The Washington herald., 1913-01-04
ny I. A. FLEMING.

After making an excellent showing fol
the last business day of the old veal
and the first business day Of the new
year. Wall Street dropped its mask OF
optimism and appeared once more in Its
true character, dreading the administra.
ton change, fearing further probes. in.
dividual encouragement at the expense
of corporate energy, and fearful that the
situation in Europe might not be as IA
vorable as painted.
Il was a case of slump after the big
rain, and the weakening tendency con-
tinued throughout the entire day with
but only feeble attempts at rallying.
Usually some industrial helps along
the weakening tide and yesterday was
no exception TO the rule.
The directors of the Beet Sugar Com
pany met TO consider the regular quar-
terly dividend, and after considering II
for some time. this is what they did:
Resolved. That in view Of the large
stock of manufactured sugar on hand
unsoId no action be taken respecting
the payment of a dividend on the COM
mon stock at present"
Down went Beet Sugar and accentu-
ated the weakness and encouraging, with
the peculiar brand of tonic that the
bears like, further pressure on the list.
The passing of the dividend was to-
tally unexpected as the friends of the
stock had expected the regular declara-
ton. Tariff prospects have given Beet
Sugar a serious break, but it was carried
six points lower on the passed dividend.
The money market was much easier,
Snd the chances are for a gain for the
hanks for the week of nearly s1i,ooo.oOo.
Close observers of conditions have
formed the conclusion that important in
torests are trying to sell stocks and that
early advances in Coppers were for that
purpose.
In the first hour the tone of the mar
ket was rather strong, but the bears
We're doing nothing to depress it, wait
ing until they detected indications OF
liquidation, when they at once became
busy.
Once the selling movement started it
continued with renewed activity. All the
window dressing had proved ineffect-
i've to bring in the general public-Wal
Streets one-time friends. who seem to
have had enough.
Wire houses complain that the largest
part of their business is in small lots,
10 shares and 20 shares occasionally.
Sales were l57 900 shares to l o'clock.
In the next two hours nearly 200. 600
shares were added TO the total. indi-
eating the more active trading of the
last hour of the session, following the
btSl sugar ueUOutIileTI-
Railroad earnings were satisfactory.
Brooklyn Rapid Transit doubled its cap
ital stock for subway construction.
The declines averaged better than a
point, the leaders / 1-2a2 points, as shown
by the list of price changes elsewhere.
There were four stocks that were higher.
At the meeting Of the directors of the
Commercial National Bank, held Thurs
day afternoon, W. a. II. Church. the
chairman of the board. presided for the
first time in several months. He was
given an enthusiastic greeting by his
fellOw-members and made to feel that
they were with him in his trouble. and
that they Were glad to have him back
among them, even if he had to use
Crutchcs.
Mr.. Church is in excellent health. and
delighted to get back to the activities
OF business.
This afternoon the officers and entire
clerical force of the Commercial Ma
'tional Bank will be the guests OF the
institution at a luncheon to be given at
the Commercial Club.
1t is probable that at that time Cash
ier John Poole will have something TO
say encouraging to the clerical force,
boOkkeepers, tellers, &c. regarding the
amount Of cash coming to them from
the pTofit-shaTing scheme i'll operation
in the Commercial National
The young lady stenographers of the
bank will be entertained at a theater
party a week hence.
The past year was one of the most
in the history of the Com