The Washington times., 1910-04-03
WALL STREET FOG MORE DENSE.
VARIOUS NEW INFLUENCES
CHECK TRADING.
Bv I. A. FLEFuNG.

then safe and sane American rails may
once more prove attractive 10 our Eng
lish cousins.
Reforms Needed.
Reforms on the s Dck exchange have
been in the interest If checking manip-
ulation, of stoppin the practice too
long INDUCED in bidding for large
lots. knowing that such quantities couid
not be purchased. save from the brok-
er or brokers loaded with matched
orders. Now the broker baWlinS loudly
Tor thousand shares or hVe thOusaha
VIII be obliged to accept one hundreo,
two hundred. or greater amounts IN
mulupleS Of 100 shares. This rule shOutd
be adopted on all exchanges IN the
interest of the straight commission
broker, who finds II impossible 10 exc
cute orders while the tape SHOWS lhS
price at which orders have been pegged-
Other changes in the rules are Tor the
the good of the exchange they may
check speculation OF lhe manlpulaJlNe
character but they viii not hurt leglti-
mate trade and at this time when sent-
ment IS so evidently against everything
with Wall Street sound, conservatism
ought to he encouraged.
One Of the most important develop
ments has been in the voluntary ad-
vance in wages Of employees OF rails
and industrial corporations. II mas been
found necessary in order 10 quiet as
turbed labor. made more eXactlng IN
demands because of the publicity given
In arguments anent the high COST OF
living-brought up as an ecoTomlc SUD
tect and now made TO bear n 49, Dur
dens.
Railroads have come back sith the
assertions that increased CIa.zt . are
necessary 10 meet the added OIL r'-ay-aEd
there is some grumbling on TINS score
/ II adds TO the cost Of living.
Further delay would be Uf htt!e use 10
the stock market, as II would but pro-
long the agony and the situation To-Day
! is almost unbcaTable. There are rev
who look for such sweeping decisioh
as 10 require dissolution and attendant
disaster.
Financing a Problem.
The financing Of the railroads has
come TO he serious matter During
March the Lake Shore Road sold S5,-
I O00.Og0 bonds. the Baltimore and ohio
Z sold O0O short notes, Nort1lk ana
Western announced 100000 bond Is
sue: Chesapeake and Ohio announced
| 81, 10000 bond isue, Anaconda copper
/ increased capital from $4,000 TO Sl50,eba
! AtChinsOn railroad directors vote St5,-
| OO0.OO0 bond isue. and American Iele-
| graph and Telephone Company increases
/ stock TO $4,000, co.. The Frisco system
I asks its shareholders 20 authorize a
/ so ObO. 900 bond issue. New YORK city is
/ sued S5O.0O0G GO bonds On all sides re-
! ports were current OF new nnduclhE
| needed TO meet refunds and needed iu--
| prOVeIneuts. But the estimate or James
! J. HiIl on the amount needed by the
! railroads OF the CountrN-Ss,oN ,oN-ni.VJ'-
! staggered the railroad interests with its
/ immensely. The short term note has be
] come the popular way Of meeting emeT-
/ gencieS.
/ And all the time legislation Of the
/ most drastic order is being considered
! against the roads. The e1crt OF a
] certain contingent Of lawmakers Is ol-
/ rected toward the expansion of Federal
/ power and 10 such an extent that Sena-
/ ter Root OF New York has likened the
! legislation asked 10 practical Govern
! ment ownership
! Action Of Market Is Logical.
! Under these circumstances fl is not
surprising that the stock market IS not
attractive to the conservative investor,
{ that even the man willing TO take a
} chance now and then should hesitate In
f the face Of the situation. AID that the
1 interests supposed 10 hold the bag,
I loaded with stock, should long iOr an
/ elimination OF the difficulties that beseJ
1 their way. M wonder that there is h
I sickeniug, wea ryjng similarity in each
days session. in every hour or the busl-
J ness day.
The only wonder is that the market
| behaves as we'll as IL does that the
! bears are held in leash. and not per
! mitted TO run riot with other people s
! property
Aud in the meantime business moves
along IN undisturbed channels. VITA
Iuleuty Of money for the merchant and
! the manufacturer, with crops CROWNS
land with the hope Of the countr- in the
| bumper harvest. for we have become a
I great consuming nation
! A few weeks more and Congress must
adjourn If the court decisions have
! cleared The way for a corporate exist
ence under the law before that time.
the adjournment OF Congress Will be
| welcomed, even though II but marks
/ the beginning of a political campaign
| Weighted with POSSIBLE further troubles.
Last week showed concessions all
through the price list, but IN their llml-
tations was some encouragement