The Washington herald., 1914-02-05
STOCK MARKET
SHOWS DECLINES
List. However, Was Not Ma
terialIy Weak in Spite Of
Bear Efforts.
LOCAL CHANGE INACTIVE
Georgetown Gas, at Us. Feature of
Transactions Month Promises In
crease in Corporate Financing.
BY w. sTEALEY.

BY w. sTEALEY. !
The New York stock market yesterday
closed lower. The reaction was regarded
as coming from somewhat overbought
technical condition. At no time was the
list materially weak, and what reaction
cline due TO heavy profit-taking sales
which have gone on for the past week.
Mexican developments and Rock Island s
troubles which. ordinarily could be used
to hammer the market severely, were
not particularly effective,
Steel went of fractiohally. closing at
s. SIS; Reading closed at practically Tues
days price. while American Can lost two
points. closing at 81.
Copper stocks were active and strong,
London buying carrying the price of
Amalgamated to Is Is. a new high rec
ord for the present movement
On Mexican news Smelters gained q
point and Mexican Petroleum at one time
showed a gain OF points and California
Petroleum 1. Oil stocks on the curb were
again active with new high prices. This
encouraged a speculative movement in
Mexican Petroleum. -
Great Northern preferred rose to 134 So
Bond brokers report increasing difii-
Gully IN uliinS investment OIuerS
Semi-speculatiye issues were in good
demand. Seaboard Air Line adjustment
6s rose nearly point Third Avenue
adjustment IS and Wabash refunding Is
were strong. Trading in the Rock Island
collateral Is was again in large volume
and the buying called good.
Rock Island dropped to IS. a loss Of
l IA points on Tuesdays close.
Oficial announcement is madei that a
committee has been appointed to consider
what will be done toward a readjustment
of the securities Of the Rock Island hol1-
ing companies.
It is stated that several plans have been
submitted to this committee which are
having careful consideration, and il is
hoped that in due time some satisfactory
solution will be reached.
The Phelps-Dodge interests are said to
believe that the Rock Island possesses
great railroad investment possibilities and
will be able to find their way out Of
present difficulties.
Local stock Market.
Bond sales in the Washington Stock
yesterday showed a decrease,
being confined to 5000 in Potomac Con-
solidated IS at 100 and one $500 George
town Gas Cert. Ind. at 1o2-
The feature of the stock list was the
sale of twenty-five shares Of Georgetown
Gas at LIS.
The last sale. August 1872 was at 10.
Twenty shares of Washington Railway
and Electric preferred sold at 90 and
twenty-five of the common at 81. Seven
shares Of Capital Traction 113. Twenty
shares of Mergenthaler brought 2l5 f-sa216
Ten shares of National Metropolitan
Bank stock sold at $50.
Month Promises Returns.
Indications point to February as big
month throughout the country in the
matter of corporate financing. The great
in the investment market
came so quickly that 1t found many COM
panies which want to do financing unpre-
pared to bring out securities at once. 1t
takes some time to get bond issue ready
for sale to bankers and the public. How
ever, active work is understood to be
under way between several companies
and their bankers which will lead to
other large offerings shortly.
The low fare on street railway lines in
Columbus, Cleveland, and Detroit do not
appear to be very successful as revenue
agents for the companies oper-|
ating the roads. In addition reports
show there is difficulty in financing their
on the low basis The three
cities need extended lines for their out
lying sections, but practically none has
been built since the low fares took effect.
As result, population Is conjesting in
sections of the cities already served by
existing lines and suburbs are not secur-
ing their normal growth.
The Arlington Hotel property again
will come under the auctioneers ham,
mer today. The Equitable Life Assur-
ance Company, OF New York, which holds
an $4,000 trust, will bid ss45,o0o as a
starter. There is considerable speculs-
ton as to what other bidders will partici-
pate. Whether the Richmond syndicate
will bid. Robert H. Mcneil. its repre-
sentative, said last night depends upon
what other bidders are developed.
The Owen stock exchange bill. hearings
upon which now are being held by the
Senate Committee on Banking and Cur
rency, is of such a drastic nature that 1t
only is regarded of importance as a
vehicle of gaining the views of the two
sides. The hearings on the bill are well
coined by the New York Stock Exchange
witnesses, who expect the country to
have better opinion of Wall Street after
their testimony is given.
Chairman Woodruff, of the Washington
Stock Exchange. yesterday named VIII
lam A. Mearns and W. B. Hibbs a COM
Inittee to cooperate with the New York
witnesses In their opposition to the Owen
measure. II the Senate Committee de-
sires they will appear as witnesses.
Railroads doing business in the South
srn States east of the Mississippi River
are making good reports Of earnings for
December. and for last year, and their
stock is about the firmest on the list.
Their annual reports show comparatively
small decreases. January reports of all
are expected to show an Inn
provement over December. Some of the
December reports were 30 poor as to oe
almost unbelievable.
An addition, seven miles long. which
will connect Grafton. w. Va. to Fair
mont by means OF the Monongahela Trac-
lion Company Is under consideration. The
property Is known rs the Grafton Trac-
lion Company and Is owned by Col John
:. McGraw. The plan 10 said to en-
brace q high power trolley line between
Grafton and Pittsburgh ~ way Of
ciarksburg and Fairmont
PlArs are maturing rapidly for the new
building which the National Savings and
Trust Company viii erect on its present
lite. and including hfry feet additional
East In New York avenue Tho building
win cost 100000. which assures
80 49,