The Washington herald., 1912-11-07
MARKETS--FI II E--C COMMERCE.
Local Financial Matters
~ I. A. FLEMING.

~ I. A. FLEMING.
One may be pardcned for disressiol
from local matters to give little atten
ton to the wonderful, unexpected actiol
OF the New York Stock Market the da,
after the Wilson avalanche.
Wan Street has q reputation for doini
what It win and for doing the unex
Pected- 1t is q discounter Of all things
unless 1t may be decisions OF tho Su
preme Court of the United States.
But yesterday ii gave . most surpris
ing account of itself.
With the entire control Of the White
House, Senate and House In the hands
OF the Democratic party with practical
certainty. In time OF tariff revision. with
the assurance that trusts must be good
&C.. in place of clothing itself In sack
cloth and, ashes, and permitting values
for securities to melt as predicted. Wall
Street blazed out into great big bull
market
There were q few stocks that pre-
sented a sickly appearance. but ninety
nine out Of hundred stood up to the
rack beautifully and made good gains.
The bears were down early. They
Jumped on Beet Sugar with q hearty
will and before the session was as
many minutes old they had cut S a
share from Its value and this. with the
IS they took away from 1t Monday.
made eleven points loss In two busi-
ness days.
bears made their opening play. but
elsewhere they met only small sue
cesses, and then the lightning struck.
Buying became something enormous.
orders were sent into the exchange over
every phone, and they were buying COM
missions. In a few moments the bears
saw the changed situation. located buy
ing, and turned to run.
But they could not run In q body.
They had attacked with the united i'm
pulse Of the Onward Movement" the
hating and about face was a retreat.
Failing over each other to get out they
forgot limits and covered, their one de-
sire. regardless of price.
Old time bears could not understand
the action.
Conservative traders kept away. II was
too dangerous a market for the nom
reckless ones.
The shorts were whipped 10 "a fraz-
z1e.' and then some.
Gains OF 3-s in Steel common. 4 3-S
in Union Pacific, and 3 SIS in Reading,
coming on top Of an early decline, indi-
These three are the great trading stocks
on Change, 75 per cent of the business
being in them but the gains went on
throughout the list
St. Paul. 3h: Southern Pacific, ~;
Nipper, s-S. and SO on throughout the
list as shown elsewhere.
Beet Sugar came back with the COW
ertng movement to 2 points net loss.
Wool preferred was 7-S OF. and corn
products rs.
But the greatest break was In Stand
ard OIL Of Kansas. 1t has been doing
well Of late but to-day It broke IS
points. no mistake. It rallied a little,
not much.
Men who have followed Wall Street
has follow I'D 1t for forty years, were
unable to diagnose the situation
Usually such action as that Of Wednes-
day presages a smashing break. Wheth-
er 1T Will break, or continue advancing
Is a matter for the future to decide.
Whether the shorts are out of the
woods or wandering around fearful of
to-day's action. is also a point to con-
slider in presaging to-day's market
DIT may be that there will be another
forward movement to-day.
But II there is the impetus will lack
the action Of yesterday. for the simple |
reason that the short interest must have |
been greatly reduced.
The public is not in the stock market |
to any important extent. 1t apparently |
would have been the part Of wisdom |
Tor the financial interests that are carry |
ing the bag to let the bottom out OF 1t |
to encourage the bears to set the pace
so they set it themselves
Money was easier. and the big in |
terests bought stocks right and left. per- |
haps selling a few hundred thousand |
shares as values as neared the top.
The pace was given the start from |
London. Probably via New York. and |
then back from London
1t was indeed a wild day. a big day,
]. .o34,ooo shares. Money closed at "a.
The stock market table will tell the
rest Of the story Of the day.
Over in Alexandra yesterday at noon,
a few fnanciers took a $50 900 900 cor
poration up the back stairs to the Office
or Gardner Boothe. and in a jiffy made
1t corporation with $50 00O, 900 capitali-
zation, of which 100000, 600 is to be per
cent collateral per cent bonds
While this gigantic fiscal operation
was under way. Alexandria moved on in
its wonted quiet. through a sleepy noon
hour. knowing not its greatness.
One would not have thought Weighty
financial matters were being settled-the
back stairs looked more like the proyer-
bial 50 cents than $4,000 coo.
The Maryland-Virginia Railway Com
pany will. on the approval Of the amend
[nent 10 ltS charter Dy the virginia Com
go out of business Its securi-
ties will repose with Treasurer Spaid
and be transferred in due time to the
Utilities. unless some rude
Injunction changes the plan-an unlikely
event
It is reported on the street that the
various bright judicial lights Of tho Dis
trict and the Department Of Justice have
decided to wait and find out Just what's
doing before getting busy with their
The meeting in Mr.. Boothe's ofice did
not crowd the seating capacity, and 4.
the president ofthe Maryland Virginia
lid not consider it necessary to attend
Passengers making the trip via the
Virginia to Arlington for
the first time in weeks noticed the big
powerhouse Of the company quiet and
silent. the Juice for propulsion COM
Ing from the Potomac Electric Light
and Power Company. on this side Of the
Potomac. IL
c. p. King. president of the Washing I!
,on Railway and Electric Company vast .
present at the meeting and saw that all
was well done. In
The Washington Virginia viii be next
absorbed. then the small Virginia elec- !
trio light and power companies, then the :
Railway and Electric and
then (D. IL