The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-10-09

u " All ElNtl NuTluk inc wen
The active issues made little real
progress, while specialties, as rule,
were marked up all along the line. De
spite some irregulsrity in bonds, that
department remained the best feature
of the market, though the increasing &C
tivity Of speculative issues strongly
suggests the theory that professional
manipulation is now playing an tmPor-
taut part IN that quarter.
Investment buying is still n progress,
but Il IS confined to bonds OF the best
character, and proceeds slowly. Among
investment houses. it IS not associated
with the spectacular movements in sec
ond and third rate issues on the e1-
change, which are regarded as Of specu-
lative origin.
Up 10 the present the public response
TO the increased activity in stocks has
not been extensive, and leading commits
sion houses complain OF dull business,
but one should bear IN mind when
stock broker says he Is dong nothing,
that this implies an absence OF selling
pressure. as well as a lack Of buying
demand. In fact, the distinctive fea-
-urcs Of the market in recent weeks,
ana the most notable change which has
come over the character Of the trading
is best summed up in the statement that
liquidation has ceased.
No one now talks Of the possibility
of panic or crisis, and the marked i'm
provement in sentiment is well illus
trated by the manner IN which the
street received the poor bank statement
Of Saturday week. It declined 70 be-
come alarmed over the heavy loss in
cash holdings and suplus reserve. and
the efforts OF the bear party to depress
prices upon this development was prsc-
tically without effect.
A Quiet Market.
Although time and call money rates
did not advance during the week. time
funds were more closely held, and com
mercial paper rates stiffened 10 prac-
tically per cent. Il is probably true
that the monetary situation as disclosed
BY the Comptroller Of the Currency's
report, and the New York bank state
ment, had some effect IN curbing Wall
Street enthusiasm. The opinion pre-
vailed quite generally in brokers' Of
nces. however, that The most consider
able reaction OF the week, on Tuesday.
when stocks declined from one 70 two
the object of checking a poorly timed
speculation which was gaining headwsy.
There is no war OF confirming theories
such as the above but the report seems
reasonable. For instance, genuine i'm
provement has developed in numerous
quarters, both in the security market
itself and in the industrial situation,
and this can best be explained by a
!
speculation az a time when bank re-
sources are none too abundant. and
when considerable demands may be ex-
peo;ed from the mercantile community
would speedily complicate affairs IN the
money market. This would prove detri-
mental both 20 general business and 10
the awakening investment market, and
the present interest OF the banking ele-
ment is assuredly in the direction OF fos-
terinC the investment demand II is
I through that medium. not speculation,
that corporations can obtain the fresh
funds essential for development and i'm
provement work. and for the fl1rth her
ance Of theE' activities.
Wall Street and Politics.
Entirely aside from any impeachment to
/ Improvement in the investment market.
/ which a speculative movement might
impose, it is hardly reasonable TO ex-
pect that bankers would view with sat
| isfaction an upbidding of stocks so close
10 the elections. They prefer TO enter
that period Of uncertainty with prices
close TO bedrock, for then in the event
OF any untOWard happening, any pos
sible unsettiement would be or very
! moderate proportions
Whether rightly or wrongly, the entire
! financial district is centerinE all interest
upon politics. The outcome OF the cleo
tons in the pivotal State Of New York
I is held by the trading element 20 be the
feature upon which the market Of the
near future hinges. Every broker is
discussing the chances OF the election
/ Of Mr.. Dix, the Democrat, or Mr.. Slim
/ son, the Republican nominee, and the
consensus among traders is that IL Nh
/ Dix is elected, prices will improve, and
| that II Mr.. StimsOn is successful, they
will react.
II is not impossible that wall Street
may wake. up with surprise the day
/ after election, both as to the result OF
/ the campaign, and it's market influence.
Should such prove the case, II would
! not be the first time that the Specula-
/ tive market he's placed a false estimate
! course, the Wall Street theory that a
/ Republican defeat on this occasion
would prove bui'ish argument is
predicated upon Colonel Roosevelt s
/ prominence in the campaign, and the
| rather childish view that the defeat Of
/ Mr.. Stimson would mark the final de-
/ feat Of Colonel Roosevelt, and the over
4 throw Of the ideas that Colonel RooEe-
/ Welt stands for, namely, the New Ma
/ tionalism.'
REFRESHING Influences.
/ When one recalls the remarkable prog
/ ress that these striVings for honesty in