The Washington herald., 1913-01-01
BY i. A. FLEMING.

hoPc OF giving the maIhel sucn suohS
showing on the last day of the year
that there would be a rush of invest
ment orders returning dividend and in
terest distribution with the advent Of
the new year.
Whether the effort was a success or
not remains\ to be seen, but the fact
remains that on a very limited business
the market was given the strongest kind
of support, and excellent advances were
scored, with few recessions.
Z At that the trades for the day made
but a small aggregate. and there was
ample time to send all quantities over
the ticker. large or small.
AS far as a legitimate reason for the
advance was concerned. 1t would be diff
cult to find one. Money is still tight
and likely to remain So After the adj
journment for the holiday. within the
next few days. comes the Supreme Court
decision on the Minnesota rate case.
Much reformation OF the stock exchange
is promised. the Cabinet of President
elect Wilson will be named. or at least
limited at, and the individual effort theo-
ries of the President-elect enlarged upon
10 the disturbance of Wall Streets even
tenor of mind.
The one bright spot that the street is
facing is found I'm the railroad earnings
that are more encouraging, despite its
continued and persistent regulation of
rates and setback to advances by the
Interstate Commerce Commission.
And in the last few minutes of the ses-
sion some of the wise ones started in to
take profits chopping fractions of the
gains and preventing a close at the top.
1t is announced that the meeting of
stock brokers has been called for New
York City, February 90 for the purpose
Co. ,fa@-
ton of common interests.
The Stock Exchange governors will I'M
dertake to reform that organization. No
one knows just what kind of reforma-
ton will be advanced, but the theory is
that limitations as to trading on mar
gins may be made and that margins
may be increased as to protect the
speculauvely inclined who are not able
to protect themselves. This could be ac-
cOmplished by a Il TO % per cent rule.
that would take away much of the spec
ulative features and might further be
accelerated in the good work by a rule
that would prevent ten or twenty-share
buying in margins at all, necessitating
the purchase by customers OF odd lots
outright
1t is evident that some kind of an
effort must be made to protect the stock
do not represent much real value and to
advance publicity of the fullest character
concerning corporations whose securities
are admitted to the trading list.
Unless the exchange itself inaugurates
reforms the State of New York will very
likely take up the matter and push IL
to a conclusion.
The sooner these reforms are put in
Corce the sooner the public investment
Iralx thn IL.
that has scarcely met with success in
its efforts should be considered, must
be considered, If Wall street is to thrive. |
The New York Commercial charges the
net loss account of the abrogation of
the treaty with Russia at SIS. 600, COCO. The |
same paper says that the rail tonnage I
for 1912 breaks the record.
The New York Times is authority for
the declaration that James J. Hill, the
Northwestern Railroad magnate. may go
into the Wilson Cabinet.
Mr.. Wilson could not obtain a more |
astute tarSeeing business man. but the /
chances would seem to be against the |
probability of Mr.. Hill becoming a Sec |
rotary, despite his broad knowledge and |
the wisdom that he would bring to the |
Cabinet.
At noon yesterday the officers and d. |
Tectors of the Washington Loan and |
Trust Company visited the John Dickson |
Home for the Aged. in Fourteenth |
Street.
This most worthy charity is in charge |
of the Washington Loan and Trust Com |
pany, was built under its care and direc- |
ton, and is literally endowed, nearly |
SLNnOO having been made available, |
with large amount coming later on.
nn hull
with magnificent site and ample room !
Tor out-of-doors exercise and with beau
tlful pines and other shade trees really |
is one Of the show places of Washing
ton.
Inside it is comfort itself, with much
more ornate equipment than one might
expect to find in an institution of its
light, with excellent ventilation, fur
nished in mahogany. with brass beds
throughout The hospital section is neat,
clean. coy, and attractive for the aged
lnYalids who may be patients.
Arrangements are made for the accom-
mediation of 100 men. and applications
have been made for sixty rooms. Some
OF the rooms are double.
Many OF the wives and daughters of
the directors Of the trustee institution
graced the reception yesterday. Com
missioners Rudolph and Johnston and
Secretary Orme, OF the Washington Gasi
Company, were about the only guests.
the latter being related to the donor Of
the charity.
There was no speaking, nothing but
ll Informal luncheon and an inspection
OF the premises.
Washington has no more worthy char
ity in its borders than the John Dick
son Home for Aged Men.
Money was to per cent yesterday on
Wall street, closing at per cent
The Continental OIL Company made
he sensational gain yesterday, $50 points
to 1,S00. while the Standard OIL of New
Jersey advanced but 4 points.
The bank clearings of the year 1872 ex-
leeds S2S, 100000 the totals of a year ago,
md by nearly 500, oo0, 900 the clearings OF
so2
The total figures as prepared by Man.
lser J. Gales Moore were 1891. AZ, 6s1, the
argest in the city's history.
During the year 1872 the international
Banking Corporation sold its Washington
the Merchants and Manufacture
RS was taken over, as we'll as the
fourteenth Street Savings by the United
states Trust Company. The Mercantile
Bank was also merged with the Union
savings and the Continental Trust Com
amy. a million capital started Sue
,essful career.
The Commercial National absorbed the
City, and the Washington and
Bank, the Seventh Street Saw
ngs, and the North Capital Savings came