The Washington herald., 1914-01-31
STOCK MARKET
REGAINS LOSSES
Entire List Shows Good Ad-
vances on New York
Exchange.
NEW ARLINGTON SALE
Richmond Syndicate to Return Here
to Make Bid Thursdays. A.
LIS Favorable Report.
NEW ARLINGTON SALE
By w. sTEALEY.

LIS Favorable Report.
By w. sTEALEY.
Early week reactions on the New York
Stock Exchange yesterday were over
come The advance was general All
principal stocks in the list closed hisher
and some notable gains were made
The London market did one of the big
Sest DAYS business in twenty years The
buoyant tone also was reflected in
New York. While sales only reached
$4,000 there was a decided interest in the
market and prices were forced up by a
non-professional element The Presi-
dents assurance that foreign relations
are being exaggerated probably also con-
trfbuted in determining the course Of
prices.
After the London market closed,
foreigners became active buyers of Amer
leans. their apparent reason for their
morning neglect being that their own
market was SO active that they had no
time for ours. Interest centered in
Canadian, which on European buying
and buying for short account advanced
some half dozen points. The market be-
came aggressively strong in the late
trading, many standard issues reaching
new high levels on this move.
The bond markets of the world con-
tinue show remarkable strength. The
highest prices of the day were reached
in the last half hour and the tone in the
final dealings was one of extreme
strength.
Canadian Pacific opened at 2l5. went
to 21s and closed only IA point off the
high figures. Union Pacific moved up )
. points. closing at 66 SIS. Similar gains
were made by Reading and New Haven,
Money is cheap now all over the civil
lied world, and probably a greater sum
in the aggregate is available for invest
ment thar at any previous time in two
years This fact is signified in twofold
sense. On the one hand IL reflects re-
action in business which is not confined
TO the United States, but on the other
hand it means that boarded money is re-
stored to useful channels of trade and
that long-deferred financing can be un-
dertaken.
Local Stock Market.
One $4,000 Washington Railway and
Electric 4 sold on the local stock eN-
change yesterday at so. $500 in Capital
Traction IS at los, and one sl.0o0 Column
bia Traction at zoos.
National Metropolitan Bank stock to
the amount of IS shares sold at 1s0a1s1.
Railway and Electric stock,
both common and preferred. continued
to sell at 90, 75 shares of the former and
80 shares of the latter changing hands.
Mergenthaler showed a gain yesterday, |
six shares selling at 2l6-
Arlington Sale Thursday.
Robert H. Mcneil. representing H. d.
and other Richmond capi-
tslists who Thursday made the biggest
bid on the Arlington Hotel property,
yesterday announced that after recon-
sideration il had been decided not to
contest the trustees resale OF the prop
erty next Thursday.
Mr.. McNeill yesterday gave out this
statement: |
After careful over night consideration |
and in view of the purpose Of the trustees |
to force a resale of the Arlington Hotel |
property, notwithstanding the proffer by |
my client during yesterday of a certified |
check of $4,000 on account of their bid. |
and in view of the prospective litigation |
which is distasteful to them as well as |
hurtful to the property, those whom 1
have decided not to interfere |
further with the proposed action of the |
trustees as to a resale. They will doubt
less be present at the next sale to pro-
tect their interests and bid again for the
IL the price is favorable"
that the Richmond syndicate will bid
again for the property against the
Equitable Life Assurance Company,
which holds a trust of $500, 600 Between
now and Thursday other bidders for the
property may develop. II the hotel prop
osition finally falls through the new pur-
chaser may seek Congressional authorize
ton for its requirement for public build
ing purposes.
$. A. LIS Good Report.
With increases in net of s27s35 and in
surplus of S139,124 for the six months
snded December II last. the statement of
he Seaboard Air Line Railway was
made yesterday.
The gross earnings increased 1874 900 for
he same period and the gross income
advanced szS.15s. Proportionate in
,reases are shown for the month OF De-
,ember. The road is now considered as
being on a regular dividend basis of
per cent.
That the Seaboard should make so good
/ showing in the face of poor returns
made by most roads is due to the fact
hat the lines traversing the States OF
he Atlantic seaboard south of Washing
ton have not been affected by a shrink
age in business. as has been the case
with most Of the roads in Eastern terri
ory.
Independent Sees Gain.
The head of one OF the leading inde-
pendent steel companies says: 1T is my
belief that the steel industry of this
country will move along in sympathy
With the industry in Europe, due largely
% the new conditions under which We
ire operating. particularly the Under
wood tariff. Domestic prices are not ex-
'ected TO show a rapid advance unless
here is corresponding movement
lbroad. American manufacturers will
rave to keep prices down in order to hold
heir markets against foreign competi-
ion."
Steel Hearing Resumed.
The hearings in the government suit ]
gainst the United States Steel CORPORA
ion will be resumed in New York Mon
lay after a five weeks absence in the
;outh and West The hearings are being
eld in Chicago at present with Attorneys
:. A. Severance and David Reed In !
harge of the defense.
The Maryland Trust Company and the
iercantile Trust and Deposit Company,
rill. on Monday. disburse over S76s, 900 in
ettlement Of interest and dividend and
astalment obligation of the Houston Oil ,
ompany due February. ,
Banks Asked to Give Preferences. II