Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-09-11
Stock Market Business Light.

STOCK Market Business Light.
Operations in the stock market this
week have been light in volume. The re-
vival of activity which was expected
Immediately after Labor day did not
eventuate On the contrary, the uncer-
tanty and timidity which prevailed be-
fore the holiday was more in evidence
after than at any time. The general
public simply will not take hold of stock
until IL see something tangible TO
base belief OF Improvement. The tape re-
fleets this public abstention from specula-
ton and investment. With political
clamor growing louder and deeper for
further regulation and supervision of rail-
roads. and with Indications strongly
pointing to further tariff revision next
winter or two years from then. there is
admittedly little in sight upon which TO
build bullish campaign.
Furthermore, banks are already be-
ginning 10 feel the stress of crop NOV
ing demands. The surplus in the New
York banks has been abruptly cut into,
the surplus bank reserves have been re-
duced from S55,000.000 TO $30,000,000 in
two or three weeks, and the outlook is
for still further rapid Impairment
From the west and south the banks are
drawing upon their balances in the
ters complaint is being made that there
is promise of unlooked-for stringency,
not enough. perhaps to betoken danger,
but sufficient to be uncomfortable. This
thing OF laying down on farmers and
forcing them to market their crops
promptly in order to relieve local bank
ing situations seems to have its COM
pensatng ills. 1t throws the burden OF
carrying the crop surplus from the
broad shoulders Of the farming COM
munities upon the spectators and
banks Of the big cities.
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The weakness in the commodity mar
kets is an early sign that speculative
resources may not be equal to the job of
sustaining prices. After all. farmers may
be just as good merchants as the bankers
and they may know their business when
they pursue the policy of Withholding
parts of their crops and scattering the
distribution along through the months
instead of trying to do everything at
once, and have a general housekeeping.
The problem is one which Is at least in
teresting. and which will provide food
for thought.
Although general business on the stock
exchange is duh, dozen or more bob
tail pools are hard at work trying to
stimulate action in specialties. They have
not met with as much success as they
would like and in two or three instances
at least they have been obliged to con-
fess humiliating failure One case in
point was that of the American Hide and
Leather, in which a little group of in
siders marked up the price of the stock
nearly ten points in a week or two only
to see their structure go to pieces with
Aut having unloaded anything worth
speaking about. Instead of getting the
public in on the artificial boom which was
organized. the insiders found themselves
with more stocks on hand at the finish
than at the beginning. In addition they
have a good-siZed scandal TO explain and
the stock may be thrown off the ex-
change on account OF the acquiescence of
officials of the company in the publication
of misleading reports OF earnings and
prospects.
The Intercontinental Rubber is another
speciality which is being industriously
touted for big advance. Glamour sur
rounds this enterprise because of the |
fact that IL is the company in which |
Thomas Fortune Ryan, some OF the Rock |
efellers and Senator Aldrich are stock |
holders. The great energy displayed by |
the press agents suggests that the peo-
pie who are paying the bills must have /
to sell, and a shrewd and |
public is keeping away
United States Steel and the Pacific |
railroads continue to be the favorite /
objects of attack from the bear con- |
In open disfavor. So long as the rail- |
roads are uncertain as to what they
VIII be allowed to do in the matter of /
rates, they are spending as little money |
as possible on equipment, and these |
companies are accordingly put on |
sta rvation footing. The big steel trust /
suffers along with the rest, and IL Is /
also coming in for more than its share
OF political attack.