The Washington times., 1911-03-05

predictions from Washington that
Especial session of Congress was newt
able at which the whole disturbing
question of tariff revision would come
up; a budget of unfavorable railway
statements for the month of January
| by leading Eastern corporations; wide
spread reports of extensive retrench-
! ment by numerous companies, and H.
nally the commencement of another i'm
portant Industrial trust suit by the Gov
ernment against the General Electric
Company, and thirty-two other electri-
cal companies.
At the outset of the interval the mar
ket offered excellent resistance to the
so called bad news. Trading was very
quiet, to be sure, and dizziness was in
tensified with each succeeding day, but
prices, while irregular, ruled strong un-
til Thursday when, under the accumula-
ton of unfavorable happenings, they
broke with much severity. Upon this
decline as upon that of the preceding
week when the freight rate decisions
were announced the volume of business
increased considerably and traders were
again found arguing that stocks wanted
tc go down.
PROFESSIONAL OedllnRS.
One heard much of liquidation run
ming in the market, and possibly some
Of the larger operators, who took firm
position on the long side of month or
six weeks ago, may have unloaded some
stocks, for the outlook from the trad
er's point of view is not promising for
an active bull speculation. but there
seemed to be no general or miscellane-
Gus liquidation. The bulk of the selling
was confined to very few houses such
as usually deal Tor spectators OF the
character indicated, and these opera
tions were confined for the most part
to relatively few issues, all of which
gave a highly professional appearance
to the reactionary movement.
The average stock commission
house makes no secret of the fact that
it is doing practically no business at
Iall. Customers are now so few and IA
between that the better class of brok-
ers do not care to risk losing any of
their clients, and in consequence they
would much prefer to have them hold
off until some additional uncertainties
have passed away. as for instance the
Supreme Court decisions in the indus
ing of the outcome of the rate cases.
which practically every one held
would be favorable to the railways,
was a severe shock both to the brok-
ers and their clients. some few of
whom were induced TO buy and, in
consequence, old hands in the financial
district are now exceedingly chary OF
advice and predictions as to the court
cases.
Wall Street and Washington.
OF all the events of the week the
feature which got most upon the
nerves Of Wall Street in the end was
the prospect of the extra session of
Congress. Republican Wall Street,
which went forth so gayly on election
day and cast it's ballots for Demo-
cratic governors and Congressman in
order to rebuke somebody, sees no
bull argument now in a special ses-
sion of the Congress II helped to eject
The inconsistency of the financial dis
trict in this respect is amusing. Five
or six months ago this citadel of
Republicanism laughed to scorn all
persons who pointed out that It would
not be favorable for them If the ira
ditional enemies of the protective sys-
tenn should be placed in a position
where they would play an Important
part in revising the schedules.
Now, however, that this very thing,
has come to pass the mere talk of
special session Of Congress composed
of a Democratic House and a near
Democratic Senate, called for the pur-
pose Of dealing with the Canadian
reciprocity treaty, has been enough to
cast gloom over the entire Street. The
average stock broker and the aver
age hanger-o in the brokers' office
appear to have gotten into a way of
thinking that a gathering of our
statesmen at Washington spells ruin
and disaster. and though it is pointed
out that a radical tariff revision is
impossible in view of the divided
condition of affairs in Washington,
brokers. generally. seem fearful Of the
result. II the election were to be held
tomorrow. Wall Street apparently
would return to it's old allegiance and
cast its ballots for the party of its
original choice.
Railway Rate Cases.
Although railway officials. particu-
larly of the Eastern lines. have in
no way dlleIeu OI In6lT
comments on the rate decisions, which
they predict will exert a harmful in
fiuence on general business, the ac-
ton of the Commerce Commission in
denying the proposed advances seems
to be winning increasing favor among
banking officials and merchants. II
is rather we'll understood, for in
stance, that the acceptance of the de-
cisions by some of the Western roads
is in accordance with advice given
by important banking firms. What
appeals strongest to the bankers ap-
ion of the rate advances puts an ef-
fective check for the time being on
wage advances, and thus breaks the
vicious circle" of higher rates, high
er wages, and higher prices, which
has been so harmful to industry in
recent years.
Probably no comments on the out
come of the rate cases have attracted
so much attention as those of Judge
Gary of the United State Steel Cor
poration, who takes the view that If
the decisions have any depressing eff
feet at all il will be but temporary.
Coming from the Chairman of the
Steel Corporation, which depends upon
the railways for an enormous busi-
ness, these views are regarded as
highly encouraging, and, furthermore,
1t is reported that no cancellations
have been received by any of the
important steel manufacturers or cor
porations specializing in railway