The Washington herald., 1914-04-14
STOCKS CONTINUE
DOWNWARDTRE
Steel Breaks Through 90 and
Market Sympathetically
Declines.
POLITICS & INVESTMENT
Lack of Confidence in Congress.
Local Exchange Achve-Distrct
Tax Money Committee.
POLITICS & INVESTMENT

The New York stock market yesterday
continued its decline. Steel finally broke
through so. catching many stop loss Or
ders and closing at 59A.
Copper. Reading, Union Northern, ana
Pennsylvania were all on.
General Motors and Guggenheim were
the only stocks to show gains The for
mer was up four points. crossing 80 ana
closing at ats.
The further depression on Steel stock
from its break OF Saturday continued
the feature of the market throughout
the trading. Its decline through 60 short
ly after the opening was due to the ac-
Cumulation of Hquidating orders over
Sunday from its unfavorable statement
on the heavy decrease in the amount OF
untitled orders on hand from a month
ago. and also the unfavorable trade re-
ports
A great many stop loss orders were
reached at go, causing it to sell down to
6sH. From that price there was a rally
to 60h on covering of shorts, after which
renewed liquidation carried the price
down to the new low record for some
time, from which there was no rally In
the late trading.
The weakness Of this stock had domi-
mating influence over the balance OF the
market.
Sentiment among the great majority OF
the trading element is now unQuestion-
ably bearish. The very disappointing &C
tion of the market lately, and particu-
larry the slump in Steel and the pessi-
mistic views of some of the leading trade
authorities on the situation and outlook
for that industry, chiefly has been re-
sponsible for this development. notwith-
standing the continuance of cheap money
in abundance.
Politics Bad Effects.
Traders believe no permanent rally can
be expected preceding increased railroad
rates and an adjournment of Congress.
Much Importance. in the meantime, is
given to the pending tolls flight in the
Senate Should the President pass the
House bill it would be an indication that
he will be able to put through the anti
trust1egislation now being drawn by At
torney General McReynOlds. These meas
ures are said to be of mild corrective
nature and they will not be Objectionable
10 the legitimate business interests OF
the country.
on the other hand the defeat of tie
tolls bill means the President has lost
control of Congress, only his veto power
remaining to prevent drastic legislation
from being enacted.
Guardians of the institution who, these
days. are deploring the usurpation OF
legislative powers by the President, are
met with the reply that point has been
reached when that cooperation between
the executive and legislative branches
Intended by the Constitution cannot be
maintained. 1t is either the Presidents
holding the whiphand or Congress run
ming the country and there is no doubt
under the present administration as to
which is the more desirable.
Public Interest Lacking.
Brokers and traders complain Of lack
Of interest in the market on the part
Of the public This, however, is a very
natural condition in existing circum-
stances. There is nothing to attract pub
lie participation.
On a sharp decline some people might
buy on the ground that stocks were
cheap, but there is nothing at present
to attract attention to the cheapness Of
securities. and the public never buys
on a large scale unless there is some
thing either in the way of decline or
an advance to stimulate its interest.
Only a comparatively few buy on de-
clines What causes eager buying is
sustained advance. Once let reasonably
plausible stories about big winnings by
this or that speculator get started and
there will be thousands trying to emulate
hardly move and it is impossible for any
one to make big profits only an ex-
ceedingly small proportion of the gen
eral public will take an interest
Local stock Market.
The two days adjournment of the
Washington Stock Exchange resulted in
record day for the year in the Washing
ton Stock Exchange
fya dollars
of bonds were sold yesterday, and stock
transactions tOtaled 160 shares.
The feature Of the meeting was Capital
fractions touching par. five shares of the
stock selling at 100. Forty-siX shares
sold 100 1-2alO1. One hundred was bid at
close, 100 IA asked.
In the bond list $500 Potomac Co1sol-
idated 5s sold at 100 and Railway and
Electric Is sold 5000 at 81 IA to 50. CO.
Iurbia Gas and Electric IS sold $1,000 and
Capital Traction 5s 500 at los.
Railway and Electric preferred sold odd
lots at Sass rs and quotation lots at
IS "a Washington Gas stock sold SO 1-2
Mergenthaler brought 215a215 is.
Cotton Crops Importance.
With the cotton planting season almost
upon us and the prospect of an acreage
of about IS, 100000. or about 100000 acres
more than the governments figures of
last year, and with condition of winter
wheat nearly ten points above the aver
age over an area estimated at approx
mately 35.0OO.0OO acres at the beginning
OF this month, the future of the railroads
as respects agricultural tonnage is at
this date fairly bright. With other spring
planted crops sown on the same abun-
dant basis, il remains for Mother Earth
to do her part. While cotton forms but
a small percentage of the total CONNER
cial freight tonnage except in a very few
cases. its high carrying rate and the