The Washington herald., 1912-12-28
Nv A. FLEMING.

There may have been more quiet days
in wall Street than yesterday, but there
have been few days where the fiuctua-
tions in the leading stocks were so linn
tied. The changes in the last hour were
the only ones that seemed 70 count. with
the exception of the weakness in Beet
Sugar and Delaware, Lackawsnna and
Western.
During the greater part Of the ses-
sion the leading stocks remained almost
begged at the final figures OF Thursday,
fluctuations Of one-duarter Of point be-
ing sufficiently marked to excite some
little comment.
Some of the bears were encouraged by
The apparent determination of the bulls
to do nothing to try the temper of the
list. but they did not go far. They sue
ceeded in making some Roadway unop-
posed, but were cautious.
The big traders on the bull side Of the
market were absolutely indifferent to
everything. They stayed aloof, watching
events closely, a bit encouraged by the
movement of the money trust probe. but
preferred to await the advent of the
year 1918 before testing the markets sta
bllity by important operations.
The general opinion seems to favor
higher prices for rails, following the Pc
Rod OF tight money, which is expected
TO end with the January payments on
account of dividends and interest.
Money showed a low rate, after OPEN
ing at 10, going to L, and then on at
the close to 2 per cent. There was COM
paratively little offered at the low
figure.
Beet Sugar lost Ia points The story
on the street is that a big following on
the bear side was obtained on the pros
poets of free raw sugar and on the
theory that the dividend on the common
stock would be cut. The directors con-
ceal the date of the dividend meeting
and are reluctant to discuss the matter.
z Railroad earnings continue to show a
satisfactory condition and the car short
age, now of 34.Ss2 cars, as compared with
a surplus of 1854 cars a year ago, tells
story that is interesting.
Naturally with tariff revision consider
alton, but little less than 80 days away,
manufacturers are becoming conservs-
tive and will go slow until they know
where they are going to stand, when
revision is ended and just when it will
be effective. Raw materials are high
and this is another reason for cautious
ness.
The movement of money should bring
the increase of cash in New York banks
up to ST.ao0OO for the week
Assertions were freely made that when
the PujO committee resumed its inquiries
banking witnesses will be found much less
compliant to the queries of Mr.. Inter
myeT. Judge Brown has handed down an
opinion in which he declared that the
power of the committee to summon wit
ness and compel the production of evil
dence. was very limited. Opposition to
the methods Of the committee will be
stifrened.
All State banks in New York will re-
port conditions as OF December 26. one
month later than the national banks.
Losses were generally limited to Ssa
I point in stocks, the only important
gain being in Plant System steamers,
which advanced two points
H. NJ BylIesby, who began develop
ing and unifying public service compa-
MES a number of years ago. before the
field had been denuded Of promising
concerns, makes the following observa-
ton:
TN the period OF the earlier develop
ment of public service enterprises great
risks were incurred, huge sums were
lost and huge sums of money, or its
equivalent. in substantial income earn
ings property were achieved. Probably
viewing the past, and considering both
the failures and successes OF such enter
prises, the capital invested has received
smaller total profit on it's total
amount than in the average of mercan- 8
tile, commercial, manufacturing, or
trading enterprises The business to-