The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-13
By 1. A. FLEMING.

1t was great day on Wall Street yes
teEday. There was enough action to sat
iSfy the most rabid speculatoT, to make
holders of securities decidedly uneasy.
and to give confidence, before the day
was over, to some of the wise ones who
took on securities at the low point of
the session. From this it may readily
be inferred that stocks were irregular,
and they were.
Immediately on the opening the bears
continued their tactics, dropping values
slightly along the line. Then the bears
turned to cash profits and gave the mar
ket a small rise. Again they hit the
line, and with sufficient force TO scare
the street into believing that the low
was far, far away.
Union Pacific dropped nearly 6 points;
Reading, 4I-2: Steel common, 23-S;
Southern Pacific, 21-2; Leigh Valley, 3 H.
and the whole list shaded to severely on
Having been successful in adding to
their paper profits, the bears again un-
dertook to cash their profits, and this
time their buying met with the competi-
ton of well developed investment and
speculative accumulation. the whole
forming a bull movement that carried
the market to the top and strongest
prices Of the day.
There were but a few laggards in this
movement, and these will be found in
the list where declines net for the ses-
sion are shown.
The leaders-that is the chief leader,
Union Paciic-did not make any appre-
ciable gain but it held its own. Steel
common MADE rs net improvement, and
Reading which dropped back to 15 IA.
barely remained in the same notch as
it did last night.
The advances were not very impor-
tant. but that there were recoveries was
a source Of encouragement to the fraZ-
lied bulls horns smashed and generally
dilapidated.
The bears found their advantage in
some of the important. stocks, chiefly in
industrials. that have heretofore stood
the gan of the bear raids with a good
show of front.
Snuff. with ) S-4 loss. and American
Tobacco, with points loss, topped the
movement.
This is Friday. December 10.
Spectator joining the two facts
would, under ordinary circumstances, be-
come a rabid bear. But conditions are
not ordinary There has been the most
severe liquidation during the last ten
days and breaks OF many points.
1t may be that the combination will
encourage the bears &c make a play TO-
the advantage again. but the clearing
up process, the liquidation Of weakly
margined operations, and the calling of
loans have placed the situation where
there are less dangers to il, when the
profits to the trader are such that 20
cannot stand on the outside short and
take a chance of losing part of his gains.
There Were rumors on the street that
J. Pierpont Morgan had obtained con-
troll of the Union Pacific, also that a
large block of long Union Pacific stock
has been transferred on the quiet at
private sale. thus relieving the market
of this incubus.
The general run of news OF the day
was not especially important.
The closing was not as good as the
market appeared to be shortly before
the tap of the bell. an average Of S-Sal-"
dIVp coming il the last few minute of
the session.
Inside info.nauJI - to the effar; tnat
Congress will soon pass the utilities bill. |
comment upon which was made i'll this !
column some days ago. The Commits |
siOn,rs OF the District are to const :u;e
the commission. 4 physical valuation
OF all the properties is part OF the plan.
Security interests and security officials
will offer no opposition to the measure.
Local gas interests will welcome the .
change. a they have never been able
the sixty years that they have catered
To the District.
The Capital Traction Company is at the
top OF its capitalization and bond issue
as well
The Washington Railway and Electric
Company Is in much the same fix.
It is this that forced the Washington
Railway and Electric officials into the
Washington Utilities promotion.
With all parties fair and above board.
the commission control Of utilities has
been extremely successful Il works well
in New York, Virginia finds il a good
proposition. and Maryland has the mat
Ter in excellent control.
louisville has a utilities commission.
Recently an apprasement was made Of
the utilities of that city, with the follow
ing result:
The 1919 valuation Of the six utilities.
with comparative figures for 1872, and the
increase in each, follow:
1911. 1912 Increase !