New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-28
ALLAWAY'S REVIEW.

it's condition, its prospects. Assaults ara
withstood. They are plenty Whal.
moreover. unhappily operates is thar ira
basis for most market assaults are facts
faerantly in view. Crop damage West
ern loan tangles. railway net earnings
statements. weather idiosyncracies. polit-
ical expIosions-ail these are factors
helpful to the bear side against security
quotation; and upon the stock Exchange
alert traders have been industriously It
work every day trying TO turn each and
every one OF these elements to specula-
tive advantage Yet the final result
measured by quotation change. makes
an insignificant exhibit. People who
own stocks have apparently reached t1s
point where they cease from troubling
All that nervousness can DO 70 q MARKET
has apparently already been done.
Meantime a relatively large short inter-
est-Iarge relative 10 the volume OF
current contracted tTansactions-shows
throughout the list. Few stocks nave
escaped the short selling campaign re-
Gently under full swing STOCKS most
conspicuous. and from that angle most
important have been sold short BY
wholesale right along day by day ny the
speculative contingent, whose view q
every value originates upon the nooT Of
the Stock Exchange and never extends
beyond Stock Exchange doors
Traders OF this sort are not heroic
They have the running habit. II takes
precious little to scare them into surren-
der And the htful rallies the stock
Exchange scores every day OF two ara
tracea BILE almost exclusively to the hyS-
terra of this hop, skip and jump sroro
OF financiers They are opportun1sts al
ways and only. They are scaipers- Iney'
look for but the pettiest profits. tasi-
campaigns produce lot OF noise ~
serious clements in any situation they
are grotesque. Yet for weeks, even
months. past they have been holding the
centre of the Wall Street stage Their
ups and their downs have been tbs mar
ket- From any helpful viewpoint this
is nauseous But Stock Exchange tests.
standards. results. have been persistently
established by these agencies. What,
moreover must even in dlsgustl De
acknowledged is that there shows 10
sign of variableness or change. Tbs
WHOLE market is professional.
1t is pleasant to those who voice tbs
optimistic side in Wall Street TO keep
urging the possibility. the probabilitys @
European investment N American
stocks. Their enthusiasm often reaches
ridiculous points. Recently they have
been especially urgent Their recltaton5
have cataIogued a long list OF reasons
why foreign investment should come this
way. Little new, less that is sane, comes
into these arguments. From day To day
the Wall Street news agencies advise
that London. Berlin and Paris are buy
ing, or selling, tens OF thousands OF
shares of American stocks; and II -
curious that these announcements COM
mand continuing attention. The III
most limit Of their consequence g
It, I'll
toying with quotations. are engaged IN
the enterprise of sending orders from
here abroad to be on cable exc
cuted in this market as a pretence for
foreign account The idleness OF az
this sort of thing is amply recognized I1i
every intelligent Stock Exchange quar-
ter: but still the hippodrOme daily pro
ceeds and is watched. discussed, con-
sidered. even as is the New York weekly
bank statement, signifying not one vital
thing, rejecting nothing that is conciu-
siye, actually indicating the nneTeSI
chance for guesswork f0ollsnness- \
bank statement that Omits trust COM
panies and ignores the operation OF gTeeC
insurance cor1panies-that includes bare
" 30 per cent of the weekly opera
lions Of the metropolis. IS hardly the
perfect barometer; and 50 the daily bull
ietins OF European purchases and Euro
peau sales upon the New York Stock
Exchange are signs valueleSS-
European interest in American securi-
ties has not been augmented by any OF
the developments of this year. De-
pT esSing effects naturally follow some IN
cidents-as that, for example. OF the mis-
fortune overcoming the British-FreuCh
Person 'arquhar syndicate in planning:
a transcontinental railway system based
upon interlocking options and contracts
and purchases from Wall Street fnan-
cters. All the scandals iii this episode
are not get aired There is to be Hr;ga-
ton. Some Of it promises TO be spec
tacular. Conspicuous millionaire names
are TO figure. Allegations OF bad faith
are insisted upon What the foreign in
terest will urge. what they claim they
can prove, is that they have been the
victims of ambush.
The fact that indictments Of this scrt
are TO he prosecuted, some here and
some at London. does not forecast the
likelihood OF anything ike new sDon-
/. taneOus combustion upon the part =
foreign capital in favor OF American
stocks. Indeed, it can be stated here
upon authority that in at least two con-
sequentiaI instances there have beer
within the last month cancellations Of
subscriptions totaIling vast sums made
at London and AT Paris for American
enterprise. In one instance upward o.
S5,O0O.0oO made available by one bank
ing group for use here has been with
drawn.
1t may be that the foreigners are IN
warranted in this attitude. Fair minded
Observers take that view. What IS con-
sedUential is that the attitude has beer
taken; and that in support OF it there u
vigorous pr0testation that we prefer
here adroitness and cieverness and quick
profit above the square deal That thus
Indictment IS unjust does not relieve -
immediate hUrtfulnesS.
Meantime, in Europe, as here the ten
dency is toward tighter money marEst
conditions All OF the European state
banks are about 70 advance discount
charges. The Bank OF EngIard'S is lkelT
TO go up tirst-not improbably- this com
ing week.
Calm diasnosticians are anticipating
that Wall Street for some weeks TO come
will give less attention to finance than
recently has been the rule-for N tes
view OF most observers the topic intrud-
| ing most will DC politics That viii %
amply lively. It's phases will inclucs
what may be eXcitant 20 the stock E4-
change Imagination We are not enter
ing u purring campaign.
Where bettermenr in the market ea5
show Il likely TO be confined 70 sreca
quarters. New Yorks local tracSporta'
ton stocks may get sudden conspicuous