The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-10
STREETS Mild
blue MONDAY
Foreign News Followed by
Selling, Liquidation, and
Bearish Activities.
ALLIES QUARREL FACTOR
Disturbing Result Is Expected Unless
Europe Upholds King Georges
Dictum.
ALLIES QUARREL FACTOR
ny I. A. FLEMING.

Yesterday was a mild kind Of "blue
Monday in Wall Street. It was foreign
news on which there was selling of
stocks, actual liquidation by holders, and
much short selling by an effete and
solvent bear crowd, making merry over
much profits.
The Minnesota rate case had not been
decided when the exchange adjourned,
but there were many rumors on the pur-
port of the decision, caused by the long
delay, the case having been held up over
fourteen months in the court. No one
looked for a unanimous decision. but
that was what was handed down. Every
one thought weeks ago that ~the court
would sustain the lower court, and 1t
did. hut il also sustained without a quib-
bling the right of States to regulate the
traffic within their borders. so long as
their rates were not confiscatory.
Foreign Situation.
The ruction between the allies was the
first cause of trouble. Fresh complica-
tions are looked for, and the result is
such that no one can fofetell the eventu-
aIities that may result. The allies have
uuarreled over the spoils.
The result can hardly be anything but
disturbing. unless Europe sustains the
statement of King George that another
war would be criminal"
London also showed chagrin because
Germany was able to buy in 100000
pounds of gold that came from South
Africa.
Selling started with the tap Of the
bell: then there was some covering. and
later on new lows were established on
many stocks. Steel was an especial
weakling. and made a new low for the
year at 52=s. Union Pacific dropped TO
It2I- Reading to l5lIi. and the whole
list an average of about two points.
There were few stocks that showed
any power to rally more than a frac-
ton of the decline and the closing,
while fractionaIly better. was made so
only by the taking of profits by nervous
bears on the fear that the rate decision
would b. single-baTreled and not double
jointed and of varied meaning.
Commission houses were sellers where
there Were margined accounts, and re-
SponseS did not come to calls for more
margin. while spectators who have
waXed fat on profits on the bear side
took the chances and remained short
The announcement that the telephone
people had reduced rates that would cf-
s60.OO0 II year was no doubt, responsible
for the decline in American Telephone.
There were u number of notable de-
CIines in active issues North American
lost points Tobacco shares were walk.
dropping from to points. while Sea-
board Air Line and Buffalo, Rochester
and Pittsburg lost over on light trad
ing.
United States Rubber sold at IS. and
hn
The latter is probably the cheaper. not
withstanding the Si.OC9.C00 notes which
shortly fall due. American Writing Paper
preferred touched % is and looks cheap.
Analgamated Copper declined below
g. and Steel made a new low level when
il sold at - SIS. The report of the Cop
per Producers Association, showing a
reduction of some 100000 pounds in sur
plus. would ordinarily have been con-
strued ravOrably, but the weakness
in thc foreign markets overshadowed the
fayorsiI" showing.
Government Crop Report.
The crop report was about as eX-
pected. and present conditions with its
showing on June l of S35 compares ia
vorably with the ten-year average OF
SO9
The sale, of about seoOcO.OOO Pennsyi-
tificates on ) per cent basis came as a
surprise to tn market. This may be fol-
lowed by an offering of S10,OO0.0O0 Balti-
more and Ohio equipments
There were few stocks in the industrial
list that did not share in the weakness,
Copper was under the hammer, Smeit-
ing weak. independent Steels soft. Ca
madam Pacific was under the hammer.
In the midst OF the weakness the Hills
and Pennsylvania made the best show
ing of strength.
'sWhat of Today"
Wall Street will be a busy hive this
morning when the bell starts the daily
battle. The bears will drive, and drive
hard, at the market. and it remains to
be seen whether there will be any re-