The Washington times., 1919-12-11

feel the elation OF the multitude
over the end of the coal strike be-
cause he reasons it should not have
occurred; tact and prompt statesmen
ship had forefended it Ev
Nevertheless the semi-misanthrope
.confesses that the recent stock market
slumps have not disheartened the
immense gallery votaries of the mar
ket. Once the money market is per-
mitted to become normal forward
activity will be resumed, with the
accompanying resumption Of held-over
fotations, which are numerous and
generally favored speculatively-an
Irresistible flavor at present,
When the permission will Be given
lis as yet guess. Very. likely it will
be involuntarily accorded-by the
sheer abundance Of the turn-of- the
lyear funds. There were reports 20
day Of the Federal Reserve author
lities adopting n more stringent loan
policy during the remainder of the
year. Official Information from this
quarter is that the holders Of AZ
treasury certificates may convert
these into the new AZ per cent offer
tings and also subscribe to the latter
ad libitum. Both issues at muturity
may be rendered for taxes.
Decline L. Monotonous.
With the many, foreign exchange
J concern it may give the few who
| Frequently mistakenly base their
| bourse estimate on fundamentals.
! The monotonous regularity OF the de-
cline in sterling, francs and lire at
| length has the Intellectually of mon
| otony.
An additional light was afforded on
| foreign exchange by the statement
that in the last three weeks bills
representing the expectation of 150,-
600 bales OF cotton had been thrown
on the markets. against 10000 in
| the previous three weeks. Possibly
record making" is little more than
an incident Possibly some exporters
with folios filled with exchange ac-
| quired at much higher quotations are
selling and taking chance Of get
! efng back the bills after January
/ at lower prices, meanwhile getting
the taxpayers benefit Of q sharp loss
| that may be relieved later-how
much later 1t were idle to discuss.
Mexican Oil Law Probable.
The passing Of the Carranza oil
and mineral bill by the Mexican SEN
ate asks serious attention. 1t is un-
derstood the house Is even more
! friendly to CarranZa and Carranza's IS
| odd economic theories than the SEN
ate, so the measure will no doubt be-
come law.
The proposal is virtual confiscation
| in SO far as basic ownership Is in
volved. Present proprietors are put
| in the position of perpetual lessons.
| They, of course, derive all the bene-
fits of complete proprietor-provided
| they fulfill the exactions OF whatever
the Mexican government may impose
| in the way Of taxation and operating
| restrictions.
Would he Csnnscatsry.
But at the end Of the ends, the bill
passed by the Mexican senate today
| would arbitrarily transfer organic
of oil and mineral mines privately
| owned-especially by foreigners-to
the Mexican government
Common honesty would condemn
! the proceeding as UNANIMOUSLY high
handed, though the attempt at justi-
fication is couched in terms of subtle
sentimentality and unctuous patriot
ism, of which the Latin-American is
a past master.
Capital Traction stock was slight
ly higher on the Washington Stock
Exchange today. twenty-four shares
| selling at 81. Lanston was steady at
So, and Washington Railway pre-
ferred ruled a fraction lower. A
$1,000 Capital Traction per cent
bond sold at 90.
The Union TruE Company an
| nounced that the regular quarterly
| dividend of III per cent would be
payable January Is. Books for this
payment will close January l.
The regular quarterly dividend of
the Capital Traction Company Of ~
per cent will be payable January l.
Books will close December 15.