The Washington herald., 1912-11-12
By /. A. FLEMING.

New York secqf1ties again furnished
matter for mucH speculation in their
action during the last half hour Of the
session. From a strong opening, with
slight recessions and then stronger
prices, values commenced to break in the
second hour, but came back TO strength
at the noon hour. Then the list con-
tinued fairly steady till the second hour
of the afternoon when pressure was
plainly exerted on Steel common. De
spite efforts to support 1t when 745AaIS
was reached, 1t practically melted away
in the last half hour, reaching "a and
it took the rest Of the market with it.
1t was a case of liquidate- The bor-
rowing demand was materially reduced.
the shorts covered largely, and the profit
taking sales have practically wiped out
all the gains of a week ago.
On the cause OF the trouble traders
differed.
Extra session of Congress seemed to
j be given more often as the excuse than
anything else, although tariff reduc-
tions are practically sure, and the peace
of Europe is In a ticklish condition.
Commission houses hoped that the
present prosperity, at the highest pltcn
in nearly everything. might be permitted
to work its way through at least I'LL
the date of the first regular session OF
the Sixty-third Congress. December l.
1913, but II the leading advisers OF the
PreHdent-elect have the situation sized
up, there will be a session and that soon
after the change of administration
The street was disappointed at the
failure of the Supreme Court to hand
down important decisions yesterday,
having waited long and expectantly lor
the solution of important problems.
There was nothing in the news OF the
day, other than as referred to, that
might cause uneasiness.
Steel Union Pacific, Reading and
Great Northern Ore were the weak sis
ters. the latter going OF three points,
perhaps indicating more the fear ot tarin
reductions than the manufacturing stocks.
There are two parties everywhere-one
that holds that with the new administra-
ton will come a check to prosperity, the
other that looks for no serious difference.
Railroads are ordering cars to be deliv-
cred next fall: steel mills are sold ahead
six months or more. No cancellation OF
orders have been received, nor suggested
But stocks are light on all goods.
even the urgent demand for immediate
use not causing heavy stocking up Fur
naces are producing 100000 tons Of pig
iron a month, but the stock is less than
10000 tons.
1t is interesting to note experts figures
on the cost of English iron laid down
in New York free of duty, with all
charges. S1S65 a ton. against sales OF
American iron at $3.50. the former price
including carriage, freight and insurance.
In 1871 the Russian Army was at the
gates of ConstantinoPIe and stocks were
fat in all European markets To-day an
other army is at the gates of the Ottoman
capitaI-the same old problem has been
revived.
A diagnosis Of the report Of the saw
ings of the United States in a contem-
porary does injustice to the army OF
good savers of Washington. Washing
ton is classed as one Of the places where
there is little saving"
Washington is a community Of savers,
home savers, savings bank depOsitorsr
and building and loan institution savers.
The twelve savings banks of the Dis
trict were accredited with $s,9l1.l6O OF
savings.
The National Savings and Trust Com
pany. with "over 3l,OO0 depositors,' ac-
credits practically 20 per cent of its de-
posits the money of the savers, over
100000
The American Security and Trust
Company admits that it has large de-
pOsits. small in the individual account,
that are savings accounts.
The Union Trust Company, the Lin
coin National, American National. and
Farmers and Mechanics National banks
all have savings departments.
The United States Trust Company has
at least 100000 of savings and a large
part Of the Washington Loan and Trust
ComPany's funds are there for the in
terest.
Double the amount, make it 5000 900
to the credit of the savings accumula-
tors Of Washington, actual money in
banks. and add another 100000 for
tiOns