The Washington herald., 1914-01-14
MARKETS, FINANCE, COMMERCE

majority are roads operating In the South
or Southwest. OF the larger granSers
only Chicago Great Western and Missouri
Pacific are represented and of the coaiers
Chesapeake and Ohio. NcDe OF the trunk
lines are included.
Judging by the unusually heavy re-
turns OF money to New York from out
of-town points II Is apparent that the
holiday squirt in the retail trade has spent
its force The retailers are anything but
overstocked, and the jobbing trade is
taking no chances. 1t is a sound eco
nomic condition that overproduction is
entirely absent II is from this direction
that the real improvement in business
should come. The United States ought
to do normal amount Of business, and
this is something II Is not doing at the
present time
Improvement in the bond market is
much more pronounced now than has
been experienced for good MANY
months past. The investment demand
which has been lacking for a long time,
Is to be noticed at this period. Invest
Inent demand is the thing needed TO ad-
vance prices permanently. and some ef-
feet of 1t was shown In the general rise
In bonds throughout the list last week.
II is not yet in substantial volume, how
ever.
Trading in bonds on the exchange is
larger than at any time since May, 1872
or more than a year and a half ago.
Fourteen issues have passed the 500 900
mark within a week. fridays transac-
tions of s3.o25, 900 were larger than any
day since May ., 1872
S. b. Chaplin to w. b. Hibbs-The fea-
ture of the market was the way the
scattered local pressure and professional
selling of the morning followed the
slump in Canadian Pacific and Ameri-
can Can preferred, and the new
low record price OF IS 3-s for New
York Central was again well absorbed
and the further strength shown in the
bond department. together with fresh
sharp adyances in some Of the recently
dormant Industrial and low-priced rail-
road stocks.
dance OF cheap money. Renewed bullish
activity. Is under suspense. however. at
the moment, pending further assurances
from Washington regarding the recent
optimistic forecasts OF the Presidents
message on the antitrust question and
lnterlocking directorates and the Sher-
man antitrust law
Financial Bulletin to Lewis johnson &
'O-isdtts lOr call money are expected
to decline materially during the next
two weeks. The short interest Is report
ed to have re-eXtended on account of the
New Haven, Sugar and antitrust law
developments. Private borrowing Of New
York Central and New Haven is large.
The steel interests Of Pittsburgh are re-
ported to be much encouraged now over
the tariff developments, which are no
longer feared. Bearish talk Is extend
ing on New York Central. More liquida-
tiOn is predicted. Denials of govern
Inent activity are made. Good buying is
found in Reading. Union Pacific and
Southern Pacific whenever moderate re-
actions force setbacks in those stocks
Clark Childs to Hartman & Co.-The
returning activity in the steel industry
with the re-employment of thousands of
men is the best possible sign OF retura-
ing good times and improving markets
We think stocks should be accumulated
now for most substantial profit in the
next three months and that On each weak
spot more stock should be taken on. Cop
per. Steel, Reading. and Southern Pacific
are all good leaders and will sell higher
Colorado Fuel tip again heard. and the
Tobacco stocks also will go higher