Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-10-30
PUBLIC BUYS STOCKS
Outsiders Enter Market at
High Level of Prices.
BANKS ARE WELL PLEASED
They Have the Cash, and Response
bility Is Shifted.
RAILROADS STILL WAITING
BANKS ARE WELL PLEASED
RAILROADS STILL WAITING
Placing No Large Orders for Equip
ment Pending Decision as to In
crease on Freight Rates.

crease on Freight Rates.
| BY ". G. NICHOLAS
| Special Correspondence OF The Star.
NEW YORK. October % 1910.
1t was the inevitable that there
should be heavy distribution and
liquidation OF stocks before the cleo
ton. This has been going on for
several days. AS consequence the
street is again full of stocks as the
saying Is. The floating supply of stocks
has been reinforced by many hundreds
of thousands Of shares. That prices have
held up so well under the load Of this
overburden tends to confirm the theory
that the public came in on a generous
scale throughout the progress of the ad-
vance which began soon after the Maine
election.
The public did not respond at once
to the bulish campaign which was organ
lied about six weeks ago, but 1t made
up for lost time after prices had adj
vanced to 4 points. The later stages
of the campaign have been characterized
by more than the ordinary flood of
weird stories, intended to whip the flag
t ging interest of the public, and to excite
new enthusiasm on the buying side, If
| that were possible. The scheme seems
to have worked fairly we'll, else the bull
managers could not have held the stu
alton SO strongly in hand and worked
off so many stocks.
AS matters now stand the public has
the big end of the burden of the float
ing supply and the banking syndicates,
with their speculative associates, have
the cash This transfer of responsibility
and ownership is pleasing tothe banks. and
ri inc
words are heard to the effect that il the
present owners have money enough and
courage enough to stand by their pur-
chases large profits will result. These
words of hope and comfort do not con-
tain a guarantee of profit. however, and
are lacking in defniteness of announce
| ment as to just when these happy days
are to arrive.
Ignore Situation in West.
The SPECTATORS who have been buy
ing stocks on the theory that Col.
Roosevelt and his new nationalism are
to be buried under a New York land
slide. never to be heard Of again. are
being rudely reminded that while their
local view may be accurate, they have
neglected to take into account the great
west and middle west, where a demo-
cratic or progressive landslide may be
construed as a triumph for the ideas
tics, and that such a result would mean
u further continuance of agitation for
heavier corporation control They are
reminded that at best they cannot hope
for political tranquility, although they
may be right in assuming that a de-
cided trend in New York and other
eastern states will be a good thing, and
may go long way to restore the con-
fidence Of business men in their ability
to control the deeper currents of poll
tics and legislation.
THE interests" cannot get over the
habit of trying to carry water on both
ways at once This has been mani
tested this week by two significant in
cidents. Up in New Haven at meet
ing of the board of directors of the
railroad. President Mellen took oe-
casion to say that never again would
his New England railroads take part
in the politics of that section or any
sentative Of a considerable group Of
presidents and chairmen of railroads
and Industrial companies who have
been going about proclaimtng that they
we're going to give the people a chance
without attempting to dictate or con-
troll the lawmaking machinery or the
courts. They were going to stand aloof
and let the people run their own bust
ness in their own way.
It Sounds All Right.
That sounds very beautiful to the
senses, and tends to soothe savage
voter. The day before this pronounce
ment up in Connecticut a meeting of
100 lawyers representing corporations
was brought to an end in the Waldorf
Astoria in this city-a meeting which
had been In session several days, and
which had been called for the purpose
Of deyising ways and means to beat
the law creating court of commerce
10 pass upon and enforce the decisions
and rulings of the interstate commerce
commission.
According to the program of these legal
gentlemen the constitutionality of thelaw
creating the court OF commerce Is 10 De
attacked on all sides and Knocked out
if possible. This conference or lawyers
has attracted very little attention con-
sidering its Importance. 1t was one or
those things that happened to be very
largely ignored on account of the political
campaigns which are for the moment
engrossing the attention of the reading
public The point is made, however, that
this is a poor way for the corporations
to start in letting the public nave us
own way. The commerce court. IT VIII
he remembered is the result Of about
TWENTY-FIVE years OF ceaseless work and
agitation to make the interstate COM
merce commission effective for the pro-
lection of shippers and the better regu-
Iation of railroads and the matter or
freight rates. However. these little con-
and in the working out the corporations
may regret their persistent attempt to
block the popular Will.
Get Tips From Washington.
xx-L:.-1. ,,,;nd raodarv bave haen