The Washington herald., 1914-01-04
TRADING Light
in WALL Street
Tendency to Recover Shown
After Market Witnesses
Irregular Declines.
LOCAL STOCK MARKET
Maryland Bond Sale Tuesday-Vn.
ginia Utilities to Combine Queen
and Crescent Report.
LOCAL STOCK MARKET
By w. sTEALEY.

by w. sTEAifsb.
Based probably on poor railroad reports
and anxiety over corporation directorate
shake-ups. which are bound to come
within the next few months, the New
York Stock Exchange yesterday trans
acted little business, the total sales
amounting TO lsS. 400 shares.
The market closed steady. After a
steady but somewhat lower opening
prices yielded rather sharply. Losses
ranging from a large fraction to full
point or more reflected in issues like New
York Central, Reading, Union Pacific and
United States Steel within a half hour
OF the opening.
RecoVeries Are Made.
The latter half of the session was
marked by an irregular partial recovery.
American Telephone and Telegraph re-
gained its early loss. Interest centered
more largely upon New York Central
than any other issue in consequence OF
Mr.. Morgan's retirement from the board
and the poor showing for November On
the early reaction the stock broke to
81 1-Sc. Though recovery with the gen.
eral list showed poor rallying power,
trading was spiritless and the late price
movement was irregular and somewhat
uncertain.
So far as could be determined from
outward observations. no extensive liqui-
dation was forced by the professional
maneuvering which characterized the
early trading. European markets were
devoid of interest and foreigners showed
no disposition to trade in American is
sues.
Local stock Market.
Trading on the Washington Stock
Exchange yesterday was confined
largely to street railway bonds.
Two $1,000 City and Suburban IS
were sold at 99L and 80. respectively.
Three 1900 Columbia Railroad 6s were
sold at 1904. lOOIs, and 100. Capt.
tai Traction brought los.
Stock transactions were limited to
ten shares of Commercial National
Bank at 1851. ten shares of Washing
ton Lean and Trust at go. and eleven
shares of Mergenthal' ten of which
went at 2ls and one AT 2l2Ss.
The new year brought more hope
full feeling in business circles here, and
merchants and manufacturers are con-
fident of the future. Adjustment 10
more normal conditions is expected as
soon as the new currency system is
perfected and ready for operation I'm
til that time banks naturally are care
full TO husband their resources by re-
stricting credit to legitimate needs of
business. and Tor the present conseTN-
atism is the watchword.
New York Central Orders.
The New York Central Railroad has
distribute. nrders for 1900 tons of steel
rails for delivery this year. This order
is only partia' one. Contracts for the
roads othe- rail reCuire ments for the
year will MT be placed Immediately, and
their size. =; is intimated, will depend
upon the developments OF the next month
or two. Steel men, however. are sanguine
that the New York lines will purchase
not less than IJ9.OCO tons of rails for de-
livery during 1911.
II is GcI,rally believed-or hoped-in
the steel trade that tn placing of the
New York :'entral Railroad of an order
for 7I0O0 to-: of steel rails, part OF its
1914 requir, mCnts will be followed by
orders from the other large systems and
will mean tire turning OF the tide for the
industry.
Maryland Bond sale.
Bids for State of Maryland 4 per cent
bonds VIII be opened at noon tuesday at
Annapolis and it is expected that they
Will bring very near as good a price as
did the last offering, which fetched g1.Sg
The Offering is OF xz5O,OOO OF series Di Of
the Pubic highways Loan OF 1910, ana
the bonds will be dated January l. 1914
and VIII be redeemaDIe on ana arter
January i. 1874 and the whole debt will
be payable January I. 1879. The bonds
are exempt from the income tax. State,
county, ana city tax. The bonds will be
issued in denominations OF sl.OC0 and VIII
be subject to registration as to principal
They will be delivered January IL.
Virginia Utilities Combine.
Meetings OF stocKnoIuers OF the CIu-
zens' Railway. Light and Power Com
pany. the Newport News and Old Point
f;aIIway ana Electric Company, and the
Hampton Roads Traction Company, all
nf Newport News. va. nave Deen called
for January . for the purpose OF ap-
proving a plan for the merging Of the
three properties. under the name of the
Newport News and Hampton Railway,
Gas and Electric Company.
Queen and Crescent Report.
The Cincinnati, New Orleans and Texas
Pacific Railway Company reports from
July i to November 30. follows: