The Washington herald., 1913-07-26
Wall street Market.

The New York stock market opened
weak with prices generally easier after
the first trades. Stocks seemed to have
little support and the weakness con-
tinued into the second hour of trading,
when the downward tendency was
checked. and prices began to harden un-
der the influence of better buying from
some source. From 10 O'Clock on into
the afternoon the market exhibited con-
siderable strength. with gains amounting
to rs. or a full point above the closing
on Thursday.
Rock Island advanced and held rise
of ! 5-S and was the strongest on the rail
list Reading advanced a point. and all
the leading rails were strong. Cast Iron
ripe advanced half a point, Consolidated
Gas a point. Mexican Petroleum J-4. and
American Tobacco il-2 points. Stocks
not usually regarded among the leaders
came to the front and gave a good ac-
count of themselves.
After two hours of advancing prices,
with A fair amount of business and some
commission buying from the outside in
evidence the market turned weak again.
and at the end of the session prices
on the leading stocks were about on n
level with the closing quotations OIL
Thursday. Profit taking was one of the
causes of the decline, which threw rather
more stocks upon the mar:set than the
limited buying power could absorb.
Strike Talk Effective.
The principal factor in the weakness
of the morning and the closing decline
must he ascribed to the eminence of the
great railroad strike, which still hangs
over the market and the business of
the country. All other Influences which
might affect trading unfavorably are
either in statu quo or have been removed
from the slate. Affairs in Washington
and even the filing of the suit against
the American Telegraph and Telephone
Company under the Sherman Act have
no immediate influence upon the market.
but the strike question has not yet
passed from the critical stage. and the
fear that a basis Of compromise may
not be formed easily or Immediately holds
the market down.
The decline in government securities
was the most noticeable feature, and the
reflection ot the weakness there upon our
own marke: is giving financiers some ap-
prehension. Government bonds in New
York yesterday We're at low tide, the bid
prices being at IS. and the per cent
bonds being offered at par.
This decline in government securities
is attributed solely to the influence of
legislation pending in Washington. and
II the decline in prices continues it will
he up to the politicians and the admins
tration to meet a situation which the
proposed currency measure does not
cover.
Strength i'm the London market for
copper, which yesterday showed an ad-
vance of one pound a ton. electrolytic
copper in this country was marked up Is
cents a pound among all the leading
selling agencies i'm New York and Boston.
This had a stimulating effect on copper
and smelling stocks, which shared in
the strength of the advance during the
middle hours
The market, after its brave show of
strength. is back where it was Thursday
night, and the situation is practically a
waiting attitude to see which way the
railroad Interrogation point will turn,
that is. on the leaders. Many minor
stocks held their full gains.
ScabOard Sells Bonds.
The Seabosrd Air Line Railway has
owen Daily and ]. S. Wilson, Jr., & Co.
ment trust notes
The proceeds will be used to pay for
equipment and locomotives which were
ordered by the company. of which Is per
cent of the cost will be paid in cash. and
notes were issued to cover the rest of
the cost. The notes mature semi-annu-
ally over the next ten years. The notes
will be offered to investors on a per
cent basis.
The-cost Of equipment Is $2,2ia0oo.
The equipment covered consists Of the
following:
Thirty-five Pacific type freight locomo.