The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-01-10

MARKET RALLIES
AFTER WEAKNESS
Baltimore and Ohio and
Union Pacific Both Make
Fractional Advances.
SOUTHERN ROADS GAIN
Local Committee on Federal Reserve
Bank Receives Indorsement-Cot-
ton Ginning Report.
SOUTHERN ROADS GAIN
BY w. sTEALEY.

BY w. sTEALEY.
After a weak opening on the New York
Stock Exchange yesterday the market
rallied and many advances were noted.
Baltimore and Ohio, which opened a.
50 S. closed with a gain of Is. Union
Pacific common closed at 15l IA, gain
of 5-S The suit begun by holders Of
the preferred stock did not cause weak
ness, 81 "a being maintained throughout
the day. There was unusually heavy
trading in Canadian Pacific. The stock
went as low as DOG 1-2. but gained IL
at the close.
REGARDLESS of continued rumors that
Norfolk and Western. held by Pennsyi-
vania. would be sold. the stock closed
at lola, an advance OF IA over the
opening.
Leading issues gained fractionally, and
declines were unimportant- Reports
from the copper trade indicate almost
complete stagnation, buyers showing no
anxiety to enter bids at prices that IN
some cases are quoted nearly one-half
cent below recent figures Tor the
metal
Amalgamated Copper sold up to Il
Fears were expressed that litigation may
defer the distribution of Union Pacincs
holdings for many months The quarterly
dividend recently declared on Baltimore
and Ohio will be deducted at the enc
of the current month. Union PACING
gained slightly; the undertone In this
stock is distinctly firm.
Petroleum stocks on.
Mexican Petroleum lost l L., and Cali
fornia Petroleum fell back fractionally.
Missouri Pacific notes advanced Sharply
and sympathetically; Missouri PACING
rose from "a 1-2 to g 81 Southern Rail
way issues advanced smartly, the COM
mon selling as high as A1-i, and the
preferred closing at a IA. OF all sec
lions in the country, the southeast is the
most prosperous today from the stand
point of transportation.
Foreign markets failed to show the
slightest interest in Americans rails, ana
arbitrage dealers had the smallest day
in many weeks.
Pronounced ease in the money market
has broadened the demand for bonds
Dealings Yesterday exceeded 5000, 900
with a wider range OF trading and gen.
eraI stiffening of bids. United States
Steel IS sold UP TO 101, Atlantic Coast
Line. Louisville and Nashville As rose
from 90 to 81 L.; American Telegraph and
Telephone convertibles gained traction
ally Bond brokers report difficulty In
finding offerings of the high grade invest
ment issues. although bids have been
raised steadily since the turn OF the
year.
- Surplus funds are rapidly accommodating
at this center. Call loans renewed at
21,2 per cent. Interior banks were large
buyers of commercial paper: Canada sent
another shipment of s400,000 gold here, and
preliminary estimates foreshadow large
gain in cash by the banks that should
make a highly favorable showing in to-
days weekly, statement.
Stock exchange prices during the nrst
ten days of January have shown a STUD
born resistance that might ordinarily be
expected ito lower values
Local stock Market.
TRANSACTIONS in the Washington Stock
Exchange yesterday covered a wider
range. In Capital Traction IS $500
changed hands at los. One s., 600 Washing
ton Railway and Electric sold at 80. A
$500 Washington Gas brought log IL.
In the stock list 10 shares Of Washing
ton Railway and Electric common were
sold at 81 - Five shares of Washington
Gas brought 81, thirteen shares 50 81
Six shares OF Mergenthaler brought 212 rs,
and fifteen shares PIP IL.
One share of National Metropolitan
Bank stock was sold at 100.
Chairman Chaplain, of the clearing
house committee, which is urging Wash
ington's claim SIS a Federal reserve city,
understands that his committee will be
heard Dy the reserve Ddnh OrsdNlzdllOn
committee Tuesday.
The committee probably will be given
about two hours in which to present
arguments. A brief also will be filed.
The District Bankers Association at a
meeting at the New Willard yesterday
Endorsed the clearinghouse committees
work B. +. Saul, c. J. Bell, and r. n.
Harper were designated to render such
assistance as may be deemed necessary.
of the Bankers Association, Chamber of
Commerce, Board of Trade, and Retail
Merchants Association will be present
TO testify briefly as to the desire of WASH
ington's business men that this city be
made the center of the Federal reserve
district. Practically all of the time, how
ever, will be taken up by the clearing
house committee members, consisting of
A. G. Clapham, H. II. Mckee, George
w. White, w. T. Galliher, and John
Poole.
Southern Roads Gain.
The loss in net earnings Of the roads
of the country in the first four months
of the 1914 fiscal year is computed by
the Bureau of Railway Economics at
81 per cent, the Eastern district showing
a loss of Is per cent, the West, 61-2 per
cent. and the South a gain of 1 per cent.
The Eastern roads, which serve the big
manufacturing districts. have been es-
pecially the victims both in the volume
of business and in the net results. Cur
rent earnings statements bear out well
the claim the roads in this section have
pending before the Interstate Commerce
Commission for higher rates to COM
pensate in part for the higher cost Of
railroading.
The railroads of the South, on the other
hand, while feeling much the same in
nuences which are in force in the North,
make a decidedly better showing, and in
addition to increasing their gross rev.
enues as a rule over those of the pre-
ceding year, have been able in many
cases to save some of the gain for net
and at least have kept down the per-
centage of loss (where no gain has been
registered far below that of the trunk
lines.
Report on Cotton.
Cotton ginned prior to January 4
amounted to Il, 3sS. 0i running bales,
counting round as half bales. the Census
Bureau announced yesterday.
] .und bales included numbered 1o4, 2ss;
sea island, 4.32o bales
Ginnings by States: Alabama, 1,467,-
asx..