S, a
gain o. II points, while July closed at
1877. gain of "a points. 1T certainly
is boom times for that particular part
of the South escaping the reported
heavy rainfalls which led to the exist
ing bull movement
There remains but one more trading
day before the government will issue
its first condition report Of the present
season. That 1t will fall short Of the
average percentage reported year
ago is almost a foregone conclusion.
The only question is one of degree
The bulls confidently predict that the
market fairly will boil next Monday.
but IL must be remembered that the
advance of the last two days has been
predicted on private condition reports
showing an average of only 20 or
These private reports
usually are liable to be lower than the
figures in season OF bad
crop news.
However, cotton has reached a price
that makes predictions on its future
very risky
Wells Fargo Taps south.
A contract was executed yesterday be-
tween the Baltimore and Ohio Railroad
and the wells-Fargo Express Company,
whereby the express business handled
by, the United States Express Company,
retiring from business, will be taken
over by the Wells-Fargo. commencing
July !.
The contract signed applies to all lines
Of the Baltimore and Ohio system, in |
cludine the Baltimore and Ohio, Balti- |
more and Ohio Southwestern, and the
Cincinnati. Hamilton, and Dayton COM
panies. Wells-Fargo is said to be the
largest express company in the world, |
and the agreement entered into by the |
Baltimore and Ohio and its auxiliaries |
will extend the shipping service in the |
served by the railroad. the |
Wells-Fargo having through transcontst
mental service in the United States as
well as its own agencies in the big cities |
Of Europe and other parts Of the world.
and exclusive service to the Hawaiian
Islands and Alaska.
The agreement signed also means that |
The WeHs-Fargo is enabled to reach an
,ther part of the Atlantic seaboard than |
New York. as 1t came East to that city |
via the Erie system. It is now In a
position to tap the Southern section Of
he country.
New Orleans Statement.
New Orleans asked the Federal Reserve
Bank Organization Committee to locate
,ne of the regional banks in that city.
rhe territory II wished attached to II
,mDraced LOuisldnd. IeHaS, MISSISSIPPI,
Alabama, Florida, Georgia. and that part
" Tennessee west Of the Tennessee
River. The application was overruled.
md the committee selected Atlanta, Ga,
md Dallas, Tex, to serve practically
he same territory included in New Or
cans application.
New Orleans civic organizations have
'ent out a pamphlet containing extracts
rom the minutes of the meeting of the
committee in New Orleans, /
! brief filed BY Sol Wexler with the COM
nittee, and also an answer OF Mr.. Wex-
er's to the committees statement OF
easons for overlooking New Orleans
The pamphlet is replete with interesting
tatistics. Putting some of Mr.. Wexier's
leures in opposition. they compare like
his:
New Orleans Atlanta.
ap1tal and Erp...-..-..-.. So.oo00oo H5000oo
Deposits ---.---..-......--.-. H,oooou 530e go /
Total resourc,s- -...-....... N.0C0n 4,ooo0m
<oam and dsccunts...-...-. 8,6o 900 a, N 900 l.
ropiapon -.-s.........-.... S8.o00 \ &.oo
Dallas makes much poorer shovins-
Gold Export Movement.
The present gold export movement be-
an on May & Previous to that date no
sold had been shipped abroad since
March OF this year, up TO which time
he exports aggregated sls.oo000o. all IN
'old bars and all shipped to Paris under
special" conditions The current OUT
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