The Washington herald., 1914-03-25

MARKET Weak
And INACTIVE
New York Prices Ease OFF.
Leather Dividend Does
Not Materialize.
THE B. & O. NOTE ISSUE
System May Resort to Short-tem
Financing-N. & W. Ry. Shows
Seven Months Gain.
BY w. STEALEY.

The New York Stock Exchange yes
terday went through the usual experience
OF the last few weeks. Following a strong
Monday, prices yesterday eased on the
day, showing a fractional decline.
Steel closed at 6Iss X on: Reading 1861.
y OF, and Union 1895. \ of. Copper was
firm at 16&, Mondays close.
Central Leather lost a point. owing
to the failure to declare q dividend.
There was an amount OF activity al
the opening with some irregularity, but
price changes, as q rule, were insignifi-
cant After the opening the marke:
showed a tendency to advance, but
enough stock was encountered on the
rise to prevent its going far, and iE the
second hour the market again relapsed.
Trading remains almost entirely pro-
fessional and the buying movement seems
10 come from the short interest, which
haS become oversXtende6- When they
stop covering, prices sag, but there seems
to be no quantity of stock pressing on
the market and this makes the shorts
continually uneasy.
There was no special news to affect
the market one way or the other,
though the copper producers claim thai
the position of the metal is an extremely
strong one, and that the demand is SO
good that quotations must be forced
higher. Copper was firm at 1624, Mon
days close.
There was some selling of Rumely,
common, at and preferred 2JSs on re-
iterated rumors of a financial reorgani-
zation and of an assessment of stock
holders.
Local stock Market.
The biggest block of stock sold in the
Washington Exchange in many months
occurred yesterday, when 1000 shares OF
Railway common sold at 50. This was
followed by sale Of twenty-five shares
at 90
The price. 50. was one-half point above
Mondays sales. The quotations closed
50 L. bid. 81 asked.
Eight shares of Railway preferred sold
at ~. An additional half-point was Of
fered for any part of 1,cO0 shares Of the
preferred.
One $1,000 Railway 4 sold at 81 IA.
The market covered wider range than
usual
One hundred and sixty shares of Wash
ington Gas sold at So. $50 OF the
company brought 1o7 Ia.
Twelve shares of Mergenthaler soiu
PA l-2a2l5.
One Soo Capital Traction 5 brought
los L..
Note Issue for b. d o.
II is reported that the Baltimore and
Ohio Railroad is neeOlldlihS "AeiA
Yorl, bankers for the sale of Sl5.OoUoo
of notes. the proceeds of which will be
Used TO pay off obligations maturing July
I and TO provide funds for other purposes.
Between now and July l there are ap-
proximately. S275.0OOOOO of corporate Sc
curities mat ring for which arrangements
10 meet have not yet been made
April Money Market.
As the money market approaches the
LIST of April some curiosity is expressed
a. IN what effect the end of the quarter
financing will have. At the moment IL
does not seem likely that there Will be
any material change from the present
rates. as the banks appear to be IN
position where they can easily meet the
additional demands. This is more than
CouII have been said for the bank position
exactly a year ago.
Gain for \. & W. Railroad.
The Norfolk anI Western yesterday re- |
pori,d for the seven months ending JAM |
uary Sl as follows: |