The Washington herald., 1913-11-19
Markets, FINANCE, COMMERCE

prices in the last month. Personally /
think that this tendency will continue.
The market rallies from time to time
when 1t becomes oyersold by the room.
but, when any such covering movement
STEPS. II soon begins TO sag on again.
Suit under the antitrust law has been
brought by the Department of Justice
In the Southern District OF New York
against the National Wholesale jewelers.
Association. the National Association of
Manufacturing jewelers., and all their
members. Restraint of trade is alleged
In that wholesale dealers are charged
with combining TO prevent manufacturers
from selling directly to retailers or con-
sumers BY threats OF boycott, &c. (.
After such a duilness' as yesterdays $
a movement usually starts and from the
present level OF prices should prove to
be rise of two or three points There
Is no trace of further liquidation and the
general situation would logically call for
an advance. Union. Steel, and Copper
all look good.
The sharp rise in the price OF Standard
Copper warrants in London was. freely
commented upon in the trade here and
IL.
IL was believed that further improve
ment will be shown and that eventually
II would have a sentimental effect at
least upon the electrolytic market One
large interest this morning sold about
l,OO0OOO pounds electrolytic for shipment
abroad at slightly better than Is IA cents
cash, New York. for delivery in Decem-
Der.
SrAa
ment In incoming business. As a matter
of fact, new business booked is smaller
than at any time since the downward
movement began. Curtailment in mill
operations is now general throughout
the country and earnings in some cases
nave suffered a contraction OF 50 per
cent The statements OF the various
steel companies for the last quarter OF
this year will be very lean. and few. II
any. will show dividends earned In De-
cember. Operations of the finishing mills
throughout the country continue on a 60
per cent basis and with prices declining
the prospects OF the steel companies can
not be regarded as encouraging
Z. & e. Randolph-Prices came over
higher from London and our market re-
sponded with very general advances
throughout the list. which was ac-
centuatec in the first few minutes,
prices rising farther on moderate deal
ings. Union and Canadian were es-
pecially conspicuous IN this rise, but
after fifteen minutes the market became
extremely dun and the advance was met
by sufficient stock to check any
further rise. Later the market sagged
on little and part of the advance was
lost. but the undertOne remained firm
and stocks as rule showed some slight
fractional gains over yesterdays close.
Call money receded farther today, re-
newais being effected at per cent
Otherwise there was no news TO affect
prices one way or the other, and the
Mexican situation. as far as the outsider
can judge, remains in the same state as
heretofore.
\. y. Chaplin L. Co-The technical
speculation OF the market was the prin-
cipal subject discussed in stock exchange
circles today. The consensus Of opinion
among some OF the best informed in
terests as we'll as the large local opera
tors was that the agitation Of the ap-
prehension that our intervention in
Mexico might bring on a war caused so
much liquidation of speculative accounts
during the last three weeks that the
general list has been sold practically TO
=.
Therefore it is believed that further de- !
veIopments OF the most sensational char !
acter will be required to force out new |
lines OF stock from other speculative in !
terests that are well margined at present. !
or induce liquidation OF investment hold !
Ings.
For these reasons some Of the local /
operators who were very bearish up TO |
a week ago and who recently covered. !
are now inclined 10 favor the long side |
on any further break.
Frank Trumbull. chairman of Chesa.
Deake and Ohio. says demand for coal |
rom Chesapeake and Ohio territory was |
never better. The road itself is in ex-
,ellent physical condition. and contem-
plates no financing at present.
Poor crops this year, together with
Door business conditions generally. have
'ut into net earnings. so that the year
will net measure up to 1912. and the COM
ng year is not looked forward to with
much enthusiasm. On the other hand,
wo years of reorganization and repairs
o road and equipment have placed the
company in position to take advantage Of |
my improvements in business when il
ioes come, and in the meantime, to
Veather a lean period. The market, how
.yer. seems to indicate troubles for the
Dad, and while we are not pessimistic,
mt. The dark cloud seems to be the DOS
ibility of difficulty in connection with
he S5,oOo,ooo notes which fall due next