The Washington herald., 1913-06-18
Higher PRICES
ON THE LEADERS
Weak Opening Turned to
Strength and General Ad-
vances in List.
GOOD REPORTS HELP
Prospect of Solving Union Pacific
Riddle Chief InRuence-Local
Market Strong.
By 1. A. FLEMING.

By 1. A. FLEMING.
The volume of trading on Wall Street
was nothing like as active as on Mon
day or during the closing days of last
week, but there were sufficient fiuctua-
tons to make the session interesting,
and withal satisfactory to the friends Of
securities and those who hope for an
end of the irregularity and serious weak
ness of the last few months.
First, there was weakness, a drop
nearly point in Union Pacific, liz point
on Steel. and declines elsewhere through
out the list. London was n heavy seller
Of Americans, and there were fears of
foreign trouble.
The bears, confident again that things
We're coming their way, helped along
the movement Midway in the first hour
the whole list showed evidences of rally
ing. 1t was reported that the much
mooted Union Pacific-Southern Pacific
riddle was on the verge of being solved;
that a plan had been presented includ-
ing the exchange of Baltimore and Ohio
stock owned by Pennsylvania for South
ern Pacific shares held by Union Pa
cific, to a certain amount. 1t was then
planned to form a syndicate TO acquire
the Southern Pacific stock left in the
Union Pacific treasury, putting it in
trust for two years, the trustees, not a
Union Pacific man. to vote the stock.
Stocks Rally.
On this report. and the fact that Presi-
dent Wilson and his Cabinet were con-
sidering the approval of the plan, there
was the sharpest kind OF a rally in the
list. Peace reports came from Europe
at the same time. and the shorts were
scared into covering.
Reading led the list on the recovery,
moving up from I56 to l5S S-S, while
Union Pacific was l ga higher to 146 Ia
Lehigh Valley made it , 1-2 higher. and
gains of la2 points were general, al
though Steel appeared to be under pres
sure. but gained the average.
This recovery was further aided by re-
ports giving contradiction to the crop
stories that were circulated so
freely on Monday. The true stories were
confirmed by an advance of lal IL points
in the Chicago grain market and this
with an encouraging interview with J. j.
Hill gave confidence.
Another favorable argument was offered
In the adjournment of the Supreme Court
and the clearing from the calendar of the
rate cases.
This strength was well held in a slow
market up to the middle of the second
hour of the afternoon, and from then
on il was a case of sagging, but with
strength at the close to hold
much of the gain. Most of the maintained
advances were in the leaders.
Cause Reaction.
The reaction came when Attorney Cen |
aral McReynolds made the statement. |
after the Cabinet meeting, that he had |
nothing 10 say. He added that the matter |
was still before the courts.
So much of the gain was held that |
here were no important losses while |
here were many good gains.
\ feature of the advances was a rise of |
Ia points in New Haven. which has |
been weak for many days. Many stocks |
moved sparingly and showed no material |
.hanses
Expect n Good RiII.
Bankers generally expect a good cur
'ency bill, considering the experts who |
rave consulted in its formation. They are |
# the opinion that the President and his |
advisers have eschewed everything an
agonistic to the soundest of recognized
principles.
1t is known that efforts of Representa-
i've Henry of Texas to reopen the inyes-
igation of the so-called money trust will
lot be successful The House yesterday |
refused him permission to have printed |
many thousand additional copies of the
eport of the money trust investigating
committee.
Steel Situation.
The week opened with very little change
n the situation. Most of the new buying
S for delivery over the next three
months. Consumers do not seem to be in
lined to make commitments into the last
uarter of the year.
Generally, there has been a slight i'm
in incoming business, but or
ers continue to run from 80 to 10 per
ent below shipments. Based upon the
ate of incoming business in the first two
Eeeks of this year, the Steel Corporation
hould show a decrease of about $4,000
OBS in untitled business this month.
Gas Very Strong.
Good buying orders met liberal selling
on Washington Gas on
change yesterday, and between the two
here were transactions in 2S6 shares OF
las stock. Considering the large selling,
he fact that the price remained very
trong at So Lass SIS to 50 3-4 was certainly
to friends Of the security.
ust at present there is not the slightest
hange of rapprochement between the
wo companies manufacturing gas in the
district. The feeling in security circles
that there will be a consolidation one
( these days of the two companies, but
/ will be when il is forced by the Utili-
les Commission, and probably not be-
not before the issues now
efore the court are settled.
Within the last few weeks there has
cen heavy selling of Gas shares, but
espite this the price has held better than
nat of any leading security.
Railway shares Firmer. Il
Railway common sold at IS "a to the
xtent of 100 shares, and then jumped to ]
IL. and the closing bid was sc, with
one offered under IS.
For the preferred shares of the railway !
ompany 81 "a was bid and 50 asked, but ,
fter call 100 shares were sold at IS.
Capital Traction was nominal with ,
Z "a bid and none offered under lis 81
Mergenthaler sold at 30. Two transac- !
ons were reported in bank stocks, five 5
lares Federal National at rs LIZ, and j
he amount of Commercial at 1885, II
Bends.
There was a fair business in bonds at s
lightly lower prices. United States cou-
On Is sold at lis IS; Capital Traction IS
!. los Il. about the lowest OF the year.
nd Gas IS at log IL. also the low of the
ear to date n
Potomac Consolidated IS were offered 2
10l. with 100 Is bid. r