The Washington herald., 1913-10-24
STOCKS
BEARS SELLING
Average Loss a Point with
Some More Serious De-
clines in the List.
PESSIMISTIC ON STEEL
Sehwab and Iron Age Encourage Short
Selfing-Loeal Securities
Very Slow.
PEssIMISTIC ON STEEL
BY l. a. FLEMING.

The bears were selling stocks on
change from the opening. covered, as IL
bit scary, before O'Clock, and again
took courage and sold In the closing
hour right up to the tap Of the bell.
The wonderful display of strength On
Tuesday made many bears rush TO cover,
but many older heads recognized that
there was nothing in the news to warrant
any such sensational rise, and instead Of
covering wildly took occasion TO feed out
the stock to the scared ones.
The currency bill, when IL finally
evolves from the Senate and from con-
ference committees, may be- an excellent
document The chances are that it will
be, but the currency legislation has, to a
large measure, been directed against
Wall Street, and the securities of the
corporations with which the street does
business are not rediscountable in the
regional bank, where nothing is sup
posed to be welcome but commercial pa
per
Commercial paper in this country is
different from commercial paper abroad;
but just how it should hold Wall Street
was too much for the bears to solve.
Then again, the Mexican situation is
badly mixed, and on this and other less
favorable news the selling was contin-
uNd yesterday.
There was a report that Judge Gary
would pnake pessimistic speech at Chi
cago tonight, and this with Charles
Schwab's tale Of woe. was an effective
bear weapon.
Opening Weak.
The immediate opening was nearly a
point lower on the leaders and they were
OF a point additional on selling by trad
eTs and some liquidation by commission
houses.
81.
run the market up on each other to the
high point of the session about O'Clock
The last hour developed another weak
streak. and the market closed soft at a
ret loss of little over a point on the
leaders.
= Tn" average decline was sustained by
trion Pacific, Steel. Steel preferred; l-2
by Reading. SIS by Lehigh Valley, 5-S by
Copper, and IA on Smelling Great
Northern and General Electric lost
point; SO did Canadian Pacific. Il
The weakness in New Haven was so
pronounced as to be a market influence
It lost IS points at the closing price
cf the day which was considerably bet
te- than the low.
Local stocks and Bonds.
There was very little doing on the local
security market odd lots formed the
bulk of the business, ten shares cover |
ing any one transaction. while the aE- |
Sregate was ninety shares for the session. !
Bank stocks furnished the bulk of this !
limited business. Union rrust. I33 IL 10 !
lS IA; United States Trust, l32 to I3l 81: |
Margenthaler, 2l6 IA. and Gas 81 Ia
Georgetown Gas IS. lOj; Railway Is. 81. |
with $500 bonds selling at s. Las L.; |
Columbia IS, 90 L..
The bid and sale prices on the usual |
active utilities were unchanged.
Income TnS.
The officials charged with the solution |
of knotty problems in the income tax /
law are said to be about ready to send I
out their documents for banks and bank /
ers, and instructions generally to those I
who will have to step up to the captains !
desk and settle.
Distributing stock.
Evidences of general distribution of
stock have been accommodating with each
big railroad companys statement The
interests with great blocks have been
doing the distributing: men holding big
lots of stock have been getting out and
rearranging their investments so that
many big blocks have been split up. Ten
leading railroads report she following in
creased number of shareholders over the
stockholders list in 1912: 7