The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-03-27
SAME OLD TROUBLES
LIMIT OPERATIONS
Market Still Marks Time,
But Bears Make Little
Progress.
By l. A. FLEMING

By l. A. FLEMING
Conditions have not improved materi-
ally during the past week save in the
settlement by arbitration Of the pro-
posed Western railroad strike But as
enc labor trouble is eliminated by set
Element or defeat the old sore breaks
out anew in some section of the coun-
try we are now threatened with a
coal miners disturbance with the Incl
dental loss Of time and money. There
are few who believe that the appeal OF
the head Of the Federation of Labor TO
the Government for an examination and
investi- tion into the affairs Of the
Steel Corporation with a view Of de-
clarinE il illegal because Of alleged "un-
fairness" Will result in anything serious.
Trades of this character are more or
less frequent ard the more embittered
by frequency of defeat.
Wall Streets troubles continue 70
oVcrshIdOw the encouraging stories
from the winter wheat fields, from the
railroads I'm statements of earnings and
from business generally With Il clear
held and no hurdles to be taken this
market would show its heels 20 the
bears and make money for the investors
who are now holding stocks and for the
speculative traders who are now con-
inning their operations to the naTrowesJ
of limitations and watching their trans
actions like hawks, ready to take a lit
tie profit or a small loss-no further.
Banks Lose Cash.
The bank statement reflects a loss
through the movement Of currency and
also through the subscriptions 10 the
New York City bonds. Money is not
very easy on this side of the pond, so
that it is fortunate that the operations
in securities are limited, a few stocks
only showing any activity, while the
great bulk remain passive and some at
iTact scarcely any attention at all. We
are not likely to have any buying COM
mission from the other side. Conditions
over there are much worse than here.
Activity in home" securities, rubber
promotions, etc has caused a serious
strain on money and will probably
bring an advance in the Bank OF Eng
land discount rate on Thursday of this
week
New stock and bond issues have been
quite numerous and they have not been
fully digeSted nor completed. The fact
that support was forthcoming on Thurs
day morning when there was the threat
of a raid, demonstrated that the in
sideTs are standing in the gap while
large enough buying orders TO give
the ira .lers profits and yet ready 70
take a dyer in Reading. Union Pacific,
southern Pacific or Steel at any time
TO MAKE a little profit and keep traders
guessing the while the band plays mark
time music.
After all is said and done there doesn't
seem to be much OF anything else to
great market mystery lies locked up in
that most digniffed body-the Honorable
the Supreme Court. And the financial
interests of the country are hoping that
within the spirit OF the .aw or define
the present trust methOus as legal
when the Wall Street flag would be flung
10 the breeze in glorihcation.
Limit Not Defined Is Yet.
The statement that the Administra-
ton purposes to push the trusts and
corporations generally With great vigor
may or may not be an emanatiOn from
the inside. but the pushing will depend
on the degree Of license issued by the
highest court There may be no push
ing. Political conditions are admittedly
not liking TO Administration nor mem
bers Of the dominant party. The cas-
tigatiOn Of Wall Street is one Of the
most popular sports Of the day, but
despite all plans, schemes, etc. calcu-
L
other thing, it Is the court that will say
Just how far the work can go. and
popularity Will carry it not one step
further
Governor Hughes declared that the
law would protect the rights of all cor
poratiOHs. The corporation is the Amer
lean way Of doing business. II has
doubled the business of the nation Ove~
and over in the last two decades, and
10 disrupt il would bring acute PARALYSIS
to the business interests Of the coun-
try.
Regulation of railroads is another nom
ular topic. and this. too, can only 90
so far. The decision in the Southern
Pacific case will be of vital importance. (
less so than the trust decisions The
senate IS having a time with the rail-
read bill. and the House is preparing 10
handle the matter. but restriction and
regulation are secondary influences. and .
the mendlnG Of fences in many Congress
s.onal districts that are badly in need
or repair is sure to make an early ad-
JOurnment Of the lawmaking body. when
the nation. and especially Wall Street. (
will breathe easier.
Negotiations looking toward the ANAL
Eamation IF the National City and the !
Bank Of Commerce are said TO be DrO- 3
crossing satisfactorily. In some circles Z
il IS seated that this union is desired I,
by the National City with a view Of I
makiT z IL appear as If Standard Oil in J
fluenCe was less prominent in the insti- /
tuition, in the event Of the decision in 1
the pending case going against the big
monopoly. There are some other ru- /,
mors IN connection with the National /.
City. but they have not passed beyond /
the hearsay stage
The Chesapeake and Ohio Railway /
Company Is out with an announcement F;
of bond issue, recommended bv the /
directors and to be voted on by stock (;
holders. April IS Of s31 900. coo Stock Z
holders will have the right 10 subscribe {
for three bonds. when issued, at 60 and /
interest, up 10 so per cent of the face
value of their stock holdings.
The bonds will be AZ per cent 20-year !
cOnVeTJibleS and may be called for re-
demptiOn in 1915 or on ninety days no. I
tiCe on any interest day at 1O2IA
The proceeds are to be used for the I
purchase OF a majority Of the stock Of 4
the Hooking Valley road and a subStan-
tial interest in the Kanawha and Michi- /
gan R r. Co.. and for the acquisition /
from interests in control Of pending !
foreclosure sale Of the property of the
Chicago, Cincinnati and Louisville r. R, I
etc.
Thus does the Importance Of Edwin I.
Hawley in the railroad world grow
apace.
The following is a statement q Chesa- !
peake and Ohio income for seven months !
ending January 81, 1910 and 1873 respec- /
lively.
10 1893.
Operating revenues. SIS. 5567 o. y15,5I2574 A.
Operating expenses
(ncludng taxesl-.-- r'.2u.J6r5 1883, $50 ~ +