The Washington herald., 1913-04-23
SLOW MARKETS.;
Slight Changes
Unsatisfactory Day on Wall
Street for Bears and Also
for Bulls.
BANKERS ARE TO BLAME
Railway Common Leads the Local
List-Prices Hold Their
Own.
BY Z. 4. FLEMING.

London started WIN d nurrdH, anu
every one on this side was sure the New
York Stock market would give good
account of itself And in this spirit the
market opened rose a fraction and nat
tened out, just about as slow, unsatls-
factory and aggravating to traders on the
long side as il was to those short, Tor
there was little profit either way. Many
of the declines were of the kind that
give the short seller his commission
blackstone of the advances were less
important.
This does not mean that there was no
action in the list. for with sales Of DO =
0H shares there were several important
gains. and a few prominent losses, At
lantic Coast Line rose points, Lorillard
Tobacco. 3: Car Foundry, point, and
American Tobacco II while Erie IS
sold up is.
Liggett & Myers Tobacco was off 5
points and most of the rails LABS to
smaller fractions while many issues did
not show at ALL
There wasn't much news. The street
was waiting for the settlement OF Union
Pacinc-Southern Pacific matters, and the
rate decision, which such good authority
as s. Il. Chaplin * Co, assert may come
down any decision day and not months
away. as indicated Monday, when the
government interpleaded in behalf OF the
people
Union Professionalism Pacific
This from st. Paul: Circuit Judges
Sanborn. Cook, and Smith are not con-
corning themselves regarding the sale
Of Central Pacific stock, as this phase oil
the situation was not mentioned in the
tentative Union Pacific plan. but are con-
filming their attentiain to the disposition
Do en-
which is now held unlawfully by the
Union Pacific. In this connection the
following suggestions have been sub
mitted by the judges to counsel for the
Union Pacific, and also to District At
torney Haupt, of St Paul, representing
the government for Attorney General
McReynolds. as a guide in future pro-
ceedings in the dissolution matter:
]. Any plan for disposing of the 1885,
$50 900 of Southern Pacific stock owned
by the Union Pacific should have regard
to the amount of Southern Pacific stock
already owned by Union Pacific stock
holders, so that present holdings OF these
stockholders as d body shall not, by the
affirmative action of this court, be in
creased to the point of practical control
Of the competing companies.
. In the memorandum of March i,
1915. submitted by counsel for the Union
Pacific, il was aid. to a very large ex-
tent the % 600 individual stockholders of
the Union Pacific are also included among
the 1880 stockholders of the Southern
Pacific
s. II was ;ntimated at the time that,
rs II was supposed that the lmon Paclnc
stockholders did not hold more than &c.
o0Ga shares of the stock Of the Southern
Pacific, not more than 100000 OF the
Southern Pacific stock should be trans
fcrred to Union Pacific stockholders. 1t
now appears that the stock books of the
two companies of February. 1913. show
that i.4p Union Pacific stockholders also
own ae1f, 800 Of southern Pacific stock.
exclusive of 1866 600 shares of stock
involved in this suit. Among these 4.44O
stockholders are brokerage concerns,
whose principals are undisclosed, but if
remain hat individual Union Pacific
stockholders own very large amount
OF Southern Pacific stock.
In view Of these facts. il seems that
the disposition of as much as 40,00o.00J
shares e" Southern Pacific stock with
voting ncwcr TO the stockholders of the
Union Pac;f' might give practical con-
troll of thai company to Union Pacific
stockho'deT- and the question of what
amount il any, Of Southern Pacific stock
may he safely transferred to them is
suggested COR argument and considera-