The Washington herald., 1914-06-11
STOCK MARKET
AGAIN DECLINES
Prices Fall Slightly in Alb
sence of News-Distilers
Makes Gain:
BETTER THAN LAST YEAR
Anniversary of 1913 Low Affords
Consolation-Status of Virginia
West Virginia Debt Case.
BETTER THAN LAST YEAR
By W. sTEALEY.

>
TIE New York Stock Market yesterday
closed with prices slightly under those
of Tuesday.
Steel lost IS. closing s2l-s: copper IA.
closing Il rs: and Canadian Pacific an
eighth. closing 15 5-S
Reading was firm at 1s5 5-S while Union
made a slight gain.
DistiIlers securities was up / L. points
on reports that the House would defeat
the Hobson amendment.
Transactions were on very small
scale. American Smelling and Refining
was better on the strength of the Lon
don copper market. Central Leather
showed some activity. The Interborough
Rapid Transit Company declared an ex-
ira dividend Of 5 per cent, and the Dir
rectors of the Interborough-Metropo
failed to secure a quorum, and no meet
ing was held. Interborough preferred
was weak. A further engagement of
gold for shipment attracted no attention.
There was a slight sagging tendency
after noon. but the undertone seemed
TO be good, and. while 1t was expected
that prices would not advance pending
decision in Eastern freight rate case,
there was little apprehension of serious
decline.
There was a supply of Interborough-
Metropolitan for sale. following the an
nouncement of per cent extra dividend
on Interborough Rapid TSansit stock.
Some traders thought declaration of the
extra dividend on latter indicated imme-
diate resumption of distributions on pre-
ferred stock of the holding company. but
the way this issue was supplied indicated
that certain holders believed il would
not receive a dividend before the fall.
Local stock Market.
Capital Traction sales formed the basis
of trading on the Washington Stock Ex-
change yesterday. Sixty-three shares of
the stock sold at PAR and twenty-five
shares at 1O01-4 A sl,00O of the COM
pany sold at 107 81
Washington Gas sold % shares at IS IA
and . shares at - Is
Two ST. 900 Railway As sold at So IA.
For Railway common 81 1-2 was bid, 90
asked. For the preferred So bid, A asked.
Market Now and Lat Year.
At any rate the market is much better
than 1t was this time last year when
stocks reached the low level of 1913.
For a few days prior to that date Sc
curities underwent a rapid decline the
average price OF the fifty most active
stocks losing 5.12 points in week On
June 3, 1913, the average price was sS21,
which, oddly enough. was also the aver
",
June ., 1914.
The market lost courage on drastic pro-
posals by Attorney General McReynolds
for a new curb on trusts TO be effected
through graduated tax on output. and
on the Minnesota rate decision, which
overturned a favorable decision previous
ly won by the Northern Pacific in the
Circuit Court
On June 10 the average was down to
2 hiRh "a to he rha
point for the year
Since then stocks have never sold so
low, although in the early part of 1914
the average got down to s.. .. The close
yesterday averaged 69.E for the fifty
stocks, or 6.3S points above the average
for the corresponding day a year ago,
all of which is bad enough.
Statu. of Debt Case.
In the Virginia-W West Virginia debt case
the master is simply to consider West
Nirginia's brief alleging claims TO assets
which West Virginia contends should
have been taken into consideration by
the master at previous hearings. and TO
report his opinion thereon at the same
time that he makes his report as to he
interest still in dispute Chief Justice
White specifically stated that nothing in
this decision shall be taken to modify
the former decision of the court. which
definitely fixed the amount of the prin-
cipaL
The whole case is not to be reopened.
Mondays order merely instructs Master
Little1cld to consider the claim Of West
Virginia that il should be allowed a por- |
ton of the assets which Virginia pro- |
cured out of the investment of the money
which gave rise to the original State !
debt. Virginia claims that the master i
considered this point when the case was
before him two years ago.
The court said that II would not have !
allowed consideration of such claims IL |
the parties to the controversy were pri- |
vate litigants, but to remove all possi- |
bility of complaint about the final decree
by a sovereign State it would refer the |
question of assets again to the special |
master. The special master was instruct
ed TO allow West Virginia to present evil !
dence and Virginia to reply and to SUBJ |
nit his report not later than October.
This effect of the courts order is merely |
to postpone final disposition of the case, |
and does not change the status of the |
Norfolk and Western reports for the
ten months, including April. as follows: