The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-07
STOCK MARKETS
LOSSFRACTI0NAL
New York Prices Show Only
Slight Decline-Mere
Trading Position.
WAR AND GOLD EXPORTS
Franklin National Has Good Month.
District Banks to Get Tax Money.
Grain Report Today.
WAR AND GOLD EXPORTS
BY w. STEALEY.

materially from those Of Tuesday.
Steel Union, Northern. and Coppe
were of slightly. Reading gained hal
point
Missouri Pacific appeared firm in re
ports that its financial difficulties woult
be Strengthened out.
The stock market continues merely In
trading position for the present The
great uncertainties contained in the Mex
lean situation holds any substantial bull
movement in check, notwithstanding the
rather general disposition to anticipate
a favorable decision from the l. c. c.
this month on the proposed increase in
freight rates.
be committed in Mexico before the me-
diators can be convened on May Is, Is
likely TO continue to hang over the mar
ket.
1t became evident that the outstanding
short interest has been greatly reduced by
the covering operations of the frightened
bears on the steady advance which Gull
minated on Monday Too many weak
SPECTATORS sold on Mexican war talk and
their losses have been large. This weak
ened the technical position of the mar
ket and made it dull and reactionary.
Local stock Market.
Bond sales on the Washington Stock
Exchange yesterday aggregated $1,000.
OF this amount $500 was in Potomac
Electric Consolidated IS at 9s Ia.
Two Capital Traction IS Sold at lG7 and
l07 ia. and two Railway As at s. A
Georgetown Gas brougft lGl.
Capital Traction sold fifty-five shares
at 100 3-4. Railway preferred thirty-seven
shares at SO IS and 81. Washington Gas
three shares at so.
Metropolitan National Bank stock sold
at 1885, four shares Fifteen shares of
District National brought 142.
Mexico and Gold Export.
Announcement of the engagement of
s1,OO0.OOO gold for export to France is
not regarded as indicative of an eX-
tended export movement. unless
marked change for the better occurs in
American relations with Mexico.
Early this year France started to pur-
chase gold in the American market and
before the movement came TO an end
she took a total Of Sl6.c0aOo0 of the yell
low metal At that time the Mexican
crisis had not become acute. Since war
like methods have been taken by Wash
inSton and a Mexican port has been
seized bankers have been figuring on
! the possibility % a government loan to
finance a war with Mexico. and they
have been slow to sell gold. although
they could have done so at any time in
the last few weeks with profit.
Another reason exports are likely to
be small. for the present at least. is the
small supply of gold available in the
Sub-Trea sury here, only s5.0la9C0 being
stored there OF course that is only a
temporary obstacle which could be over
come in case bankers should decide to
export freely. But Mexico still looms
large in the financial horizon. and they
are wary.
Mr.. Warburg's designations.
Paul VI. Warburgs acceptance 10 A
place on the Reserve Board implies his
resignation as director of the National
Bank of Commerce, the Title Guarantee
& Trust Company and the United States
Mortgage and Trust Company, and the
disposal of his stock in these and in
whatever othcr banks, banking institu-
tons and trust companies he may have
en- interest. 1t does not appear to be
incumbent upon him to retire from
Kuhn, Loeb & Co. or to surrender his
interest in the firm, though, OF course,
he will not continue an active partner.
So with other corporations of which |
he is director. These are American
Surety Compeny. Baltimore and Chic. !
National Railways of Mexico. Wells, Far |
90 and Company and Westinghouse EIec- |
tric and Manufacturing.
Syndicate composed of Harris. Forbes |
& Co., White, Weld & Co, Eastabrook |
& Co. and Alex, Brown & Sons, of New |
York, which was awarded the 100000 |
Baltimore per cent bonds is Offering \
them to yield approximately AIS per |
cent. Prices for various maturities are |
as follows: 1851 at rs 1855 at 81 81 |
and the 1851 and 1862 at 81 as Accrued in
terest to be added to an of the above
prices.
The Bureau of Insular Affairs, War
Department. will open bids at 2 O'Clock,
May Ia. for 10000 per cent gold bonds |
ot-lsli Of Porto Rico, due 1883. These !
bonds are not subject to the Federal in
come tax imposed BY the law Of 1913.
The Secretary of the Treasury yester-
Gay approved the recommendation OF the
washington Clearing house Association
nor the deposit in the city's national banks
OF District tax money amounting 10
ABOUT AoOOOoo The, money probably will
be apportioned in the cases of deposits
possessed by each bank.
The financial community Is in a NOR.
hopeful frame Of mind. There obviously
Is a disposition TO pay more attention TO
the favorable factors in the situation. A
remark that is commonly heard is that
business Is poor, but that il is about
time for il to show some revival.
Controller of the Currency Williams
approved the application to or
ganize the Citizens National Bank. or
Bedford, Va, capital $4,000
Government grain report on condition
OF winter wheat May l acreage. hay
farm supplies, and spring planting. Is
out this afternoon.
The Franklin National Banks d.
posits have increased from sI.o3s-
s15.1s to sl,134.391.25. The bank yes
terday celebrated the FIRST month or
Its organization, announcing an In
crease OF over 100000.
Norfolk and western earnings for
March show a net decrease of s1e,-
'f2. Nine months net decrease. $685.
,t1.
Southern Railway earnings for the I
ourth week of April showed a de- ,
.rease of sli1.455; for the month.
41.is7. ~