The Washington herald., 1913-04-12
STOCK MARKET
Was VERY SOFT
Certainty Of More New Issues
to Be Financed Chief
Bear Argument.
LIGHT LOCAL TRADING
Pennsylvania Rights Have Small
VaIue-More Securities Coming
Out-Sheet Gossip.
~ LA. FLEMING.

By LA. FLEMING.
Bears took command In Wall street
Yesterday. and the close OF business
found them with the advantage and with
MANY former bulls in their ranks press
ing for profits on the short SIDE.
There were numerous reasons for tne
decline chief of which is the positive
evidence that financing is necessary; that
the damage in the flooded districts Is
MANY times greater than reported; tnal
France is likely to be in the market 10,
vads of money in the near future, ana
that the Standard Oil interests nave
been opposed to any advance.
The whipping given the pears on tne
recent rise drove them all 10 co'ei'
Without their support the list began 10
sag. and with their opposition in fresh
raid on the list, which they found yielo-
ing there was nothing but selling.
MANY conservative traders VINO loi-
lowed the advance have taken prohlS
and now favor the other sioe.
PENNSYLVANIA and st. Paul have come
out in the opening. New YORK Cehtrai
is expected to show the necessity lor
more millions in the near luture' lhe
roads i'm the flooded district must nave
haIn. New York CITY is expected to put
ont a bond issue, and these DISTURBING
factors in the financial field are counted
on TO prevent any sustained ao'ance'
although an occasional run in on Inc
shorts may cause rallies.
Five Hours Session.
Today and Monday shere will be but
Ave trading hours, the short session to-
dav and a noon opening on Monday, so
that the indications are not especiahy
favorable for much activity.
II was case of saggihg mar
throughout the entire session. opening
nrices were about the highest. lhere
was little covering of contracts OUT tne
few that were taken in produced
rise on an average IN the hiai ho'i
hour.
,.osterdav nv GOV Sulzer, will have on
the market in the future remains TO de-
velop. The law forbids manipulating the
market or giving out false information
on stock or bond issues. Markets nav
heen manipulated day after day. anu
may be again .,o
II is manipulation that makes tne
market frequently, rather than the
causes that appear on the surface anu
the street plays the other man saine
LOSSES General.
Iosses were general throughout the
entire list, with the exception OF rev
ron-prcmiueat stocks. There were many
Las, pcint declines and many la2 point
losses. American Tobacco led WIN o-s
loss The leading rails were IA On
Lehigh Valley >, and Northwestern a
This break was not led by Steel common
-, nos Inn 5. lower Reading was
lss lower .,-.. .,o
The net changes for the day show the
character of the declines.
in nhfH.
Stockholders of record May D nave inc
right to subscribe to 10 per cent OF ther
holdings for stock at par, soo SNARE
with the privilege of paying III iul MAY
u ar. if the buyer elects. 20 per cent
Nav n 10 per cent August 80, and 80
nor cont September ~. Interest VIII be
allowed on installments paid, while share
boIders having in full on May 81 VIII
have the right to share in the DIVIDEND
10 be paid August 30
At the market price yesterday the
rights were worth J6i4 cents share, par
value $50
March Building.
Rradstreet's SAYS on building: March
witnessed hesitation in the building
trade. Measured by the large gains
shown in the preceding months, the In
crease over March, 1872 reported for 10
cities seems a slight one, though the
volume of building permitted Tor IN
March was much, larger than an either
January or February. Total expenol-
lures ut 100 cities for March aggregated
81 ELLIS against s70,5S9, S63 in March last
yesr. and s56. co., 4S5 in February. 1913.
This is q gain of z per cent over Feb
ruarv. but only seven-tenths of ] per cent
over March, 1872 Sixty-eight cities show
gains while fifty-two show decreases
compared with a year ago.
For the first quarter of 1913 eXpendi-
lures aggregated sls6.6O2,9S3. a gain of
81 per cent, following gain of Is per
cent in the first quarter of 1872 over
1871
No Life I'm Local Stocks.
There was less doing on the local mar
ket yesterday than for weeks, a matter
of fifty-nine shares of stock and 1000
in bonds covering the sleepy record.
The bid and add prices tell a better
story Of the market than column OF
comment.
Railway Is brought SO s-s. twenty-five
shares on Gas, Sc 1-8, and Lanston sold
at s..
The bid prices on some securities were
lowered a fraction, but the asking prices
remained unchanged
More Securities.
Instead of asking the stockholders of
the Consolidated Gas. Electric Light and
Power Company, Of Baltimore, to author
Lee the creation of a mortgage or in
denture to secure an issue of debenture
stock, they will be asked to approve of
a broader indenture Under which de-
benture stock or bonds, or both may be
issued. and further will be asked to
authorize an additional issue of s., 1&, 946
common stock.
This is in addition to S. $50, 900 author
for the specific pur pose of exchanging
share for share for the preferred stock.
With the approval asked given the
authorized common stock capitalization
OF the company will be increased to
s9o,Ooo,ooo.
Greene-Cnnaea Production.
Greene-Cananes production for the
month of March, 1913, follows: Gold. 4
$50 ounces; silver, 1858 ounces; cop
per. 4,772.000 pounds.
According to the leading producers
and large selling agencies. a very sat
isfactory volume OF business continues
to be transacted in copper. The de-
mand is general, coming from both
domestic and foreign consumers, with
Indications of a good business for some
time to come. Yesterday an active de-
mand developed for copper deliverable
in May and June, showing that con-
sumers are willing to make commit
,,,>n<s for eeyera1 rnonfhs ahead While