The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-05

American SNUFF ................. IL 1853
These losses were sustained on the IN
confirmed statement that such action was
contemplated.
Hit Entire List.
That the oil and tobacco cases might
be opened: that a case once closed and
finally disposed of is not finally closed,
with the further talk of graduated tax.
simply gave the Street the chills.
Serious declines followed throughout
the entire market, and rallying power was
limited.
Later on the New York News Bureau
gave out the story that the graduated
tax proposition was not correct, on
White House" information, and ii was
further declared that the subject of the
tobacco and oil cases was but "inciden-
tally discussed at Tuesdays Cabinet
meeting.
McRcynoIds Interview.
During the afternoon an interview with
Attorney General McReynolds appeared
over private wires.
In discussing the American Tobacco
case today. Attorney General McReynolds
declared that he mad never been in SYM
pathy with the decree in that case. The
plan submitted by the American Tobac-
co Company, upon which the decree was
founded declared the Attorney General
was an obvious subterfuge, the chief OBJ
jections to which was the pro-rata dis
tribution of the stock, which obviously
did not destroy the monopoly. IF there
is a proper. just. and right way TO right
the wrong done, then 1 am going to do
it, said Mr.. McReynolds.
He declared that he had not determined
to ask the Finance Committee to put
ora dino tod 70 m fnharNn
in the tariff bill, but admitted that such
a plan had been considered, and that he
had even suggested it to President Taft.
BY putting a graduated tax on tobacco.
manufacturers, as TO output. the Attor-
ney General believes the independents
would have a better chance.
The Attorney General has not decided
whether or not it would be pc ssible to
reopen the case, or if so. whether that
plan would be better than to try to at
tain the desired results through the eX-
else tax on the products of the manu-
1acturers.
Selling Stocks.
With the tap of the bell selling orders
were executed all around the room, and
evidently on market orders. no one pay
ing any attention to Fights and quarters
or much. if any, TO even larger fractions.
y
Reading and Steel Declines of ga l IL
were general throughout, while the tobac-
co shares led the break. Opening prices
were in nearly every instance the high
est, while soon after the declines in the
leaders We're increased . to points, from
which there was small net recovery to
q close. 500 Line lost points more,
Western Maryland. despite a good re-
port of earnings. dropped back 4a4 L.
points. There were few strong spots IN
the list, Distillers having the honor OF
l 5-S net gain.
Reading closed at l56, 1 IL better than
lowest, while Steel common recovered SIS.
Steel preferred has acted well.
A Stock Brokers' Theory.
The head of local brokerage house.
with New York connections, gave out the
following interview:
TT seems to me that the East has
been out of the stock market for some
time. The big men have been pessi-
mistic; have turned sore over the en-
forcement of the Sherman law, the Union
Pacific muddle, the income tax, the de-
lay in the ratio cases. and the change in
administration The West has been Just
the reverse. 1t has enjoyed a good trade.
change in administration. de-
manded it, and did not care much wheth-
err it was Roosevelt or Wilson, cheered
the result. and poohooed the repeated
from the East. They bought
stocks out West when the East sold
There Is large short interest, but
II is not as large as one might think.
for the reason that there has been so
much actual liquidation that the bears
have been able to take their profits over
and over.
Il do not think that we have seen low,
but when we do there will be heavy
speculation the other way on Wall
Street, where the first signs of the re-
covery will be noticed. even before the
will show in Europe.
I'VE have filled many orders during the
last three days that have been on the |
books for months-good until Cancelled !
Many investors placed these. orders long |
ago, should the low they fixed as their |
buying point be reached. They had |
money enough in the bank to make the |
payments at the prices named. and did |
not look for such concessions, did not |
expect to see Pennsylvania around 107, |
New Central at 81 IA Union Pacific at |
AZ SIS. or any of the new lows made |
yesterday.
These orders in the aggregate must |
nave made up a fair portion of actual |
because If We had them other |
houses also had similar orders on their
books