The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-27
STOCK MARKET
AGAINDECLINES
Tobaccos Blaze the Way with
Serious Losses-Bears
Press Advantage.
MURRAY A BANK HEAD
Retiring Comptroller Steps Into Presi.
deney Of the United States
Trust Company.
By I. A. FLEMING.

Wall Street gave another exhibition Of
shorts. and few of them took profits
So sure were they of their positions
The result of the recent heavy losses
aggregating several points for the week
on standard stocks and SO to SIS or
the Tobacco shares, has resulted In 8
calling of margins, the last straw to
break the back of the tired holder OF
speculatively held securities. The result
was that there was steady liquidation
all day yesterday, that the recoveries on
taking profits from the low of the short
session was not more than traction,
and that the short interest is greatly
extended at this time.
The news of the day was of the same
general character as on yesterday. No
one likes the looks of matters at home
or abroad. Speculative lines are being
contracted; a feeling of unrest pervades
the business community Actually, the
heavy extension of the short interest is
the big hope of the street. 1t is very
large, and might quickly be taken in
hand and made to cover at good gains.
did the bulls, or more properly, the
heavy holders of securities the leading
financial interests of New York, care to
take the chances or accommodating quite
a line of long stock while engaged in
the extremely pleasant pastime of run
ming in the shorts
Europe. Japan, Congress, the Interstate
Commerce Commission, flood damage.
utility commissions, labor, State rate
boards. tariff revision, money. and a
score of other influences all tend to ad-
vance conservatism of resources and re-
strict operations
Chesapeake and Ohio. Illinois Central,
and f1ood-damaged rails were weak. and
the liquidation in these and the Tobacco
stocks helped along the general weak
ness.
Tobacco shares added to their slump
yesterday. L. & NJ. showed Az points loss:
American Tobacco. 6, and Snuff, points
decline. Eorillard did not show, but it
was weak.
High-srade rails-Reading was / IS off;
Union Pacific. l IS; ST. Paul, i: Nipper.
IS; Chesapeake and Ohio, 1-2; Great
Northern, ! Ia, while industrials gener-
ally were a point lower.
Steel held better than almost any of
the leaders. 1t was 3-4 off at the low,
IN, but recovered is. Most of the other
shares steadied by 3-s of a point
Some little pfofit-taking was in evil
dence in the last hour on the PROBABILITIES
of recovery with the heavy line of
shorts as the cause therefor.
May Disbursements.
The disbursements in Washington for
May l, 1919. will total more than
S325, co.,
The heaviest payment will be made by
the Washington Gas Company, which
viii send its shareholders S156,O
Interest on the Washington, Alexandria
and Mount Vernon bonds for the half
year totals $4,000 National Savings and
Trust Company will pay SIS 600; Washing
ton Loan and Trust, So, 900; Graphophone
preferred, about $4,000, estimated, and
the Arlington and Franklin Insurance
companies. $1,000. between them with
enough government bond interest to make
up the $4,000
April disbursements have not been re-
invested in fun. Were conditions general
lN better there would be much better
prices for local securities, and yet the
conditions that exist in New York ought
not to be and are not reflected here.
Murray n President.
The only feature of the local stock mar
ket was the strength in United States
Trust shares resulting from the news of
the election of Lawrence O. Murray as
president.
Mr.. Murray is known As a stickler for
the closest kind of conservative npera-
tons. His election will quiet every whisper
still every plant that might have been
made against the big corporation by those
who have enjoyed sticking a pin here and
there and giving dig without full foun-
1ation for their poking.
The comptroller laid aside his office
with the elise of business on Saturday,