The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-29
SHARP RECOVERY
In STOCK LIST
Probable Settlement Of Union
Pacific Problem the Most
Important Factor.
LONDON MARKET FIRM
Settlements Pass Without Trouble.
Local Bond. Shonger-Gosslp
of Wall Street.
LONDON MARKET FIRM
By L. A. FLEMING.

ahead
by the Supreme Court Tor the oisposS.
of the Sls6,OOO,OOO Southern Paeinc stoeh
of which it is possessed illegahy anu VI
which it must rid itself.
Wall Street heard the story yesterday
that President Wilson had approved Oh
the plans; that the head Of the Depart
nent of Justice was not sure that ne
was satisfied. but that he wouio ho'
offer any strong objections.
Satisfied with the story, the bulls TOOK
the stock market by the horns anu 'iie
hears were gored. although they are SO
fat with much profit that they were ho'
seriously hurt in the encounter.
Union Pacific was around l4otz. tne
shorts covered freely, and, naturally, .he
go Strength here was carried elsewhere
+brourhout the list Reading advanced
from isl, to 15s7s; ST. Paul, IL; LOUIS
an. and Nashville, q; Southern PACING
a point; Shelters and Concentrated Gas
:, while Steel sold to 5SSs, closing at Slts'
On Bridge Crossed.
London crossed bridge yesterday tha'
has threatened for some nme-the
monthly settlements.
Traders have looked forward to the
settlement with much uneasiness' lear
ing suspensions, and that some houses
that have been helped through IN inc
mast would go by the board But the
slate was cleared, and the bear party
which had resorted to the trick OF raise
rumor, was uncovered again
The other fake repOrt-the receivership
for the National Railways OF MEXICO
hut signifies how hard the bear party Is
working for the turning of the tide once
more their way.
The stock and bond market has more
than discounted all let-up in the business
world. All predictions all disasters thal
have materialized. and many more that
have been predicted have not made good
There has been plenty of money. but
the hanks of the country, not liking the
looks of the situation, wisely, perhaps,
hut at the expense of that necessary ad-
irnct Wall Street, refused to loosen up
for the benefit of the market, ana the
action appeared TO indicate a stringency
that did not exist.
The Turning Point.
Julv : ought to mark the turning point.
IT will be attended by disbursements of
nearly S265 600 in dividend and interest
payments. and this country Is still safe
and sane Railroads will in time come
back 10 their own. There are many bar
gains on the list. and they will be pur-
chased Investors will do their own
choosing very largely. and they VIII want
good returns on their money, and they
can obtain il
Bankers and others are digesting the
new currency measure with a feeling
that il realty needs little change to make
it desirable.
Brokers' Views.
Commenting on the situation, E. & c.
Randolph wired the following to W. B.
Hibbs & Co:
When one stops to consider the fore
casts which have been made for the past
twelve months in regard to what we
might expect in the way of curtailment
of industrial activity and compares these
predictions with the actual conditions OF
current trade, they are found TO be very
much at variance with what We had
been led 10 anticipate. he trade jour-
nails which are issued today show that
as a whole in this country current trade
IS larger than normal, and that, While
business for the future is still under re-
straint. commercial activity shows no
material abatement, and labor is well
employed Wall Street has been now for
tons and a continued shrinkage in Sc
curities has in many instances given a
fairly accurate forecast of a similar
shrinkage in commercial activity
There have been exceptions which
have proven the rule, but certainly at
the present time there are many who
are growing skeptical as TO whether the
decline in the security markets accu-
rately indicates the falling of in bust
ness so long predicted.
Taken as a whole, this week has
brought to light some decidedly encour-
aging conditions. The settlement in Lon
don. which has been of especial interest,
because it has represented the midyear
settlement as well as the fortnightly
settlement. has gone through with per-
feet success and, despite some sensa-
tional reports which were cabled TO this
country from London, the obligations Of
all were easily met, and, with the excep-
ton of one unimportant house, the set
Element was completed
In the enormous decline which this
market has seen in the last few months,
and especially in the last few weeks. il
was not unnatural that the outcome OF
this important period in London should
have been looked forward to with appre-
hension, and its successful passage
{
doubted.
Referring TO the cables from London
which reported that several important
firms had to be held over, another evil
dence was Forthcoming of the existence
of a bear party which is resorting to
rather extreme measures in the very
general publication of a report of a re-
ceiver to De appointed for the National
Railways of Mexico.
1T affected the price of the securities
of that road very sharply for the mo-
ment but the prompt and official denial
emphasized the means which operators
on the bear side seem to be compelled
to use. and which are often an indica-
ton of a turning point in the market"
Local Securities.
On the last Saturday session until Oc-
tober the local exchange was more in
clined to keep cool than to make rec
ords. President Woodruff and Secretary
Walker were both absent, as well as
many other brokers. and the only spec
tators were those who had to be present.
The feature of the session was the
strength in Capital Traction IS, which
rose from an opening at los to strong
close at 10sisa1o9 Gas IS were also
frmer, selling at los. about a point adj
vance. Potomac consolidated IS. 100N.
Gas was active at ssz. this price bid
at the close. Usual bid prices for Rail-
way and a little better buying of odd
lots Of Traction. but no support watever.