The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-05
WALL STREET GOSSIP

,
sellers of Steel. Specialists have beeI
the buyers, covering for the shorts. Tn,
market acts badly and shows POOR sup
port
London copper easy. of shillings.
The Interboro Rapid Transit Company
declared regular quarterly dividend o.
21-2 per cent.
The Subway Realty Company declared
regular quarterly dividend of ia pei
cent.
1t was evident from the manner In
which stocks were thrown over by com
mission houses all through yesterday
morning that liquidation of speculative
accounts was more extensive than a
any preceding time in over a year. This
selling came from some of the mos
important houses as well as from tho
brokers handling moderate lines, and ir
many cases was forced by impairment
of margins. London offered stocks, bu
the volume Of foreign trading was moi
large.
Most of the buying came from covering
of shorts, but there also was a demand
induced for long account. In some cir.
cles It was asserted that the Washing.
ton dispatches telling of the proposition
to place a special tax on the business
of certain corporations formerly in.
cluded in the American Tobacco Com.
pany had a direct influence in causing
much of the early selling.
Lapsley-Commission houses are Iiuui-
dating for the first time on the decline
London sold about 25,ooo shares on
balance.
Union. Reading, Amalgamated, and Steel
find fair buying on setbacks with short
covering operations in evidence. but are
sold by professionals on rallies.
Bear pressure and offerings of long
holdings appear in Great Northern,
Northern Pacific. St. Paul. Illinois Cen
trail, and l.. & n.
Spaid-Floor brokers look for a rally
from here, especially in Reading.
]. W. Lapsley-Would take advantage
of this weakness to pick up some cheap
Louisville and Nashville and Northern
Pacific.
Ninety per cent of the business today
is real Liquidation; not the boys. That's
why the market should be near the
bottom.
J. f. Davies. commissioner of the
Bureau of Corporations, called upon the
President yesterday with his report, and
to discuss the primary points of the
made by that bureau of
the Tobacco Trust. and whether the Su-
preme Court decree of dissolution had
been put into effect. The report was
also submitted to the Attorney General
Lower London quotations determined
the tone of the market at the opening.
All stocks were pressed for sale. Com
largely. The opening was active and
weak, with new low records all along
the line. The market is now at a lower
level than at any time since 1905. Liqui-
dation is becoming more or less acute,
and the market seems to he approaching
climax. Wall Street is discounting
something the country will feel later.
Conditions in the bond market continue
deplorable. In the acute panic of 1907
the average price of bonds dipped lower
than they are at present, but they went
right back again. 1t was entirely a tenn
porary condition. but We now have
values firmly established in a normal
market at a level which, as far as We
twenty years or more. All this means
something, and has been caused by
Too much politics. it seems
to us, is the cause. OF course, there
are other contributary causes. The bond
markets of the world have been more or
less affected by other conditions. AS we
see II. the bond market means a con-
traction in business all over the country.
must cease till normal
condition of credits is restored. The in
dications are that liquidation is not yet
completed. There was a rally in the
market in the afternoon. but this was
only natural after such a severe break.
Some foreigr&buying is seen in Cana
dian Pacific. The shortage in the leading
stocks tends to increase.
The Imperial Bank of Germanys poor
weekly statement adds to the general I'M
easiness abroad. The currency bill will
not be brought forward before June g.