The Washington herald., 1913-07-15
MARKING Time
IN THE MARKET
Business Waits on Congres-
sional Action Poor Time
to Force Higher Wages.
"WALL STREET Is DYING"
Plant Of \ Commission Trader-Gas
Continues On lts Way-Irae-
lion Higher.


Business again marks time, while
thousands of employees of the great rail-
road companies and their employers are
endeayoring to reach an agreement. with
concessions on the part of the railroads
as the only possible alternative, that VIII
stop a strike.
There was some surprise expressed at
the action OF the various representatives
ir voting on Sunday to strike, although
just why there should be was not stated.
The voting was mere matter Of form.
ard the voters as well as the heads OF
the union knew II perfectly well.
The Erie plainly notified its employees
that IL could not bear the burden OF adj
ditional ages unless the privilege Of In
creasing rates was given. 1t does seem
as IL this was most inopportune time
TO strike and disturb matters that are
moving slowly, and in a strained manner
with each dag -Business Is light in every
line. The drop Of more than 30 per cent
in business last week as compared with
the same week in 1912. ought to be con-
elusive of inopportunities.
Naturally men who have the ability to
boost wages by the simple operation o.
voting that they wanted them increased
will vote that way. Justice does not enter
into the question not even in the slight
est And each success but suggests lets
have more cash. all We have to do is to
vote for it,
The Interstate Commerce Commission
declares that the fitness Of employees was
a matter for the railroad to judge. that
II was responsible. Railroads are re-
sponsble for the carrier business of the
country; they have 20 carry out the pre-
visions of charter or lose their charter
rights. The public suffers in all ways
when railroads are tied up.
Whether il is best to compromise or
TO fight it to a finish, in the interest of
checking future demands, is a question
for the officials of the companies in
volved to settle.
II a strike is declared mot at all prob
able. Congress will probably not inter-
fere. unless asked to by labor. but the
moral support of the community would
he extended to the railroads IL they de-
eide to contest the imitation movement.
On the Other Side.
On the other side of the Atlantic the
situation is serious looking. Peace on
earth sounds good. but wars and rumors
of wars. the reawakening Of the Turk,
Roumania's greed for ground and VEN
geance may yet light the fires of an
European war. Naturally depletion of
resources that will have to be rehabil-
itated will keep the Balkan States in the
hands of the money lenders for years
10 come. France financed the allies. and
is back of some of the contestants at this
time. She drew gold from the United
States. and yesterday took another
81. 5oo.0o0 geld from here.
Wall street Dying.
This rather startling announcement is
made in the digest of the situation By a
prominent Wall Street house. Too much
legislation is the cause: too much regu-
lation, and the goose that laid the
golden egg" has been killed
Certainly Wall Street is breathing
hard.
Few concerns are doing enough bust
ness to pay ticker rental, let along ex-
penses. and they are hanging on as
best they can in the hope that Congress
will do what it has to do and quit so.
that they will know the worst. They are
not putting up any excuses, just taking
their medicine; but they talk and re-
iterate, less than four years more"
Here is the interview referred to from
Edmund Randolph, one of the leading
lights of the street:
Dizziness of itself is a symptom, and
to say that stocks were abnormaiiy dull
last week does not explain the condition
of the market. Some midsummer dull
ness. particularly under existing condI-
tons. would be natural, but the growing |
abnormal dizziness that there has been
In stocks since May, in the writer's opin- |
ion. is due to the law passed in Albany, |
aimed at unfair manipulation. which
makes all manipulation, fair or unfair. |
illegal Fair manipulation, which has
for its object the maintenance of a large. |
free open market, in which 1t is possible |
for any one to buy or sell large amounts |
OF securities within narrow limits. is
a thing to he desired and a benent to all
interests concerned, and the great mar
ket which used to exist here is dying for |
the lack of it. Unfair manipulation may
have existed to very limited extent, |
but It was only possible in inactive
stocks.
by unfair manipulation 1 mean where /
brokers. by prearrangement, meet and
wash sales in some stock and have the
sales quoted where nothing is really
done and where there has been no trans
made for the purpose OF establishing a
quotation which may be unfairly high
or low.
ITO right this very small abuse that
may have existed at times the Legisla-
ture of the State of New York has passed
a law which kills the goose that laid
their golden eggs, and has done an in
finite harm to sound business interests.
Under the present law the iotationI
VI stCuTitcc VI a STcdt ike
the Steel Company through the medium
Of the New York Stock Exchange would
be impossible, and the same Is true of all
companies. great or small.
"A certain amount of manipulation Is
necessary to their successful notation,
fair manipulation which has for Its OBJ
ject the creation and maintaining of its
most important attributes. The State
Of New York. however, has seen ft toI
tut the little boys head on to cure him
Of sneezing. This is the principal rea-
son why seats on the exchange are SELL
ng at $4,000. and understand are Of
Tered at that price"
Monday Session. Ii
Yesterdays session wasn't worth much
comment. 1t was another of the awfully
slow sessions. Customer rooms were ,
abandoned: private wires grumbled their
operators plants.
What changes there were generally ,
favored lower prices, but neither thel
Years nor the bulls were interested tol
my great extent
The bears have the best Of the argu-
nent. but they are not pressing II. forl ,
he simple reason that they believe /,
iquidation over, and that II they did sell i
hort right and left they would have toll
I'D IL up again in order to cover 4
3melter was weak and 1-2 Oh; Copper .
on 1t "a loss. Most Of the stocks in /,
he New York Central class were steady !
rhsrs were - declines in Reading and !