The Washington herald., 1913-11-21
MARKET QUIET;
PRICES Lower
Mexican Situation, Charged
with Responsibility, Is but
One Of Many Factors.
BUSINESS SLOWING UP
Steel Depression-Locai Securities
Steady-No Investment Buying.
Standard Oil Millions.
BUSINESS SLOWING UP
by !. A. FLEMING.

BY !. A. FLEMING.
Day by day the Mexican situation drags
It's weary way across the stage for the
eoihcation OF the public, and each day
its path is just the same, and the doubt
Is always about tomorrow's journey,
with just as unsatisfactory an outlook as
one could imagine.
The only satisfaction in the situation
is that money is gradually working
easier; that Is all. Elsewhere there is
nothing that is soothing to the holder OF
securities, while the situation of the
average stockbroker is that of one wait
Ing, the while expenses keep UP and
income drops away.
II may be unwise to mention 1t, but
general business is not encouraging; it is
going into contracted lines daily. follow
ing the steel. and iron business.
AS q real matter Of fact Mexico and
the outcome there is not so much OF a
factor as Wall Street would have you
think The worst that may come from
-ssesOus depression.
Trust busting is the biggest factor in
the situation, with the condition of the
railroads with millions on millions of
short term and other obligations matur-
ing and no cash in hand TO meet them.
Each move OF the labor bodies is for
higher prices, and they always get some-
thing; each inquiry into corporation ac-
uvity disturbs investors and makes them
hold aioor
Yesterday Wall Street moved at a
1900 share pace for the first hour, in
creasing it very slowly to a little more
than l2oOOO shares for the five hours.
Point Loss.
Whenever a broker saw another enter
ing the crowd around a post 1t was
usually the signal for a selling move
ment in anticipation OF possible orders in
the possession OF the new conner.
Point losses were general in the leaders,
with Copper a specially weak stock After
modest selling, the covering that seems to
be feature of each day caused partial
recovery and a slow closing at about
l-2S5-S net declines. This was the average
on Union Pacific. Steel. Nipper, Reading.
and other leaders. Copper lost l 3-S,
Rock Island preferred 3-S. Liggett &
Myers Tobacco 3. Biscuit 2, American
Tobacco 21-2, Smelling a point, and
Great Northern, like amount. A num-
ber of industrials lost point.
Steel Slows Down. |
The Iron Age says: THE slowing down |
in iron and steel operations continues. |
and in the case of some steel companies !
has been more sharply accentuated in the
past week. Buyers of steel products are !
said to be awaiting developments, which |
is Janother way of saying that they are |
expecting lower prices. and therefore do |
not consider this the time to make con-
tracts.
1T is not easy to measure the extent |
to which manufacturing consumers of |
finished steel have cartailed output. |
Automobile companies are known to have |
reduced forces considerably. Agricultural |
machinery interests, judging from the
falling OF in their bar specifications, are
operating at a good deal less than full
capacity. This is apparently not due to
an unfavorable outlook for next years
crops, for prospects as guaged by plant
ing are good; but rather to the belief that
lower prices for their raw materials can
be had later, and that general business
conditions do not warrant full headway
now.
Railroad buying has not improved and
early betterment is not indicated. Some
Of the rail mills are close to the point
where very limited operations II not shut
ting down, will be forced unless they can
get orders for winter rolling. The Penn
syIvania contract will be considered at a
board meeting next week. As in every
recent year new features will appear in
his company's specification having a
bearing on mill cost and the adjustment !
If these takes time.
Railroad, agricultural machinery and
automobile lines. though specifically
mentioned above, have not been alone in
the contraction of steel consumption 1t
Is noticed in less important industries, |
and its extent and suddenness have been
a surprise to the steel trade at large.
The entire industry is now close to a two
thirds operation of finishing mills. In the
Vast two or three steel plants are run
ming to but 40 per cent of capacity. and
one Eastern producer of billets and sheets
may shut down this week.
''Foundries have not been as much af-
fected thus far as concerns which use
rolled steel The former were laggards
IN the Improvement of two years ago, and
are correspondingly tenacious of busi-
ness, now. Thus the relatively full at
which foundry pig iron is now being
Ihipped is a matter of comment"
Local Securities.
4 Just at the present time the local secur-
ties market has assumed a waiting posi- ]
lion. The chief reason for this is the
pending investigation in the matter Of
the Washington Railway and Electric
Company. Naturally, until such time as >
the report is made new commitments
Will be made only when the price is suf-
iciently- tempting, and sales, the few
that are made, are by investors who
need the cash
Other stocks remain about the same
Bonds are slowing up. considerably, per-
haps due to the income tax, and may q
hap to the fact that banks are not bor-
rowing from the government, and do not
heed collateral to deposit for government
funds
Money here is rather tight, with many
bills for Christmas goods being discount
I'd, and there is just little stringency
at this time, though rates remain about
he same, to 1-2, and small loans at n
J per cent \
Yesterdays sales included two shares 9
Of Capital Traction at LIZ 1-2 and in y
preferred, 10 at 81 IA. this be- p
ing ex-dividend equal to about IS 1-2. y
Traction IS sold at 107 IA and $500 Rail- n
way IS at so 81 B
Bank stocks were nonainally steady. B
Ra.uIf nf Rn.tinr