The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-11
SERIOySLOSs
ON ALL STOCKS
Bears Raid List and Actual
Liquidation Aids in Down
ward Movement.
HILL SHARES WEAKEST
Rate Decision Potent Infuence-Some
Recovery-Washington Securities
Were Very Steady.
HILL SHARES WEAKEST
Nv 4. 4. FLEMING.


day, under a whirlwind OF short selling
and a large amount of beIated lquida-
ton. Margins were called right and
left, and stockSwent over if they were
not Forthcoming.
Action in the market emphasized the
Importance of the Minnesota rate case.
There were those who considered for
tunate that this blow had not come on
the market months ago. when It was SO
or $50 a share higher than it was when
the market closed on Monday.
With the immediate opening there was
a wave of liquidation, then apparently
futile effort TO hold it, II not to rally,
ana there were some gains made, but
after the first hour this support vanish
cd under liquidation, and for the rest OF
the morning the market developed a
weakness that looked panicky.
substantial rally followed between
one and two in the afternoon, but it was
NOT fully maintained.
Possibilities.
The decision leaves many things at
variance, but sufficient affirmation is
made of the rights of the States in max
ing rates on intraState business. The
street does not think that the Interstate
Commerce Commission will approve OF
the ; per cent. rate advances asked by
railroad presidents, being unable TO get
in the frame of mind that permits of
such a suggestion.
The big interests admit that it is next
to a certainty that there will be no
State rate-ma,;ing, as in the days of
PopuIism, but there will be enough slash
ing, and again the burden of proof Is
put on the railroads.
1t is said that the Minnesota railroads
will have to pay out about SS,Ogo,OOo back
charges. and this also hurts.
Coupled with other miseries Boston and
Maine directors passed their usual diyi-
dend declaration at this time.
The roads still have the right to APP
peal on rates that are confiscatory. Lon
don has her troubles, and SO have other
foreign markets. so that We are not at
all likely TO have any assistance from
the other side.
Great Northern and Northern Pacific
were the greatest sufferers among the
rails the former losing on the day is,
and the latter IS. The low was nearly
three points below the closing, late re-
CoVeTy being made on prott-taklng,
when Great Northern rose from lis l.
TO lis Ia. At the low there was loss
of seven points. Nippers low was l0l
81 also over seven points on.
All through the railroads there were
losses of las points. with the exception
of Canadian Pacific, which came back
strong to about a parity with Mondays
final en- shorts covering.
IudustrinIs
In the industrials. Colorado Fuel. Can
common. Telegraph and Telephone,
American Tobacco. and Peoples Gas
maintained almost an even keel
Everything else was under pressure.
Steel common and Copper being espe-
CiaIly pressed by the bears. the former
losing IL and the latter IS. Snuff lost
IL. and independent steel companies
securities sold materially lower.
The full recovery in the early hours OF
the afternoon was not maintained, some
pressing selling being witnessed in the
last hour.
1t was the biggest day Wall Street
has known for many months, reaching
nearly 100000 shares. the total being
$4,000
Wall Street waits anxiously for the
action at st. Paul on the Union Pacific
case. the plan far selling its Southern
Pacific stock. 1t is said that Attorney
General Reynolds does not approve the
ARA ngements, but whether he will OPP
pose or not remains 10 be seen. The
street is afraid he will.
Utilities Dividend.
The directors of the Washington Utili-
ties Company have directed the payment
Of a dividend of l per cent to share
holders of record June 20. dividends pay
able July /.
Local Securities.
Washington financial interests under
stand that there can be no sympathy
between rate decisions and street rail-
road earnings or gas corporations re-
ccipts.
The result was that Washington securi-
ties held their own with their usual
Steadiness.
There was enough Capital Traction
stock sold to have broken the price a
point or two under ordinary conditions,