The Washington herald., 1914-03-18
STOCK MARKET
DULL, BUT Firm
General List Shows Advance
During Featureless Day
If Inactivity.
PLATT AND PARCEL POST
Government Granting Subsidy. De-
r nn
PLATT AND PARCEL POST
Government Granting Subsidy. De-
clares Express Company Official. .
Cotton Report.
By w. STEALEY.


The New York stock market yesterday
closed dun and firm with gains recorded
by most of the leaders.
Steel closed at q 3-s, a point up. Cop
Tcr gained almost . points. closing al
7t7-S Reading. Union. Telegraph anc
Can also made advances
The opening was duh and irregular
with price changes as rule confined tc
small fractions, some stocks showing
advances while others showed declines
Selling In Missouri. Kansas and Texas
preferred started from the opening and
forced the pricefof this stock down sharp
l. on the continued report that the
dividend would have to be passed. Be
fCrc long the rest of the market showed
n tendency to harden and by noon had
begun to advance all along the line.
There was no special news to cause the
advance, which seemed to come entirely
from an oversold condition.
After advances OF good sized fractions
had been recorded throughout the list.
enough stock was met TO check the rise
and the market turned dull but firm.
Dealings appeared almost entirely pro-
fesSionaL
Local stock Market.
METROPOLITAN National Bank stock was
the feature on the Washington stock
Exchange Yesterday. Thirty shares OF
the stock were sold at eG. Two hun
drcd and three then was bid but the
stock asking price was 10.
There was increased activity in Mer-
renthaler. six shares selling at 2lJ L.
Eleven shares of Railway preferred
sold at 81. one share of Capital Trac-
ton at 100. and three shares of Washing
ton Gas. SaSi.
PnrceI Post Subsidy.
Frank "A Platt. a director of the United
States Express Company, which is hqui-
dating. regards the parcel post as sub
sidy of the mail order and department
store interests.
The parcel post he says. is pr1n-
cipaIIy subsidy OF the mail order and de-
partment store people and it is paid for
by the United States out of the additional
revenue coming from the income tax. 1t
is 4 subsidy because every parcel is be-
ing carried by the Government at ap
operative loss. The present true de-
ficiencv undoubtedly runs into millions
and. after the Government begins hon.
stiy to pay the railroads for carrying
he parcels in the mail. the annual deficit
lay be ConscTVatiVely estimated at moro
nan 81. CO... 600"
The interview Of Mr.. Plat recalls that.
aurinC n recent debate in the Senate,
senator Williams. of Mississippi. said:
The Postmaster General of this country
has not right to do thing for which
VIC would punish a common carrier. an
express or a railroad company, and when
You undertake to charge more or charge
as much for a short haul as for a long
Cne you are violating the general principle
of ethics and equality that ought to pre-
vail i'm the United States. 1t was sug-
EeSted to my mind Il moment ago that
Perhaps the Senator from Kansas is strug
CLING towards this point. that he did not
want the Postmaster General to increase
the number of his errors. anc that even
if he could correct the errors the Post
master General has already made he did
not want to have them increased
Census Cotton Report.
The census cotton report yesterday |
showed cotton. exclusive of linters. con-
sumed during February to have been
+I5.259 running bales. compared with 49, |
Ga5 last year: cotton in manufacturing |
establishments on February 2s. 1.73i.317
bales. compared with 1.s9S.S66 in 1913: and
in independent warehouses 2.293. COL bales |
this year. against 2.217,619 last year.
Imports were 20.I1l equivalent J0O-poun6 |
bales. against 34OS9 in 1913; exports, in
Guiding linters. 7JO.99O running bales |
against 5S09l1 in :glS. Cotton spindles ac-
tive during February were 3l,l39, 80. |
against 20. 536 4s6 in 1919
I.inters consumed during February were
%. AZ bales in February, against 23,11S a
year ago: held in manufacturing estab-
Iishments. 93,SoO bales. against S7.355 in ]
1913; in independent warehouses. 55.Ti
bales. against $50 year ago: exported
.. IS bales in February. 1914
Equipment BurinE Light.
Last year was lean period for rail-
road equipment makers. and the trend
o. buying thus far into 1914 does not
indicate that any improvement is in sight.
Since January l purchases of cars by all
the country's lines are estimated at less
than 5000. with 365 locomotives bought
and about $4,000 tons of rails. Steel men
are as confident as ever that a general
buying movement of their products will
follow a favorable decision on railroad
freight rates. if II is given, and they are
reconciled to a period of light business
Until the Interstate Commerce Commits
sion acts. The placing of new orders is
said in the trade to have fattened out
fully as much in March as was predicted
when January's sudden increase of con-
tracts persuaded numerous manufacturers
that the uplift would be only temporary.
Franklin National Bank.
Organizers OF the proposed Franklin
National Bank, Tenth street and Penn
syivania avenue. are enthusiastic over
scribed for stock 4 strong directorate
is TO be named and the organizers feel
Ihat success is assured.
Al the meeting of the directors of the
american Security and Trust Company.
Corcoran Thorn formally was selected to
H. S. Reeside, in charge of the
banking department. A Deet, trust OFF,
Ger, and 4. Chester Father, second as
sistant TO the trust officer. Ia
The Security Storage Company yester-
Cay declared a quarterly dividend of 23-4
per cent, an increase Of IA per cent
Seahoard Air Line gross earnings for
The first week of the current month were ,
S7o.07S, a decrease OF Sc, 35l. From July
earnings were s17.le4.4OS. an increase OF {
S5S7, sos.
The American Security and Trust Com
pany yesterday declared the regularI
quarterly dividend.
NEW YORK MONEY. /,
Nnu Yur M.rch =. i