Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-03

with most disrespectful indifference. Still
relying upon precedent. before very long
we may have our leaders hurrying u
buy back with hurrahs what they have
been letting go In whispers.
Some Conspicuous Targets.
1t is worth while considering the list OF
stocks, or conspicuous Representatives in
the list. against which Just now "con-
sentative operations are directed. They
who constitute the adverse party include
sold out bulls now allied with profess
sional, persistent, perennial bears.
Notably conspicuous among tho targets
at which the combined interest are firing
are the anthracite railway stocks-Lohigh
valley and Reading for favorites. The
present bearish attitude foiows sales for
the short account assiduously piled UP
throughout the past Iortnight-tho largest
selers for the downward account beng
iinanefers popularity credited with having
intimate relations with anthracite insid-
ers. Only a little while ago precisely
these same individuals were promising
tnat both Reading and Lehigh Valley
We're bound before the end of the year to
cross 2u0. But experienced observers will
not stop to ponder or TO worry over the
variance between that former enthusiasm
ana the present moan of hopeiessness.
Once upon a time there was a Wall street
man proud TO DC consistent. He died
From the same sources bearing the coal
stocks comes Oppressive suggestion as 70
what may happen to the price OF some OF
the Industrial lssues-can trust preferred
for example. Recently there has beef,
much promise of an extra can dividend
That talks ended. One possible reason
| reason that could have ultimate buoy
ancy In II, has to do with negotiation by
the Can Company for the acquisition of
/, its little Fostering competitor. Vulcan
defining. incidentally We are likely 10
| have In nearby months much talk OF fur
| ther INSCRIPTIONS and consolidation in in
dustrial quarters-regardless of what the
courts have been prescribing for the big
combine in oil and tobacco
Expectations Disappointed.
| Emphasis is put upon the statement OF
earnings which the greater properties are
recording. Union Pacific and Southern
Pacific disappoint expectations-though IL
was In this quarter that most reliance
| has been placed by those expectant that
| some material evidence of improvement
was about to develop Truth is, the
Hartman situation Is befogged. Systems
| OF bookkeeping in variety have become
| interchangeable there till 1t is out of the
! range of possibility that an ordinarily
equipped accountant can make any CAL
culattons that seem sane. People who
hold Hartman railway stocks are par
ticipating investors in a mystery. When
y
were executed some tens of millions Of
liabilities of sudden politely vanished
| Now when plans OF distribution are
| Enthusiastically dangled-some hore
tens of millions change In the balance
sheet-this time assets acquired. More
seductive whirlfng never made statistics
! tipsy. Wall street used to have a joke
+, over twenty years ago it was grayhead-
ed-that ST. Paul dividends were earned
! by the ST. Paul bookkeeper. That his
toric gentleman would be but a lament
able amateur nowadays.
1t is not matter for jest that the &C
counts of stupendous corporations come
to the public In forms incomprehensible
And IL is healthfui sign. a wholesome
hope, offered by the report and recon-
mendatiOnS about to be offered to the
government by President Hadley Of Yale.
who at President Taft's solicitation has
been closely studying phases of corpora
ton capitalization and accounting. with
view of having them square with fair
dealing toward the public. 1t is popular
| in Wall street to cry out against "in-
flying 1t. requiring it, is national invest
ment necessity.
Looking to Washington.
1t may be well on toward the middle
of December before we gain approxi-
mate knowledge of what the statesmen
down at Washington are going TO do or
try to do. Some phases of projected
programs are bit Oppressive. And be-
fore something like definiteness Appeals
II is hardly probable that the markcs
generally can have any forcefuI upward
swing: but calm appraisal of the s,itua
ton warrants. none the less, optimist:;
prediction of what by New Year tinc
should turn into uncauivocal bettermeD..
Just now is q time for inquiry aud ca
culation, for preparation to join in a mar
ket movement which iharrng sonJe nm
believe is bound to mark-the vigorous
start Of d market whose expansion au.i
rise shall be for years TO come mem
Orable.
The list is long of low priced stocks
whose quotations during the coming
twelve-month can easily double-and still
seem low.