Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-01-19
MARKET IS WORRIED
Traders Indulge in Agony Over
CaIamities to Come.
MEANTIME MONEY PILES UP
New York Banks and Trust Com
panies Benefit-Rates Normal.
ISSUES ARE EASILY MET
All Are Given Prompt and Friendly
Consideration at the Hands
of Investors.
MEANTIME MONEY PILES UP
ISSUES ARE EASILY MET
BY w. G. NICHOLAS.


NEW YORK. January 1S-Thc stock
market has been INDUCING itself in the
agony of a blue funk over the awful
calamlties that are bound to befall the
country on account of the liberal views
held by President-to-be Wilson, and also
because of the impending tariff revision.
For good measure the disconnected loco
motive firemen are going to starve out the
people east of the Mississippi by quitting
their jobs if they do not get more pay
Furthermore, the winter wheat crop is
looking bad. and money is flowing back
upon the eastern fiscal centers in
mighty flood because the demands for
general business are falling off-the mean
Ing thereof being that prosperity has re-
ccived n check and the Industrial boom
is on the back track There were days
this week when the markets We're so
| weak and sentiment so bearish that it
looked almost though the situation was
on the verge of genuine collapse Traders
We're in II frame of mind that savored of
demOra liZation. The bottom appeared to
be falling out of securities. Liquidation
| on a. hOleSale scale was on, and the
| short sellers fell over themselves in their
haste to extend their risks by contracting
| to deliver goods they didn't have but
| in the future at still lower prices. There
| has been partial recovery from the eX-
IRENE of depression. but the feeling i'm the
| financial district is still very gloomy. All
| the buoyancy of expectation of jan
uary boom seems to have vanished.
Meantime money is pling up in New
York BANKS and trust companies. and
| interest rates have dropped back to
| normal. The outlook is for still fur
| Their accumulation of funds and it is the
expectation that by the middle of Feb
ruary there will be a glut of surplus
| capital Railroads and industrial cor
porations are taking advantage of the
easing money conditions to float new is
sues of bonds, for which they expect to
find quick market. They offering
| their securities on general average
| bond dealers say there is plenty of money
available for that kind of investment.
The success of the Baltimore and Ohio
f1otation gives full encouragement to this
theory. and the manufacture of bonds
Is going on at famous rate. ia
vorite brand is the convertible bond. In
vestOrs seem to like that sort of thing
and oversubscriptions not infrequent.
Fully $125, 0O0.W0 was at command for the
| $64.CCO,OOO Baltimore and Ohio issue, and
others that have come out since
meeting with prompt and friendly con-
| sdera ton at the hands of investors.
Such being the money conditions, the
promised aud expected stock market
| boom may have to wait awhile.
No Occasion for Disturbance.
| President-to-be Wilson has not been
| saying anything about economics and po-
| Itical reform that he has not been say
| ing freely for the last six months and
longer, and there has really been no
occasion for the disturbance which his
recent speeches have been making in
| the Wall street mind. Some OF his views
/ f-l< b.
| ticable, but inasmuch as he is powerless
| to instantaneously enact and enforce the
laws he would like to on the statute
books 1T would appear that the hysterical
demonstrations of the last few days in
the stock market were very childish. I'M
pOrtant people. usually credited with sober
and sane judgment, have been working
themselves up into a state of mind bor
dering on hysterical. Some of them are
| becoming a little ashamed of what they
have been saying and are sending in
apologies and explanations. 1t is re-
| called that the country has passed safely
| through great many more dangerous
periods than the one now confronting it,
| The evolution which is now working out
| is undoubtedly full of perplexing prob
| lens. but there Is peaceful solution for
all of them, and the great and powerfully
! influential investment class will. no doubt,
in the end regulate the settlement. This
class comprises many millions of the best
| citizens in the land-95 per cent of own
ers of the visible assets and working
capital. Against them is found a mi
nority faction which is just now in a
position to make noisy demonstrations
| temporarily effective not only in the
stock market. but in politics and in in
dustrial and commercial lines as we'll as
in the financial division.
| Probably more effective as factor of
| stock market depression than the hula
balloO over the Wilson speeches is the
background tariff agitation now going on.
! has haa ma n Nprx
attention to this issue until lately, but its
| Importance is now being forced upon the
| comprehension of spectators by adviceS
| which come from Washington to the eff
| feet that the potential high protection in
| terestS have stirred up a mighty excite
ment in the industrial field. The effects
Of this agitation are beginning to be felt
in broad way. Roundly stated, the in
/ fluence of the owners of 266OUU manu-
| featuring plants in the United States is
| being directed upon Congress to secure
| gentle treatment in revision These man.
| ufacturing concerns employ about 7.OOO,-
600 people, 1t is estimated by the experts
! employed to secure effective publicity ma
| teral. From official and non-official
! sources the bulk statistics are given out
that these industrial establishments rep
| resent a capital investment of not less
| than $2OOOO,O0U,COo and that they pro-
duce between S22OO0.0OO,00 and $4,000
OJUOOO worth of goods annually 1t. is
represented that the Underwood tariff
| cent below the current rate. and that the
$1OO.GOOOoO. or maybe S200.O1O9 500, or
whatever the total reduction in import
duties may be, will be at the expense of
! ten or twenty times as much in reduced
wages and other forms of Sacrifice-a
burden that will fall upon the great
| masses Of the people with calamitous
force, it is claimed. 1t is the same old
| ammunition that was used by Mark Han
| ma seventeen years ago in the campaign
that elected Mckinley the first time.
Modern frills have been added Ito the
platform, but in general terms it is about
the same capitalized by the greatest
political field marshal protection has ever
had.
' Importance of Tariff.
Dispatches from Washington that are
published i'm the newspapers give an
entirely inadequate idea of the impor-
lance of the battle which is now being
waged there, with the Underwood COM
mittee as a center. This is no fault of
the Washington correspondents or of the
powSpaperS Tariff literature daeS not