The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-01-15

Investment orders are reported in con-
I siderable volume under the railroad
stocks with a good margin OF earnings
! II is said a large number of bond is
sues are planned instead of high inter-
est-bearing notes.
Room traders say they find a consid-
cradle amount OF selling on rallies in
steel and amalgamated copper. evidently
for so-called investment account.
Never in many years past has the
outlook for real currency reform been
so bright as at present" says a very
important banking interest.
Conservative Wall Street firms of
prominence are taking the stand that
even II trade slackens to some extent
now the 1918 volume of business will be
| larger than 1872 on account of the prob
ability of renewed impetus after tariff
| adjustment and owing TO the enormous
advance orders for the next six months
| at present on the books of large cor
porations.
| The private borrowing of Reading
Steel. Copper, Shelters, and Union is re-
ported increasing.
MOler-The outlook is regarded now
rather generally as so uncertain that
there is little probability of anything
better in prospect than slight and tenn
porary rallies at present. 1t was the
i consensus Of opinion after the close yes
| terday that liquidation Influenced chiefly
| by the bad Impressions created by Mr.
| Wilson'S Chicago speech of Saturday
| night was the real cause of the slump
and as We have another of practically
the same character from Trenton in the
papers this morning. the belief prevails
| that more liquidation and further bear
attacks will develop.
| Cut in copper prices stimulated little
/ new business, and some authorities ex-
pect further decline. London settlement
began to-day. Public service commits
sion holds hearing to-day on forms OF
! contracts for new subways. Wilson an
nounces that he will select only progress
| sives for his Cabinet. New Southern
Pacific board will Immediately take up
, the matter OF sale of Ogden
line of the Central Pacific TO the Union
! Pacific.
! II was stated to-day that the Stanley
! bill to regulate owncrships of railroads
| engaged in interstate commerce and to
| require railroads to furnish equal ter
]
t" other roads. will be given a hearing
before the House Committee on interstate
commerce on January q
| Hartman & Conferences OF Mr., Will
son and threats of renewing the war in
Europe are the depressing influences on
the market to-day. These influences tend
10 draw attention TO the seasonal slack
ing up of business. and make il seem
| moro &c
uine alarm is felt in some quarters least
| Mr.. Wilson's speeches be made the basis
OF important bear raids on the market
| With falling of in steel orders. cop
per metal will tend to decline in price
Early settlement of the Union Pacific
Southern Pacific affairs is expected. Lon
don was irregular but cheerful because
the new account begins to-day and the
declines of the last few days have dis
counted many of the depressing in
huences. rather large short interest
is outstanding in New York.
| Without formal announcement to that
effect there Is believed to be an under
| standing that further active trust in
quiry or prosecution by the Department
] OF Justice will he left to the new adj
ministration. This is limited at by At
torney General Wickersham. who had
two talks on Monday with Mr.. McRey-
| nolds in regard to supplemental action
against the coal roads. Attorney General
| Wickersham considers that his DEPART
ment has n good record OF trust prose-
CutIon and he Is not inclined to make
any sky rocket display as he goes out
, OF Office
Interest was aroused here by the an
nouncement that Samuel Untermyer was
In conference at Albany with Gov. Sui
ger over money trust legislation. 1t is
the first instance OF attempted prac-
| teal cooperation between the national
and State government to reach a COM
mon end by uniform legislation. This
latest move of Mr.. Untermyer is taken
| here to indicate that he will seek author
lily to continue his work during the extra
session, as II would be very imprac-
ticable TO try to effect radical reforms
in the remaining days of this season
which must necessarily be given over
to the appropriation bills.
Sentiment is bearsh on the industrial
| list. It is said the Boston contingent is
selling the Steel and Copper stocks very
freely. The pessimism of the Street is
| chiefly based on the so-called ranting of
Wilson, which are considered entirely I'M
necessary now after the campaign 10
| over.
| Evans-Since the December break the
market has had what would be hardly a
| nominal rally even allowing we are in
a big bear swing. 1t seems to have
! again started definitely downward. land I
will be much surprised II within the next
i few weeks active stocks as a rule do
1 not sell considerably lower than the low
| prices touched in the December break.
1 Liquidation was in evidence all around
the room yesterday and the support was
very poor. ~
Shotwell-The raid on stocks this
p. m. lis due chiefly to dislike of
Mr.. Wilson'S message as Governor of
New Jersey. 1t confirms officially
what he has been saying unof-
! ficially in recent speeches and is taken
as a cue to his action as President. The
stock market does not fear the sub
| stance of his remarks SO much as the
! apparently light-hearted way in which
he arraigns business in general. Big
business is afraid that four years of
speech making from the White House
will result in many unpleasant misun-
| derstandings between the general public
and big business. Shorts show no dis
position to cover.
| Private London cables yesterday re-
ported a further break in standard copper
| of about 1 pound a ton and that heavy
buying had developed at the low level.
| The cables state that the prices by the
leading American agencies are unchang-
| ed at about 17i4 cents for electrolytic