The Washington herald., 1913-10-04
MODERATE LOSS
IN SECURITIES
Steel and Union Pacific Un-
der Selling Pressure at
Home and Abroad.
LOCAL STOCKS STRONG
Bonds in Good Demand-RaiIway Is
sues FirmAGovernment Bonds
Weak-Gossip.
BY i. A. FLEMING.

Wall Street was gloomy yesterday. pre-
dictions OF further receSsions in value
and continual hammering away at Steel
and Union Pacific, with traders also going
out of their way 10 take a chance flyer
here and here. turning the entire list
weak and developing nothing more than
an excellent crop of bears-the one hope
full sign of the session.
Starting with drop OF s. a ton in ware
house steel, one off from steel bars and
two off outside of the cities, exceptions
being made in Chicago and Pittsburgh,
where trade is good, predicting all man
ner of slowing up in the stee! business,
predicting the evaporation of tine COM
mon stock and other possibilities, The
bears hammered away all day.
Such an extreme OF bearishneSs as has
recently been manifested toward United
States Steel Corporation shares has been
cqualed only 4 few times in the COM
pany's history. The traders say that
after the suit against the corporatio
has been decided the stock will be worth
nothing. They blame the tariff partly
!Or the evils which they think will come
hut the antitrust case they regard as
still greater factor. They assert that the
reduction OF the tariff Will deprive the
common stock of earning power during
the next couple of years, and that at the
end of that period the company will be
broken up, the segregation being of such
a drastic kind that there will be neither
tangible property nor squity of any kind
left for the holders of the common stock
Usually when the little fellows begin to
talk in that way, and to operate in the
market in accordance with such views,
something happens that is more favorable
10 the bull than to the bear interests.
Pounding Union Pacific.
Union Pacific was also under pressure
from the moment the trading started
London initiated selling with some 10000
shares Of mixed stocks, largely Union
Pacific and Steel common.
The delay in splitting the Unions cash.
and the feeling that is growing that per-
haps there will be no splitting at all,
uCCentuated the beariSh sentiment. On
the street the statement was made that,
had the Jewish holiday not interfered,
stocks would have been much better,
contradicting the theory advanced on
Friday for Thursdays show of strength.
Every man to his own way Of thinking
about Wall Street.
Moreover. the street paid attention yes
terday 10 the advance in the Bank IF
England rate OF discount, which was
absolutely ignored oil Thursday.
There We're few exceptions TO the weak
ness rampant. Canadian Pacific holding
its own fairly we'll but Railway Springs
and both California and Mexico Petro-
lcum were 1-2a1 point higher and acting
Splendidly.
The Losses.
Vt the low Steel was points off. re-
gaining 3-S; Union Pacific was IL, clos
Hg l is lower; Reading a point of;
Northern Pacific a point of; New York
Central Chesapeake and Ohio, Great
Northern. Erie. Can, and many indus
trials l-@a3-4 lower. Atlantic Coast lost
! - Canadian Pacific finally gained IA
at the close. Peoples Gas . points lower.
Government Bonds.
The demand for government bonds was
decidedly light. especially for the per
cents. The bid price was IS IA, with 96 IA
asked.
Coupon Is. which sold Thursday at
1o9 81. We're nominally about the same,
i.ut the best bid was 100 IA Registered
ss We're lO9 IA bid, 1lO asked.