The Washington herald., 1912-12-03
BY 1. A. FLEMING.

Wall Street made one of the quickest
zbout-faces In its career yesterday
afternoon, following the Union Pacific
decision. Immediately the bears beAams
busy, and forced good declines, and they
were still at work when the big interests
decided that there was balm in Giieaf
in the decision, and that it would al
least be unwise to permit the bears &C
gain any important advantage
About face-the declines were recover
ed. and but small fractional net losses
were sustained In the stocks directly at
fected.
Up 70 the time of the decisions the list
lad moved along with steady, stately
stride, a bit slow, as the traders waited
for word from the court. Up 10 thls
time fractional advances were general,
while in a few instances sensational
gains were made, like Snuff, with Its
points gain. of which it held points
Der, with / IA.
Brokers and commission houses were
besieged by men anxious to get the In
side information on the Importance OF
the decision. and much activity develop
ed all along the line.
1t was not in the plans of a number OF
pools TO permit their market to be takeH
away from them. the more so as the
imports of gold were quite important
and promised TO continue, ana Were
taken as a double assurance that condi-
tons abroad were more peaceful than
the press dispatches seemed TO indicate
Big interests and commission house:
turned the tide by declaring that the
decisions were really bullish arguments
that Union Pacific shareholders would
come in for a juicy melon when the
Southern Pacific stock was sold: that the
cordial relations might still exist as tC
feeders and interchange Of traffic, and
that Southern Pacific, cut loose from
Union Pacific, could cut a much bigger
swathe than as second fiddle to the
Hartman leader.
Having satisfied themselves of this end
the bulls took the market away from
the bears and gave II a stronger closing.
Steel was more affected, a point loss,
than either Union Pacific or the South
ern Pacific.
Over s2,5OOO0O gold was obtained in
London for America.
feature that was essentially salts
factory to market leaders was the ex-
cellent reports of many prominent roads
for October. showing satisfactory gains
and ten months increases of goodly
proportions.
VI Tic SlAl6Sho DoAAha
Will celebrate the acquisition of the
Home Life Insurance Building and the
rental of enlarged quarters at ban
quet to be given by the bank at the New
Willard Thursday evening. The direc-
tors will congratulate themselves on the
wisdom of enlargement and of their in
dependence, which has been threatened
several times in merger possibilities.
The following extracts are from the
regular monthly business letter just is
sued by the Commercial National Bank:
TT was just year ago that business
emerged from the uncertain and unsat-
isfactory condition in which it had strug-
gled for two years. The business OF the
years 1910 and 1911 was unsatisfactory
in the extreme. as even the most far
seeing business men did not know what
to expect A year ago to-day the bust
ness interests began to see light, and
predictions were freely made that the
year 1912 would be a much more salts
factory business year, in spite OF the
fact that it was Presidential election
yeaI.
Building operations for the country
showed a decline during September, but
made a material gain during October,
so that total building operations for the
two months were about per cent great
er than during the same period of 1911.
The october gain was largely in West
ern cities, although Eastern cities and
Southern cities showed a slight gain.
The Pacific Coast cities held their won,
and New York City showed falling off
in building operations as compared wit
the same month of last year of more
than Is per cent.
The summary of the crop situation