The Washington herald., 1913-04-30
heavy LOSSES
in ALL STOCKS
New Low Records on En-
ropean Situation-No Sup
port to List.
BEARS TOO NUMEROUS
Hope of Market in Large Short In.
terest-Local Market Is
Steady.
By i. A. FLEMING.

keeping WIN the lrenu Lor lhe last le"
days-downward. Then the traders con-
cluded that they were all too bearish and
that it was about time to buy stocks. The
great line of outstanding shorts turned
for an instant, wavered, few covered,
then they quit and waited. Dizziness fol-
lowed. then Canadian Pacific began to
sag and finally broke wide open, indicat-
ing heavy selling of foreign orders.
Then came the announcement that AUS
tria would undertake aggressive opera
lions against Montenegro independently.
On the refusal of the state to evacuate
Scutari, on the demand of the powers,
and later the protest against such action
by Italy.
The discordant note in .the concert OF
Europe was all sufficient. With the bur-
dens that we wot of at home and those
that we have to look forward to, when
next labor demands increased wages. and
gets them, and the Interstate Commerce
Commission turns down all increases TO
offset greater operating expenses - to
bring the market to its knees-groggy.
New lows were made. Many stocks are
at 1907 levels and the hard-to-break level
of Steel common 50 was smashed when
Steel touched 5S3s.
Bargains Numerous.
1t would look like as if bargains were
numerous in the stock market, high-grade
rails, and first-class industrials on the
table-but appearances are often deceit
fuf IT remains to be seen whether the
powers will permit Austria TO light the
fires and also the alignment of the forces
in the confagration that may follow.
The losses of the day were serious,
when considered with the steady drop,
1ag
Canadian dropped from a high at 23l ga
to 2S3 - as against close at 240 IL
Monday afternoon, loss of I points,
London selling. Smelling lost 3-S, Cop
per IS. Union Pacific 2 Ia, Steel COM
mon . Is Reading and ST. Paul 5-S and
3-S Wisconsin Central points, Lehigh
Valley Q American Tobacco T. and the
list with few exceptions, from fractions
to points In ALL $1,000 shares were sold,
and the bears had regained their conf
dence before the tap of the closing bell
Too Many Bears.
The hope of the market, if hope there
is. must lie in the enormous short line,
heavier than il has been in months, and
the uneasiness to gather in the last point
of profit. and the fact that the bearish
sentiment is so thick that ii may over
extend itself.
Legislation goes on grinding out bills
for the regulation of railroads, industrial
corporations and the Stock Exchanges,
the while the market is i'll and needs less
legislation, less prosecution, &c. How
long?
The closing was grinding on the bot
tom. but with a small fraction between
the hard pan.
Union racifc's Answer.
The Union Pacific Railroad Company
has filed with the Supreme Court its an
swer to the objections of the Attorney
General in connection with the extension
of time for the preparation and presenta-
tion of the plan of dissolution for the
Hartman lines. The answer follows:
"All actual control by petitioners over
the r'ana cement and affairs of the South
ern Pacific Company has been terminated
and the stock of the Southern Pacific
Company held by petitioners is disfran-
chised. as explained in the motion sub
mitted herein on April "a. 1913. The pub
lie interest will not therefore be affected
in the slightest degree by any delay in
the ultimate disposition of said stock.
The control Of this court over its de-
cree and mandate herein will terminate
upon the adjournment of the present
term. Upon the expiration of the term
at which a decree is ended, such decree
passes beyond the control of the court
and cannot be corrected, modified, or set
aside I'm view of the exceptionally large
amount of stock to he disposed of, the
manifest difficulties of the problem, the
collateral objects of the government
indicated by the final plan submitted to
The District Court, and as intimated by
the memorandum of the Attorney Cen
eral upon this motion, it would seem to
be most unfortunate to permit this case
to get into a condition in which neither
this court nor the District Court would
have power to extend the time for work
ing out a satisfactory plan"
Strong spots.
In the midst of Yesterdays weakness
there were few strong spots and these
are especially worthy of mention and
notice. Sugar rose H. but lost the point
in the last few seconds; Virginia Chem
ical actually gained a point Underwood,
Pittsburg Coal and Laclede Gas were the
other strong stocks.
These were comparatively firm and
the weakening and sick market. Penn
sylvania, New York Central, Northern
Pacific and Chesapeake and Ohio firm,
though they lost small fractions.
BRtopflas.
The Batopilas Mining Company con-
templates decreasing it's capital from
So 900. 900 to 81, 100000. This reduction will
be brought about by reducing the par
value of the stock from $40 per share to
So The management thinks that upon
a smaller capitalization there is some
prospect of the company eventually pay
ing a dividend on its stock.
Local Securities.
Most of the trading on the local ex-
change was in Lanston. There was but
one price, S4 rs. and the closing was
quite firm. Mergenthaler, in small lots,
sold at 2IS down to 217.
Washington Gas was easier, selling at
81 l-2 with 81 IA the final bid.
There was little or nothing doing in
the fractions, one share lot Of Capt.
tai Traction at 122 "a covering the day.
The bid on Railway common was 81, and
on the preferred the same, offers or
both issues being made at 80.
Railway As, 81 ga; Cold Storage IS. 100: |
Traction 5s, 10. with aggregate sales Of
600 face value.
Bank stocks attracted some attention, |
Union Trust selling at 135, while the |
bid price on United States Trust was |
slightly lower, las being the bid.
Get-togcther Meeting.
Business men of the city are invited to |
meet with the local association of Credit |
Men At the New Willard in q get-together /
gathering on Monday evening, May s.