The Washington herald., 1913-05-22
STOCK MARKET
IS NEGLECTED
Bears, Over-extended, Hest
tate to Rush for Further
Advantage.
THERE ARE FEW BULLS
Declines to Date Have More Than Dis
counted ALI Unfavorable
Factors.
THERE ARE FEW BULLS
By 1. A. FLEMING.

The New York Stock Exchange is suf-
fering from a period Of inertia. For
months it has been suffering from the
influence of conditions. has been going
through a reimbursement, a cleaning out
OF stocks from hands strong enough
under ordinary circumstances, but not
strong enough to go through such
drastic period as the street has seen since
the inauguration of President Wilson.
Only the strongest have been able to
hold their stocks. while the wisest sold
on the unexpected advance that followed
the nomination at Baltimore, while the
weak have been selling every few points
down to recent low levels.
Now il seems 70 be a case of inertia.
The bears must have something more to
give them courage to go still further
with their short selling. while the invest
ing public must have much reinsurance
that the worst is over; that money, OF
which there is no scarcity. is going to
come out to pick up bargains; that no
further unfavorable developments are
likely to come to the surface. II the
Minnesota rate decision comes out fav-
orably: il a plan is agreed upon where
by Union Pacific may divest itself profit
ably of Sla6Do9.oJa Southern Pacific stock:
if the japanese question is settled with
a dove as the outcome: If the crops are
good; If the tariff doesn't cut too deep.
then the investing public will come in
and buy stocks.
VIII Take Chances.
But if these happenings go the other
way: if any one that is important is
decided in the test negatively, then the
bears will pluck up their courage and
make another attack.
at hears a stand
still, and there are no bulls-not that
any one could notice. II there were it
would be easy running in the largest line
of shorts outstanding for months.
Mr.. Cleveland's famous 'innocuous
desuetude'' describes present conditions
on change, in customers rooms, and on
the street Traders of the past stop
around once or twice a day, look over
the boards, ask a question or two, and
leave the rooms in possession of the
managers and assistants, who are not
disturbed very much between the OPEN
ing and closing hours at least.
Back TO the good old days of 100000
shares average. But why awaken dead
memories? Yesterday it was $4,000
shares.
bargains.
And yet there are many big bargains
the list. In the past Nipper. Great
Northern. Pennsylvania. New York Cen
trail. Reading. Union Pacific, ST. Pau.
AtchisOn-thcy have never failed to
come back when grinding along present
levels, and they will come back again.
Everybody is waiting. and perhaps it
is well that il should be so. We are
passing through a period of readjust-
ment. and readjustment that can be
easier accomplished with a curtailment
of credit. a contra of business VEN
lures and a narrow market.
Yesterdays story was only interesting
in spots. small fractional sagging in
Union Pacific and Steel. 3-S on Reading
a slight advance in Southern Pacific,
drop of l 81 in Mexican Petroleum, 3-S
on Ice, a 5-Sa3-4 gain on Rock Island is
sues. 81 loss on Utah Copper-these the
most important changes.
Bears tried TO brace up their courage
by the statement that the bond sale
was not satisfactory, whereas the
friends Of seCurities-there are no bulls
were satisfied that they had been sold
even at par.
Conditions may be a little less salts
factory before they are better but they
have more than discounted the worst
that has happened to date. and then
sCme.
Lccnl Stocks.
1t was a busy day on the local ex-
change. Lanston, Bank of Washington,
and Union Trust Company coming to the
fore in a rather remarkable manner
Lanston led the list with sales of 800
shares. all at 81. the meeting of buyers
and sellers on this basis being an evil
dence of better strength than the stock
has shown for some time
Union Trust stock came out to the ex-
tent OF $50 shares. for which there was a
market with IA difference between the
high. I55 is, and the low, BATS, the
latter where the bulk of the offerings
changed hands. It looked as IL support
was ready for almost any moderate
amount at that price.
One less than 100 shares of Bank of
Washington stock also came out, but
the support put the price up from an
opening at 257, where ffty-nine shares
sold to 239 and then 10 240.
Mergenthaler firm, ~ 1-4a217 l-2 to 21s.
Washington Gas remains very steady |
at "a 7-Sa85. Much interest is expressed
on the street as to where the recent |
large purchases of Gas have been CO. |
ing, some hints of inside buying being |
given.
Railway as were steady at Sis Trac-
H<aa IS. 100 1-2.