The Washington herald., 1916-02-12
LOCAL TRADERS
TAKE PROFITS
Double Holiday Causes Rather
!. Heavy Liquidation Among
Satisfied Operators.
UTILITIES SHARES co UP
Brokers Generally Expect Continued
Upward Trend in New York
Market After Few Days.

There was a good deal Of liquidation
among local traders in the New York list
yesterday for no other apparent reason
than they didn't care to take chances on
news DEVELOPMENTS over a two-day period.
The New York Exchange will be closed
over Lincoln's Birthday. as will the local
exchange. Apparently. local traders have
Jared well on the copper rise and are
satisfied with the position OF steel stocks.
Slight advances in local utility securi-
ties featured yesterdays session of the
Washington Exchange. Washington Rail-
way IS sold freely at 50 "a, and advance
of 1-2 a point over Thursday, while
Washington Gas registered a 3-s advance
Traction also was firm at ss 1-s and IS IA.
Offerings at IS. however. for round lots
went untaken.
Typesetting stocks showed strength
yesterday. Mergenthaler was bid up .
points to 16s. with 16S asked. as compared
with an asking price OF 1ss 1-2 Thursday
Ten shares of Lanston sold at 50 L. 3-s
point rise over Thursday.
A continuation of the upward trend Of
the New York market is generally ex-
pected. In a letter to w. B. Hibbs & Co,
following the close yesterday. Logan &
Bryan. New York brokers, summed up
the situation as follows:
Dealings were restricted and price
changes for the most part nominal The
COppers were in fair demand The Street
was inclined to await further develop
ments in connection with the reported
and rumored changes In the administra-
tion's Cabinet. Considering the extent of
the recent bulge. the market held very
well. and while activity may be on a
limited scale for few days. We continue
to believe that the general trend of the
market will be found to be upward. and
that the current level of quotations
should attract purchasers.
The New York Commercial SAYS: Con-
sumption has been overtaking production,
and general merchandise will be scarce
and dear inside Of eight weeks. when the
spring eeason opens.
Private dispatches from London indi-
cate that A sharp break has occurred in
freight charges for oil tank steamers
from the United States. The reduction,
which is about 80 per cent, is attributed
to the unexpected appearance OF new
ships in the trade. Further reductions
are expected.
Observers feel that the luIl in rails is
about over and that the bull crowd will
commence work shortly in that direction
The expectation of a bullish movement
is said to be based largely upon a belief
that the steam lines will escape threat
ened labor difficulties through adjustment
by arbitration.
Copper exports from Atlantic ports for
the week ended February 10 were 2,s7
tons. The exports since February ! ag-
gregated 6.431 tons.
Sapulpa Refining Company has declared
a monthly dividend of IL per cent. pay
able March /, and an increase of 1-2 per
cent to stockholders of record February
20. Common and preferred stockholders
as of February 10 will be offered rights
to subscribe until March 10 to s25O. 900 new
common stock at 80 a share to the extent
of 80 1-3 per cent on their present hold
ings. No fractional shares will be issued