Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-12-04
HOPE YET IN BULLS
Not Much Else Is Left Of Re-
cent Market Campaign.
BUSINESS OUTLOOK DULL
Even 0ptimist Clubs Begin to Feel
Effects Of Gloom.
CHEAP MONEY OPPORTUNITY
Sufficiently Strong Combination
Could Use It to Put Up Values.
Hartman Did It.
BUSINESS OUTLOOK DULL
CHEAP MONEY OPPORTUNITY
Special Correspondence of The Star.
BY W. G. Nicholas,

NEW YORK, December 8, 1910.
The fizz and sparkle and faith and conf
dence seems to have departed largely from
the bull movement in stocks. Hope. is
still left, however. AS some bright
writer has said, hope is the cheapest
thing now in the market. That is
probably why it remains. 1t is always
on tap, which is a good thing for the
stock market, as for everything else.
Judge Gary, officially representing the
iron and steel industry, having at last
made open confession of the very bad
state of affairs in that division Of bust
ness, it is now being generally admit
ted, very generally, by even the most
reticent, that the country is in state
of depression. Ten thousand volumes
of canned interviews telling how alto
Sether lovely things are will not alter
the facts, and everybody has known
for months past that business has been
unsatisfactory and on the down grade.
The statement by Judge Gary that the
iron and steel mills were only produc-
ing about so per cent capacity merely
served as confirmation of what had
become Il recognized condition. 1t was
| In no sense q discovery.
The incident is valuable however, in
many ways. 1t tends to show the
futility of trying to cover up the truth.
1t tends also to discredit the periodical
output of official representatives of big
who feel that they are called upon to
| misrepresent the facts and to delude
the public into believing that the situ-
alton is better than it really is In these
persistently endeavored to represent
the actual condition of things. 1t has
not always added to popularity to hold
| fast to this rule, but there is some
}Sfs. Srr, In &c.
| armed by realization. When the turn
| comes for the better. and the fact is
being chronicled with progressive en-
phasits as prosperity enlarses. there
realization at that end Of the history
1t is not a cheerful duty to be obliged
| to recite the story of depression.
Cheap Money Main Reliance.
The main reliance of the bull party at
this stage is in cheap money. The out
| look is tor an enormous accumulation Of
idle money after the turn of the year,
and very naturally the belief is enter
tanned that this money can be had in
any amount that may be desired for
Wall street operations. The expectation
is that it win not be in demand for gen.
eral business, and that 1t can be had at
| the low terms by people who have quick
collateral to offer. That means Wall
street.
Three years ago Mr.. Hartman took
advantage of just such situation to
mass his resources and those of his asso-
ciates in the organization Of grand bull
campaign in the stock market. That
campaign was set on foot with every pos
sible accessory, including Sunshine Clubs,
thousands of columns Of advertising mat
ter, write-ups and manufactured activity
on the stock exchange. The play was
made so strong that business in all de-
partments was electrified and a grand
boom was started. Looking back at the
experience, it is now seen that the move
ment may have been premature and that
it would have been better If matters had
been allowed to take their course and
work out naturally without artificial di-
rection or stimulation. There has been
a great reaction in every direction since
the death of Mr.. Hartman, and it looks
very much as though the first start had
been false one. Another start may have
to be taken before permanent improve
ment occurs.