The Washington herald., 1914-11-06
VALUES Hinge
ON RATE VOTE
Wall Street AnxiOusly Awaits
Decision Of Interstate Com
merce Commission.
BROKERS ARE PESSIdISTIC
Short Term Notes Are Essier-out-
side Prices Are Barely Steady.
Buyers Holding Of.
BROKERS ARE PESSIIIISTIC

New York, Nov. 6-wai Street hinges
It's estimate Of values on the decision OF
the Interstate Commerce Commission.
If" the street argues, rates ought 70
be advanced, securities are worth more
than quoted values Should, however.
the increase be denied. chaos and liqui-
dation viii follow"
In the old days New York was sepa-
rated from the rest OF the country by a
wall that extended from the North to the
East River. Everything beyond this was
outside, and today the estimate OF values
Of leading securities Is gauged by the
opinion Of the business men south Of this
palisade.
Regulations Of dealings In stocks appar-
entity Is governed outside OF the 1.l0O
members OF the stock exchange. For the
sake OF politeness the floor Is open as
usual from 10 TO O'Clock. Members con-
absolutely hopeless in regulating trading
rules
Must Purchase Outside.
Those who must sell by necessity seek
the public market In New street, while
customers willing to recognize the usuar
channels Of trade are compelled to go
outside II they wish to buy stocks al
current prices
but buyers are disposed 10 withhold their
orders until the decision Is rendered by
the Commission on a question of freight
rates.
Should the desired Increase be granted,
present prices Of standard securities will
be considered cheap.
While uncertainty rules In the market
for the Industrial trade, conditions are
in a state Of doubt Bookings for steel
In the copper market are being COM
pIeted. on basis that leaves no margin
for the manufacturer Manufacturers
are practically gambling on an improve
ment In the export trade. and II this
does not arrive soon there will be a
curtailment OF production that will have
a serious effect on labor.
Pessimism on INCREASE.
In stock exchange circles pessimlsn In
creases rs a possibility OF public dealing
in securities is deferred. Future specula-
ton will be curtailed by the reduced ac-
commodations to brokers. Three months
OF idle business, while expenses have
steadily increased. prohibit commission
houses from extending the usual accom-
modations to those who would venture on
future prices. Every day OF idleness
lessons the opportunity Of the brokers to
euCOuIdke speculative Ventures, ana 10
this condition must be added the restrict
ing regulations OF the banks and curtail-
ing Of speculative operations by stock
exchange committees.
Short term notes were easier. brokers
reporting a waiting attitude upon the
part of the buyers. Prices have now
risen to the point-Where banks are shad-
ing quotations fractionally in the ex-
pectation that a grant of increase OF
rates will enhance the value OF their
holdings.
Outside prices In New York were barely
steady today, buyers holding on The
following quotations ruled: Amalgamated,
q 3-4a43; Steel. g 1-SaE5 1-2; Union Pacific,
los 3-4a10o; Southern Pacific, rs 3-4a79 Ia:
Northern Pacific, 81 3-4aa2 l-2; Great
Northern pfd., 107 1-2aIOS; Pennsylvania,
1o1alM IS; New York Central, 20 l-2a75 81;
Reading, Is2alS3.