The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-08-14
THE PRODUCERS
ARE Cared FOR
CONTINUED FROM PAGE FIVE.

that price il made, Il IL as unalterab'e
As the famous laws Of the Medes and
Persians., Farmer Jones may not b;
satisfied with the price for corn at ths
elevator at his nearest rail point, ann
may haul his grain six miles to another
elevator-but the six miles would not add
q cent. that is, it would not few years
ago. and the forcible taking Of the toll
probably still continues. 1t is probably
the same in the South. II Farmer Jcnes
IL not willing to sell at the price nameG,
he may haul his corn home again, but
when he sells he will sell at the price Of
the day.
This Is no new thing. II has been gu
ing on for years. 1t is the most fragrant
violation of the Sherman antitrust law
In existence.
It bites at the vitais of the producers
1t Is the only alternative offered pro-
ducers. Time and again a grain buyer
not IN the elevator clique has been sin
sled out on grain exchanges. a marked
man. unable to sell his cereal in compe-
ton with other operators: offered no al
tentative but to quit and leave the pro-
cucers at the mercy of the clique.
No Greater Prosperity.
No farming community in the world is
more prosperous in every way than the
American agriculturist. European agri-
about rotation Of crops. fertilization, Gull
tivation, &C.; for the last acre, and last
ounce of production Is forced there,
while here millions of acres are idle.
Northwestern farmers from abroad, Mid
die Western and Western farmers from
abroad-these are the men who &C.
casionally visit their relatives abroad and
send money for them to come to the
garden country, the u. s. A, where they
know the greatest success ever beyond
their dreams.
Wall street Markets.
Yesterday was prolific of much trading,
but with more or less negative results
when the final bell tapped. In the in
term there were many movements. Down
and up and down again describes the
general movement.
The bulls still control. hut they find
more opposition. They have driven in
many shorts. and they have advanced
the market since the low of June 10 to
a point where some wise ones are will
ing to take a big profit and stand aside
for awhile.
It was over a 10000 share day. which
In itself Is a novelty in Wall Street
Important interests watched the sitUa-
ton closely and prevented actual conces.
sions. while special show OF strength
in the day Southern Pacific. which haG
Teen freely sold earlier in the day be-
tween 81 IS and 90. made a plunge. prob
ably on a reported over-subscription to
the stock offered to Union Pacific share
holders. and made a sensational rise 10
81 L., or 25-S points better than Tues
day. Only one house reported this SUI
cess of the Union Pacific plan, but the
action OF the stock seemed more potent
hon TN, n.
ability, too. that the influences now back
OF the list. finding it rather hard &c in
fate values generally. paid special at
tention to the Southern Pacific stock.
and IN SO doing gave Southern Pacific It's
big gain. The close was 1918
Strong Points.
Reading managed to hold l.: point ad-
vance, North American L., Nlpper 81,
Lehigh Valley "a. despite recent onIs
lair showing. while Frisco seconds car:e
once more IN the limeiight. center stage,
with an advance from s1-2. Tuesday =
close. TO II IL, almost a sensational gain
500 Line made it 21-e points higher.
Smelling gained III, Great Northern
Ore rs. while United States Realty
moved up points. Illinois Central fea-
tured with a 2-point gain.
Considering these strong spots, II
wasn't such a negative day after all.
Steel was enormously active for these
days. but II went back from the high
of eSIs to So. practically Tuesdays
finals.
New York banking and brokerage
houses, seeing the possibilities of the oc-
casion. have requested the right to in |
crease their subscriptions and to parti- |
cipate in the underwriting of the South |
ern Pacific stock to be marketed.
Crop reports were not encouraging and |
sentiment does not better fast.
As the fall draws near interest grows |
in the question Of whether or not a divi- |
dend will be declared on the preferred |
stock of the Seaboard Air Line Railway. |
Especially is this matter being discussed |
in view OF the fact that no meetings of |
directors have been held for the last two |
months, but they will be resumed with |
the one scheduled for the fourth Thurs |
day in September.
1t was stated yesterday in a well-in- |
formed quarter that there is strong |
demand from security holders for the |
declaration OF a dividend, and 1t is as
sumed that the question will be dis |
cussed when the directors gather for |
their monthly meeting within a few |
weeks. |
senbo.rd Dividend.
As is generally known, there has never |
the policy having been to put the annual |
earnings back into the property for its |
improvement. That a dividend on the |
preferred could easily be declared is said |
to be easy of proof, for the road is now |
earning per cent and has been doing |
so for some time.
wcstinghouse.
Westinghouse Electric and Manufacture
ing Company's net earnings for Juy
were in the neighborhood of $500 CO |
bringing the total for the first fou-
months Of the company's year, including
subsidiaries. to approximately $4,000.
Earnings at that rate for twelve months
would mean net of over S,OoO,OCo
The best previous record of net earn
ings was made two years ago. when the
figures shown were about A,sOo.O0o
While present indications point to an
even better showing of net in August
than last month-although that was the
best report of net the latter month has
ever made, and the best month this yea
1t Is not expected that the rate of bust. 1
ness done in the first third Of the year
will continue throughout the entire fiscal
period.
Local Securities.
Two $4,000 lots of Washington Railway
and Electric Is featured the uninteresting
session Of the local market. These bond,
sold at IS. Traction IS were strong at
1o7 a.
Odd lots Of Railway common, 81; pre-.
ferred, IS 1-4ass H.
WI i