The Washington herald., 1913-10-05
STOCKS EASIER;
BEARS Selling
Some Recovery in Last Hour
on Short Covering-Steel
the Weakling.
LOCAL SECURITIES FIRM
Senator Owen Will Discuss Currency
Bill Before Bankers-Govern-
ment Bonds Weak.
LOCAL SECURITIES FIRM
Nv L. 4. FLEMING.

by 1. 4. FLEMING.
At one time yesterday the New York
stock list showed considerable weakness
but before the close there was consider
able covering on the part of the shorts,
with handsome profits as the result OF
the last two days efforts on the bear
side, and the final dealings showed frac-
tional recessions only and but a point
on Steel common, which was the targeS
for the especial attention OF the bear
element. They pounded Steel hard, and
they went home heavier short than they
came down. and in this very point lies
the possibilities of a covering move
ment that will advance il.
1t does seem strange that Wall Street
should Just discover that the tariff law
Is antagonistic to the common shares OF
the Steel Corporation and to other in
dustrial securities as well. The fact that
the majority in Congress backed by the
President would follow the program that
they have should have been known to
the veriest innocent
That the market waited until the deed
was done, is but an evidence OF the tact
that the big interests in the street took
the situation in hand and made the
. traders forget it, with a fine bull mar
ket. in which much profit was accu-
mulated by the astute insiders and much
stock distributed-that a decline now
faces the list. is nothing more thah
should have come year ago. when 1t
was an evident conclusion that what has
happened would happen
Opens Firmer.
Yesterdays market actually opened
firmer and remained so for time. shorts
covering modestIy When il was seen
that no outside buying followed the pur-
Chases of the shorts the crowd turned
right about and sold the list. a point
or more marking the leaders with Steel
figuring in every other sale.
Disguised Union Pacific holders,
awearied Of talk about distribution,
convinced that the wisdom of LOvette
and his associates will hold the cash
reserve against eventualities, sold their
stock And then in the last few minutes,
influenced by taking profits at the weeks
end stocks rallied as noted to very
moderate losses. a point on steel, IS
on Union Pacific. l OH Reading and
Great Northern ore, Interboro and l.
on others.
Local Securities.
The final day Of big week in the
local market Witnessed a slight showdown,
hut the closing and tn" persistent rum
ors on the street. whi~h may or may not
have basis. give promise uf better ac-
tivity with the incoming week.
Last week waS really the best since
the furry IN Washington 'rdS ShdEeS ldlt
i'm June. a total Of 1.6-3 shares Of stock
and $3.50 bonds being the aggregate
record.
Bonds prices showed very little change
between the opening and closing figures,
Indicating remarkable steadiness in this
branch. while as rule prices were
much frmer than in other markets.
In tn. stock list Railway common was
little higher, selling to % for a L.
share lot and closing with 81 $-4 bid,
none offered under higher figures. Rail
way preferred IS higher, closing
at %l3-> Capital Traction 81 on from
the weeks opening, ll5 IL being the last
sale.
Washington Gas seems to have many
friends: indeed the holdings are in
stronger hands than for years. 1t rose
J. point during the week to s. ga.
Bank stocks steady and frmer.
Yesterdays transactions were re-
stricted to Riggs Realty Is QOng) at
lu2 - Railway * at 81 1-2. Railway pfd.
at 90 II, Gas at - IS to IS "a, one sale
a & SIS and Mercy at 2l5 - to 2l5 81
Baltimore and Ohio Holdings.
That the character of the Baltimore
and Ohio management COmmends itself to
investors is indicated by the fact that the
number of its stockholders has increased
more than % per cent during the last
hered 1854 in August. 1912, and 1l,1l4 in
the same month of this year-that is. the
company added 2.420 to the number of its
voting security holders without any in
crease in the number of shares outstand-
ing.
These figures however. do not fully
indicate the number of persons owning
stock for the reason that one Berlin
lankhE house represents more than
IuO0g shareholders in Germany. Thus the
actual number of Baltimore and Ohio
stockholders at the present time is about
25.0O0. Union Pacific and German hold
iuEs together approximate - per cent of
the share capital
senator owen to Defend.
Senator Owen will defend the currency
bill before the District Bankers AssO-
citation on the night of Monday, October
% The Oklahoma Senator is admittedly
one of the shrewdest debaters and one
Of the cleverest defenders of the bill with
which his name has been associated. He
is said to be able to divert any criticism
and he probably will have Oppor-
tunity, as the bankers will be loaded at
the Boston convention and have many
things to ask about.
1t is the intention of the association to
invite the directors of all banks to the
gathering on the occasion. Meeting will
oe held at the New Willard.
Government Bonds.
United States government per cent
bonds, due 1880. were quoted Friday on
H. New York Stock Exchange at 80 bid.
showing a loss of l point from the last
sale on the exchange, and 81 of point
lnder the lowest price at which they have
ever sold. On July 26 a sale of SIS, 900
coupon IS was made on the exchange at
IL fiat, without interest for twenty
lays.
The registered per cent bonds, due
1915, sold 5000 at 1SO1-2, duplicating the
record low made on Thursday. The clos
ng bid was log. and asked ITO.
leading dealer says the government
market is at present more Creacherous
Than he has ever seen il. There have
been no new developments which should
cause a selling movement, yet the present
softness is due solely TO the fact that
bonds are pressing for sale, while there
are few buyers.
Any small buying movement is ant to
turn the market sharply upward 1t may