Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-09-11
Of securities. and that they have the
power to accomplish their purpose
Unsatisfactory to the Public

This is very unsatisfactory condition
for the general public, but not 50 bad
for the professionals and semi-profes-
SIGNALS, who had as soon bet on what
they think insiders are going 10 do as
upon fundamentals What they want is
action and cue upon which 10 act. II
they believe il is for the interest of In
sders to put the market up they VIII
buy stocks even though every surface IN
dication and visible sign points the other
way. Similarly If they are satisfied the
insiders want prices TO go OFF, you will
md them on top pounding away IN
happy harmony and doing the best they
can TO carry out what they think is the
program of the market masters.
The elections and state primaries held
this week added TO the general feeling
OF uneasness although the day follow
ing these elections was SignallZed by a
sharp rally in prices as though TO give
the lie to this proposition. The market
started off Wednesday weak, nervous and
heavy. but within a very short time after
the opening the interests" came to the
support Of the situation and put i'm
enough buying orders to check the down
ward rush and turn threatened demorali-
cation into what looked like genuine re-
covery. Those who had front seats and
were in position TO look behind the
scenery. said IL was all stage work and
that the boosting given the market was
purely muscular.
Nothing to Warrant Bullishness.
There Is certainly nothing in the gen.
eral outlines at the present moment TO
infuse honest bullishness into the blood
and minds Of the public That element
among investors and spectators who
are influenced by popular sentiment are
feeling mighty shaky. In the back
ground. however, there are hundreds of
thousands Of men and women who COM
pose the great investment class which
Is slow to move, and slow to feel the
confuf>ng action Of the surface tides ana
currents. and which has an abiding
faith In the permanency of dividends
and in the stability of property
This is the comfortable. unshaken, pa
triotic state into which people get who
have been In receipt of income on their
stocks and bonds for many years and
who know by practical experience that
while this income may be subject to
minor fluctuations, 1t is always a de-
pendable quantity This mighty and
comfortable element is not likely to be
disturbed by the passage Of windstorms
over the country and by the ups and
downs Of political organizations.
Not SO with Wall street and the peo-
pie who breathe and live in its atmos-
phere. These people are greatly disturb
ed and their lack of confidence i'm the
immediate future has unquestionably
communicated itself to the great business
body outside This is shown by a steadily
restrictive volume of business i'm nearly
every quarter Even the railroads are be-
ginning to feel IL and although We are
at the very beginning of a stupendous
crop movement, general earning of rail-
roads are not as satisfactory as they
were a few weeks ago.
Railroads Help Pessimism.
The railroads themselves are contrib
uting to prevailing pessimism by the
earnestness Of their fight before the in
freight rates. The exhibits they are making
are not such as to encourage the buying
of their securities. The plea they make
that they may be allowed to shift the
burden OF wage increase upon the public
Is getting shopworn and apparently losing
its effect. The opposition to this pro-
gram and the spreading of belief that
the argument IL fallacious is leading to
the feeling that the commission may re-
fuse to grant the demands.
The public is asking why IL should be
called on to make up railroad losses and
exempt stockholders from responsibility
cannot make good with their workmen
they have the privilege OF doing what
individuals or firms do under similar con-
ditions. They can economize In opera-
ton and maintenance or they can scale
down in dividend distribution. This ar
gument is having weight. IL is being
harped upon by rs per cent of the news
papers in the country. and the changes
will be rung upon ii from every political
platform from ocean to ocean. That the
Interstate commerce commission will be
more or less Influenced thereby goes