The Washington times., 1910-03-06
USUAL INFLUENCES
GENERALLY IGNORED
Stocks Advance and Senti-
ment Is Favorable, While
Market Is Threatened.
BY I. A. FLEMING.

Street became too pessimistic and
then surprised itself and everybody else
by turning the other way, and that,
too, i'm the lace of Influences that a
month ago would have been sufficient
TO have encouraged the bears TO 10
to their limit I'm attacking the market
Blu. Wall Street is a law unto itself,
and goes by contraries rather than
as a sequence TO news and influences
that might be expected 10 be immedi-
ate I'm their effect.
John d. Rockefeller retires from the
| Standard Oil Company and devotes
his vast millions 20 the good Of the
human race.
This large amount OF money will
| no longer be used In the stock market %
said the dispatches announcing the
| benefactiOn.
| Some people found in this report dis
satisf action in financial circles with the
action Of the market, disgust with the
policies Of the Administration and a
desire TO avoid the turmoil of the
/ Street
! Had this vast sum of money been
! drawn from the country in gold eN-
ports it would have Jared the Street
! down 10 within d few strata of its
| foundations
As il was the market accepted the
I story with nOnClalauce and pursued
] the even tenor of its way toward
higher levels. That all of the Rocke-
/ feIlcr millions Will never again be
used as vital force in the market is
not believed by everybody on the
! Street. William Rockefeller is sJIl in
! the ring President Archbo.d has not
/ resigned. and the millions OF the
Standard oil Company are intact and
| being added too Moreover, invest
ments of funds Of the big Rockefeller
! Foundation viii have 10 be made.
Near Gold Export Point.
80
another matter that the market has
passed over without giving it much con-
! sideration. Sterling is now AT Sass. or
within an eighth Of the point where
gold exports started last year. There Is
a reason why this should not 7e partic-
uIarIy effective at this time Money Is
! easy abroad and at home and our for
! eigu friends are not likely TO CAL for
the yellow metal al this time, and our
/ exports of cotton and nreadS-Uns are
I heavier, so that the position Of the eN-
I change market may change for fne bet
I ter.
The bank statement. with its unex-
( pected loss Of reserves and increased
b loans was disappointment. Uou-e1ec-
tive be 9use given out after the mar
! ket. but II is a question whether f.
| would ave been given even momeutary
/ consideration Money Is -ia per cent on
! call and therefore other financial In
fuences are not given much consldera-
Labor Troubles.
Labor troubles. threatening and faH
Of possibilities: dissatisfaction over high
prices. even higher prices for necessi-
tIes-and the philadelphia muddle-suf-
z fcient at times 20 have been effective
or the bear side. have been passed
over in the advancing strength OF last
week.
Here. too. there's a reason. When
/ matters reach an extremely tdl state
Of affairs, the chances for an early
I clearing ere greatly improved The SIT
1 uation becomes uubcarah'e and must be
ChanEed-the public demands II and the
[ COnteud'uE parties must bring about a
/ settlement Latest reports from strike
center, the "City of BrotFeriy Love Do
/ indicate a wholesome respect for the
, day and an avoidance Of troubles, At
! least during the mornings
The Other Side On the Street.
A glance at the nar changes for the
past week. as shown in the big stock
itaoIe adjoining, viii show JG- extent of
the gains OF the week and the strong
closing despite the news from Phiadel-
phia of n general call out Of labor. The
plus signs are practically unanimous
And the Jacks were put TO the screws
at a time when everyone looked for tho
reverse-vhen no one considered II pos
sible-wheu the decisions so long a fac
tor are still matters OF the tuture-When
the Union PacifC-SoUthern Pacific Gov
erumcnt suit is stiI on the ways
Wall Street has somehow or other be-
come imhued with the opinion that the
Tobacco decision, when II does come, VIII
be a surprise party TO the Admlnlstra-
ton, in other words, il Will be favor
able to the Tobacco company, also To
the Standard OH Company, AMI an IN
dOrsement of the modern trust way OF
doing business. Just where this belief
originated, just what the foundation
Therefore, remains a mystery The Su-
prcme Court doesn't leak, nor Vet any
Of the individual members thereof. II
tho Street Is operating on any alleged
/ Information, 1t Is taking the wager $
chances
But the story is that the Tobacco com
pany Is satisfied that II has made "A good
case: that the assurances of their attor-
Ineys have been along this line. The
shares Of the company advanced ~
points during the week and the influence
thereof was pronounced II the whole
market At the same time IL IS admit
ted that an adverse decision in the To-
Ibacco case would be a serious matter
the decisions being handed down in the
immediate future are rather slim and
the belief in welI-infOrmed circles is
that they will be delayed another month
or sixty d3ys-
Strongly Held.
! In the meantime stocks have centered
in strong hands. February the low
point Of the break. is but four weeks
away and the recovery since then has
been more or less inSiStent. followed by
days of complete dullneSs and slight
recj SSiOnS but not to close touch with
the low OF that da,g.
! on the low levels the strong interests
that liGuidated on The top and all the
way down began 10 rehabilitate their
stock accounts. taking back stock in
large quantities. SO runs the story to-
day. And If il is true stocks have again
CenteTed in strong hands and the mar
ket Is again moving up, with some show
of steadineSs to higher levels. for the
purpose Of again going through with
the milking operation for the profits
and in the hope Of being able TO sell the
public a bunch Of hiEh-priced securities
The professional element will trail
! more or less cautiously. but il will fol
low the lead as long as strength is
shown.
1t is not the time for the conservative
man TO throw caution to the winds and
/ follow the leaders blindly in the event
of their going much higher II may be
that the Supreme Court decisions are
yet sixty DAYS aW ay, but the decision
| will be handed down one Of these davs
and no more important event in so far
as the effect on Wall Street is con-