Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-09-29
HALT BULL TRADERS
Leading Banks and Financiers
Put Foot Down on Movement.
MARKET. Is BROADENING
Sales on Exchange Show Greater
Amount Each Day.
LOOK FORWARD TO CROPS
Expected to Cause Improvement in
Every Line of Industrial and
Commercial Activity.
LOOK FORWARD TO CROPS
BY w. G. NICHOLAS.

movement not because they are un-
friendly to an improving market, but
they object to too much speed. They
would like TO see the market value Of the
stocks and bonds they have as collateral
go higher. but they have serious objec-
tons to anything that looks like deluding
or rainbow chasing. Their reasons TO,
this are Very plain and logical. They
think that any demonstration which looks
like artificial or ''monkeywork would
drive away the public instead of at
tracing them-that is, would shake in.
stead of building up confidence. Hence
the simple device was adopted of mark
ing up the price of call money. They put
the screws on just as a warning to the
over-adventurous ones to slow down. 1,
was case of I'VE like you. boys. and ap-
prove of your general ideas as to what
the market ought to be, but you must
put on the breaks and slow down lit
tie
The market is broadening out and be
coming more active, in the right way
Sales on the stock exchange have, been
running 100000 to 10000 shares a day
That is in sharp contrast to the avera &c
days doings throughout the summer
months. when the totals ranged from
lJO,VO 10 %pVU snaTeS gay iol "eeh.
at a stretch. Trading includes almost
every listed stock. instead of being con-
fined to handful Of leaders and favorites
like Union Pacific, Steel, Reading.
Can. the Hill stocks. the Coppers and
probably a dozen other of lesser impor-
lance. Now the big blackboards in the
brokerage offices are covered from end
to end and top to bottom with figures
registering the continual movement OF
prices throughout, the. long list of Sc
curities. 1t is cheerful sight for the
brokers and commission houses. and is
construed by them as foreshadowlng d
lively fall and winter.
And there is substantial basis for this
expectation. The early forecasts OF
bumper crops and of improvement In
every line of industry and commercial
activity have made good. Actual results
have even gone ahead of prediction and
estimates. Earnings in every quarter are
big. in many cases going away ahead OF
anything dreamed Of. This is peculiarly
true with the steel and iron industry;
with the electrical division. with textile
fabrics. and. in fact, with every line of
manufacturing and merchandising. AS
for the railroads. they are doing the
biggest business on record from one end
of the country to the other. Gross earn
known in railroad history. The increase
in net is not entirely satisfactory, owing
to the added burdens of higher wages
and the high cost of everything entering
into the expense of transportation.
Whole Situation Encourages.
The whole situation is full of encourage
ment and there is no reason why the
stock market should not participate in
the jubilee. The matter of national poll
tees is for the moment creating no dis
turbance. The discussion turns on the
extent to which Wilson will triumpll-the
ma jority of electors he will have in the
college and how many strong republican
states he will win by minority vote, on
account of the struggle between Roose-
Welt and Taft. 1t is a more or less
interesting topic for conversation, but
is not amounting to much as a market
factor.
There is going. to be plenty of money
with which to finance a reasonable mar
ket, but not enough to buy and burn
fireworks or indulge in unnecessary and
unwise band playing. 1t took hard work
and the exercise Of superior grade OF
ability to gather together resources nec-
essary to take care Of the crops and meet
the absolutely essential needs of the great
business communities and leave any
thing worth mentioning in Wall street
That difficulty has been surmounted and
the future now looks fairly serene pro-
vided reasonable restraint is observed.
And the big people are going to see that
it is. They are on guard against fndis-
erection. and will make it their business
to hold rein on the situation. Gold is be-
ginning to come in from the other SIDE
and Secretary MacVeagh leaves no doubt
in the minds of the public and of bank
ers that the whole of his $s000O.O00 loose
change Or any part of. it can he drawn
upon should there be legitimate de-
mand for funds with which to finance
a is no
going to put it at the command of Wall
street. This frank expression of Mr. Mac
Veagh's position is not entirely pleasing
to Wall street. but it inspires general
confidence and will have the effect Of
subduing any Shylock instincts which
might otherwise crop out
A development which pleases the real
friends of the market and which tends to
tho upbuilding of general confidence is
the tendency among the rank and file
of industrial corporations to declare divi-
dends where none have been paid lately
and to increase dividends where there
has been previous distribution of meager
amounts. These announcements are most
and satisfying proof that all
this talk about increasing activity in the
industrial world has not been a dream.
1t ha. substance. and the enlarged
amounts that figure in dividend checks to
stockholders IS. an. argument that can
not be controvertcd. The checks speak
for themselves.
!. Il. Financiers, Return to City.
great majority Of the men who are
recognized as leaders in the money and
industrial world have returned to New
York. J. P. Morgan and William Rookie
Teller were present at a meeting of di-
rectors of the Ontario and Western the
other day and the dictators Of the des-
TIMES Of scores of important enterprises
are continuously ION the job They are
awake to the improving conditions and
are lending the help of their personal
counsel in quarters where their active
presence has not been seen or felt for
many months. There was reason for
Messrs. Morgan. and Rockefeller to be
present at the meeting of the directors of
the Ontario and Western. Both of these
gentlemen feel the sense Of personal re-
sponsibility for having permitted the New
Haven to take over that white elephant
at the time Mellen and Byrne OF the New
Haven thought they had to buy it in
order to save the big New England sys-
tenn from being swallowed by the New
York Central. 1t has been a great drag
on the New Haven road ever since its
acquisition and the enemies of the presi-
dent of the New Haven point to the
transaction as one of the many evidences
Of the recklessness of the directing head
of the company The Mellen regime is
not popular either in Wall street or New
England.