The Washington herald., 1917-04-12
In the World of Finance and Trade
Low PRICES CONTINUE
ON LOCAL EXCHANGE
New York Market Firmer and Await
ing Government Issues.

Low prices again reigned at yesterdays
session OF the Washington Stock Ex-
change Washington Gas shares sold at
70 IA to 70, closing at Y bid and 70 asked.
Tuesday. Capital Traction changed hands
at 50, the bid at closing being 70 IA. Forty
shares of Continental Trust stock were
transferred at us, and ten shares at 100
Two ten-share lots of Mergenthaler
changed hands at 152 and l53. Railway
IS sold at 70 3-s to 791-4, Potomac Com
solidated IS at 100. and Graphophone IS,
small, at par.
The following telegram was received
yesterday by w. w. Easterday & Co..
Inc, from J. w. Read, superintendent of
Ray Portland at Ray. Ariz.:
working double shift in winze in tun-
mel Ray Portland, and all in ore at 16o
feet in tunnel a twelve-foot cross-cut Is
still In ore. A general sample Of ledge
on number four gives assay Of thirty
four-forty. Am ready to supply ore to
mill for which we have ideal site and
plenty Of water"
The Daily Iron Trade says all important
Middle Western steel mills are being
placed upon a wartime operating basis
with government work given preference
and railroad needs coming next. Pitts
'
exports Of American products soon and
prices are holding firm. Advances are
declared likely in quotations on wire
plates, shapes and steel bars. Connells-
Vile coke production Is reduced by holi-
days and prices have firmed up consid-
erably.
At the monthly meeting OF the directors
of the Canadian Pacific Railway Com
h,nNl TNralAr4Abr
was elected a director to I'LL the vacancy
on the board caused by the death Of
Robert Mackay.
Chino Copper earnings for the year end
ed December 81. 1916, follow: Balance.
81, 52, ,94S. equal to S1440 a share on 26e, $50
shares Of stock. against s7S5 in 1915. Earn
ings per share are figured after deducting
depreciation reserves.
The following analysis of the New York
market situation was received late yes
terday afternoon by W. B. Hibbs & Co.
from a New York correspondent:
THE good rally in the stock market this
afternoon was believed in well-informed
quarters to have been largely due to a
resumption of good buying support by
leading interests in connection with the
preparations for floating the new big
DOIlu anu note
In this connection 1t was noted that
the buying movement was started in the
market as soon as the Ways and Means
Committee Of the House reported favor
ably on the bond issue and the details
were published and that there was a
better class of buying behind this move
ment than that which caused the rally in
the market under the lead of the railroad
list during the early trading.
steel stock was made the leader Of
the late advance. and there was such a
demand for It even after It had gone up
a point that shorts covered freely and
the stock was closed firm at the top at
Ill 3-S or about 21-2 points over yester-
days closing. Its strength was innuen-
tial in causing covering of shorts rather
freely in other Industrial stocks. notably
in the coppers' and the motor group, as
well as some of the other steel stocks.
THE market had a much better appear
ance at the close today than 1t has had
for any time during the past week It
remains to be seen, however. whether
the better feeling 1t created will hold.
Much depends on the continuance OF
good support and whether the recent
liquidation movement in the readjustment
of speculative accounts from the new
conditions created by our entrance into
the war on/such an extensive scale has
run its course"