The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-25
BEARS CONTROL
STOCK MARKET
Foreign Situation, National
Politics, Floods, and Union
Labor the Causes. 4.
LOCAL STOCKS STEADY
Munsey Trust Congratulated for
Future-Greene-Ca Eanea
Situation.
LOCAL STOCKS STEADY
By L. A. FLEMING.


Wall Street let 90 yesterday. Tired and
tagged out by the wearying market of
the last week, the backing and filling,
with never good action, prices gave
away. The bears read the handwriting,
interpreted as meaning that it was the
kind of market for them to hammer,
and they went after it with hammer and
tongs. At first they made little head
way, then they Clipped off fractions OF
values, worked a little harder, making
their greatest success in the last two
hours of the session, and the closing
was right on the bottom
Stocks of all kinds went in the slumps.
There were none too good. The declines
averaged a point, in some cases they
We're two and there were many between
ore and two-point losses. Not gain
worthy of mention occurred.
Union Pacific lost rs, Reading ga,
Steel. 1-2. doing better than most any
thing else in the limit of weakness.
Pennsylvania was among the also
slumped.
The especially weak spots were Ca
madam Pacific. The Europeans who buy
and sell this favorite read the answer
in the Montenegro declaration, a pros
pect of trouble, and threw Canadian Pa
cific over for "a loss. Illinois Central,
because of the flood damage, was an
other weakling, dropping 27-s.
The Cause.
Prolonged neglect fear of European
troubles, the danger of the big holdings
of Union Pacific in Southern Pacific
coming on the market, nervousness over
business. a fear of legislation, and
trouble outlook in the market for short
notes and maturing bonds were all bear
influences.
n,a frr he
ditions prevailing was the award in the
firemens case, whereby the roads are
again made to bear the burden OF an
other hay stack.
And the success of one branch of the
union is likely to be a sign to all others
that there's picking to be had.
Investors in the face of the gloomy
talk that comes from the leaders,
through the press and over the private
wires, are holding aloof or waiting for
bargains, and expect to get them.
The one favorable feature of the stu
alton is that 1t is too unanimously bear
ish-therein lise the hope of better times.
Local Market.
There wasn't enough doing in the local
stock market yesterday to make it in
teresting. And yet there was good
strength in the trade, good undertone,
few stocks for sale, and Wednesdays
quotations were well maintained.
Lists of bonds from the local banks
were sent to Secretary Williams, at the
Treasury Department, yesterday. They
contained many high-grade railroad
bonds, many State, and some municipal
issues, and a percentage of local bonds,
although there were many Gas, Traction,
and Railway issues in the various lists
Munsey Trust Company.
Vice President Roberts, of the Munsey
Trust Company, of Baltimore, and other
Baltimoreans interested i'm the proposed
Munsey Trust Company, of Washington,
were in the city yesterday and busy
meeting business men and discussing the
local situation with them. They had lit
tie information to disseminate, but SEEM
ed to have boundless faith in the enter
prise and indicated that there would be
many prominent local business men on
the directory, and that the employees
would be largely Washington people.
Mr.. Roberts expressed the opinion that
the stock of the company would be listed
soon after the opening of the bank.
Home Again.
Vice President Blount, the veteran Of
fetal of the American Security and
Trust Company, is at home again after
a tour of the Holy Land, of Greece,
Egypt, and the Italian and French ri
Veria.
Mr. Biount was i'm Constantinople in
March, but was not disturbed in any
way. nor did he notice any of the nor
rors of war At Athens. he saw his first
fighters and witnessed the intense 10y
atty of the populace. Just before sail
ing from home on this trip, a Greek
called on MIR. Blount in the bank and re-
ceiyed a draft on Paris for $1,000. made
payable to the Queen of Greece. naying
sonal tribute.
Present Outlook.
Lindley & Co, of New York, say:
The immediate fluctuations in the stock
market are always difficult TO forecast, but
the ultimate outcome, We have no hest
fancy in saying, looks bad for the holders
OF securities The trend is manifestly
downward Whether prices will reach
the panic level of 1907 before a permanent
recovery sets in, We would hardly venture
to predict, but the tendency is certainly
in that direction. The only modifying in
fluence that we can see would be another
big crop year, but even this might not
have more than a steadying effect. The
governing influence at the present time
is money. Our Legislators have left I'M
needed the warnings of 1907. Our cur
rency is the same inelastic medium, and
our banks will be in the same position
as then in time of stress. We believe both
the President and the leaders in Congress
realize the seriousness of the situation,
but the stress of politics has relegated
banking reform to a position of second
AIRY Importance, when ii ought to be
receiving the first consideration. and the
reform when ii comes may Come too
late to stay the storm The menace OF
short time loans, falling due in our nor
mally tight money period, with little pros
pect of conversion, hangs like pail over
the bond market. In the stock market
there is little to encourage either the in
weston or the speculator. 1t has been
held steady during the bad news and any
good news will be sure to induce selling,
and we cannot urge our customers too
strongly to improve the present oppor-
tunity to realize upon their holdings of
both railroad and industrial stocks, that
they may be i'm a position to reap the
benefit of their foresight when real bar
off