The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-10
BY /. \. FLEMING.

It looked very much like real heavy
Liquidation in Wall Street Monday after
noon; looked as IL the investment public
and the bulls, speculatively, were through
putting up margins; that they recognized
conditions were against them; that de-
spite the enormous crops and the won
derful industrial prosperity there were
factors of more Importance, at least tenn
porarily, and more dominant for putting
on brakes.
First and foremost as bear factors
stands the Sherman law, that seems po-
tent enough to break up every combina-
ton of more than two corporations that
the government may care to bring suit
against, and with the incoming admins
tration declaring for an open season" on
trusts, as well as on tariff sheets, the
'Hances for q speedy recovery do not look
Pecially bright.
rhe Sherman law is the most potent
I'd effective. as construed by the recent
6lcision in the Southern Pacific-Union
"a cihc case. At the time this decision
rs handed down, a week ago, the writer
oppressed the opinion that it was broad
and plain; that, shorn of the rule of rea-
son. it could not mean anything but the
disruption OF combinations of competitors.
: nd, willingly or otherwise, they would
obably have 10 separate II the govern
L ent started after them.
There were no very important decisions
NDnday The Minnesota rate case is still
il the hands of the court Every one
oects a favorable decision for the rea-
s. that the members of the court have
Is gely passed on the merits OF the case
II. lower courts, and would not be likely
TO reverse themselves. Should an ad-
verse ruling be made il would cause an
other smash on a market that is now
staggering.
Stop orders were caught right and left
The minute the list showed the slightest
indication of a rally traders were ham
merlng all over it
The losses were very serious and they
were general Petroleum stocks, the
chips OF the Standard OIL Company that
was. having nothing further to fear from
the Sherman law. have stood up well in
the past. but to-day they were smashed
just as bad as the others.
II was a bad day for everything
Each break of IL point caught more
stop orders, and so confident were the
GEARS of their position that they did but
little covering, but kept on whacking
away at stocks to the tap of the bell
II was, by no means. a case of money
or money furry. Money was rea sonably
easy. but money did not count. People
who had stocks sold them and those who
adn't sold more than those who had.
The average maximum losses on the
active leaders was about 3a4 points,
Union Pacific breaking. 43-4: Reading
is. and Steel. BIS. Mexican Petroleum
was of 45-s and the minor industriaIs,
ls2 IL points.
There was no balm in Gilead for
the bulls and they took il out on a
famous eX-President of the United States
and also on the Sherman law" and its
maker.
The only hope, that is the only ex-
pressed hope. was in these words:
Everything is so blue. so tired and sick
that I am of the opinion that il means
A speedy turn. There is some good buy
ing, but it is not aggressive This at
LIS was followed by further smashing in
the last hour.
The days declines tell the story of the
days blueness as well as words, il not
better. There were no gains.
II is probable that the answer OF the
attorneys OF the Washington Utilities
Company to the action brought by the
District attorney to enjoin the corpora
ton from further absorption or exchange
Of stock and other vital matters will be
filed to-day.
The answer will not be voluminous.
but the corporation will put up just as
sood 2 fight as possible.
On the third Saturday in January OC-
ours the annual meeting Of the Washing