The Washington times., 1909-06-13
MARKET PROSPECT
VERY UNCERTAIN
Market Hangs at High
Level and Net Changes
Are Small.
PUBLIC HOLDS ON
TO STOCKS BOUGHT
Investors Not Tempted to Sell Be
cause Prices Are Forced
Upward.

The Wall Street stock market yester-
day closed rataer buoyantly. but evi-
dence is not lacking that the squirt IN
the last thirty minutes Of trading was
forced for effect The fact is stocks
did not rise materially, nor have they
done so for a week, except TO advance
one or two more points and then 90
back to the former level The opera
tion of the market for the past two
DAYS hardly warrant the hope that the
present movement in stocks constitute
bull market.
At the close Of last week much &C
tfvitv was displayed, and sales about
sveTy dav were passing the million
share marx. but about the middle OF the
week this activity vanished. and since
that time the volume of business has
been restricted and net price changes
rarrow. Friday there was a reaction
which vas further helped along by the
declines in the trading yesterday. and
the table of price changes shows that
ths advances in the specialties did not
exceed four points, and were more than
made up by the losses in the general
list
Advances Have been SmdH-
The rise in stocks which has been
,,e-a,dad with so much noise really
amounts to advances for the past six
dsvs amounting to 4as points for Ameri-
can Beet Sugar. and seven points Tor
c. St. P. n. and o. TO the smallest
fractions for some Of the other rails.
The extreme rise Offset by ten
point loss for the Delaware and Lacka-
,vana stocks and 69s loss for Colorado
and Southern. AS one goes through thc
list for comparisons il is seen that the
market as a whole is not higher than
II was week ago. except IN spots, ana
this fact added 20 the unsatisfactory
character of the trading for the past
two DAYS affords proof that the bull
market has at least been interrupted, II
not headed the other way.
In the language of the Street the con-
dition of the market may be expressed
in the phrase at the top. Considering
The conditions 1t is natural that IL
should hang somewhat steadily where
II is. Business is slowly reViVing- IRON
aud steel production are about 80 per
r.nt Of what they were at this time
two Years ago. The wheat harvest
.,-,,,3zez vel. but the facts do not
warrant the expectation that phenom-
e,s1 cron ts 10 be gathered. specially IN
~. sn-sne wheat region. The production
n. general merchandise and its dlstfaou-
ton &c going on at a healthy clip with
nothing al ali startling or unusual ABOUT
a. Why. therefore. should there be an
unusual advance IN stocks, except as the
,ezuit Of professional manipulation, and
+tat generally becomes a boomerang in
the hands OF those who throw It,
Market Shows Strength.
While the market has shown consid-
srabla strength during the week, and
hear raids have not been at all success
al there Is on the other hand small
basis for the expectation OF A raise the
coming week, more than one similar 10
the one we have seen. in which few
stocks are singled out for special atten-
ton. forced upward several points, only
TO drop back again when the forcing
process is released.
II is admitted that there are several
interesting things TO be considered IN
relation 10 the market at this time. one
of them is the effect the furry IN steel
stocks failed to have upon the public
which bought steel low and is still hold
ing on TO the shares in the confident
hope that with the return OF the full
tide Of prosperity their investments will
eventuate in larger measure than 20 fol-
low the game Of the Spectator and sell
out for turn.
In about two weeks the interest pay
ing period comes and those who last
wear invested in stocks and bonds will
he receiving many millions Of dollars
70 be used in some way. VIII they buy
moro securities or viii they quietly
hang on to what they have and seek
some other form Of investment? This Is
a question which is bothering the pro
fessionaI trader considerably Just now
aAving failed TO bring the great volume
% steel shares hack 10 the market. he
wonders II the fool public" as he ex.
presses II, Will buy more and salt them
away IN the strong box out Of the reach
OF speculation.
Southern Pacific Common.
Another interesting phase Of the situa.
ton Is the r,robable-ehect the conversion
OF the Southern Pacific stock will have
upon those who invested so largely IN
the common stock and the bonds
through the buying period OF last year
In the past the distribution of tn,
July dividends has been followed BY z
period of large speculation on the par
Of the public, sometimes also such Z
period Is coincident with q promising
harvest, and it is upon these two thing.
that the professional traders IN Wal
Street are figuring out that, If the pres
ent movement in stocks is not a bull
market, there will be one as soon as thu
July disbursements are made and thu
assurance Of a bountiful harvest is here
These are some Of the possibilities
that Wall Street IS muiling over thes'
days. and the steady and slow improve
ment IN business, coupled with the un
certainty OF interesting the public II
the speculative market once more, ar
the chief reasons why the market hangl
FIRE at so high q level. II does not sui
the managers TO let Il fall just now
and II does not seem 10 be on the boards
for IL 10 rise. merely for the purpose o.
fleeing the public once more.
All IN all the situation at the end o
the week IS quite as uncertain as II wal
one week ago or two weeks ago. Stock.
are perhaps as high as they should b,