The Washington herald., 1913-02-19
Prices Crumble and Liquida-
ton Ceases Only with Sound
of the Closing Gong.
FIREMEN MAY NOT STRIKE
Effort for Arbitration Under the Erd-
man Act Promises to Solve
the Problem.
BY 4. 4. FLEMING.

The bears made a savage dtIdck upon
the stock market yesterday in the last
hour, and prices crumbled with amazing
ease closing at the lowest point for the
day. In some instances the losses totaled
three points, and nearly all on the list
slumped from one to two points. The
market closed in gloom and pessimiSm
was everywhere. Predictions were free
~ made that the liqudation would con-
tinuc and that prices would drop out OF
sight by Tonight
This however. was the extreme view
of the. dishcartened who have fought for
weeks against the rising tide of trouble
that has been rolling in on the stock mar
ket The Mexican situation. the war
in the Balkans, the tariff Legislation, and
the fear of the incoming Democratic ad-
miniStration have finally had their erect
upon stocks and the weary bulls yesterday
stood from under and let prices go TO
smash. If they do not recover their
nerve by the opening hour this morning
and stem the breach with firm and decided
support there is no telling what may hap
pen in the next tWcnty-four hours, for
conditions are such that the market Is
very sensitive and may rally or explode
by the turning of a hair.
Fircmen May Not strike.
Early yesterday the announcement that
the firemcn's strike may be settled by the
peaceful means of arbitration under the
Erdman act had good effect. and prices
mounted slowly and surely for time
But during the early hours even indus
trials showed a tendency 10 drag. and
this fact WAS taken advantage of by the
bears in the last hour for drive in that
quarter Of the market. They were helped
along by the announcement that one of
the rubber companies might not be able
To meet its vidrndS. All the rubber is
sues wcr weak. but when the liquidation
in the industrials became general. the CEN
ter of attack was Northern Pacific, which
was hammered down about three points.
The failure Of the announC ,nent of the
poSsibl" settlement Of the railway strike
10y arbitration to hold the market was
one of the surprises of the day, as it
had been looked upon as one of the
chief disturbing factors. The conference
committee of railroad managers ad-
r,ssed 4 letter to the representatives Of
the government under the Erdman act
I'm which II was stated that under the
strongest protest they were able to voice
the managers committee had agreed to
arbitrate the fremens controversy un-
dcr the Erdman act. The managers also
said that they desired that the hear
iuss in tho arbitration be open to the
public.
Il will take perhaps three months for
the arbitrators to reach 4 conclusion in
the dispute.
The lIilruad managers doubtless think
they could drive the fremen TO the wall
in l,sS time than that and win COM
plcte victory over them. The firemen are
iutiIaIt and it is likely that the call for
the strike maE be indefinitely postponed
to-day pendnG settlement in the manner
Indicated.
Local Business Brisk.
Business on the local stock exchange
to-day WAS brisk. with prices firm and
securities in good demand. The rail
ways and Gas with the railway bonds
were most sought for. and these passed
IN -Onc volume.