The Washington herald., 1912-12-07
By L. a. FLEMING.

Wall Street nearly sold itself to a stand
still yesterday afternoon, took a breath
ing spell, found profits from the week S
operations beautifully attractive, and
turned to cashing their paper gains, this
operation resulting in an advance OF
about one point from the low of the ses-
sion in many stocks.
The bears were early on the spot where
stocks were bought and sold, and they
hammered away, and the whole list, with
few exceptions, went their way. The de-
clines were severe, and the balm in
Gilead was missing. Stop orders were
caught, and then the profits looked good.
This and the fact that scared traders
had dropped most OF their stocks brought
the rally, although thre stocks closed
lower for one higher.
1t was not nearly so much a case OF
net gains as losses. some Of the stocks
that do not figure prominently. save
Reading, Great Northern Ore, General
Electric. and Gas. being about the only
ones to make net gains. and some OF
these slumped badly. only to rally on a
sold-to-a-standstill market.
Southern Pacific was off L. Union Pa
Cifc IA, while Harvester. Realty and
Improvement and Wisconsin Central
were weak sisters
John Moody's lecture on Stocks and
Bonds" was well attended Many proml-
nent bankers and business men were
present despite the weather. Mr. Moody
detailed at length the financing move
ments Of the great railroads twenty-five
Years ago. IonG-term low-interest bonds,
as compared with the short-note financing
Of this day and age.
One of his auditors brought up the sub
ject of the local situation. asking peril
nent questions regarding the Washington
Utilities Company, but because of the
fact that the statIStician was unfamiliar
with local conditions he was unable to
answer questions.
One of the members OF the House wants
$4,000 TO probe the gas companies in the
District
As real matter of fact, isn't it funny
that ii is always the gas companies-the
Organizat lions with the same miserably
inadequate capitalization that was given
them back nearly six decades ago?
Why permit any Representative to start
a little probe. an stigstion Of his
own? Why add to the waste Of money
and the limited fame of some member
seeking the craftsmanship of probing
committee and subsequent nOtoriety OF
making unimportant disclosures?
The gas companies have been Sraked
over the Goals time and again.
Why not make the job q wholesale one
and investigate the general system Of
utilities, and do it in bunch?
Pass the utilities bill. Have a commits
sion and have this body conduct the
probing and the investigation, and let II
hC sufficiently thorough to last for at
least ten years: and having fun charge
"f the utilities thereafter. it would seem
that the utilities commission should bs in
a place to furnish any information any
aspiring member of Congress might de-
sire.
Do II in manner that shows a desire
1" ne square and right with Washington
utilities, not with sole intent and defined
purpose to find something crooked, and
with certainty Of disappointment If the
seneEambian in the woodpie should be
missing.
And all the financial interests will say
amen
chairman Pujo has hit upon another
tack. if reports are true that are be-
Ing circulated. as indicative of his theory
OF a money power.
The poor New York Stock Exchange
will he called on the carpet This aris-
t"cratic body. so runs the tale. is
trust operates to create a monopoly be-
auSe It's seats are 50 high it bars other
PEOPLE from operating on its floors and
the curb brokers. therefore. have to stay
out in Broad Street in the rain. storm.
and heat. Too bad. Why not have them
join the Consolidated Exchange?
Too had that every Tom. Dick and
Harry who can raise a few dollars can
not join the exchange and buy and sell
securities recklessly-make a killing Tor
once,
Too bad that this exchange like other
similar organize tons is an association Of
business men. a mutual organization, and
that thr membership must necessarily
b. limited and be composed Of men of
financial responsibility-at least when
they go on Change, whether they pos
sess it when they finally sell their MEM |
b.rships or not.
Too bad that exchanges in Philadelphia, |
Boston. Chicago. and elsewhere are So
organized.
Too bad that the valuation of the seat
is sometimes the entire assets OF a de- |
lInqu-nt. and on these occasions the cred !
5 5 s $500 '"'' 'e1'S were eve" higher
Mr.. PujU. in his structures on exchanges |
and clearing houses. has shown an en- |
tire Unfamiliarity with business methods |!
The money investigation from the start |
has been, more or less, farce insti- |
gated at the hehest of a Minnesota law
WEFKT v PEDT