The Washington herald., 1914-04-30
MARKET AWAITS
MEXICAN Events
New York Prices Slightly OFF.
Another Drive at Missouri
Pacific.
CAROL MANOR'S OFFER
Company Would Dispose OF Fer
Cent Stock-New York Central
and Lake Shore.
cARROL MANOR'S OFFER
BY w. sTEALEY.

By w. sTEALEY.
The New York stack Market yesterday
closed with slight losses, Steel, Reading
Union. and Copper being on a fracuon'
MISSOURI Pacific reached new low
leyel, Is l-2, on reports OF failure Oh lu'uie
financing.
v-Ith the beginning of the week up to the
hirh Levels reached at the opening yes
to-day was due to q natural rally from
the extreme depression under which the
market closed last Saturday.
The market then was so well hquidated
Of local as well as foreign speculative
holdings and also so heavily oversoid oy
the bear element that the suooen ehahs -
IN accepting the mediation proposition IN
the Mexican situation put 1t in position
70 make a very sharp response 10 tnls
sudden aversion OF hostlities-
n is a fact however, that most Of the
recovery of 2l-2 to nearly points in the
most active stocks from Saturdays close
lowest has been largly due TO the retreat
of the heavy short interest, rather tnan
TO much really good new buying. The
si,h ,orices on the rally were made by this
covering movement and also some re-
buying.
Local stock Exchange.
Sales of Railway Common and Wash
ington Gas constituted the principal
trading on the local stock market yes
ser5av Gas sold at 50. Railway 81 1-2aA 81
In the bond list Railway and Electric
As sold 5000 at s. and like amount
after call at SIX. Potomac Consolidated
IS sold S2OOO at ssat.
The sales of seven shares OF Morgan
thater at 215a215lz. sixteen shares of Cap
ital Traction at 1O0s and a single share
Of Railway and Electric preferred at s.
also were made.
Carroll Manor Dairy.
The Carol Manor Dairy, Inc, offers
100000 of its per cent cumulative pre-
terred stock at a par value Of SO share
The new company takes over large
and paying enterprise.
In addition to its pecuniary attractions
IL is interesting TO Washington on &C
count Of the connection Of Charles Car
roll, of Carrollton, with the enterprise as
director. and Of the fact that it will
handle the whole Of the milk OF his cele-
brated herd at Doughoregan Manor
The now company has further inter
EST in the fact that it has been selected
BY DR.. Harvey W. Wiley, Of worldwide
reputation, the means Of handling
he product of his thoroughbred herd.
Prosperity md War.
That war will result in prosperity is a
view constantly heard these days, how
ever transitory that prosperity would be.
This country could supply all its needs
for both arms OF the service in the field
and on the water, it is argued. Men,
money, grain, meats, arms. ammunition
and the thousand and one necessariss to
conduct a successful carnpais,l car be
supplied by the people Of the United
States and its corporations. In the event
Of a long campaign, great industrial ac-
tivity throughout the United States
would result and all the unemployed
should have plenty of |0-G.
European countries hsve tn rely On one
another for supplies. ami a great deal
of their needs are supplied from the
Americas, so that their wars often enrich
other peoples while i impoverishes them.
Furthermore, whan the war is ever.
the United States would have opened
great field Of indLst-Estl endeavc=, and
In the end would mean that the United
States would be foremost in the trade
with South American countries which
hitherto has not 5ssn the case. There
S nothing like a successful war TO win
respect and open avenues for trala.
High Level Exchange.
A rise to new high levels in foreign
exchange yesterday was coincident with
new high level sterling shows advance
Of fifteen points in sixty-day bills. The
new figures are five points above the
previous high in demand and cables. The
strength of cablesGWas technically at
tributed TO preparation for the London
fortnightly settlement closing.
Sterling was reported up in Berlin and
that center cabled quotations of 21-2
per cent for spot. an advance of is. The
London to arrive quotation ranged from
es-I TO 21-S, the higher figure showing
an increase Of Is These quotations
operate against any material further
operations in the nature of a safety
valve. through the placing of finance
bills by our bankers. The London rate,
except where operators are able to draw
single-named paper, bring the rate for
money in London up to about 4 per cent.
N. y. c. and L. s. Stock.
New York Central yesterday adopted
an Ggreement Of consolidation which
offers Ave shares OF New York Central
Tor each minority share OF Lake Shore.
Consolidation agreement provides that
the new company shall take in the Gen.
tral, Lake Shore, Geneva, Corning. and
southern Terminal Railway; Buffalo,
Dhnlcirk, Allegheny Valley, and Fitch
burg; Chicago, Kalamazoo and White
Pigeon. and two other subsidiaries of
Lake Shore. IDA. s.....
A statement authorized by directors
contains the following:
New York Central and Lake Shore are
principal parties to the agreement and
other companies being their subsidiaries
Name of consolidated company will be
The New York Central Railroad Com
pany,' and Il viii have capital stock of
sSoo, OF, ,0co, of which s2Is. 800 is to be
issued TO stockholders of the consolidating
companies, and $50 iOe. 500 will be reserved
for issue from time to time when au-
thorized by directors with approval of
Public Service Commission.
New York Central stockholders will
receive par for par in consolidated stocks
lake Shore stock owned by the Central
md holdings in other subsidiaries are to
se cancelled. 1t will require se3.534 500 of
he consolidated companys stock to eK-
.hange for Lake Shore minority stock on
,erms indicated.
A number of District bankers will at
tend the eighteenth annual convention