The Washington herald., 1912-11-19
BxI. A. FLEMING.

It was a slow, dragging and erratic
day on Wall Street on Monday. The
declines were more numerous and more
important than the advances, but the
changes were comparatively small.
With the opening there was a fair
show OF undertone, then a reaction with
a recovery and another easier tone to-
ward the close.
Concerns that have passed through
Presidential changes and panics are not
especially hopeful of the present mar
ket, their optimism being more connect
ed with the market of the future. The
short interest outstanding at the present
time is very large. 1t is unwieldly and
could be run in for good gains any time
the bull leaders might undertake cam
paign.
There is nothing at this time to war
rant a bull movement.
Money has not commenced to now
from the West in appreciabie amounts.
The banks have maintained an even
keel by calling loans. Money is tight
all over the country.
The street hoped for important deci|
sions yesterday, but the Supreme Court
again disappointed the fraternity, and
adjourned until after the Thanksgiving
holidays.
The bsthtub decision was the only one
nanQeu Gown ana the government CUM
plant was fully upheld.
December. is the date of the reassem-
bling of the court. The Minnesota rate
case is one of the most important. in so
far as the railroads of the country are
concerned. Then the Anthracite Coal
case, pending, takes second place, and
there is just a hope that the Southern
Pacihc-Union Pacific relations may re-
ceive the 20. Il" of the court.
In Hriay Of he conditions ha oyar
the market, it is more than likely that
we will have a backing and filling mar
ket for the next three weeks-unless
speculative forces undertake a campaign
while yet there is time to whip the shorts
again.
Chairman Pujo has announced that his
Money Power investigation will be re-
sumed tomorrow. and that the report
will be ready for submission TO Congress
by December %, in order that Congress
may take such action in the way of
remedial legislation to correct existing
abuses and evils in the carrying on of
the business on the clearing houses.
stock exchanges, and national banking
associations of the country may be
warranted by the facts
The Washington Stock Exchange would
welcome anything that would remove the
depression in trading activities. at this
season Of the year. when business should
be at its best.
The local clearing house is doing its
duty every day. but would welcome any
changes that would make for the speed
Ter handling of the exchanges.
II there is actually e money power"
it must be a New York proposition;
there is nothing in Washington to sug-
gest even the appearance of control Of
mower in a financial way
Local bankers do not look for any de-
velopments of interest as a result Of
this investigation.
Graphophone preferred was the leader
OF the stocks on the local Exchange one
day last week.
Two years ago the perferred stock
sold down to 1871. Its decline to the
low was gradual: its advance to 70 has
been more or less rapid. The stock is
now on a dividend-paying basis Talk
ing machines and monographs have had
a new lease of life. and Graphophone
has participated in the better times.
The Anacostfa Bank has entered the
ranks of dividend payers. the institu-
ton recently declared a per cent semi
annual dividend. showing initial distribu-
ton on an per cent basis
1t has been well patronized. and has
large deposits. The president of the in
stitution is George o. Watson. cashier
CT the National Metropolitan Bank.
Comparatively few of the $4,000 GER
tihcates of Indebtedness Of the George
town Gas Company were exchanged for
bonds. when the offer of exchange was
made a couple of years ago.
Some surprise was expressed at this,
but the fact that the certificates are
convertible for stock at the rate of four
shares of stock for every 800 of certih-
Gates. ought to remove any question as