The Washington herald., 1912-11-16
By i. A. FLEMING.


Wall Street got a good start yesterday
and made good gains during the early
hours. Everything was moving along
nicely toward recovery. when, in the last
hour, the wind took sudden shift and
blew bear gossip around the exchange
with the result that gains were largely
wiped out and net losses of moderate
proportions were substituted very gen.
orally.
And 1t was nearly all because OF the
fact that semi-official reports declared
that II was the intention of President
elect Wilson to call special session
of Congress soon after his Inauguration.
The action of the market was notice
to the world what Wall Street thinks
of tariff tinkering, Of probes and investi-
cations. but more especially what il con-
siders as a possibility in the event OF
the bills vetoed by President Taft at
last session, for tariff revision should be
brought up in special session and passed.
In the natural order of things, sans
special session, Congress under COM
plete Democratic domination would not
undertake the redemption OF party
pledges for another year.
In that year many things might hap
all probability, be left undisturoed
with US.
1t was declfNed at $50 yesterday aft
eTnoon that GNtinite announcement OF
special session would be made with this
morning.
In the last half hour the market was
especially active and melting on price
quotations.
SO severe, and yet some of the indus
trials. notably International Paper, Cop
per, Wool preferred, Tobacco, and some
other industrials were of / to points.
m the net gain side, SNUFF, Lorillard
Tct acco. Cotton OIL, General Electric and
Smelling preferred were features
Local borrowers complained of a
scarcity Of money in the banks and a
disposition on the part of bankers to
mark up loans. This has been going on
for ten days past Some choice collateral
loans were marked up from ~ to 5, now
good loans have been marked to 5l9a6.
and the banks do not seem TO have the
money to loan even on good collateral,
A block or securities was offered as
collateral for a $4,000 call loan yester-
day and was not even given considera-
ton.
1t is certain that the New York bank
statement will be a poor uncover $500
uAJ IN reserves lOSl-dHu NOllpdl dllNtlN
light curtailment in loans.
The burden OF crop movement has been
heavy.
Washington bankers admit that there
is comparatively little investment bust
ness, and the records of the Stock Ex-
change confirm the theory.
1t is just possible that the last cali
of the year, if made in a day or two.
would make material difference in the
in
York also.
Bankers like to make a good showing.
and the cali is due and liable to come
any day. In the meantime banks can
get 51za6 per cent for their money and
pick their loans.
A study of the stock exchange sales
list shows such dizziness as belongs to
August and not to November Fifty-twO
shares sold on Thursday, and seventy
four and some tenths shares Friday.
1t is nothing more nor less than case
of investors generally up in the air.
They know something is liable TO happen
and are not sure what 1t is.
Therefore, being at sea. they are wait
ing for something to turn up.
Interests back of the Washington IT'LL
tiles Company are better suited by con-
ditions as they now exist. They under
stand that bidding of old prices, 92a93
for the common stock of the Washing
ton Railway and Electric Company and
95a96 for the preferred. would probably
result in the marketing of the outstand-
ing stock in short order. Not having
progressed with their plans, there is ap-
parently no further desire for accumu-
lation.
Shareholders of Washington Gas are
satisfied with its outlook. With the as
surance that the dividend has been
earned, they see no reason for liquida
ton. At the same time, there is no buy
ing moyement, apparently no desire on
the part OF the insiders in the corpora
ton to increase their holdings anent the
annual meeting, still nearly three months
away. Despite the 100 days interval
there is talk of possible changes on the
directorate. Accumulation of stock may
be noticed before election.
While conditions on change are against
the making of commissions by more
than three or four operators, the over
the-counter trade is excellent. Invest
Ors having to make some use of idle
funds are taking on bonds and shifting
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