Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-02

was the fact that the public's investing
capacity. could not keep pace with cor
poration security manufacturing.
Nothing was the matter with the Dill
of fare. and the diners appetite was all
right, but las Mr.. ]. P. Morgan once
pointed out graphically investment d.
gestive power can give out
Can Trust Boosted.
There is noteworthy significance in one
development this week. having to do
with stock exchange processes as re-
lated TO newly created sentiment. few
months ago excited speculation was con-
Quoted in the stocks of the can trust.
From S11 share the common was kfted
up around A.. Nobody outside of the con-
trolling coterie could even affect to un-
derstand this exhibition What every
body knew was that the can trust had
throughout it's existence been conspic-
uous cripple. Its preferred stock was
entitled to dividends tGat could not be
paid. accumulation of debt by the COM
pany on this account mounting into mil
lions. No Independent observer was. there
fore. surprised when one afternoon can
common stock quit sailing in the 4Os to
turn over waterlogged in the 9s. 1t
hasn't had many speculative friends
since.
Millionaire insiders who were credited
with it's freak campaign were found to
have been misquoted. Daniel q. REID
was much aSSailed for a time on account
of the fabricated buoyancy. But it re-
dured only little investigation to dis
close that Mr.. Reid had not at any time
been responsible for what actually was
an ardent plunge taken by relatively
lghtwaisted traders. Generally the view
became accepted that as losses were
made more rapidly in the decline than
profits had been accumulated on the rise.
there was not likely soon to be much
show of life in the can speculative quar-
ter. Thus Wall street was jolted when
at the beginning of this week Can COM
mon and preferred both started in on a
new climb. The preferred shot up a
dozen points and the common got above
it's former high quotation. The old tales
of months ago were given. new circula-
ton. Tens of thousand Of Can shares
We're dealt in on u single day.
The result was not q stock exchange
thrill. but a shiver. And here is what is
notable-there came swiftly into evil
dence official condemnation from stock
exchange managers. Actually nothing ap-
peared out of what in times past has
been regarded as merest market routine:
but what afOretime was accepted as nor
NAL becomes now the occasion for worry
and furry in the very highest stock eX-
change places. 1t is not that any new
morality has come swinging into the
street. the effective fact is that criticism
first time eXerting obvious influence.
Significant Change.
The stock exchange has always hith-
erto been able to assume the cavalier air.
brushing gayly aside any. every. indie
pendent suggestion from the public. The
ticker could do no wrong. 1t is conse-
uuently signifying revelation that Is
this week afforded in the sudden deterIri-
nation of stock exchange offcialdom to
lay heavy hand upon spectators wick
ed enough to pursue traditional manip-
ulative tactics.
The match and the powder are pretty
closely hobnobbine-at least this is un-
doubtedly the newly awakened stock ex-
change apprehension: and there Is pal
pable fear that an explosion is due, I'M
less extraordinary preventive means be
adopted.
This new departure is entitled to be
hailed a very Godsend to Wall street: 1t
is a step toward assuring the public that
there are to be rules for the game IN
Wall street-that the fair deal and square
deal may be relied upon. The origin may
be petty. Results can be stupendous.
Much depends upon whether the members
of the stock exchange are melted at the
moment by nervousness merely Or We'll
considered determination to enforce finan-
cial wholesomeness.
Talk of Tariff Not Disturbing.
In the weeks undoubted improve
ment in market sentiment may be seen
anc this is exceptionally significant, too
NAV he found the refusal of the public
To ,acome depressed over tariff distur-
hance talk. Some energetic efforts have