Evening star., 1914-02-22
MARKETS ACTION
IN NARROW LIMITS
Weeks Stock Movements In
fluenced Largely by Railroad
Rate Rumors.
PUBLIC BUYING
AND TRADERS CAUTIOUS
Conflicting Reports of Status of
Country's Business Another Fac
tor-Money Plentiful.
BY w. G. NICHOLAS.


NEW YORK. February 81, 1914.
The stock market has been filled with
friction all week. There have been half a
dozen factions. The differences of opinion
as to the virtues and the demerits of the
everybody held the view that the un-
rest and lack of confidence was trace
able almost entirely to the ill-feeling
which has generated between the rail-
roads, members of the interstate COM
merce commission. both sides aided and
abetted by outside associates and by the
great numbers of people who are always
anxious to see a fight. Wall street has
not thought of much else except the
stormy bulletins from Washington and
fresh news in connection with threatened
prosecution OF late officials Of the New
Haven and the Rock Island railroad
systems Sinister threats have been d.
the management of these two great rail-
roads for number of years. Both sys-
TENS ran into debt extravagantly and
for years gossip has been afioat concern
ing them
Market action was within narrow limits.
although at times there was some jump
ing around that was quite interesting.
The literature which originated in Wash
ington was full of nitro-glycerin and ex-
citing developments were promised at
every turn The situation so far as it
relates to the trouble between the rail-
roads and the opposition is beginning to
take on an ugly aspect The country
Is familiar with the lively phases during
Wilson has made it plain that while
he wants the interstate commerce COM
mission to get busy and render de-
cision, he isn't particularly jealous for
= to,
decision of some kind and he don't want
any more time wasted on it. The land
scape is pretty well befogged. but it
can be seen that while attempts have
been made all around to maintain an
appearance of peace and a harmonious
desire to do one another good-good and
plenty-there has been finding its way
into the foreground in the full view of
the multitudes an actual flow Of poison
GUS sentiment.
Acrimony Over Rate Delay.
this railroad freight rate problem took
form two or three days ago in state
ment from Mr.. Daniel willard president
of the Baltimore and Ohio railroad and
chairman Of the committee of f1fty-two
eastern railroad presidents. The per-
sonnel of the committee has been con-
sumed with resentment as to the
Vaccinations Of enemies who have
sprung up in every quarter. Outwardly
there has been no violent desire on the
part of the large or influential factions.
but really nothing has been left undone
to delay friendly action by the commits
sion At first it looked as though the
railroads had sure thing almost, but
as time advanced public patience waned
newspapers in many instances were less
cordial The statement by Mr.. Willard
throws a clear light on the entire sit
uation. Its publication was sensational.
comparisons are made between recent
railroad earnings and those of the cor
responding winter months years ago. 1t
Is the custom for most statisticians to
compare only with the last previous peri
ods-usually by months. Now, it is rea-
sonably certain that the figures for jan
uary and February will not show up
favorably, and it Is not improbable that
the fiscal year ending June 20 next will
be materially less than 1912-1913. One
very potent explanation will be the de-
crease in both gross and net-for in both
classifications 1928 were amazing rec
ord-breakers. The outlook is for 1913-l4
to be close second in revenue rank,
and as the figures are compared the cur,
rent fiscal year will make a fairly good
showing.
Giant Enterprises Need Cash.
Some of the giant enterprises that put
millions of honest money into their prop
critics the last few years are about as hard
up now for the ready cash as they ever
were. Conditions have reached such a
pass that actual business hardships face
not a few Of the recognized leaders. The
payroll is swallowing net earnings. and
even If freight rates are advanced the
carriers may not be benefited to the ex-
tent estimated. Unions may demand any