The Washington herald., 1913-11-11
ANOTHER BREAK
In STOCK LIST
Steel Common About Only
One to Hold Its Own in
Weak Market.
DECLINES | TO 2 POINTS
New Lows on New Haven and Many
Rails and lndustrials-Local
Securities.
DECLINES | TO 2 POINTS
BY l.. a. FLEMING.


heavy shortage existed that the covering
movement in the last hour wiped out the
earlier losses and brought the stock 10 a
parity with the tinal figure Of Saturday.
But elsewhere the bears were less in
tent on covering. They covered quite
freely throughout the list, but Il was
leisurely covering, and only partial re-
coveries attended their efforts
Nothing especially new in the way of
news, just a continued repetition Of the
olden time stories. which have been told
over and over Cor the last few weeks.
Perhaps Mexico has as much influence
directly as anything else and perhaps 4
hasn't. Mexico as an issue, il vigorously
c',sass-cd, should not hurt the stock list
Ia, - is the dragging. wearying uncer-
IRE than this, It Is the difficulty that
..-s railroads are having Of making both
riiIs meet; it is the increasing wages,
ana the belief that the Eastern arbitra'
ton is resulting in the usual compromise
with some advance to the men, and that
Westerners will then vote to strike for
more money-and the railroads have got
t. call a halt one Of these days The
pessimism of Mellen is but the unspoken
thoughts of many a magnate, and the
trUest truism is that the interests will
not make any serious objection to gov
eminent ownership-wearied Of the bat
tie, with labor and government as rep
resented by the Interstate Commerce
Commission on one side, allied with them
States domination and the railroads,
compelled TO furnish proof that their
rates are reasonable on the other.
Railroad earnings are discours ging, in
custrial prosperity has been checked, the
Income tax is helping to make bonds
less attractive to investors and the ques-
tion of future financing has its problems
that increase instead Of lessen.
Three Influences.
: The Agricultural Department, in its
final report on corn yield, gave the
markets a jolt with a corn crop of 2.46S,-
or bushels as compared with S,I24, 900
bushels last year, and an acre yield OF
twenty-three bushels as compared with a
ten year average OF twenty-seven bush
els.
UnfIled orders of the United States
Steel Corporation decreased 49o,olS tons
Annual report of the Frisco System
showed a deficit Of $667,SI7 as against a
surplus of $I77,Sss a year ago. -. ...
An idea that compeIs attention because
OF its reasonableness comes from F'all
River Textile workers will demand in
.Screases in wages as. dividends are in
creased. The wisdom that reasoneth-
A fourth influence was-found in the
weakness in copper, ana its reflection in
stocks London was on ten shillings-
A decrease of but $4,000 in steel ton
mage was expected, and the announce
ment caused weakness in the general list.
but not in Steel itself
New Low Levels.
The selling was not entirely for shor:
account but there seemed to be new
liquidation coming out where it was not
expected. The pounding by the bears has
been successful in uncovering some dis
gusted holders, despite the excellent bank
statement of Saturday, and the easier
monetary conditions. But there has been
nc signs of support from the big inter-
ests, nothing but indifference, and every
one at all active seems to be having an
easy time playing the short side.
Tuesday should witness a rally, even
on nothing save the covering movement
incident to a heavily oversold market
The list opened firm and fractionally
higher, developed blue Monday weak
ness, and rallied about a point before the
close.
Union Pacific closed q of; Reading,
4; st. Paul, 2k, Southern Pacific, rs;
Lehigh Valley, 3%: Louisville and Nash
VILE, IL; Great Northern, q; Baltimore
and Ohio 1: Missouri Pacific, Is; New
Haven made a new low at T9s, and came |
back a point; Atlantic Coast Line a
point; Rock Island pfd., points; Nor
folk and Western point; Atlantic Coast
Line point: Northwestern point, with
= point losses in many rails not men |
toned above.
In the industrials Steel led in strength, |
closing firm at 5z. Copper a point on, |
Can pfd., II, Railway Springs l, Colo |
rado Fuel the average, Consolidated Gas |
IL. DistIllers H. General Electric z, |
Tobacco /, Biscuit 2, Peoples Gas l, Mexi- |
can OH l. and others lsa%.
Railway Preferred Easier.
The feature of yesterdays session of
the local exchange was the pressure on
railway preferred. This stock has mot
shown any sympathy with strength in
the common. Yesterday l55 shares were
marketed IN nine lots, and the market
took 1t all with q slight recession, selling
to S9S from an opening at Ssh with nine
shares at SeS and the last sale at s9iz.
The old stereotyped bid. Of SO for the
common met the equally aged s5 asked
price.
Not q transaction was reported in the
shares OF the Capital Traction Company
2 bid Of I12 not bringing any response
from holders. There was none offered
at any price.
Mergenthaler was steady at III; Gas.
small lot. s41z; q. S. Trust, small lot. 1s22.
ana SOnIlDenli1l ATNa1s tAf72- |
Potomac consolidated IS. 9ex; Traction
SIS eased from lots to 10TH.
Corporate Legislation.
1t is understood that corporate legisla-
ton under the lead Of the President but
waits on the enactment of the currency
measure
That the administration will in any
way favor the Henry bill Is not to be
expected, as the policy, while II may be
more or less drastic, will look more to
regulation of corporations than to indi- /
.1dual punishment
That the President and the party lead
.rs are opposed to interlocking director
Ltes is known.
II there is one thing needed 1t Is some
lction on the Sherman antitrust law.
L Is more responsible, from a financial :
standpoint, for the hesitation In the
country than all other influences. There
,ught to be a way TO regulate corpora 4
ions by supervision and through legal 4
PROVISIONS that would govern and yet B
lot destroy. that would make them amen '
Ible and yet not disrupt. unless dIsrup-
ion is Of some use to tine p1blic: and up 9
o date the busted trusts have been even