Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-01-01


pany, SO it had proved with Standard Oil
and the Tobacco Trust
Singly and collectively the securities
of the mutilated parent companies and
the subsidiary companies We're worth a
great deal more money when segregated
than under trust FORM If so with these
and others. then why not with the Har-
r1man creation and the coal trust? Why
be frightened or even excited over the
prospect? The Supreme Court. the adj
min1stration and, to a lesser degree, Con-
gress are displaying no desire to destroy
property. The underlying desire seems to
be to regulate the big rich and keep
them within bounds, and Wall street is
only just beginning to see the light. The
effect is quieting only in spots as yet.
Price Changes Numerous.
Sensational price changes for the year
have been numerous and We're not con-
fined to speculative issues or the so-called
promotion Stocks classification that
embraces a list of new things generally
characterized as "waterlogged'' or wind
blown although fragrant manipulation
has been a feature of the trading in the
experimental enterprises. So dramatic
has the play been in several cases that
the public was attracted on an unwisely
generous scale. The last-of-the-year
break in the quotations of many of these
IdiHooW tHIHRS mas not Deen greater
than in the Old-time favorites. and the
gambling spirit is not wholly extinguish-
ed in that quarter. American Can illus
trates the possibilities of persevering in
dustrial Observation-Disclosures. During
the ten years it was growing from next
to nothing into gross business of nearly
SD,OOO.OO and net annual profit OF
81 600 it was overlooked on the eX-
change or secuted as rank" Since the
beginning of the year Can common jump
ed from ia to nearly 80 and broke to
around %, only to recover several points
at this writing. National Biscuit. rec
ognized standard industrial, broke from
1Gl to ia, with only partial recovery.
A few days ago Reading, although sub
jected to terrific hammering for weeks,
was II points higher than a year ago.
New York Central. Atchison, Baltimore
and Ohio. Erie. Pennsylvania and North
ern Pacific were . points higher, Great
Northern points, Norfolk and Western
points. Canadian Pacific is 26 points
higher than year ago, Bethlehem Steel
IL points and Amalgamated points.
United States Steel common covered a
range of % points and closes about where
it was year ago. Transactions in steel
We're on an enormous scale throughout
the year, footing up nearly. If not quite,
20 per cent of the total, approximately
% 600. 900 shares or five times the entire
common share capitalization of sos, Co.,
coo. Readings common share capitaliZa-
ton has often been turned over in a
weeks time.
Probably the most serious decline of the
year-serious from the strictly mathe-
NAUTICAL standpoint well for the
moral effect-was in Union Pacific and
Southern Pacific. They have been under
intermittent heavy pressure throughout
the entire year and during the last week
in December Union Pacific was IA points
under the ruling price near the end of
1911. Southern Pacific was off 8 points.
Total Sales Increase.
Total sales on the New York Stock EN-
change We're close to 133,OOO,0OO shares,
few millions above the 1911 record
Bond transactions fell off % per cent in
volume and prices were lower. Investors
demand higher interest. and new bond
fiotations through the coming year will
be on = per cent basis or better. in
most cases. Only the choicest credit can
command better terms.
The liquidation of a heavy aggregate
Of American securities during October
and November for frightened foreign ac-
count emphasized the monetary strin-
gency in New York and other fiscal
centers on this side of the water, coming
as it did at a time when the resources of
the home banking institutions We're taxed
to the straining point. The leaders In
the new world of finance proved equal to
the emergency. though it was at the eX-
-pense of prices in the stock market, and
tended to check enterprise somewhat in
many directions. A foresight of this
latter development is said by not a few
to have been the prime cause of the
November and December stock price de-
preston. This theory is referred to by
some as being a case of putting the cart
before the horse; by others as getting
cause and effect mixed. But at any
event, tight money, bearish stock senti-
ment and the suggestion of a general
business halt were cotemporaneous from
an almanac viewpoint.