The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-11-27
MARKET, VOID OF BUYING POWER, /
IS BECOMING DESPERATELY THIN I
Traders Sorry Victory
Hang ACKNOWLEDGEMENTS Do Not Like Oudook-Ohr
Feature Of Situation.
GRANT DATER,
Special Representative the Munsey Publications

NEW YORK. Nov. 27.-Nothing Oi
variety and little OF interest developed
in the stock market last week The
trading interval was broken by the OBJ
seTFanCes Of Thanksgiving. In advance
OF that event, a duh and heavy ten
dency was attributed to the impending
holiday, but no Improvement came with
the resumption OF business on Friday
IN fact. the market at the weeks end
was less active than at the outset, and
reactionary tendencies were even more
pronounced. Yet, covering the holiday
interval, all the prominent foreign
banks returned excellent statements of
their condition; the reported difficulties
in Mexico assumed a much better
phase, and the opera-bOuffe character
of the Brazilian naval revolt was made
distinctly apparent; IN other words, the
speculative stock market continued dun
and reactionary, despite developments
OF a favorable nature
II seems quite clear from this that
the depressing influences were not ex-
erted by passing news While It is
possible that the regulation prohibiting
"pair-oTs-' between traders on the
floor Of the Exchange, may have re-
duced TO some extent the volume OF
professional operations-for the new
rUle requires a two-dollaT transfer
stamp on each and every hundred
share trade, admitting Of 10 evasion.
as in the case Of a ''pair-oE-' In the
past. and two dollars is a big item for
q trader these days-the belief Is gen
eraI that the dun and heavy tendency
resulted IN large part, from a tardy
va Hr~r
that important banking interests are
by no means satisfied with the outlook.
The horizons are CIOgded in many di-
reCrious. but the cumulus mass upon
which financial eyes are now fixed, Is
made up Of such material as political
possibilities at the coming session OF
Congress
Political Considerations.
That Congress may again be a source
o. disturbance is likely TO prove q mere
passing wall Street fancy. AssuTedIy,
in advance Of the election. when the
financial district. almost TO a man,
united with Tammany Hall IN its efforts
10 defeat Mr.. Stimson for governor,
Wau Street figured out for itself that
II II rebuked Colonel Roosevelt, a do
nothing session Of Congress would re-
suit Its reasoning was not very clear,
and IL is an open secret now-siuce
stocks have not improved-that Wan
Street j. sorry that the Democratic
victory carried rs far as It did WsU
street stuI processes satisfaction over
the rebuSe TO Colonel Roosevelt, but It
now realizes that too many Repuo lean
radicals were elected n the West and
too many Democrats fCr comfort were
elected everywhere, q Z brokers are
beginning to fear vat instead II a
''do-nothing Congress political eXpedi-
ency may require "do-sOnei hing
Congress
Uutu ConEress convenes. and Presi-
dent Tart has submitted his message,
outlining the legislative pro+-s-arl- there
really seems no good reascis why Wall
Street should very much concern itself
with political affairs. At best the leg
fslatiVa program IS q mere matter OF
conjecture at this time. and very little
has ever resulted from the short ses-
sion, but wall Street is taking note
Of such things as might concern Il Il
rhev should be brought forward, actual
" such as the advocacy Of a monetary
reform measure and the advocacy. 1y
some Republican papers. OF the immedi-
ate revision of the wooden schedule OF
the present tariff bill, and the agitation.
which IS being worked Up for a special
session Of the newly elected Congress
in March, Ito carry out the VIII OF the
people
Speculative Wall Street is never at
loss for an explanation. IN consequence
Of which other explanations failing. Il
has seized upon the possibility Of PO-
HtfcaI disturbances to account for its
duu market There Is some basis for
this feeling perhaps. but IN banking
circ.ss, far more stress Is laid upon
the Sherman antitrust act, and the IL
frgrrH
matters detrimental 20 speculative aC-
tivity than on anything else. Other
restraining influences, however a-e
found in the railway situations, Tor,
though gross earnings are still very
vel maintained, the inroads that high
CT operating cost are making N net
earnings, are causing considerable url-
AIthought bankers incline TO the be
Uef that the commerce commission VIII
sanction some freiSht rate advances
there Is an Increasing irritation over
the long drawn out inquiry and the re
peated pOstponements, 70 very remote
dates Of many new ua1nC ScheduieS
fled with the commission In the mean
while X Is pointed out that q process
Of slow erosion must be going on with
very many railway companies, through
their inability to sell bonds, or procure
adequate funds for necessary 1pkeeV OF
-DroDerties, to say nothing of new con
Srrr1ctIon- Wall Street was ScneN nat
cheered BY the hopeful and rational
views or the needs OF the railways
expressed by Chairman Knapp, OF the
commerce commission, but the specuia-
tive element, thought he should have
come out in open advocacy OF rate al
vauces which IS obviously Impossible,
for one who must act judiciOusly on the
question. later on.
A Very chin" Market
The very. severe criticism passed upon
the character Of scent stock market
manipUlations, to which ailusion was
made last week. without doubt played
an important part in contracting the
volume OF business during the present
interval It is doubtful If the sum total
of actual business was in the slightest
affected by this. however. 1t IS no
torious that in so far as arOUsing public
interest is concerned, the last manipu-
Iative movement failed entirely, and
that which preceded it in October, was
not OveTSUCcessful- Leading commission
houses make no secret Of the fact that
there is an almost entire absence OF OUT
side buying in the market, but II re-
mains as true now as il has before that
liquidation has ceased, and that there is
little or no public selling. Brokers now
wonder what has become of all the
stocks. for they are not in their hands
OF ir those of their regular customers