The Washington herald., 1912-11-13
By I. A. FLEMING:

Wall Street action was sufficiently i'm
portant yesterday to keep traders on the
anxious seat Starting well, on cover
ing, prices generally moved up. But
the supply Of stocks exceeded the de-
mand. weakness developed in the oil
securities and then the whole list de-
clIned sharply, in the second hour OF the
day.
This selling movement did not keep
up, liquidation appeared TO exhaust it.
! self and then the profit taking move
ment started
The shorts fairly rushed to buy the
list in the last hour and the result, I'M
der the leadership of Union Pacific and
Steel was a decidedly strong closing and
much higher prices. Advances ran over
Stwo points in leading issues.
But there was another side to the mar
ket Declines were about half as nu-
merous as the advances. California OIL,
"a: Mexican Oil, / S-4, and Texas Oil,
1-2 lower
Most of the declines were in the indus
trials. the secondary line, with excep-
lions in the two high grade coalers
Lackawanna and Jersey Central, both
of which were 1-2 points lower, the
largest loss of the day.
Coppers We're strong. Canadian Pacific
creased dividend.
The close was very strong.
Every evidence of intention on the part
of the representative Of the Washington
Utilities. Company on the local stock ex-
change to maintain a parity between
the two issues of Washington Railway
and Electric Company shares, was
shown at the session yesterday alters
noon The bid price throughout was
81, and sales were made at 50 is for
the preferred, with odd lots a shade
better.
The liquidation of preferred has re-
Gently been moderately large. About
ESQ shares have been marketed during
the year to date and 5000 shares OF the
common stock.
When the insiders left the market to
itself and the decline in the preferred
from the IS to the IS point occurred it
seemed to discourage many holders Of
the preferred shares, and they have
been besieging brokers' offices seeking
advice.
Some have urged a sale, others have
rointed out that the preferred had equal
voting power with the common and is
preferred both as to dividends and as
sets and urged the holding of the stock
on the theory that dividends would De
paid
The closing bid on common was 50, on
the preferred the same with stock Of
fered at 50 IL
The action of the market suggested to
some observers that there might soon
be a partial recovery Of recent losses.
Local securities as a rule are suffer
ing from the utilities movement now well
underway Men with money are at sea,
not caring to take on stock and invest
Ors are not willing to sell unless better
prices are offered.
They do not know whether further
purchase of local securities other than
Washington Railway and Electric stock
will be made by the Washington Utilities
Company, and therefore prefer to await
the oficial announcements as they come
along from day to day or week TO week.
Capital Traction IS. 11011: Chesapeake
and Potomac Telephone 5s, lOi. These
with 4 miscellaneous transaction or two,
completed the record.
The leisurely manner in which matters
are moving along in the Washington
Utilities maneuvers is indicative that the
promoters have no fear of Congress |
sionaI investigation into the doings of a
State corporation that steers clear of the
Sherman law.
Investigation into its acts could be
made by the State commission of Nir- |
ginia. but so long as it is purely simple |
matter of purchasing stocks in the open