The Washington herald., 1913-10-30
Markets, FINANCE, COMMERCE

fear that the Bank Of England will put
up its Official rate to stave of further
imports Of gold to New York
Publicity as a proper method of regu-
lating railway securities Is utterly made
tquate. Federal control through legisla-
tion enacted by Congress is the only So
luton OF the problem. this was the dec
laration yesterday Of John N. Eshelnan.
OF California. IN his report to the Ma
tional Association of Railroad Commits
sioners as chairman OF the COMMITTEES or
railway capitalization. Federal controi
of public utilities was urged as against
State control. the argument being ad-
vanced that these corporations should
not be subjected TO the whims and ca
Prices Of State commissions
Steel manufacturers continue IN dis
cuss the advisability OF making a reduc.
ton In prices to an extent sufficient TO
stimulate new buying. Certain manu-
facturers are opposed to further price
reductions at this time. believing that
such movement would fail TO bring IN
any great amount Of business. Reduc-
tions ranging from 81 to 50 ton have
been made over the past three or four
weeks, but notwithsta nding this. orders
have diminished rather than increased.
The news yesterday morning was real.
ly on the constructive side. particularly
the Steel earnings and the remarks of
Commissioner Clarke, yet the temper of
the speculative crowd In the room Is
such that they all wanted to sell stocks.
Believe the market Is broadening and
that the end Of the week will see higher
prices.
Evans-There is no change in the gem
eral situation and / look for prices To
work lower and would sell stocks on any
good bulge.
London weakness seems unnatural, un-
less 1t was provoked at our getting
100000 gold yesterday. The Mexican
news, " anything. is very much better.
The Interstate Commerce Commission
shows better tendency as regards
rates; railroad earnings published show
improvements; gold imports should help
US here-but, with II ALL the market at
all times is narrow and professional and
consequently without the public, we
can't get sustained rallies until we get
some good. positive news.
E. & c. Randolph to w. B. Hibbs A.
Co.-The advance in the stock market
was unquestionably due to the covering
of shorts. which began In the early part
of the session. and under which active
stocks rose from / to l i-2 points. Upon
completion OF the short covering move
ment, the market became very dull, but
held steady until after noon. Foreign
exchange advanced % points on higher
London discounts and the fear that the
Bank OF England will be compelled to
raise its rate to l-2 tomorrow In order
to protect its gold reserve from further
hV ArnaFfran hap
the Steel statement did not come I'D to
general expectations, the total earnings
FOR the quarter being about 1900 900 less
than generally expected. the bulls made
the most of the fact that the September
earnings were larger than the August
earnings. which was decidedly better
than expected. as everybody had been
talking of the poor Steel trade Of the |
month Of September. Following the an
nouncement OF changes in Rock Island |
there was a little upward |
in Rock Island issues. but |
The market seemed to be so firmly re-
solved to do nothing that even there, |
very little was done.
s. B. Chaplin & co--Ths market was |
strong with very little stock offered 1
throughout the forenoon and prices for /
al the active ruled higher on some fur |
her moderate buying by local traders |
Ind commission houses. 1t was apparent |
hat most Of the selling causing the |
'lump during the closing hour Monday |
lad been for short account on the al |
eyed disappointing influence OF the Steel /
earnings for the quarter
The reaction in the market in the late
afternoon was due to the same kind Of \
Ielling pressure and chiefly from the
anne sources which caused yesterdays
'eaction. We favor the continuance OF
conservative trading position on the |
ong side but only for moderate turns
or the present