The Washington herald., 1909-04-07
LOCAL FINANCIAL GOSSIP

Wall street has number OF traditions
and among them IS one that market
which Will not go up is ripe for a fall
and the converse IS sometimes added that
market that viii not go down is ripe
for rise
This tradition Of the street, upon which
spectators nave banked in past years is
being put to a fearful strain at the pres
ent time. for the market refuses either
10 go Up or down with any degree of de-
eisiveness. Since last January the mar
ket has been whipsawing back and forth
and for three weeks at least has huns
practically AT a dead level, al about the
average prices for the present move
ment IN stocks
The market does not hang where il is
for want OF news. FOR things are hap
pening IN the business world that ought
to stiffen the market. yet il refuses TO be
stiffened more than by a slight rise ex-
tending over two or three days, when Il
says back 10 the average level The
situation is hopeless for the speculator
as scalping is a precarious and danger
Gus process. II is hopeless also for the
buyer Of stocks who takes them for rise
or fall with the expectation OF selling
again within a few weeks at profit.
The fact is. the New York market this
year is-smashing tradition and deferring
hcro in a way that surprises even pro-
fessional traders, who can be depended
upon generally 10 keep the market fuctu-
ating enough TO cut out good percentages
In the daily operations.
In trying 10 assign causes for this con-
ditiOn. the pending tariff bin comes first
financial and business circles being IN a
state OF uncertainty about the result
which seriously affects business. Then
comes probably the difidence OF the pub
lie 10 what Wall street is doing or may
do. The public has learned its lesson IN
the street. and for two years has been
letting the stock market severely alone
except as Il has bought good stocks and
bonds cheap and is holding them for big
profits. refusing TO he tempted into sell
ing by the sporadic spurts given 10 prices
now and then by the professionals.
The logic of the whole situation seems
to point 10 higher prices for stocks, bu,
every attempt recently 20 put them VI
has resulted disastrOusly TO those who
tried IL, and the bears who have at
tempted 70 lower prices have met with
no better success.
There are rumOrs or biz deals IN the
afr. ike the Denver pool and certain com
binations Of financial interests in the
East, which are expected soon 70 frame
up a bull movement that viii bring back
the good old speculative fever.
The situation IS one Of great uncer-
tainty, and which way the market VII
move after the tariff boyle IS out OF the
way is about as good a guess as the
Tipping OF a coin 10 decide such a hard
question.
Trading yesterday on the local stock
exchange was more active than for sew
eral days. Prices OF some stocks were
also somewhat higher, and things were
more lively than has been the case for 9
fortnight or so. Bonds were IN good de-
mand. with some OF the Electric Light
per cents. first series. selling about q
point above previous records.
Mergenthaler came out well, selling al
POS and above.
National Savings and Trust stock was
also active. eighty shares going on record
at 199 and 20
After call the bond buying was re-
newed. and the business Of the day closed
with sales OF IS shares OF LanstOn al "A