Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-12-11

| cut the commission business down +,
nothing and brought the stock exchang,
| into worse repute than it was before.
A Week of Politics.
| The Presidents message and discussion
over the prospects Of political legislation
have engrossed q large share OF the at
tention of Wall street this week. AT tht
start off the message had a bad marke
effect 1t is true that the main feature:
| of the document had been common prop
erty in the street for twenty-four hour.
| before its submission to Congress. bu
something more than q knowledge of the
| striking passages was required before
there could be satisfactory analysis.
Simmered down, the message does not
give whole lot of enjoyment to the
large and anxious element whose prayer
is to be let alone. The President assures
those whom it may concern that no new
legislation on business subjects need be
looked for within year. That is be-
until a year from now. His assurance,
therefore, amounts to little more than a
pledge of exemption from doing anything
for year that cannot be done. Mean
time the existing laws will be vigorously
enforced and tested out. There is moth
ing in this to fill Wall street with exuber-
ant JOY. There rs In this section no wild
clamor for the enforcement of anti-cor-
poration and antitrust laws either in
whole or in part.
Come to think of it, Wall street discov-
cred that it is not As anxious for years
respite as 1t is for an carly settlement Of
important pending questions.
1t therefore heard with satisfaction that
there is a possibility of the tobacco
trust and Standard OIL cases being ar
gued before the Supreme Court early in
January instead Of the middle of Febru-
airy, as programmed. There is nothing
fn1 In, tl,se
generally believed, as the report came
from Washington sources usually reli-
able. The street has been taking consid-
cradle interest in the question of APP
pointments of new judges on the supreme
bench. and listens eagerly to all the gos-
sip coming from the capital on that SUBJ
Ject. So far as can be ascertained. the
street has had no candidates. though of
course the. background log rolling would
be kept a deadly secret. The public would
be the last to hear anything about it.
Not Quite So Cocksurs.
Those who have known all along how
the interstate commerce commission was
going to decide those freight rate ques
tons are not quite SO cocksure now as
they We're. The railroads who let it be
known that they had presented a case
so very strong that it must perforce
eide their way have apparently seen
new light They are obliged to admit
that the shippers have also made a strong
case and presented facts and arguments
calculated to impress mortal mind, par
ticularly political mortal mind, with the
force of public opinion against showing
railroads special favors. 1t will be a
great and glorious thing for the stock
market when this rate question will be
decided one way or the other. IL the
railroads should gain all or part of what
they are asking there will be 40 further
excuse for not going ahead with inn
proyements and requirements now held in
abey ance. On tho other hand if the
railroads should be turned down. they
can adjust their affairs to fit conditions
and go ahead on a modified scale. They
will remember that they have worried
along and earned dividends without the
advance in rates and may conclude that
they can pull through without the reve-
nue. that would be derived from an in
creased tax on traffic. In any event the
situation will be cleared OF the element
of doubt, and that will be a big thing
from a business and stock market point
of view.
One of the incidents of the week has
been the taking over of large specula-
tive account by interests that did not
care to see big block OF stocks thrown
on the market. Late Tuesday after
noon and during Wednesday forenoon a
line OF between fUV,pUU ana UV,UVn SHARES
was shifted in open market within the
limits of one point or less, the principal
stocks being Steel, Union Pacific, Read
ing and Amalgamated Copper. The stuff
was tossed out and taken over in blocks
of 5000 10 10000 shares and it came so
fast as to fairly startle the exchange.
There is no certainty as to the identity
CT the party or parties who transferred
their holdings and got out. but the finger
points to one of two or three heavy
weight operators. And after all it doesn't
make much difference, as it was not a
case of threatened insolvency, but merely
a sudden and violent change of heart
from rampant and impatient bullishness
to q position of doubt and timidity
Simply Didn't Do It.
Mr. Morgan's failure to mutualize the
Equitable Life Assurance Company as
per half promise made when the great
banker took over Thomas Fortune Ryan's
controlling interest in that company
caused a mild thrill. No explanations
were offered as to why he did not an
simply did not do SO. and let it go at
that. Retention of financial control of
this great money collecting agency might
easily be a matter Of the very highest inn
portance should there come an urgent
need for the use of the huge life insur-
ance deposits. Mr.. Hartman always
found 1t very desirable to have control of
express companies VII lie conducting his
enormous railroad and industrial COM
paigns. and every other great captain of
finance and industry likes to have as big
a bank roll handy as possible. The
Goulds were adopts in this field for many
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