The Washington times., 1914-01-03
LOCAL EXCHANGE
IN DULL SESSION
Little Activity in Washington
Securities Today Banks
Struggle With Tax Forms.

The local stock market closed the
week today with a dull session attended
10y only a handful of brokers. A little
rCinvcstment buying of bonds was done
hut il amounted TO only 5000. One $l,OO
t'ity and Suburban ) sold at 99A. an
another at %: one sl.OJO Columbia Raii-
TSsS sold at 1904, another at par, anG
1. third at par and an eighth. one
capital Traction bond sold at JOS.
4 quotation lot of Commercial Ma
tiOINaI Bank sold at lS512 and 4 fun 10.
"f Washington Loan and Trust at 23D.
one share of Mergenthaled brought 2l2Ss.
and a quotation lot sold at 2l2. This
VAS the extent Of the stock transar-
IiOns.
The Merchants Transfer and Stor
company has taken over the Blue Line
transfer plant, formerly operated by tne
baltimore and Ohio railroad when
stOrc-douz delivery was in operation.
y After the annual meeting OF the Sec
"nd National Bank two former District
Commissioners will be on the board,
President Cuno II. Rudolph and Cen.
.Iohn A. Johnston. Notices OF purposes
fUrthcr to increase the board have been
sent TO stockholders
\ holder of an interest coupon 20 the
value Of Sl.50 was so disguised with the
1ormalities his bank told him he would
nave to go through to satisfy the in
come tax before realizing upon il, that
he tore up the coupon with the remark
that IL wasn't worth the trouble. The
local banker who related the incid ani
remarked that he would be willing to
take the trouble involved for as many
SI5O coupons as others wished to throw
away. With first of the year dividend
and interest disbursements, the banks
are overburdened with work straigntsn-
ing out the payments in conformity With
the income tax regulations.
Bradstreet's review takes a decidedly
optimistic view of the new gear. After
reviewing the i'll effects of the Balkan
war and their widespread influence C9
credit, the review continues:
The liquidation in the stock market
in 1918 was apparently thorough without
being panicky. Trade and industry i'm
turn showed symptoms of an orderly
retreat rather than Of 4 precipitate
fiight, and since the improved feeling
noted in the later weeks Of 1918 set in,
less is heard or rumOrs OF business
troubles in this and oths- cities.
1T is generally conceded that while
the entry of industry into the stock
market in a capitalized form has made
II more sensitive to unfaVorable hap
penlngs. IL has also made il quicker TO
respond later to improving influences.
The best judgment seems to support the
view that money, the great desiIeratUm
in finance and trade, will be both
cheaper and easier to obtain in 1914 than
in 1913.
The passage of the currency bill is
expected to be an aid in this respect.
whatever may be thought of ultimate ef
fects of the possible imitation feature of
the new measure which has Supplanted
9arlpfIGlV dafHpfiVe
any ill-considered rise like that OF 1885,
with its aftermath of deep depression.
IS TO be avoided, and the possibilities
Of Europe endeaVoring to furthe- iqu:-
date its burdens in American markets
are TO be considered in this connection,
though cur immense credit balance may
help US in this respect Money, how
ever, should be plentifGl for legitimate
trade and industry in 1914. and the alb
Eence of burdensome stocks, owing to
continued hand-to-m0utn buying, should
be helpful
TT will not be forgotten that many
crops were short in 1918, and prices.
particularly Of food, were high, which
may have helped agriculture as a whole
though no country ever made much
money out of its own crop shortages.
md 20 1914 crop conditions, it may be
said that said conditions are favorable
and winter wheat is in excellent shape.
The matter of possible railway rate
advances presses for early solution.
ill of the advances asked for in past
Years would have been insufficient TO
save some badly managed enterprises
from the effects of their own sins. bat
the justice. indeed the absolute necess,-
-, OF allowing the railways to recoup
themselves for high cost Of operation
can hardly be denied. In this matter
the auguries at the outset Of the year
are thought GnfavOrablc and if they
prove 50 should Rave an important
Eject in stimulating demand ior a
"ariety of articles which move through
me msTts OF trade.
Past experience would seem to in
dicate that, lacking any serious DAMAGE
10 the business fabric in 1912, of which
there are no really tangible signs. a
comparatively quick revival from the
Quiet visible III many lines should en-
sue. governed Cf coCrSe, BY the money
md crop Developments of BIZ"
The Weeks Review.
The review for the week says:
lev really new features present
tHcmscIves this week. usually a period
of holiday duIIaess. end-of-year inven-
tories. and restricted industrial activi-
tics. Information as to distributing
rrade points to last year having about
,ouaIed 1872.
Summarized reports indicate irregu-
ar holiday trade results. a generally
rgoitable year reported by banks. with
{ yidends in 'lost cases maintained:
Te-entry OF the railroads into the steel
I7il market. lower prices for pig iron,
and rather more than the usual num-
her Of shutdowns over the holidays by
iccdinE industries. with, however. prom
80 q many quick assumptions early in
January.
Rather more than the usual list Of
business failures have been reported
nj what has been termed the holiday
ron Of such Toubles is numerous and
large.
business failures for the week were
Coz. which compares with 2S7 in 1919"
Il. 6. Dun & Co.'S weekly review
Gays IN part:
At the opening Of the new year it is
gratifying 10 note that 1913 was the most
successful period from an agricultural
standpoint that this country has ever
experienced. Notwithstanding adverse
climatic conditions. the total yield of
wheat surpassed all former records. and
while the corn crop fell considerably
below the banner production o. the DrC-
ceding year, higher prices more than
cd-apensated for any loss in outpgs