Evening star., 1913-10-05
Interstate Commerce Commits.
sion's Railway Hearings
interest Street.
BULL MOVEMENT SHOWS
CRAFTY, CLEVER WORK
Undue Importance Given Slight Re-
cession IN Earnings Of Some Rail-
roads-~1(slon" Gossip.
By W. q. NICHOLAS.

Special Correspondence Of The Star.
NEW FORK, October L 1o13.
Other questions Of great market mo-
ment having been settled, the attention
OF Wall street 10 now being concentrated
on the interstate commerce commission,
which IL scheduled for early action On
the freight rate petition. The Issue is
recognized a. the most important busi-
ness problem now calling tor 3uagmenN.
The stage is being cleared for uninter-
rupted hearings. and the petitioners are
prepared for the full presentation u
data and argument to prove the merit of
their plea for a 'fairer show than they
are now enduring. They have been max.
Ing heroic campaign. and on the sur
face 1t would appear that they have a
measure Of unusual popular approval and
Endorsement The railroads have gone
through a test Of nearly four years to
establish the fact that they are right
fully entitled to a more lucrative trad1c
return, and the data they have COM
piled cover the whole field convincine1y.
1t II claimed.
The Importance Of the finding will not
pc confined merely to tho SO COO 900 to
$1OOOO.OOO increased annual revenue ask
eo TOT. That would have been the great
pensaion was first asked for. but since
that date the question has broadened
ana now favorable ruling will have the
Iurther meaning Of splendid expression
interests. and q free field for the whole
some further expansion Of the greatest
industry In the country, with the single
exception OF agriculture. That 1t would
aid tremendously In the quick develop
resumption OF Industrial activity Is the
view entertained by the railroad repre-
sentatives and an Overwhelming majority
ot leaders OF independent public thought.
bsIa IA III .1e e,an other hand, ,ne opinion II
erai move that the railroads. are al
ready In receipt Of all the compensa.
ton they are entitled to. and should
be well satisfied to go ahead on former
terms, Against such a fate the rail-
nerve, and while full Of hope Of suc-
cess are by no means certain. The
railroad representatives have been a
pains to conduct their campaign with
cleanest regard for the proprieties and
with vigilant avoidance OF. covert SUBJ
tleties OF approach or argument.
The commissioners have signifled the
single desire to be placed plainly In
possession Of all pertinent fac.s and
fgpres bearing on the subject and left
alone to reach conclusion. The COM
missioners have convinced the railroad
men that they will be given q fair
hearing, and while being careful to
avoid Expressions Of overconfdence
stantial expectations Of success
1t ts q fact. also. that the deep feel
ing entertained by railroad leaders
that an adverse decision would be a
national calamity is also held by a
nave made their attitude known In
a most public manner. AT the same
time Il has been made clear that loose
prejudgment Of the finding viii be
could be attempted by misguided
friends. The status seems to be very
clearly understood by all intimately
concerned. The hearings will begin In
a very short time and az they proceed
stock market factor. IT Is the big
factor In tho forefront
September Movement Short Lived.
The September bull movement In the
stock market was short lived. Il was
exciting In spots. and occasionally half
dozen favorites rallied l to 3 points
amid a loud turmoil. only to settle back
with slight net improvement The bull
movement and accompanying reactions
were not without decided changes Of
sentiment. but there was nothing perma-
nent in the demonstrations. A large per-
centage Of the stirring news turned out
to be mere gossip, inspired by the gam
bling impulse. 1t was SO charged. or
else It was eymptomadc OF q manu-
factured campaign to assist in the hQui-
dation OF underwritten allotments Of
specialties. Some very clever work was
done by the professional traders. whose
friendly assistance was obtained, but
throughout the campaign there was en-
nR ~lu hA ypo n
principally of artificial manufacture and
the results largely made to order. Prices
were boosted until the increasing pres
sure revealed real stocks In uncomfort-
able volume; this was . signal for with
ton and the inauguration Of crafty un-
loading OF speculative lines.
The operations usually resulted in Q
series Of moderate profits for tina In
siders. and In the scattering Of supplies
resources and spirit Of underwriters and
friendly banking houses. The manipula-
tive process was moderately successful
and was kept within safe grounds The
local sentiment could not be tortured
into permanent confidence.
The bulk of opinion was publish on
the long rum" yet cautiously favorins
a dosen culminations. why not wait q
while longerf Nothing eonsationally
buiiish had occurred. and nothing awe.
somely disastrous. It was. on the whole.
a serious faced situation. From the
teeth out the preachers Of the financial
gospel were strong and courageous
Touching on and appertaining to- the
actual wallet and bank account. how
ever. prudence has been the controlling
feature most Of the time since the 'hig
talent first put on the brake six months
ago.
tached 20 the slight recession In the
earnings Of some Of the railroads The
corresponding months Of last year, but
mention IL rarely heard that the dSures
OF l0l2-10l8 broke all records On practi-
cally every important railroad system in
the country. The shrinkage In tonnaSA
now the subject Of unpleasant comment,
will not bring the total figures startlingty
behind that OF 1928 even at the worst,
although enough SO to base q strained
argument that the country 10 reoedlng
from an era Of artificial business TN.
provement The latest trafic statistics
have doubtless come within view of the
interstate commerce cornnissio6 and
served useful purpose OF enlightenment
20 to the railroads actual ccnditioa and
needs.
earnings have been during the record
year. costs Increased at q still faster
rate The statistics Of expenditures for
maintenance OF way and equipment for
the current year WIN show CLOSE re-.
tremchment III every quarter, but not
enough to maintain equitable percent
a9es between income and outgo Wall
street II professediy myseinad At the con.