The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-06-06
BETTER Buying
in THE MARKET
New Lows on Many Stocks
but There Is More
Hopefulness.
FEARS MAY BE NEEDLESS
Local Money Easy-Banks Get Third
Million Tax Deposits-Greene-
Cananea.
BY I. A. FLEMING.

as compared with the chills and fever
of the earlier days of the week.
Prices may not be at the bottom, but
the man with cash to buy, pay for. and
take stocks out of the market doesn't
need to be particular in this bargain
cent and better bargains are to be had
for the asking.
While there were declines, there were
comparatively many more stocks that
stood the gan well, closing either
stronger or at least as weR as on Wednes-
day. In this list Pennsylvania, Northern
Pacific, Ontario and Western, Delaware
and Hudson, Great Northern, Missouri
Pacific, American Telegraph and TeIe-
phone. Central Leather preferred. and
Chicago and Northwestern were tar
ly by odd-lot buyers. especially the rails
by buyers who do not hope to reach
the ultimate low but are satisfied to
get near the point.
Opening Weak.
With the immediate opening there was
rush of selling orders, and fractions
were again disregarded. About SsaSi
marked the initial declines, and then the
shorts commenced to cover, with the re-
suit that they bid the list up on them
selves. The losses were fully recovered.
and the gains, lsa&. were made through
out the list. these holding well until the
afternoon. when the pressure was again
resumed.
The net losses in the leaders was =
Of a point. Steel common going of lalIs,
or TO new low on this break d.
Tobacco Weak.
Tobacco constituents were weak, suf-
fering by reason of the reiteration of
the Attorney General of his decision as to
the inadequate disruption of the trust.
American Tobacco shares made the
sensational loss of the day. dropping
from 2l3 to sol II; Snuff went of 3-4.
and Lorillard IA. while Liggett &
Myers was points lower.
The great majority of the list closed
on the levels of the opening.
Southern Pacific lost "a: Union Pacific.
which was under pressure all day.
dropped back but L. net: Reading lost
81; 500 Line took another header, this
time down to Ii 5-S; Frisco made it 61a
again, while Colorado Southern, the
weakest of the rails, lost with 81 loss.
Baltimore and Ohio showed considerable
weakness, and New York Central trailed
with SIS net loss.
In the industries Smelling was under
pressure, but YIELDED only IS of point;
Mexican Petroleum was weak for nearly
points loss; California Petroleum, II.
of.
Gossip Varied.
Gossip of the day varied Some OBJ
servers saw better signs of buying than
others. One declared that the public had
so far ignored the decline but might be
ex?ecte@ TO be coming on as sellers in
the near II .ure. II the public has neg
cd he u-fl hob in
Indifferent. as margin calling has run its
course, and those holding stocks paid for
would be foolish to sell at these prices
Better hold for the recovery.
1t is not certain that the Tobacco case
will be reopened. 1t is not certain that
the graduated tax proposition will ever
be seriously considered. These are just
perhapses, and perhapses should not be
permitted to cause further sacrifices.
Perhaps!
Perhaps the Union Pacifc-Southern
Pacific case may be eliminated in the
near future; perhaps the sold-out East
may buy stocks again in a few days;
perhaps the rate decision will be ia
vorable. and then again, perhaps there
may be other matters favorable for the
market.
Local Stocks and Bonds.
Money is easy in Washington. There
i no prospect of any trust suits against
any local corporation. There hasn't been
any liquidation here to amount to any
thing. There hasn't been anything ap-
preaching monetary stringency. There
has been no calling of loans. Banks
lave plenty of money.
Yesterday they received T.000000 tax
money-thc third million of the four mil
lions coming to them.
There is no reason for any one to
throw over a share of any stock on the
Washington Stock Exchange list; for
sooth. Canadian Pacific has dropped 50
points or Tobacco 30, or for any other
decline in speculative Wall Street.
Our market usually holds. whatever
Wall Street does. 1t becomes dull at
times when there are no buying or
ders and some AT the market orders
are likely to make low prices because
the wise men are locking and cunning
for just such a chance or opportunity.
Support is lacking for the reason that
il is policy to buy as cheap as possible
The combination makes low prices for
those who scare easy and sell
A modest adjustment of the bond mar
ket is but a natural movement, con-
sidering the price at which hlgh-Srade
issues are offered investors in Wall
Street and in other markets. Traction
IS opened at 100 and sold to loss. Rail-
way Is were steady at &c. being near a
5 per cent basis right now. Potomac IS
held at 1ol.
Railway common was offered at ~
with a nominal bid. The preferred was
offered at 90. with SIS. bid. One small
sale of Gas was made at So. The stock
was offered at 81. and here. too, a NOM
inal bid was made.
Mereenthaler was offered at 2I6
Bid prices on most of the bank stocks
were lowered, but holders were satisfied
with investments, and did not care to
make sales at the figures bid.
Greene Caunnen.
The annual report of the Greene Cam
anea Copper Company. is at hand. /
The company owns 95l,S59 shares of
!. 900, 900 shares of the Greene Consolidated
Copper Company and all the stock of the
San Pedro Copper Company.
The dividends received by the holding
from its subsidiaries for the
year 1912 were s2.092. 025.75, from which
three dividends, amounting to s1,Sl9.S77
were paid to Greene Cananea sharehold-
ers.
President Cole reports that the operat-
ing companies were able to keep at work
the greater part of the time. despite the
unsettled conditions in Mexico, until re-
Gently. when destruction of bridges. &c. /
interfered with operations. The pay