Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-04-27
No Investment Demand and No
Incentive to the
= Bull Side.
CAPTURE OF SCUTARI
CHECKED FOREIGN CALL
In the Home Field Many Signs Show
Difficulties Confronting
Railroads.

NEW YORK, April 26.-Investors have
market appraisement Of their holdings in
the course of the weeks stock market.
Successive events seem to confirm the dis
inclination of capital to enter new COM
mitments. With no investment demand.
such as must form the substructure of any
successful speculation for the advance.
there is no incentive to the bull side.
Bear spectators also have a spirit Of
caution, since the actual amount OF
stocks offering on the declines Is small.
The week opened with the bears in re-
treat on account Of the postponement of
the decision OF the state railroad cases,
indicated by the filing Of brief on behalf
Of the federal government.
With the bears inundated and the
bulls finding no encouragement. there was
the dull and dropping market which
might be expected.
Foreign Demand Checked.
The change on the face OF the Euro
pean situation caused by the fall OF
Scutari checked the incipient foreign de-
mand for stocks. which was manifesting
itself with the easing Of the money mar
kets abroad.
In the home field many signs pointed
roads in enlisting capital. Much stress
was laid on the award In the railroad
firemen's wage arbitration, although the
advantages allowed to the employees were
no greater than had been expected. The
incident directed attention to the recently
granted increase to engineers and the
new demands of railroad trainmen.
Stocks Of railroads which are struggling
with expense accounts to preserve the
margin for dividends were especially af-
fected. March net earnings of railroads
showed the heavy drain OF flood damage.
Further flood reports from the lower Mis-
sissippi extended the field Of this irifiu-
enCe.
Short Term Note Issues.
There was fresh resort to short term
note issues by railroads at onerous terms.
Any rumor OF a prospective bond issue
depressed the price of the corresponding
outstanding issue. Postponement of in
tended financing where possible was an
nounced. with resulting relief Of company
bond issues from depression. The reported
disclosures in the interstate commerce
commission investigation OF New Haven
affairs were OF bad effect on that stock.
In the prevailing mood of speculative
depression more was heard of the slowing
down Of trade and the decreased offerings
Of commercial paper. There was no evil
dence of the increased supply of invest
ment capital which some observers ar
gued should result from decreased re-
Quirements of trade.
Price Of Pig Iron Falls.
The price of pig iron continued to fall
without stimulating a buying movement
There were much smaller bookings OF
new contracts. for steel, while specifica-
tons continued to run heavy.
Excellent wheat crop reports made a
bright contrast to the stock market con-
dition.
The past week has seen considerable
shrinkage in steel specifications. Some
good business, however, has been placed,
including 1890 freight and refrigerator
cars for the Illinois Central. 1900 addi-
tioi freight cars for the Grand Trunk
and 1000 steel under-frame cars for the
Seaboard.
Cotton goods commission houses are not
pressing for sales at this time, and the
, market on finished cloths is not showing
the weakness seen in gray cloths for the
manufa curing trades