The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-04-15
STOCK MARKET
SLOW and SOFT
Chesapeake and Ohio Was the
Weakest Railroad Petro-
ieum Shares Decline.
BEARS RENEW COURAGE
M Rate Decision-Local Market Firm.
Steel Business Is Quite
Large.
BEARS RENEW COURAGE
BY L. A. FLEMING.

the three hours ScSSiOh VI eH~
change on Monday there was compar-
atively little business transacted. WIN
the opening, prices were stronger anu
advances in the leaders EXTENDED 70
3-Sa1-2 point, but it did not tahe io"e
for weakness to develop.
Once again the street waited IN
natientlv for the Minnesota rate ue'
,ision. and once again, waiting was III
vain CLOSE observers are trying 10 ng
ure out some reason for the pfoiohseu
delay, and they can only account Ior ~
hv the theory that the court Is pauis
divided. :, -.
The long and veXatious delay ts pe-
ginning to cause suspicious that pos
s;hI,, the decision. when it does come
down will be adverse to the railroaus'
in which case about the last straw
would have fallen and the cup OF woe
oi the railroads would be runnihs
over.
With. the right to make their own
rates. States where railroads are NOT
held in especially high repute. Minne
sofa and Kansas, with Okiahoma ana
Nebraska, for instance, "ouio iiiahe
reading Improbable.
While the market has many irieIlus
the hear side Just at present seems 10
he fashiona BILE. despite the fact thal
the reaction from the recent hlgn point
has not been severe and that the unoer-
tone is still fairly strong. Labor trou-
bles here and there, activity OF WORK
ers i'm many fields and sensational 'dihs
by prominent officials and poiiticiahs
lend to discourage Regulation, in
come tax and an unsettled feeling con-
corning tariff legislation generally are
factors in the making of bears
Yesterdays Action.
But 2l6.Oo0 shares of stock changed
hands in the three hours session. Inc
especially weak points were Chesa-
peake and Ohio stock, which touched a
new low. a loss of > il points. and rail-
lied hut little The belief that the
damage along the line through the flood
ed country NAV cause eliminauo1 OF
dividends is general.
Next IN point of weakness was the
Petroleum shares Mexican Petroleum
making a new low record on this move
ment stopping al ii points loss ana
like decline was sustained by GALL
fornia Oil.
Loosely iles Biscuit dropped ii anu
Lorillard Tobacco 1-2.
In the leading rails the loss was as
slight as 3-Sa1-S of a point, with Read
ing making the maximum average. Dei-
aware Lackawanna and Southern mace
the largest less points.
Canadian Pacific led IN strength Oh
foreign buying. and advanced point
Small net gains were made in a few
stocks
The weakness in rails other than {.
& q. started late in the session ana the
closing was weak and near the low hs-
Erea of the session.
American T.. Il L. Earnings.
The earnings of the American Ieie-
phone and Telegraph Company for the
three months ended March 81, were
materially better than for the same
perioG OF 1917. An increase in dlNi-
dends paid of 81, $1,000 reduced the bal
ance after dividends and charges TO
81. 400. sos. as compared with Sl,613,S32
wear ago. The increase in net earnings
for the three months was 100000, an IN
crease of nearly $4,000 in interest
charges. further reducing the gross
BeII Telephone Doing Well.
Earnings of the Bell Telephone Com
many for the two months ended Feb
ruary %, net earnings of $4,000. The
comparative statement follows:
1912 1918
1t iLOsOt