The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-12
Weak CLOSING
With new LOWS
Sharp Drop in Canadian Pa
ci6c Turns Strength to
Weakness in Leaders.
LITTLE STEEL UNDER so
Some Minor Industrials Make Small
Gains-A Good Investment.
Gas Stock Firm.
BY j. A. FLEMING.

ByI A. FLEMING.
During the morning hours the situation
in Wall Street was more cheerful. Lon
don sent in buying orders, and the large
number of buying commissions from bar
gain hunters, who are prepared to go to
the low with the stocks they take and
lock away, helped the prevailing senti-
ment materially.
Sharp advances were the order of the
day, gains of LIARS being quite gen.
eral, with a strong undertone.
This state of affairs continued. perhaps
in lessening degree until the afternoon,
when in the last hour the positive weak
ness in Canadian Pacific, under pressure
from London, was effective in causing
weakness, and from that time on gains,
especially in the leaders, faded and turn
ed to losses while the selling was kept
UP at a whirlwind pace to a weak clos
ing, slightly better than the low. but
with new lows on the leaders.
Canadian Pacific 2IOA.
When the list closed on Tuesday night
Canadian Pacific stood at 2l6 IA. At the
opening Wednesday it sold to III 3-4,
and the drop of L. points to 10 IA
was entirely too great a smash for rraz-
zled and ragged nerves.
Some of the bears who had covered
nesday. Joined their fraternity in raiding
and through the list they swept, selling
as fast as the ticker could record the
trades: indeed. the ticker was several
minutes back Of the market
The serious administrations on top OF
recent recessions, were practically in
what would be called the leaders Little
Steel passed an eighth under 50 and was
sold in wads.
Ts l,,.
of many other points. The closing was
at 80 Union Pacific touched 1877 "a.
losing 1 II net. Reading broke from a
high of 154 to Isl 3-S, closing ] IS off.
500 Line lost . more: Copper lost but
5->, and Vet Copper was one Of the
weakest. being under pressure in the
last hour. and losing in addition / IL
gain that it made early in the day.
Loose-Wiles Biscuit dropped. Louisville
and Nashville l SIS. Wisconsin Central
-. while average declines in the less
important rails and industrials averaged
5-Sa1 point The closing was weak and
near the low.
The declines were not nearly as unani |
NOUS as they have been There were
many stocks that tcnaciously held their
own or made fractional improvements.
Either they are actually better or the
attention of the bears was SO closely
given to the leaders that they were
permitted to close strong mid weakness. |
But they were practically all indus
trials that showed good tone. Some rails !
held their own, but the gains were I'M |
important. Southern Railway preferred |
was an exception, moving up a point. |
American Tobacco gained two points, and |
there were several point advances.
What of Tomorrow!
l
will disclose to the Circuit Court its two
plans for the severing of its hold on the
big block of Southern Pacific stock in
its treasury.
If the plans do not meet with the ap-
prov al of the court. il is extremely doubt
full if the Union Pacific officials will not
throw up the sponge and accept the in
evtable receivership. Either this or I'M
dertake the exchange of Southern Pacific
for Baltimore and Ohio stock held by
Pennsylvania.
If, on the contrary. the court accepts
one of the plans the effect would be help
full to a market needing help.
So far there has not been the slight
est effort on the part of the big men of
Wall Street to check the declines. They
have given the list no support. This
gives color to the theory that the East.
blue over too much regulation and activ-
and permitted the West, optimistic and
aggressive in demanding a change in po
litical matters, to carry the bag.
One thing is certain, and that is that
prices are getting to the point where
the man with money to pay for them and
lock them away for a moderate period
Of time will. make enormous profits.
The passing of the Boston and Maine
dividend for the first time in seventy
three years hurt.
Savings Department..
Another national bank, the CONNER
cial, announces that Monday the 18th ]
INST. it will establish a savings depart
ment to be conducted strictly under saw
nGs bank rules.
On deposits in this department the
bank will pay per cent interest on
average monthly balances computed
twice a year, April and October.
This department will in no way con-
fict with the regular commercial bust
ness of the institution.
The American National Bank was one d
IF the first national institutions to open
a savings department. years ago, and
other banks. including the Lincoln Ma
tional, Farmers and Mechanics National,
md the Union Trust Company. have
added savings departments. J
Map Showing Fluctuations. {
A. B. Leach & Co, 149 Broadway. New ]
I ork. have prepared for free distribution
/ graphic illustration of the relation be-
ween the trend Of commodity prices and
he yields of securities. giving the fiuctu-
Itons OF the average of each during the
past ten years
Interesting. 4
The Mutual Life Insurance Company r
'arries on its investment books, among c
Millions of other securities S,s5. 600 G
Washington Railway and Electric As, at Z
fraction over 50 L. =
These bonds are one of the very best X
n the great list of securities from the l.
tandpoint of the manner in which they L
AVE stood up during the trying period y
Then many bonds and other securities q
ave been sacrificed. n
It is compliment to Washington in n
estments that they do not go to pieces s
Then the best rails in the country are 4
agging and industrials are breaking. r
Hallway As were quoted at So bid. I
Local Stocks.
The strength of Washington Gas is
uprising. 1t came back in good shape
rom the 81 3-S of few days ago to :,
} 1-2. and yesterday ii held with first n
ales at So SIS and only lost IA to So II q
n all Is shares were sold, enough to "
reak it had there not been such a good
emand for it. ~
Railway preferred at IS to 81 IT, to s.. Il