The Washington herald., 1913-10-17
BEARS RAIDING
STOCK MARKET
Entire List Crumbles Under
Heavy Pounding and
No Support.
MERGENTHALER REPORTS
Better Showing Than Last Year-N.
& W. Railway Plans-Eleetion.
Local Bonds Lower.
MERGENTHALER REPORTS
ny A. I. FLEMING.

Wall Street bears were sorry when
the exchange opened on Thursday that
they had been SO foolish as to cover
on wednesday, and quickly started In
to repair their error. Moreover, they
were not particular where they hit the
list, disdaining to select specialties. as
they have been doing for so long. and
taking the list in its entirety, selling
anything and doing 1t openly and for
keeps.
There was little resistance TO the
pressure. and right from the start the
slow, steady declining movement set
in, nor was there any rallying power
back Of it. Some shorts covered before
the close, but 1t was a case OF cashing
in on handsome profits.
Friends of securities insiders" as
they were formerly termed, were ap-
parently discouraged with the situation
and could offer no serious contentious
against the pounding and raiding.
which was more noticeable in Union
Pacific than anywhere else, and promt-
nent In the Coppers and in Steel COM
mon, Can, Rubber, Westinghouse and
minor rails as well.
cut of $6 a ton on steel bars made
by the United States Steel Corpora
ton on the Pacific Coast. and cuts on
shapes, &c, at Pittsburgh, created the
decentralization in the steel business
Pittsburgh denied reports. If there is
to be competition in the steel business
the Pacific Coast is liable to be the seat
of the greatest trouble, and the Steel
Corporation has taken the bull by the
horns before goring.
Heavy financing movements in Paris
and London are likely to serve as
check against any gold coming this
way for some time to come. Moreover.
there will not be much investment buy
ing for the account of our European
cousins for months.
Thursdays rally looked to be the
elimination of a ten to thirteen points
drop, since the realization of the fact
that the Union Pacific melon had
frosted on the vine. 1t appeared as IL
prices had gone far enough TO warrant
a good rally, but every vestige Of this
theory was invisible yesterday.
Commission houses found their Gus
toners rooms with larger attendance
Of visitors than for months, and many
more took flyers on the bear side.
In Distance.
ANY real bull movement looks far
away. Ths-e will be rallies and fuctua-
tions as the SPECTATORS play with the
market. But real bull market, such as
the leaders or insiders of the street put
over a few weeks ago, when they talked
much of Union Pacific melon and boosted
Steel and Reading, will probably not be
undertaken again until something more
reassuring develops anent the intent of
the administration toward the big cor
porations is given out and the currency
bill is radically amended-at least this is
the view held by well-informed men on
the street.
Railroad earnings are poor, notwith-
standing many more cars are in employ
ment Holders of securities are very ner-
vous and the reports concerning heavy
stop orders in Union Pacific are probably
true, and cunning season Is now on.
Union Pacific will probably continue to
lead the decline. It's a useful stock for
the bears, although conservative men
must give Endorsement to the policy that |
tied up the millions.
All stocks were easier-Pennsylvania, |
New York Central, Hills, and Wander |
bits sharing with Baltimore and Ohio |
Atchison, Atlantic Coast Line. and the |
industrials in the depression.
Net Losses.
Union Pacific lost points, Canadian |
Pacific, Reading, Illinois Central. West |
inghouse, Third Avenue, and Atlantic |
Coast Line . points, 500 Line 3 points, 4
while most of the rest of the rails lost /
cred 3-S.
MerEenfhaler Annual.
The Mergenthaler Linotype Company
has issued its statement for the year
ended September 80, 1918. Net income
from all sources was s97s7.a3s as against /
So 49, ,522 In 1912, s., ,9s9 in 1911, and |
s.. .76S, $50 in 1910
The general balance Sheet as of Sep
ternber 20, 1872, compares as follows: