The Washington times., 1902-01-11
COMMENTARY ON THE
DAY In WALL STREET,

or one side and some on the other, which
inactivity that has not been equaled in
recent weeks, with no business except
professional transactions. and transac-
tions by the smaller professionals at that.
and finally with not even few active
stocks to relieve the general dulness.
The result of this weeks mastery mac
tivity is that the street professionals have
become pessimistic, whether rightly or
wrongly remains to be seen but pessimis-
tic with an acuteness that has not been
witnessed before in long time.
Traders ard brokers all talk in the same
strain of melancholy of the end of the
boom having been reached and Of break
soon to come. The only difference of
cpinicn among the melancholy ones is as
TO how big and how rapid the break Will
be- Some hope that it will extend only
) or 10 points, and that it will be followed
by good buying by the public and the in
sders that will cause another advance.
Others say that a smash is coming and
that when it ends prices will be where
they were two years ago.
Causes of the street Bcnrishncss.
This is very different tone from that
at the beginning of the year, when at
least large majority of the street proph-
cts we're full of hopefulness regarding the
outlook.
The developments that have led to the
change OF front are clear. The invest
ment buying OF stocks expected after the
beginning of the new year, as Z result
of the large disbursements of interest
and dividends, has not shown itself. Ster-
ling exchange has at times been near the
gold exporting level, and the possibility
OF shipments of the metal is not remote.
The action of the Supreme Court regard
ing the Northern Securities matter, the
difficulties, OF the Everett Moore syndi-
cate. the failure of the Rubber Company,
and the decision OF the Attorney General
that securities deposited as collateral for
leans must pay the internal revenue tax
have all held back the public demand for
stocks and given the bears courage.
The Insidcrs' Position.
There are many fine features in the
business situation. The future OF the mar
ket will be determined by the preponder-
an1c of good features or bad, and by the
attitude of the important interests 1t
cannot be doubted that the important peo-
pie viii engineer a bull market II they
can, but with their advantage of position
and outlook it is possible that they may
not consider ii wise to make the attempt
at present at least.
No Violent Movement Probable.
The thing that is reasonably to be ex-
pected is that there will be no violent
downward movement. Prices may sag off
further, or they may advance. but up to
the present time there has been nothing
in the business situation to warrant
complete reversal of policy on the part
of the important people. The street is al
ways anxious TO take some radical posi-
tion on one side or the other, which is
usually mistake.
Another fairly reasonable suppostion is
that many securities will make much
higher prices. even though the general
market may not be particularly attrac-
tive to the bulls. Just as there are some
unpleasant features In the business situa-
tion. so there are some securities that
are selling at as high a level as they
should. But there are others that con-
seryative market critics consider TO be
worth much more than their present
prices.
The moral of this Is that extreme eau
ZION SnOulu De exercised IN making pur
chases. but that up to the present time
there is no reason to become reckless in
disposing of securities now held.
Rank Statement Will BE Good.
The bank statement outlook today is
very good 1t is said that the banks have
gained from the ub-Treasury a small
amount this week, for the first time In
two or three months, and the interior
movement OF money has also been in
favor OF New York. An increase in cash
holdings, therefore, seems assured. One
authority predicts that IL will be nearly,
if not quite, ss, 600 600. The loan account
is in doubt, but the chances favor de-
crease in loans, as there has been much
liquidation.
Manhattan was at times strong yester-
day, and 1t reached high price around
40. Later in the day II went off some
what with the general market, and closed
with only a fractional net change. The
street was flooded with rosy talk regard
ing the stock yesterday morning and
some careful market people were inclined
10 doubt IL the advance would go fur
ther at present Too much good news at
one time always creates suspicion.
AtcBfson's Weakness.
Atchison was weak all day and closed
at II and n fraci ion fine Lowest nrica nj