The Washington herald., 1913-11-18
STOCK MARKET
Was MORIBUND
Recessions Fractional with
Bulls and Bears Too Dis
gusted to Do Anything.
LOCAL STOCKS SLOW
Baltimore and Ohio Makes Eighty.
Seventh Annual Report-Sill
Trade Is Depressed.
LOCAL STOCKS SLOW
Ry 1. A. FLEMING.

the bulls nor the bears were in a mood
for trading, even the persistent well-oiied
ticker that is supposed to work week in
and week out, year in and year out with
= never a care as to the story 1t tells,
rested minutes at times, and again il
seemed almost an hour between trades.
1t was 5000 share record by hours
after the initial hour when 5000 shares
were sold, with a total record Of 1S,oOo
shares for the featureless day.
The bears were not disposed to go
much further on the news as it is read
between the lines, where there isn't
much real meaning and the bulls can not
begin to see the roseate lining that they
have been looking for, 10 these many
months.
Both the bulls and bears have reached
the standstill stage and are waiting and
watching for something to happen. They
I have become tired OF trying to analyze
the Mexican muddle and are perfectly
willing to leave it to the President to
solve in his own sweet way. In the
meantime they are sure to go slow unless
the bears can make more progress on
down. grade speed than they have in the
last few days. Perhaps the fact is that
they can see little more liquidation to
force.
Bulls Discouraged.
The bulls are even more disgruntled
radical element in Congress has broken
loose again and is loud-mouthed in its
demands for an end Of interlocking di-
rectors and the regulation of the trusts
by the enforcement of the Sherman anti
trust law. This radical section may be
sufficiently powerful to force the Presi-
dents hand, or the President may have
it in his mind to move his own hand
in the same directioy. And trust busting
will complete the upsetting now going
on generally.
1t is not money This commodity was
offered in the street yesterday at per
cent without takers.
Until the governments policy on cor
porate activities has been announced, the
chances are against any permanent re-
covery.
1t is perhaps within the possibilities
that the Interstate Commerce Commits
sion may permit OF the per cent ad-
. vance asked by Eastern railroads. but
the action will more than likely be de-
layed until such time as the expenses
have more than increased beyond the
limit, so that the advance will be of
little use-and labor. as usual, will want
Its snare OF future gains.
Inactivity.
Big men, men of millions, more or less
are letting the market severely alone,
and they will not change their plans so
long as they realize that conditions are
hazardous-nOt Mexico, but American
business interests.
The steel and iron trade drops apace,
factories and mills are shutting down.
building operations are restricted. and
production is Curtailed in a greater de-
gree than might have been expected in
the short time since 95 per cent Of factory
production was being fabricated.
The tendency. is to slacken production !
by reason of the reduced consumption. |
Business has been disturbed because OF
the reduction in the tariff, the currency |
legislation, trust busting threats. and the
Mexican troubles.
The metal industry seems to be the |
worst of. Pig iron is weaker and new |
bookings for steel smaller. In the tex |
tile industry the volume OF business is |
largely on old contracts. There is less |
forward business, and has been ever since !
the price of cotton advanced.
People who look ahead are much at |
SEA as to the outlook There are those |
who cannot believe that we are facing |
any long continued or serious depression.
In 1893 accumulations were heavy. To-
day stocks are light everywhere. Mer-
chants have been gradually hquidating |
for the past three or four years.
But what is there to stimulate indus
try? At the moment there is no money |
for new enterprises, and this is necessary /
to an awakened activity. Much will de-
pend upon business abroad. A slow
trade there will result in our being flooded |
with foreign goods.
Our prosperity depends greatly upon the /
prosperity of the railroads, for the rail- |
roads are the largest consumers. Some |
good judges believe that the future hangs |
largely on whether the railroads are al
lowed an increase in freight rates. This |
granted, money would be easily obtain
able, and the roads would begin to ex-
pand.
Labor is in larger supply, and will |
grow more so with continuation Of
present conditions, and labor leaders are
likely to become more moderate in their
views.
It is now figured that the finishing mills
of the country are. operating not much /
more than 90 per cent of capacity, COM
naring with the high level of 50 per cent,
reached several months ago. This is one
of the severest drops in steel produc-
tion ever experienced. Prices for steel
continue unsettled, and, although con-
cessions are being made, consumers do
not appear to be in mood TO make large
commitments for future delivery. Opin-
ions differ as to the duration OF the pres
ent depression. Some steel manufacture
ers believe there will revival in the
spring, while others hold that the en-
tire year 1914 will be a poor one.
Price Changes
As for price changes the general trend
was to losses of about 1-2 point, with a
steady closing and fractional recovery.
Canadian Pacific lost rs, Steel IL,
American Tobacco SIS, Light & Myer
Tobacco points, Eew Haven 3-4, and
the leading rails S-S Can preferred
gained "a. and Southern Pacific was
sractionally higher.
Local Securities.
United States Trust shares were weak,
while Capital Traction was strong. There
may or may not have been cause for the
coupling OF the two u
Somebody was selling or trying to sell
United States Trust while recently
some one had been selling or trying to
sell Capital Traction. Perhaps that makes
case. III
United States Trust sold at 130, then
the price was lowered and the bid price
dropped to ~ Evidently a quick de-
cision was reached not TO support IT, SO /,
the pressure was effective without hav-
ing to part with much stock. II