The Washington times., 1910-11-20


ket OF the week was not without its IA
vorable developments, but the uncer-
tainties Of the future, to which refer
ence has already been made in this col
uInn, ezerted a restraining influence on
business. Public interest in the market
1eIl TO the lowest point, in many weeks.
II not months. Leading commission
house brokers when asked about bust
ness. simply dismissed the subject by
Saying that there was none to speak Of.
Despite this an active manipulation was
kept Up, but the professionals did not
venture far afield. They confined their
efforts TO United States Steel. Union Pa
cific, and Reading, stocks which al
ways have market at some price, and
thus minimized their risks. These three
issues made I'D nearly 40 per cent
Of the total business of the interval
Prices backed and filed, developing a
dull and heavy tendency toward the
weeks end with a late upbidding today.
but the market seemed to be as highly
professional on the decline as on the
advance. and apathy alone appeared to
be the normal condition Price changes.
one way or the other. were not regarded
as of much Importance The present
manipulation Of stocks r. both unim-
pressive and unccnvincing. Il does not
In any way compare with the October
movement II will be recalled that the
adroit handling Of the market on the
former occasion. and the resourceful-
ness displayed by the leaders, whoever
they were, won the admiration even Of
persons who were not In sympathy
with the movement
A Wall Street Theory.
There is no such cleyeTness displayed
at this time, and the difference Is so
pronounced that Wall Street has evolved
the interesting theory that certain i'm
pOrtant banking interests, unbeknOWn
TO the manipulators, gave an inspiring
touch here and there to a movement
that was not OF their creation and Tor
which they were not responsible, but OF
which they finally took advantage 70
distribute a large quantity OF stock &C
quired at much lower prices. OF course
there Is no way OF proving q wan
Street theory. but the crude handing OF
the market now compared with cieFeT
maneavering Of the recent past lends a
shade Of confirmation to the present
conjecture, and the pool brokers GER
tainly act as though they had all the
stock they wanted and would Ike 10 get
rid OF some
The theory referred to above was
evolved during the week from the story
current last week. and mentioned IN
this column, that the manipulauvo
pools holdings amount TO 10000 shares,
acquired. chiefly, in an effort 10 cheek
the decline which set in Immediately
after the election. This is 3 very large
amount OF stock, and the story Is ut
terlv lacking Of confrms ton, but Wall
Street likes TO deal in big figures. and
the gossips and ruTnor mongers are
very busy over these reported pool
holdings, and the amount OF money
that the nnanipulative group Is borrow
ing On this point estimates run wild,
as may be inferred from the fact that
they range all the way from $1,000 80. 20
circulated were OF such character, that
one firm appealed TO the governors OF
the exchange for protection.
Developing Class Feeling
II really mas been long time since
Wall Street has concerned itself 70
such a degree as at present with the
personality Of the buyers and sellers OF
stock One hears the performance de-
scribsd as q racial market, an Orr
entail market, or even by more Of
fensive terms. and it Is quite common
10 hear some gloomy pessimist remark:
No, we are doing no business; the
orders are given out in an unknoHFn
tongue All this is making bad blood
in Val Street, and class feeling is run
ming higher than II has in years /
would not refer to this matter but for
the TACT that IL is the most discussed
topic IN brokerage circles at the present
time, and Il really throws some light
on the character OF the market
In other words, the manipulation Is
confined to q racial element among the
brokers, and general business is SO
intensely dull that the regular run OF
stock exchange houses, which are get
ling none Of the buying and selling
orders. are jealous and resentful. II
- E.d n their
attention, an active market TO tax
about, for Instance with orders to exc
cute, Wall Street. as q WHOLE would
find very little fault with TIE present
movement. II Is purely professional ID
be sure, bat when did a stock broker
ever complain Of professionalism, II ne
was l.etting q share of the business
II IS couaical to hear professionalism
denounced now by the same men who
helped q make markets by wash
ing and rigging" stocks in the past.
Market Shows Resistance.
Admitting all that has beer said Of
the dull and professional character Of
the trading to be true, and the fact still
remains, that the market shows re-
markable power Of resistance It has
been hammered by the bear element on
several occasions but very little stock
has been forced out under pressure. II
there is little or no public buying It
seems equally true that liquidation has
run its full course. There is no evidence
Of public selling, and the rank and HE
in Wall Street f oerplexed over this
feature, for, as TIE financial district
sees things, the future Is very much
clOGded by the Unce rtainty Of the COM
ing session Of Congress, the Sherman
antitrust act, the Industrial trust cases
in the Supreme Court, and the railway
rate situation
But Il the financial district is rem
dered Iimid by these features, the coun-
try does not seem 10 be alarmed, and
this suggests the idea to many persons
that possibly Wall Street has not placed
a proper appraisal upon impending de-
velopments- However, If one recalls the
events of the last year, tie present
eoginiu1ity Of the general public does not
seem wholly surprising. Stocks had a
tremendous decline to be true bat It IS
difficult to recall a single forebOding Of
the capitalists that has materialized-
There has been no panic, no crisis, no
crop failure no general default among
corporations. or commercial firms, and
no really important reductions II divi-
den6S- Business has fallen of some
what but aside from the iron and steel
industry. which is very poor. due TO the
diminished railway purchases, there has
been no such industrial slump as wall
Street predicted
Poor Invoo%r.a7& Moviro$