Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-09-21

and OHIO. AS the count now stands,
Union Pacific is in ownership control of
nearly majority of Baltimore and Ohio
stock. 1t would be no trick for the diplo-
matte Judge OIcott to secure control Of
enough additional Baltimore and Ohio
shares to give him undisputable physical
ownership domination of the company
capital-something, by the way, he does
not want. Just why Union Pacific should
De accused of trying to swallow Balti-
more and Ohio is not made plain; certain
1t Is that the play would not be attempt
ed without valid excuse, but the Delphic
silence of Judge Olcott conceals the mys-
terry.
If anybody asks you about this dense
and dark secret whispers the judge
tell EN- you don't know" Those who
are solicitous about the permanencv of
Daniel Willard as president Of the Balti-
more and Ohio. now that near-control Is
shifted, have been told in strictest con-
f1dence that Mr.. Willard would be un-
disturbed. and that every invitation or
oner looking to a transfer Of allegiance
would be rejected
1t was mentioned incidentally, in this
connection, that Mr. Olcott had held in
allegiance the proposition to take over
Pennsylvania's holdings Of Baltimore and
Ohio until he could be convinced that Mr..
Willard would remain its official and
real head a condition that is said to
have involved refusal of an offer of
the presidency Of the New Haven. The
historian said it did not
take minute for Mr.. Willard to satisfy
Judge Olcott on the point raised, there
by cementing a hard and fast friendly
alliance between the great eastern and
western trunk lines. II the facts are as
represented in the foregoing a sure
enough transcontinental railroad line
may be the final result.
Half of Trading Volume.
Drop Union Pacific, Reading, Steel and
Copper from the list and the total vol
ume Of operations on the stock exchange
would shrink half or worse. There are
dozens of standard dividend earning
railroads and industrials in which specu-
lation has been dormant for months
Whole days pass with not a trade regis
tered. Such sterling securities as Della
ware, Lackawanna and Western, 500.
Louisville and Nashville, Atlantic Coast
Line. Illinois. Central, Chicago and
Northwestern. Sugar Reflners common
and preferred), Harvester. National Bis
cunt, Pullman and others of the high
class preserve a graveyard quiet for
weeks at stretch. When something
happens to Hven up the play the stereo-
typed favorites go to the front. Action
Is largely confined to a half dozen spe-
cialties. 1t is noted as a market feature
or consequence that chronic speculative
element usually favors the half-baked
lew things in preference to the true and
red issues.
1T is the gambling spirit that is in
charge whenever the calm is broken-a
revival of the fevered impulse that
seizes plungers wherever they are found
on the worlds map-the race track, the
unbridled gambling hell, the lure of the
white lights and every form of unlicensed
excitement and the money lust rules. 1t
was only few years ago that New York
was an open town in the fullest gam
bling sense. but now most things de-
signed to pluck the public in the old way
are being taxed and regulated to DEATH
the pronts of the play have dwindled to
legitimate proportions. In the halcyon
days transactions averaged 10000 to
l.oOoOOO shares. and in periods of sensa-
tional excitement as high as 100000 to
x,No.ooO shares for a stretch The play
twice crossed 100000 shares in single
sessions. The iron and steel crowd had
gone crazy. Now 10000 shares is called
big market" and 10000 shares is q
substantial average. The morals of Wall
street are better for the change in meth
DDS and for the thinning out of the gam
bling play. Brokers have to be satisfied
fguratively speaking. with dimes in COM
missions instead of dollars. Yet, strange
as 1t may seem, there Is as much real
business done at the present writing IS
when 1t was nine-tenths froth and one
tenth substance
Lack "Tip" From I. c. C..
The railroad presidents have no present
Tip" as to when the interstate commerce
commission will take up the freight. rate
case. The first expectation was for about
October 1. Now there is talk Of October
Is. The preparation of the statistical
data desired by the commission is a
greater task than had been calculated
upon. Its later consideration will also
drag along tiresomely. Fifty-two rail-
road lines. each with pile of statistics
as big az bale Of hay, will make very
toll cix