The Washington herald., 1913-05-16
STOCKS EASIER
and VERY SLOW
Foreign Monetary Conditions
Are Still the Cause Of
Much Uneasiness.
BEARS NOT PRESSING LIST
Local Money and Stoeks-Bonds
Were in Request-SteePs Strong
Defense.


ny I. A. FLEMING.
Wall Street continues to give its daily
exhibition of just how tired a market
can be and not go all to pieces; how
far the bears dare go, and then rest
on their laurels without endesvoring tc
press their advantage on market sold
TO the limit. but with those who dare
to sell little bit each day; OF a mar
ket that will rally a point or two and
then go of three or four, acting tired
and disguised every minute of the time
In this badly mussed up condition now
existing in Wall Street is the hope of the
future. Stocks are SO low that when
once the tide changes, when investors
and a few nervy spectators take hold
again on the bull side, there will be a
slaughter of the bears and a quick re-
covery. The trader. looking for the ulti-
mate eighth, will be left at the post as
usual
The disturbing factors do not disap-
pear, but every one is hopeful that they
Will, except the. bears, and they are
looking for calamity to further advance
their line of profits.
The Good side.
With great crops maturing, with as
surances of large acreage planted and
sown. there ought to be good times,
but the uncertainty as to the rate max
mig power of States, to be decided in
the Minnesota rate case. the fear OF
changes that tariff revision may have
in business activity, a slow up in the
steel and iron business and the difficulty
facing railroads in raising money for
financing, all operate against activity ano
strength One thing that is almost GER
tain, conditions will be better before
they are worse.
1t is possible that the rates on freight
NAV be advanced: that the Interstate
Commerce Commission or the Commerce
Court may hear the plant of the roads
that the rate decision may be favorable
to Federal regulation. and that monetary
conditions abroad, another source OF con-
cern. may become more favorable.
Dividends.
4 large number of dividends were de.
clared. and some extra, the most impor-
tant being an extra of per cent or
Hooking Valley, which, passing to the
treasury of Chesapeake and Ohio, al
. least very largely. permitted of the
declaration of the usual IA per cent
quarterly distribution on that stock.
Declines.
The declines in the list were generally
within the l-2 point limit, but there were
number of point losses. and American
Woolen preferred. on the announcement
that il was under investigation as a
trust. dropped points. the greatest
loss of the session. Reading, Union Pa
cihc and Steel lost 1-2a3-i Chesapeake
and Ohio dropped back 1-2, which
showed the truth of the statement that
the maintenance of the dividend was not
an especially wise procedure, considering
the serious flood losses.
Copper was weak on the first develop
ment of weakness in the metal on the
other side of the Atlantic New Haven.
Canadian Pacific. and Brooklyn Rapid
Transit. with Smelling, were the firm
specialties of the list.
The closing was weak.
Buys BondfnG Company.
Negotiations have just been concluded
by President J. Arthur Nelson, of the
American Indemnity Company, the new
Baltimore surety concern recently or
ganized. as the result of which the for
mer acquires control of the New
Amsterdam Casualty Company, of New
York. Announcement of the consumma-
ton of the deal was made yesterday
afternoon by Mr.. Nelson. The general
offices of the New York company will be
moved to Baltimore and its capital in
creased to sl,OO0,0o0. The American In
demnity Company will in the future
become holding company, and its capi-
tai will also be increased. The corpora
ton now has a capital of s250,Oo0 and
surplus of s25O,O00. The capital will be
increased to $4,000, and ii will have
surplus of the same amount.
President Nelson has negotiations in
progress which will result in other COM
panies being acquired by the American
Indemnity Company. 1t is more than
likely that the purchase of these addi-
tional companies will be completed in
the near future.
President Nelson issued the following
official statement regarding the acqui-
sition Of the New Amsterdam Company
this afternoon:
THE American Indemnity Company,
which has recently been organized in this
city, has purchased a controlling inter-
est In the stock of the New Amsterdam
Casualty Company of New York.
Instead of building up an entirely
new business, it is the purpose of the
American Indemnity Company to operate
as a holding company, using the present
excellent agency plant of the New
Amsterdam Casualty Company as a nu-
cleus around which to build. Addition
al capital and surplus will be added to
the present resources of the New Amster-
dam Casualty Company. 50 as to entitle
tht company to take a leading place
among the surety and casualty compa-
nies of America"
Local Money.
Business in Washington is fairly good,
although the recent cold snap has caused
a let-up in seasonable goods. Bankers
have no complaint of the demand for
money, and they are getting per cent on
collateral loans and 81 to 6 per cent on
commercial paper. -
Bankers received their share Of a mil
lion government funds, tax money, to be
exact, yesterday, and many bankers put
II out at once on sixty-day paper. ma
turing WITH the first repayment to the
government
Collections are only fair. -
Local Stocks.
Capital Traction eased OF little yes
terday to 1a0Iz, but at the decline II was
reasonably firm. No transactions in Rail-
way, with 81 bid and 80 asked for both the
common and the preferred. 1t was more
of a bond day than a stock session. Eight
thousand dollars Railway As sold at S
to sg5s: Potomac Consolidated IS, 1ol. and
Traction IS at 109N.
American Security & Trust sold at 300.
strong Case.
President Farrell, of the United States
Steel Corporation, is making a. decidedly
strong case of the defense in the suit for