The Washington herald., 1916-10-07
DECLINE in TRADING
ON CAPITAL change
Stock and Bond Market Both Dull,
with Slight Changes.

Trading declined in volume at yester-
days session of the Washington Stock
Exchange. Lanston stock led, 50 shares
selling at 7S the lowest price recorded
In several weeks. Capital Traction sold
at 50, an advance of "a of a point. Mer-
genthaler also showed improvement. SELL
ing at 1852 1-2. An odd lot of Federal Ma
tional Bank changed hands at 1856
The bond market also was dull. VAL
ues remained about the same Railway
a sold at 81 IL, Potomac Electric Con-
solidated IS at 1011 1-s and a small
Graphophone at 1O2 3-S.
A rate of 8 IL per cent for discount Of
member banks promissory notea matur-
mug from one to fifteen days was ap-
proved yesterday by the Federal Reserve
Board.
The United States Steel Corporation
will publish its September untitled tom
mage statement next Tuesday. Very lit
tie change Is looked for, due to sold-up
conditions of mills. The failure OF steel
mills to show large tonnage gains is due
to their inability to book new business.
There have been some important de-
velopments in Westinghouse Electric's 8
munitions contracts which will have a
favorable result to the company. 1t is
understood that one Of the developments
Is the reaching Of an agreement extend
ing time for production of rifles under
contract with the Russian government
and changing methods OF inspection by
which the completed rifles will be passed
upon instead OF the Individual parts be-
ing inspected separately before the
weapon is assembled.
A report from Baltimore yesterday
stated that the Cosden Gas Company has
drilled in a well flowing 500 barrels Of
oil daily on the Maxey tract at Leonard,
Okla. This Is the third well brought in
by the company in the last two weeks,
the other two being in Gushing field and
flowing 200 and 400 barrels respectively.
The Great Northern reports an increase
in gross earnings for September of so, =
S73, and three-months' increase OF $3,714,-
sO1.
Copper exports from Atlantic ports for
the week ended October were 3,221 tons.
For the period since October l exports
have totaled 1900 tons. as compared with
4627 tons for the corresponding period a
year ago.
It is reported that directors Of the
Southern Railway Company are prepar-
100000 collateral notes maturing in March
next out Of earnings for the year ended
June 30 last and that payment of the bal
ance will be arranged for. This may de-
lay action on preferred dividends, but
should generally strengthen the position
OF the property, in the view Of New York
tinanciers.
The following comment on the New
York market situation was received yes
terday by w. B. Hibbs & Co. from Logan
& Bryan, their New York correspond
ents:
Principal feature of the stock market
has been the way the heavy liquidation
sales in United States Steel and Union
Pacific. and other recently advanced rail-
road stocks. has been readily absorbed
The speculative buying has since been
going more into the low-priced railroad
and industrial stocks, Of which the Wa
bashes, Great Western, Hide and Leather
and a few others OF this character have
been the features. The best buying in
the industrial stocks which have so far
not been unduly advanced, has been in
American Sugar and Cuban Cane Sugar"