Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-07-06
MARKET RESTING
ON AFFIRM BASIS
Stalwart Support Appears on
Every Receding Movement
of the Stock List.
PACIFIC SETTLEMENT
PLEASES THE BROKERS
Taking Over of ''Pennsy" Holdings
in B. & O. Relieves Exceedingly
Delicate Situation In East.
BY w. G.. NICHOLAS.
Special Correspondence Of The Star.

The stock market seems to be rest
ing stronger foundation than
at any time in months. There is
no speculative enthusiasm so far as
can be discerned. but every time prices
recede stalwart support is encountered.
Brokers offices are full of buying orders
to = points under the current range
and every time there is a setback floating
supplies of shares pass into strong hands.
There is in the present situation the max
ines of an ultimate bull market. Every
unfavorable development that can be
thought of has done its purpose for the
depression of values. Tariff revision has
been worked for all it is worth for the
bear account. Later on when the liquida-
ton of labor sets in, as result of the
reduction in duties. there may be further
disturbance and shrnkage in the indus
trials. y great deal is already being said
on this subject, and the majority opinion
appears to be that the impending disturb
ance in the manufacturing field has also
been made the most of by the bear con-
tingent. and that little remains to be said
or done in that direction.
No doubt there will be a very material
read justment in wages after the tariff bill
is signed. but that has probably been dis
counted almost to the full extent. Labor
is Well organized in the industrial field,
labor is better concentrated and organized
than any other branch of industry. None
the less discussion to possible labor
disturbances during the next year will be
likely to figure as a market aSitator
For the time being, however, current
influences control the minor fluctuations.
There is no big broad feature to the mar
ket beyond that announced in the open
ing paragraph, viz: The temperance of
the money man an investor or buyer
is great deal of this latter line of OPP
erations. Usually 10 Pc cent is the trad
ing margin in brokerage offices. Now it
is nothing for customers to put up ~
per cent and even more. This is very
strong evidence of the courageous and
competent spirit behind and under the
market. One man in Philadelphia, for
instance. whose name does not appear
often in stock market literature these
days, is quoted by his friends having
bought 5000 shares of Union Pacific
within the last six weeks-ths, in addi-
ton to a previously held lire fully as
large.
Mr.. Wideners name is rarely heard
now in Wall street and it is said that he
seldom speculates. He has an immense
fortune and is growing old. In fact.
he is old. Fifteen or twenty years ago
Messrs. Widener. Elkins. Il. f.. Ryan and
William c. Whitney formed daring and
dashing combination for the devastation
of Wall street. One of their big Killings
WAS a campaign in the New York trac-
tons The c.ean-up on that occasion is
said IL have been not less than 150p0.DDo.
METROPOLITAN was sold in great volume
about 40. In the course OF year or
two the price WAS down to next to
nothing. Somehow the control of the
traction systems has always remained in
practically the same combination, al
though there have been important indi-
vidual Withdrawals from time to time.
Voice in Rivals Management.
The street is immensely pleased over
the settlement of the Union-Southern Pa
cific difficulty, although the swap of
Southern Pacific for Baltimore and Ohio
stock is a feature that is likely to be
talked about and speculated on for
long time. There is in reality very little
in that end of the deal for the gossips
to waste time over. The incident seems
TO be eminently satisfactory to railroad
men generally, particularly those high up
who have part in the MANAGEMENT Of the
leading systems east and west.
In taking over Pennsylvania interest
in Baltimore and Ohio the way is not
only paved for the adjustment of the diff
ficuty in the west but relief is given to
exceedingly delicate situation in the |
east. Pennsylvania has long desired to
dispose of its Sio,oo0.O0O holding in Bal |
timore and Ohio, and this opportunity to
make an exchange for stock equivalent
to meet with most cordial reception |
by the control of the great eastern trunk |
line.
Theoretically Pennsylvania has had a |
voice in the management of its rival i'm |
Baltimore and Ohio AS a matter of cold |
fact it has kept its hands entirely off |
Baltimore and Ohio and the relations be- |
tween the men at the head of the two |
competing systems have been entirely |
free from unpleasant features. BY virtue |
of having two (and at time three |
directors on the Baltimore and Ohio |
board Pennsylvania officials knew all the |
time what it's competitor was doing, but |
never was voice or hand raised in either |
counsel or dctation.
The Baltimore and ohio went ahead |
making its own plans and carrying them |
out regardless of the fact that "A power |
full rival was interested in the property |
and that the larger of the two systems |
would naturally suffer somewhat from the |
aggressive expansion of its side partner |
under the Willard management. Relations |
however. continued pleasant throughout |
They cannot be more under the |
changed situation.