The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-09-25
IMPROVEMENT IN THE BOND MARKET
BEST FEATURE OF WALL STREET WEEK
CountAn Markets Clearly
of Polhc-Bank C1earngs Decrease.
By JOHN GRANT DATER.
Financial

sure, but il seems as though deep down
the influence greater than all others
tain fundamental matters TO which Wall
Street gives little concern play some
part toward the genera disturbing
cause
The Spirit of Unrest.
A spirit Of unrest, which affects prac-
tically all classes, has developed in the
country. One sees its manifestations in
many and divers directions. In the pro-
test against the old order Of things in
Congress. IN the tremendous sweep to-
ward the new nationalism In politics,
in the attempts TO regulate railway cor
pOTatiOns, and punish the industrial
trusts, and in cc-ntless other ways. in
GLIDING the insistent demands Of labor
for higher wage
Opinions may diner as to the origin
Of this movement, but II IS difficult 10
avoid the conclusion that the stomachs
and the pockets Of the people have been
touched as a result OF the very high
cost Of living. which the community. for
lack OF any more satisfying explanation,
attributes in part TO the tariff and in
part 10 the railway corporations and
the Industrial trusts. but they might
add, and JUSTLY the tremendous eXpen-
dltuTeS OF the Federal and municipal
governments everywhere, and 20 this
corporation eXtraVa E2nCe may be added.
The burdens Of debt, national, State,
CEt1s municipal ana corporate aSSuEE0lE
assist somewhat IN raising taxes and
rents. and the cost OF commodities, and
fidence
But, entirely aside from such features
as are enumerated above, and the three
or FOUR specific factors which speCuIa-
tive Wall Street Is ever harping upon,
when IL discusses its Woes-poIitics, the
Industrial trust cases, and railway rates
there are other matters which give
concern to banking interests
These are the very unfavorable ten
denotes OF the country's foreign trade
ment finances through the increasing
treasury deficit, and the complications
WHICH are looming up in the monetary
situation through the inability u The
Government to sell further issues OF
Panama Canal bonds without disturb
iDg existing issues held by the natior al
banks. and the reluctance OF the "a
tiOnal banks at the present time, TO b "
bonds and Increase their circulation
even If the tax on the newly authorized
Panama issue was adjusted 70 conform
10 that borne BY the 2 per cents These
features are not spectacular and so
speculative Wall Street takes no heed
OF them, but they are fundamental. and
no one can doubt but that they would
play very lively part In Street dis
CLssiOns If brokers were not now con
Ce-red with other matters In casting
ba,k over the past. I cannot recall a
time when this country was struggling
with an adverse trade balance. and an
increasing treasury deficit. that II has
enjoyed good business or an active stock
market
Mixed News Developments
The news developments Of the week
were Of mixed variety, but It cannot be
said that they exerted much influence
on prices For brief intervals stocks ad-
vanced or declined, within a uinited
range
The most pronounced decline OF the
Interval followed upon the report OF an
impending wide open cut in steel prices,
which was officially denied by Judge
Gary. who spoke hopefully OF the CUu-
ditions bearing upon tie iron and steel
industry and the sharpeSt and best suS-
tanned recovery resulting from the ind
ings OF the master in chanCery in the
Minnesota rate case. which held the
drastic law OF that State TO be unccn-
SriruuonaI and COndSCatOry. and Ger
flying 10 liberal valuations Of the prop
eTtv Of the Northern Pacific and Great
Northern roads. upon which II was held
that the companies were entitled TO {
Del. cent dividends.
Activity. stimulated bv the develop
rreut. -as not sustained. for II was
speedily recognized that the findings Of
a master in ChauCeTy are not conclusive,
a. the findings must 20 to the courts for
approvaI, and are subject TO appeal 10
the United Stafes Supreme Court be