The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-07
After Erratic Day Wall Street
Market Closes with De-
cided Improvement.
LOCAL GAS SHARES WEAK
Liquidation of a Large Block Breaks
the Stock to s211a-Street
Gossip.
By /. 4. FLEMING.

Attorney General to rip things In two
could not lead to disaster until the atore-
said courts and the President had given
approval to the action.
The big scare over the unsettllns OF
things that have been settled. the most
disastrous theory yet announced was
premature 1t did colossal damage
millions for an expression that might as
well have been whispered. even II uttered
at all.
II mas come TO ne the part or an on
ciaI or OF a Congressman to express dis
satisfaction with this or that and at once
propose the adoption OF some klnu OF
resolution Hence the rumor tnat an
investigation OF the banks IN conserving
resources and refusing to advance money
10 Industrial workers. TnIs was promptly
denied but OF course. even such non
sense had some effect on stocks.
Hotter Feeling.
The action OF the marKet-and there
was action from start to finish, 6lO'Wp
snare day-was indicative or a better
feeling OF a possible two-slhed market
from this time on. provided no unto
ward incident occurs and the passage or
a tariff bill is FASTENED. 1t is one OF the
things delaying tun revival
At the immediate opening stocks were
higher. There were many buying orders
from investors. big and little. The bears
were aggressive. nut they stopped III the
face of the buying.
1t was well along toward noon when
the bear element began work. They sold
on the prospect of a bank investigation:
they sold on the advance. ana before the
second hour OF the afternoon they nao
losses OF lsa2 points, distributed through
out the list.
After Profits.
They tried then to take profits, but the
minute their selling stopped the stronger
tone carried prices higher, and their COW
ering resulted in a complete recovery
OF the earlier losses, and then net gains
from las IN many stocks. nut
La points in more. Inc bear buylnG was
attended with large investment pur-
Chases.
The Tobacco and Canadian Paclnc
shares were real leaders in strength, as
they have been in weakness. American
Tobacco s.. higher; Lorillard preferred
advanced ~. and the common IL; Lag
gift & Myers was not so strong, going on
slightly.
Canadian Pacific closed at 22lA, as
compared with 2l6Is on Thursday even
ing: Reading made "-point advance;
the hiCh-grade rails. New YORK Central
Pennsy. Northwestern, Louisville and
Nashville, Lehigh Valley. Nlpper, and
Great Northern. made lalSG points gains
Union Pacific rose points: Delaware
ana Hudson and Fire, /; Mexican OH,
-. and Smelling. ~.
Steel was a weak sister. although III
closed = higher than on Thursday. The
weakness in Steel 5s hurt the stock.
1t looks as though some big account
VIII this iS
over the market will do better" said H.
X Burras. The market looked as if |
this account had been sold out at the
close.
What Is Needed.
A favorable decision on the rate case
and this matter. held up in the Su-
oreme Court for fourteen months after |
nearing. may not be as favorable as we
nave eXpected-a date when the tariff |
will be effective. and wise currency legis- |
alton: but more than all else we need
hat ; per cent advance in rates.
Jacob Schif's Views.
Jacob H. Schiff. after an extended trip |
through Europe. returned home yester-
law morning Mr. Schiff. in an interview,
said:
We are for the time being in the
cnited States in a transitory state, of
which the effects are making themselves
cit. The change from an extreme pro-
ective to a more moderate tariff must
bring about an economic re-
which cannot be completed |
without producing more or less unsettle-
nent, and it is rather to be wondered
It. and a proof of the sound and sub
tantial condition of the affairs of the
country, that trade and commerce ap-
year so far to have suffered little
From this il may be hoped that the
process we are undergoing may not pro-
luce the upheaval which it has been
ear, will come: and if legislation for
prudent reform of the currency shah
lot be delayed, and is going to follow
a proper revision of the tariff,
t is altogether likely that We shall es-
ape serious revulsion and become even
tronger, commercially and financially,
han we have been heretofore"
Local Securities.
A line of Washington Gas stock COM
ne out on the local market yesterday
vas responsible for a drop in the price
o So 1-2, two shares at So. and stock
ffered at 50 3-S at the close. In all, "a
kares came on the market.
The source of this selling has been
MYSTERY to the brokers on change for
everal weeks. 1t has been coming out
teadily around s., and persistently
whenever that figure was reached or ap-
roXimated.
There is little possibility of the Letter
state selling its Washington securities.
{ cash is needed, these are actually the
cry best collateral-better than any New
'ork stock or bond. That Gas stock
ill go back into its channel in the S.
mark or whereabouts is practically as !
ured as soon as the order has been exc
uted. At that the big selling order may
e in the nature of settling an estate.
Better Bids.
Railway preferred was bought more
r less freely in odd lots for investment
urposes. twenty-five shares in all selling
t SO I-4as9 1-2. No common stock was
Tered under SIS.
A little Mergenthaler sold at 212, one
anston at So, and ten Metropolitan Bank
200 In times like these wise investors I
atch the market, or. better yet. place
rders for investment with accompanying
lsh.
Railway As sold freely at So 81. No
her bonds sold. C
Important Meeting.
The members of the currency commit d
e of the American Bankers Associa- a
On who have been called by Chairman
Barton Hepburn to meet at Atlantic :
ty June Il for the purpose of formu- :