The Washington times., 1913-03-26
SHADOW Of STORM
ON STOCK MARKET
Railway Shares in Flood District
Show Modest LoSses-Un-
dert0ne of List Fair.

NEW YORK. March 26-The shadow
of cyclone and food rested on Wall
Street this morning. 1t did not reach
the proportions one might have expect
ed from the character OF the news Of
the day from the middle Western-South-
ern sections. The undertone of the mar
ket was strong, the bears, heavily short,
were slow to press for advantage and
probably, to this fact the market owes
its relative strength.
With the immediate opening there was
strength, then gradually the belief that
the cyclone and storm damage nigh,
greatly exceed estimates even of the
frs. reports, seemed to take hold OF
traders, but the weakness was reelected
more in the central Western and South
ern stocks.
This little group D: active stocks
showed losses that were modest when
the reported damage is considered.
Panhandle, Pennsylvania line, IA points.
Erie Railroad Company, point.
Illinois Central, "a points.
Chesapeake and Ohio. ~ points
Baltimore and Ohio, Y point.
Louisville and Nashville, rs points.
There were other stocks in which there
are few transactions that had not
opened up to noon. The Southwestern
branch of the Baltimore and Ohio is in
the very flood center of Ohio; the Ham,
ilton and Dayton lines are also badly
located for damage from flood in Ohio
big i" is right in the midst OF the
flood region, Columbus. Cincinnati, In
dianapolis, etc.
ed much better than might have been
expected. and yet there was not the
same cheerfulness noted on Tuesday.
The Street is worried at the outlook
for tariff reductions and the prospect
Of the income tax, expected to make
good the revenues lost in tariff reduc-
tions, being increased to the point that
II would be oppressive. 1t is understood
that the President wants the tariff cut
more freely, in more schedules and in
general. than the plans contemplated by
Chairman Underwood. President Will
son is said to be convinced that the in
come tax law will more than make up
loss of revenue through tariff changes.
Railroads operating In New York
State are working hard with Governor
SulZer to influence a veto of the full
crew bill passed a day or two ago. 1t
is claimed that its passage would add
millions to the cost of operating ex-
penses. the full crew. being actually
double crews.
Steel operations continue up to capa-
city but the buyers are hesitating in
placing their orders.
Hartman & Co. declared in their
gossip that London was selling stocks
freely and some referred to the bank
ing interests as taking advantage
of the decidedly betters news from
abroad to liquidate some stocks. The
flood losses are counted on by the bears
to take about all our small supply of
liquid money"
From the officials of the Dresdener
Rank come rpnOrfS dppViD0 Car
many's financial stress was anything
like as great as reported.
Smelling was weak at Is loss. Read
ing dropped q. Union Pacific q, Steel
common y. General Electric 1As. MexI-
can Petroleum IA. Beet Sugar rs, and
California Oil q.
Despite the trend of many of the
gossips to bearishness the market held
reasonably well no one showing any
courage in pressing for advantage.