The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-04
MORE DECLINES
IN STOCK LIST
High-grade Rails Hold Steady,
but Hills and South
western Weaken.
BIG AGGREGATE LOSSES
Declines from October IL, 1912, to
Date-LocaI Market Is Slow.
Gossip of the Street.
BIG AGGREGATE LOSSES
BY I. A. FLEMING.

orders
of commission houses all over the coun-
trv. good until Cancelled" might give
the list a better closing. but the bears
were in clover. and one success but
tempted another venture, and they are
so fat with profits today that they do
not scare easy.
Big men have stood the gam to such
an extent that they must be hurt, al
though standing up to the rack well,
and there have been fewer failures and
distress signals hoisted than in any
score that Wall Street has experienced
in years.
This is due largely TO the few public
accounts on the books. to a general
cleaned out condition on the part Of
commission houses who have been bear
ish for months. and have talked it so
much that their customers have been
forced to keep out or get on the money
making side. There has been on that
side little or no anxiety since these
started. last October, the smashing de-
Clines which have been resumed every
little while, following periods OF uuu-
ness, when the market appeared to stand
still and await developments.
JnfarornbIe Reports Credited.
The street is more inclined to believe
unfavorable reports than that anything
good can come out of anything. Con-
gress, Interstate Commerce COMMISSION.
Supreme Court. or the White House-sO
pessimistic is sentiment
In the meantime. good crops are ripen-
ling. and Democratic currency legisla-
ton is promised with such earnestness
that one must give the dominant party
credit for intent to put out a currency
law. whether it meets with the eXigen-
CieS or not.
In the meantime There is no panic. We
in this country are suffering from a state
of affairs on the other side and from
the unfortunate occurrences in our polit
ical system that makes changes Obliga-
tory on the entrance of another party into
power-the fears that have attended the
revision of the tariff. Whether such dis
turbances are interdicted by the powers
in control CT not, they are with us and
have worked a certain restriction. how
ever much the administration would that
Il were otherwise.
The Action.
In general way there was an idea
that on the street that after the smash
ing losses of Monday there should be
some recovery. So general did this seem
that the bears started early covering
shorts. but not with any great avidity.
Canadian Pacific led the way with a J
point advance, but the action failed 70
bring any response from abroad. On the
other hand London and Berlin houses met
the advance with liberal selling orders.
\ drop of about > points each in Great
Northern, NcIthern Pacific. and Balti-
more and Ohio-all good rails-destroyed
the slim confidence. and then new low
records were made on New York Cen
trail Smelling, and Chesapeake and Atch-
iSOn.
II Was discOuraSing to buyers that the
luw prices failed To attract buyers. 1t is
admitted tGat many Of the standard rails
look attractive enough to satisfy almost
an skeptic. but the bear sentiment -
just strong as when stocks ended their
last previous weak spell. March "A
The technical position of the market is
not satisfactory. Europe must clear up.
Berlin and London must straighten out.
Some of our hcme troubles must culmin-
ate. In the meantime. there is a short
interest large enough to squirm and kick.
if pressure were rNerted. but the bears
have long wads of long green and have
little fear OF being tapped.
u. & o. Made Good.
The Baltimore and Ohio stands out as
= solvent in the face OF much doubt as
TO Other roads, II liquidated 100000
notes by paying sjN.GOOOO in cash
-hltliiSbU ana baltimore ana OnlO were
sold on the prospect Of low priced offer
i7Gs II Southern Pacific by Union Pa
cite
The Sue is y, coming skeptical of the
.-~'cSs Of the Union Pacific's latest plan
for dissolution Of its merger with South
ern Pacific.
The losses yesterday were by no means
as large as on Monday. Smelling lost
IA. Baltimore and Ohio 81. Canadian
Pacific gained points, ,. & H. lost Ia,
Great Northern :. Illinois Central .. Mop
-, New York Central !, Norfolk and
Western l. Nipper ;. Reading "a, Steel
u, Can. Ia. 500 Line was the weak
ling. with smash of points to start
with. followed by small recovery To-
ledo preferred was points lower. West
ern Maryland lost 2 IL and Loose wiles
91-2
There were many fractional losses
throughout the list.
Losses in the New York stock market
during the past few months have been
enormous Time and again the list has
stopped dead. almost. bears having sold
themselves TO a standstill. They have
waited for something to occurJ to give
them more nerve to attack again. and
have generally found 1t. Then resting
again. they have covered a little. but
then the foreign situation developed and
gave them new courage.
Millions. tens OF millions and hundreds
Of millions of paper values have been
wiped out. values that actually existed.
The Frisco fiasco and the rush of for
eigners to sell their best rails. Canadian
Pacific back to the United States, gold
exports, and a rush for gold in Paris
and Berlin started the last smashing
decline and brought new lower levels TO
many stocks.
No Fear of Politics.
Wall Street put on a bold face when
it was practically certain that there
would be a change az dominant parties
and that Mr.. Wilson would be the next
President of the United States. The ac-
ceptance of the fact did not make much
difference through the summer months,
the bears were unsuccessful in raids on
the list, even with every advantage.
October u the market reached the levels
that were about high for the year.
moving up from the low of the earlier
months. Then there was virtually no
doubt as to the results of the election.
1t was the day of the first turn of the
tide. But even then no one was pre-
pared for the breaks that developed later
on.