Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-10-02
SUPPORT IS GIVEN PRICES
Big Interests Forced to Guard
Against a Serious Slump.
BUSINESS LACKS GOOD CHEER
Railroads Are Sulky and Are Plac-
ing Few New orders-Helped
by Good Crops.
BY ". G. NICHOLAS.


| The manipulative movements in Read
ing. Consolidated Gas. marlborough Met
! ropolitan and one or two other specialties
| were such raw pieces of work that the
public was frightened away from the
| market rather than attracted to it, The
| laundry work in these stocks gave to the
| market false appearance of activity
| as measured by the total transactions at
the end of each session.
For day or two the action was spread
about the room in manner intended to
show to the public that the speculative
situation was broadening out. The up
state conventions tended to deaden in
terest in the stock market and altogether
it has been q rather disappointing week.
Uncertainty with regard to the PROPOSE
ton before the interstate commerce COM
| mission for a raise in freight rates is
still very live factor, more correctly
speaking. a paralyzing factor. The rail-
roads are giving it out cold and fiat that
they do not intend to- spend any more
money than they have to until they are
given permission to cinch the shippers
for increased income and that until they
are allowed to move up their rates moth
ing more need be expected from them in
the way Of new equipment orders or bust
ness with the rail mills. They are sit
tiUE DdCh duu iOOhiIlS Siulh dHu 81
a possible. They are feeling very dubious
as to the outcome of their demands and
are at no pains to conceal the fact.
May Be a Mistake.
At first blush they thought they had
made a very strong play In getting the
railroad labor unions to join with them
in their plea for higher rates, but when
they come to look over 1t they begin to
feel that they may have made mistake
in trying to influence the court in this
fashion. The play looks suspiciously like
political duress and the possible impro-
priety of that kind Of effort is forcing
itself upon them.
The assumption that the interstate COM
merce commissioners are politicians, and
therefore amenable to the usual political
influences. isn't sitting well on the COM
munity. The idea some way does not
harmonic with the theory that the COM
mission is a judicial body and renders its
decisions in accordance with testimony,
facts and business arguments brought be-
fore II In a plain, straightforward, legltl-
mate way However, this is one of the
things that will be threshed out, and in
asmuch as the commission is not expected
to take formal action until after the No
vember election the result can wait.
Meantime the commission will resume
it's regular sittings the first Of the week.
and one of the things 1T is expected to
act on will be the suspended order for
a reduction in trans-Missouri rates, a fact
which Is accountable for the heaviness OF
several of the Pacific stocks.
Crops Out Of Danger.
The great bull argument which is being
urged as a reason why the stock market
should advance is the saving Of the
crops which are last to mature. The
whole Of the corn crop is now practically
out of danger, and Wall street assumes
that cotton Is in the same happy stua-
ton. although everybody understands
that late open fall may yet increase
the production of that staple by at least
5OO,Ovo bales. Cotton sentiment, as re-
flected in the daily price fluctuations on
the exchange, is nervous and shifty. The
price Is admittedly high, but that does
not prevent an active bull party from
stirring things up at a lively rate on the
the big aggregated production of cereals
and cotton does not enthuse the public
or stimulate 1t to the energetic purchase
of stocks. Big crops do very we'll as
backbone and a background, but there is
nothing romantic about farm produc-
tion-nothing of the fizZ and sensational
about to give the initiative. Something
is lacking in the situation which pre-
vents the speculative impulse from taking
possession of the hundreds Of thousands
of the individuals whose help Is neces-
sary for the success OF any great bull
campaign.
Business advices contain very little to
thrill the brain or set the sluggish blood
awhirl From every direction comes the
news that the tendency is toward con-
traction rather than expansion. and prac-
tically everybody Is holding back where
they can do so. The example set by the
railroads is being very generally followed
and there can be no mistake about it,
The political outlook is disquieting in the
extreme and the spectacular reappear-
ance upon the stage of Col. Roosevelt
does not tend to composure or joy in the
business world.