The Washington herald., 1913-10-12
SERIOUS BREAK
in STOCK LIST
Bears Fully Satisfied to Stay.
Shorts Increase Their Sales
Over Adjournment.
RAILWAY COMMON, $500
None Offered Under Par-New High
Record Made-Features of
Markets.
RAILWAY COMMON, 95-1OO
Nv L. 4. FLEMING.

few friends, save here and there one who
takes in a fat profit. watches the action
or inaction for an hour or so and then
goes short again with vim and deter
mination not to be so timid next time
Big interests. supposed to have some
concern regarding the action OF securi-
ties. are apparently Indifferent at this
time and willing to see the bears have
all the fun they care to have, with the
probable intent Of again bringing them up
with a short turn once the lines are eX-
tended to bloating.
4 day or two ago business was taking
interest in a statement that President
Wilson made anent the signing OF the
tariff law to the effect that Congress
should go forward to more action en-
rOuraged. and that when the currency bill
was enacted business would be free'
or words to that effect
Commenting on this statement a Wall
Street publication said: Mr.. Wilson Is
precise in his choice Of language and
means what he says, and this should
then be taken to indicate the end Of the
trust prosecutions.
The action OF the President in re-
luestins Representative Clayton's pres
snCe on the judiciary Committee Of the
House to aid i'm trust prosecutions in
IiCated if anything. that the previous
assumption Of tine Wall Street writer was
without foundation. and that the Presi-
dent expects 20 further punish big busi-
ness with the use Of the Sherman ma
chine. nov operating against the big
cest business in the country, despite
protests Of thousands and petitions that
the SUIT be abandoned
The Steel COOPERATION is not a mon
opoly. it hus not driven out indepen-
dents: it is law abiding institution with
mill ms OF people interested in its sue
'ess-nune in its failure for legitimate
-casUns.
Criticize Commerce Commission.
Much criticism has been heard in
financial circles and the press Of the
.guntry over the action of the Interstate
commerce Commission in selecting At
IUrncy BrInG, * is representative OF
he shippers i'm the hearing Of the claims
II the railroad Tor > per cent rate ad-
vance
Shippers ORGANIZATIONS are as numerous
A. hail clubs. they have their traffic eX-
l~rts and are no charity subjects. that
A lawyer who has bitterly criticised
management of railroads should be hired
by the Government to appear for
shippers The commission is lawyer
euUugl Utmost in its own personnel, and
few there Ue today who believe that the
deci ion in The case referred to.
Foreign Selling.
While there was no great liquidation
for the account of Amerdicans other
tILr for the account Of some traders
who missed their guess on the right time
to buy. foreign selling continues very
heavy. both for London and the Con
neat. Berlin and Paris vielng with
London.
Industrial business abroad is even less
promising than here. even with the ad
yunia=es Of certain schedules in our
,arif. and the iron and steel business
rver in England and Germany is
ssp-ciaily depressed.
With the beals in clover. with no dis
position to cover or even up trades over
he Columbus holiday on Monday the list
became i'll and decidedly sick before the
lose Of the session.
The Declines.
Union Pacific touched Ij0 3-S a loss of
IL points. and did not make much re-
'overy; Reading at 100 IS was nearly !
wU points OF. Steel Contended well for
time but Welded Il: Nipper lost IA |
Lehigh Valley l 3-4, Interboro preferred
3-S Great Northern ! IA, Consolidated .
/
Minor stocks were all weak, Can show !
ng the best strength of the industrials |
New low records on this movement were |
made on all the leading shares, nor was
there any stiffening in the temper of the !
ist at the close.
Hallway Commons Record.
New high record was made on Railway
common when it sold at 95 yesterday. the |
that started in the earlier months OF the |
year. Predictions of much higher prices !
we've made at that time, but weakness |
followed neglect. and the stock has but |
recently started on the rally again.
There has been very little stock accu- |
mulated on the upturn from the 30 l-2 of |
a week or ten days ago. Yesterdays |
touch If IS brought out lSS shares in lots, |
anG then IS was bid, with nothing offered |
under 100. Par is freely predicted. The |
advance has given the Washington Utili- |
ties CJihpany much profit on paper, as |
II is a large holder of stock acquired, |
probably on an average around 50.
Preferred shares remain very steady, |
but do not move up with the common. |
though they probably will when a number |
OF small lots have been absorbed. Sales |
at 90 1-4a9O 3-S.
Continental Trust shares were in good |
request al llb 10 a strong closing at HI.
Mergenthaler, 216 1-Sa216 Ia
Potomac Consolidated js. 100: Traction |
SIS. los 1-2.
The stock exchange adjourned over |
Monday in observance of Columbus Day |
In New York and elsewhere.
The Trust Company.
The trust company is taking its place in
the affairs of the world to a greater de-
gree today than ever before. The record
Of achievement is one of which these
corporations may well be proud, and as
success but trends to further prosperity,
they will continue to grow in all their
various functions
At first they were not thoroughly un-
1erstoOd by the people aside from those
In the more active walks of business life,
but is now appealing to all classes in its
hduciary capacities. 1t is an organized,
perpetual corporation, going on after the
active managers have gone keeping up
the thread through decades and into CEN
Iuries.
The fact that J. Pierpont Morgan spe-
Eifcally provided for the selection of a
New York trust company as sole trustee
of his great estate in the event of his
executors deeming such a movement as
best. is an example of what the big men
Df the country think of trust company
OF estates; Of ability to