The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-01-14
smashing BREAK
ON WALL STREET
Gov. Wilson's Chicago Speech
Scares Stock Market
Traders.
MANY NEW DIRECTORS
To Be Elected To-day-Good Demand
for Bonds-Stocks Strong.
Financial Gossip.
MANY NEW DIRECTORS
BY ]. 4. FLEMING.

Wall Street did not appreciate the
speech of Gov. Wilson at Chicago on
Saturday night any more than did the
audience of financiers. packers and busl-
ness pushers that heard il.
With the opening of the market the
indications were that the big men oil
the street would be able to give 1t tone
and keep the bears from having the
hest of the situation, the more so as
decision in the Minnesota rate case was
confidently expected and with equal con-
fdence a favorable verdict was counted
or.
The pears were very busy, however,
and cracking away at stock but did no
make much Roadway, until after another
disappointment on the rate case de-
Cision, and this fact is creating a sus-
picion that the court is not such
unit in favor of the railroads as has been
expected all along.
Rates made effective by the Minnesota
Railroad Commission, now in question,
are not effective. having been enjoined.
pending the settlement OF the matter
Should the decision be against the road:
as many seem to proSnosIicate on the
long delay il will be material reduction
in rates and a severe blow TO railroads,
giving the State control.
But while the failure TO hand down a
decision was unfortunate for the mar
ket, II Is sui DUH Cdru lndl may pS
played later on.
Then, too the European situation does
not present favorable appearance but
all in all It was Wilson more than all.
that smashed the stock list, this and
report that Samuel Untermyer. who
knows the game from start to finish as
played on Wall Street, would be named
as Attorney General of the United
States.
With Gov Wilson's anti-monopo-
Iistic doctrines, with his sentiments in
favor OF individual effort and the posi-
bility, even the chance that Mr.. Inter
myer might be named as Attorney Cen
eral. sent a SILVER up and down the
elongated spine of old Wall Street, ac-
Customed as il is to surprises.
Industrially. there were two other i'm
portant influences, a smashing drop In
copper prices in London, and drop to
II cents or Il IA pound here.
4 Sick Market.
1t was a sick stock market, sick
through and through, and the closing
gave no hope to the waiting operators
that it would do better, while the bears.
satisfied with the outlook, sold here ana
there, being but a bit particular what
they sold. And when the days damage
had been done. only Great Northern Ore,
which every, one is to possess on the
same terms Liggett-Myer Tobacco,
which has passed the Sherman law; Del
aware, Lackawanna and Western, and
Jersey Central, the last two great hard
coal roads, were better than the closing
prices of Saturday. There were some
stocks that were holding their own, but
the list was much lower
The leading stocks were off Pa "a of
A point. Canadian Pacific made it } IS.
Lehigh Valley 8 1E2. American Telephone
and Telegraph :. and National Biscuit,
which makes food products. dropped 4
points.
1t was a bad day for stocks.
Bank Elections.
National banks, some savings banks
and trust companies elect directors and
some officers to-day.
The Columbia National is looked upon
TO supply the presidential change; a di-
rector is to be added to the roster of the
Washington Loan and Trust Co: Riggs
National Bank will add two to the board
Of directors; the District National Bank
will elect two additional directors, and
the Union Savings Bank will make
changes.
Continental Election.
The first annual election of directors
of the Continental Trust Company was
held yesterday afternoon.
Eight new members of the board OF
directors were chosen.
In this list is included the name of
former Senator ]. H. Willard of Ne
braska, who is the president of the
Omaha National Bank. the largest fiscal
institution in the State. Mr. Willard is
a close personal friend of Senator Scott,
head of the Continental. Wade H.
Cooper, president of the United States
Savings Bank. is one of the new d.
rectors. The others include Guy T.
Scott, B. ". Peterson. Luke c. Strider,
J. s. Tyree. William NJ Lennox. and
Franklin Murphy.
The full directory follows: William G.
Carter, W. II. Cooper. r. ]. Earnshaw.
Frank H. Edmonds. William T. GaIliher.
I. !. Jenkins, James l.. Karrick. Will
lam LennoX. John c. Let's, Isaac T.
Mann. Thomas II. Melton. William r.
Merriam, J. II. MiIlard. Franklin Muir
ply, George II. Peters. B. W. Peterson,
Charles H. Pfiuger, Samuel ]. Prescott,
Guy T. Scott, n. B. Scott, Ellie SheetZ.
Thomas Somerville. William NJ. Sprigg,
Joseph Strasburger. Luke c. Strider.
James Trimble. J. s. Tyree, Allan L.
Warren.
Local Securities.
There was the best kind of an invest
ment demand for local securities,
larger attendance of members than for
weeks and a better all-round demand
for stocks and bonds. although the bus
mess did not reach the aggregate of an
active market.
Bonds were highly favored. as they will
be for weeks to come as conservative
investors place their funds. The sales
of bonds did not include any of the
high grade issues that sell around 100
ALL. Gas IS. and Traction IS.
Sales included $1,000 Railway As, at
81, one small bond SiIs; Columbia Rail-
road IS at 100 is. and the SIS at 10l is.
Riggs IS. long. 101 and Chesapeake and
Potomac Telephone IS at 10J Anacostia
and Potomac IS at l0l.
Railway preferred moved up to 81, a
small lot at 81 IA. The common was
held at 50. with SIS bid
\ feature of the session was the
strength in Commercial National Bank
stock. The first sale was at aO5, then zoe,
306 l-2. and J1. in rapid order with a07
bid at the close, none offered under 30.
Washington Gas was strong and very
steady, not having budged fraction for
days. 1t closed with none offered under
Sis. sales at S. 7-SaS6
Lincoln National.