The Washington herald., 1913-12-02
AWAIT MESSAGE
/ FROM PRESIDENT
Belief that He VIII Stand
Strongly by the Sher-
man Law.
STOCKS SLOW AND EASIER
Steel, Union Pacific, and Reading
Steady-Demand for
Local Bonds.
STOCKS SLOW AND EASIER
BY i. A. FLEMING.

he Affirmative Of Nthe principles OF the
sherman law and an outline Of the ad-
ninistration's plans in enforcing it,
either to-day or in the immediate fu-
ure.
There has been nothing in the action
if the Department of Justice of late to
Indicate that the President had in any
Way gone hack on the Sherman bill, the
Harvester suit and a new suit filed yes
terday 10 dissolve the American Can
Company indicating the full purpose Of
the government to keen the club going
wherever a trust raises Its head.
Incidentally this very action Is more
likely to make more positive the period
Jf dullness that has settled down over the
business world.
But the administration will probably
Indicate its ideas. perhaps recommend
laws by which the position of corpora
ssons are made plain as to what they
can DO and what they cannot do.
The chances are that scme of the cor
poratiOns will seek homes across the
border. especially those that do very
Iarge foreign business, like the Harvester
Company.
The Supreme Court handed down a few
decisions yesterday, and they were gem
orally against the contentious of railroad
companies.
The court upheld railroad roads of the
The Supreme Court held that companies
mining coal for their own use are sub
ject to the corporation tax on the in
come Of such mining operations
In the case of the Delaware, Lacka-
wanna and Western in a case involving
a violation of the commodities clause.
by the shipment Of hay to the company's
mines at Scranton, decision was against
the railroad.
/ Stocks Slow snd Lower.
Wall street, the great international
stock market moved within a circum-
scribed area yesterday, with the ticker
silent for minutes at times, with nothing
,Iut a room traders business, with
brokers' Offices with fewer spectators
nan at any time during the year, and
s ith practically no spectators.
That there were not more changes in
the price list was probably due to the
.Sindiference of every one to do anything.
There was no pressure to sell, and what
little buying movement there was
strengthened the leaders fractionally,
while many of the minor stocks took the
down grade for modest losses and Can
against which a suit has been instituted,
dropped little more than two points on
the common and preferred, the rumor OF
action against the company having been
circulated for some time.
Steel was ex-dividend IA on the COM
mon, and it gained Is. Union Pacific
was ex-dividend IL, and it made lit
tie betterment With Reading ana ST
Paul, each. smaIl-very small-fraction
better Pennsy and Nipper and New
Haven showed a little strength, but else
where II was soft, easy, and either low
er or tending that way.
Missouri Pacific lost IL, Louisville and
Nashville on the Kentucky Lewiston lost
l Il Western Union lost ], while Biscuit,
on the fear OF trust legislation, was !
points on.
Illinois Central and Erie, with and l.!
point advances, respectively, stood.
Earnings Poor.
Railroad earnings continue poor, idle
cars increase. and mills are reducing pro-
duction.
; William Sproule. president of the
Southern Pacific, asserts that business
conditions Ae becoming slow and hesi'
tatfng in the West, but he is optimistic
over the situation in the near future. Al
a special meeting OF the directors of the
southern Railway held yesterday morn
ing Fairfax Harrison, president OF the
"KIonon Route" the Chicago. Indianapo-
lis and Louisville Railroad Company, was
elected to succeed the late W. W. Finley
steel Business.
The steel Corporation begins De-
cember operating to about 20 per cent
fof capacity with shipments OF SS,Oet
TONS daily. November shipments are
said to have been about $1,000 tons
daily. orders untitled in November
are estimated at 100000 tons out OF
total orders for about 100000 tons
tonnage estimated
Local Securities.
An encouraging movement is no.
ticed in the bond market that goes lai
to make the local market more inter,
sstIDp even while stocks are helo
hack by a little stringency in money
II Is also promising that what trad
In1 ia beiuR done in stocks Is, for the
aneornt of investors who are taking
-o,r,rItIes ot1t of the market This II
in5icafed by the small lots, there being
no round lot buying at the presen'
time nor yet the slightest speculative
interest in the list .,,,.,r,...
Tbe hearing before the Utilities Com
,,issson Is still going on, in the case oi
the Commission VS.. the washington
railway and Electric Company. Jus,
1vhat the result will be is matter oi
So,,b, save that the railway company
iii test its legal rights to the limit
naturally. In the meantime the stock
AT the recession that has followed the
action OF the ComnlsSlOH' - pe5eNe
81 Sc hid and go asked for both issues
a little preferred selling yesterday a,
rs. which is slightly above the lasi
previous sale.
= A small lot of Capital Traction sold
st I1c. Mergenthaler, 217 1-2.
Bank stocks showed frmer tone. only
ssIes % shares of Commercial National
IN three lots. 1S5a1Se.
Bonds strong.
Capital Traction IS were the fayorite'
with but one price. io7 1-2 for $4,000 facs
value Metropolitan Sc, lO5; Gas ss
los IL; Realty. short, 1o2 IL. and Potomac
Consolidated 5s, IS rs. new low on thi'
Issue.
There should be better movement IN
bonds and stocks in the near future. Tht
December disbursements should be seek
ing investment in the near future.
Bank statistics.
Between the Last statement made IL
response to the Comptroller Of the Cur
rNfSv and IT'S nearest comparison, date
an. November 2e, 1872. the Riggs Ma
ttonai Bank earned 236 on net funds
l01a on capital. surplus, and pronts. anc
s5S per cent on capital.
; The Commercial National earned IL
on net funds, sc on capital. surplus. ano
rndIvided profits, and -0.e1 percent on III