The Washington herald., 1914-11-25
COMMERCE AND FINANCE

Il
In military language, before the sreai
war began, railroads had been zeppel
ined by the Interstate Commerce Com
mission, profits mitrailleused by wages
and taxes. and prices torpedoed by the
submarine operations of the bears. Ma
ntpulators of prices were court-mar-
/ tailed by the public and executed as
! spies. Investors dug trenches and re-
tired to bomb-proof positions by TAX
ing up their securities.
Stock Exchange to Open.
The New York Stock Exchange, the
last OF the international markets to close.
Will be the first to reopen, and the sell
ing, of necessity, by European holders,
viii provide an opportunity to the Amer
lean investor.
For four months all business in the
financial district has been conducted on
a theory that the worst was yet to hap
pen. Banks, ignoring the prices estab-
lished as official by the stock exchange,
have insisted upon wider margins for
accounts than ever before known. Brok-
ers or clients that could not comply with
these regid requirements were in many
cases forced to liquidate their holdings
| in a narrow outside market known as
| the New street curb.
While this liquidation was expensive TO
the speculator. the whole situation has
! been wonderfully strengthened and weak
accounts eliminated to degree only
possible to a people strong in resources
While this liquidation was going on plans
were carried out for the Inauguration
of a new banking system that viii re-
lease. a superabundance of credits or
funds available for financial purposes
Six months ago restrictive measures
taken by the stock exchange authorities
tended to cuTtal speculative adventures
and to check fotations. These measures
were then looked upon as a curse, but
with the advent Of the war and the re-
sultant complications the measures
proved a blessing.
Speculation is a national character
istic of the American. The opportunity
to participate in various industries has
already been prepared by the capitali-
zstion OF such corporations as the
United States Steel, American Tele-
phone and Telegraph. International
Harvester, the Smelling industry, Cop
per mining, and a hundred other in
dustries that can be publicly traded in.
interested in IndustrIaIS.
Investors are wise in their genera
tiOn. The propaganda Of education
begun by stock brokers is now bear
ing fruit and the inquiry from the pub
lie denote a wide interest in industrial
stocks totally unheard OF ten or fifteen
years ago. This is the era of small in
vestments, the day of the investor in
fractional shares of stock and 500
bonds. and the same principle that has
made the French the greatest saving
and investment nation promises to do
much for the United States,
Copper stocks are coming to the
front. There was a further advance in
the metal today to IL 3-4c per pound.
and inquiry is increasing for finished
products at a rate that suggests higher
prices in the future.
AmaIgamated Copper was active
around the official closing price OF 4s
and Tennessee Copper sold at 25
"a 3-4. The directors OF this company
against the official closing price of
will meet in December to pass on the
dividend. and as funds are in the treas
ury it is expected the regular decls-
ration of ga or l per cent will be de-
clared. Paying per cent annually, and
selling at IS. the stock nets IL per
cent on the investment. 1t is further
that funds are in hand to
meet the payment of 100000 due on |
the bond account December 1 next The |
company is in an unusually strong po- |
sition with practically no floating debts |
and 2.00O,O 900 pounds of copper on hand, |
besides other valuable assets. The en- |
tire output Of sulphuric aci- has been |
contracted for by the International Ag- |
ricultural Corporation.
Industrial stocks were strong on the |
curb today, Steel common leading with |
several thousand shares changing |
hands at 4S, an advance of 1-2.