The Washington herald., 1913-06-22
severe BREAK
IN SECURITIES
Refusal Of Commission to Con.
slider Rates Increase With
out Hearings Cause.
OTHERDEPRESSING FACTS
Washington Gas and Railway Shares
Firm-Bank Reserves Stronger.
Gossip Of Wall Street.
Nv i. A. FLEMING.

BY 1. A. FLEMING.
Wall Street was clothed in sackclotn
and ashes again yesterday morning ana
would not be comforted-that is, the con-
structive element, men who have been
10 the fore in building of railroads, in
dustrial plants, and commercial enter
prises.
The destructive element, the bear con-
tingent, that has waxed fat of late
through the smashing of values incident
TO ali the disappointments that have
come to the constructive element, con-
sidered themselves favored by fortune
and the Interstate Commerce Commis-
sion, and they made the most OF II by
selling what they did not possess and
smashing values still further.
And the cause of it all this time Cfor
there is always a cause for the enecp,
was the refusal of the Interstate Com
merce Commission to grant the prayed
for relief of the railroads by pei
cent advance in freight rates until after
Investigations, hearings. &C., ad. lio., and
perhaps not then.
lust why the railroad officials thought
the commission would listen and yield
offhanded is hard to understand, even
though there were some shippers who
did not think that the increase asked
by the roads was unreasonable.
Other Reasons.
But the street was hopeless for other
reasons Doomed to disappointment In
practically every issue that has peer
raised by the friends of railroads and
corporations it cannot conceive the pos
sibility of the Union Pacific case being
settled without the Sla6.OOo.OOO Southern
Pacific stock owned by Union Pacific, OF
that portion of 1t not exchanged for Bal
tIrnore and Ohio shares now in the
treasury of the Pennsylvania system
passing into a receivership. The con-
structive element has been beaten to a
fragile and is almost ready to acknoWl'
edge il.
knowledge il before the government 6
representatives in the Harvester investi'
cation yesterday. His statement. pub
lished in the daily papers Saturday morn
ing was not a help to the constructive
end
In the language of n Wall Street man
IF Wall Street has ever sinned. and
guess it has. Wall Street has been amply
punished"
No support offered.
NO support was " sAONhSs ~
that the bears had their own way, and
they made the most of il. Union Pacific,
from the nature of the possibilities hang
ing over it. was the chief sufferer. but
there were but few stocks on the list
that did not 90 TO lower levels. and fewer
still that made any kind of a recovery
when the day was ended.
Criticism on the currency hill was
rather severe. but this should have had
little effect. as its introduction simply
raises the issue and opens debate. Any
attempt TO jam it through Congress is
to be deprecated. and will probably fail.
II seems to many financiers to offer great
authority to politicians. to permit them
TO dominate and be the finality in the de-
Examinations arising from the necessities
for rediscount.
National banks find in the threat OF
closer espionage possible cause for sur
render of charter and the undertaking
of business under State charters. to the
threatened detriment of the 500, 1000, 0OC
government per cents and the conse-
quent contraction of circulation.
Values.
Union Pacific lost 81 points, the great
est loss; Canadian Pacific. rs; Reading
25s; Steel preferred. rs. and the preferred
weakened to a loss of nearly a point
Copper was in the 2Hs of list and was
weak on lower prices for the metal and
general unsatisfactory condition of tht
trade. And everything else. with few
exceptions, was weak and lower. de-
clines ranged from Y to / point in the
general list, and at the close values were
on the low level or within a small frac-
ton thereof.
1t was just about as hopeless a clos.
ing as it had been a disastrous, cheer.
less session.
"Va. b. A."
1t was a case of owning the town yes
terday for the Virginia Bankers Asso
citation. The delegation, many strong
arrived in the morning. called on theii
correspondents individually and in groups
found smoking hospitality everywhere
then drifted into the Commercial Ma
tional Bank, where the president anc
vice presidents did the honors at ar
elaborate buffet luncheon and ''toted'
their guests around the shady spots Of
Washington until time for the ball game
when they occupied a section in tn,
stand and showed their love for botf
Washington and New York in a man
ner that testified to the Importance Of
both cities as financial centers-impor.
lance to Virginia bankers.
Gns Higher.
It was a case of continued good buying
of Washington Gas on the local board.
It matters not how liberal the offerings
and there has been much selling of Gas
this year to date, 1857 shares in all, the
accumulation continues in a manner that
indicates the absorption by strong par
ties. The high yesterday was SIz, the
last sale of the week. reaching this close
from S44l, the opening.
After call the best strength was shown
and three sales took the stock to S51.
Railway common was strong at 90, the
preferred offered at 81, with the old bid
of S. a single share selling at 81.
Mergenthaler moved up to 2ls. A sale
of Steamboat stock, one of the few to
date during the year, was recorded at
200
Riggs Realty IS. long. 1G2; Gas IS, 1o7
Pointers.
The biggest railroad strike in the his
tory Of the country is threatened-more
money wanted. Railroads must not in
crease rates, but they must pay more
wages.
The Housesmiths and Bridgemen's
Union have demanded S. a day for eight
hours work. instead of S a day, which
they won on last strike.
Some 800 striking weavers at Paterson.
n. J., will return to work tomorrow
morning-if permitted.
Building trades to the number of 10000
men have been locked out in Chicago.
Strike.
Stronger.
The last statement OF the Comptroller,
Trrn A he nf all -,