The Washington times., 1910-02-06
NEW YORK MARKET
STILL VERY NERVOUS
Hope of Rally Lies in Short
Covering and Invest
ment Buying.
By 7 4. FLEMING.

AS the potter handles his clay, so have
the bears handled the New York stock
market. md, save when they themselves
have taken in their growing Profits and
thereby stfffeued prices. they have
found It as plastic and yielding as the
clay Itself
There was. once upon a time. an Old
market saying 70 the effect that the
bears had never been able to build any
stone mansions on Fifth avenue. even
though they might have a few good
houses on side streets Looking over
the losses from the high prices Of the
year to date. II IS not hard 10 under
stand Just how easily the big bears OF
The Street might acquire an interest in
many a Fifth avenue block and the
houses thereOn-were they so inclined
They have taken liberties unrestrained
BY the magnates OF the Street-they
have pulled PEGS and nightly jarred
the very props.
The one thing that puzzles the army
OF watchers that daily haunt customers
rooms, has been the apparent iudifer-
eRce Of the big interests that are sup
posed TO have the market In the hollow
of their hands So far as the closest
observer has been able 20 see, not one
effort has been put forth at the com
mand Of the Rockefeller millions to
check the depreciation in values Not
one word has gone forth from :. Pier
pont Morsan's Office TO orler a lineup
against the vicious attacks OF the
bears
And the NsJ5op;e who made fortunes
following the leadership Of a Hartman
regret that the king is dead
q reasons Many have been set forth
rom time to time. The story OF the
Iotacdo and the Standard on decisions
are familiar - Ises-the echo OF the biz
stick has been heard again and again
the Sherman antitrust law instead Of
nelnE repealed VIII be made the means
OF forcing ref 1T-rls The. Rock Island
ana the CoiumEus-HockiuU Coaf and
Iron rUcuOnS were but Incidents and aC-
CiGents Tar reaching III their effect. but
back Of II ali Is a growing that the
biz men OF the Street We're tired and
weary OF holding the ba- so long They
found II was impossible TO induce
lne investing public 10 come in and
tfNe the stocks on from their hands.
tEa- the banks We're also growing anx-
1ous for a settlement OF loans and one
thing coyetaIIiuE another, finally caused
liberal l11uloatlou by strong interests
on StronS spots created Cor that puT-
pose The fnal straw was the refusal of
2 supposed plastic President TO remain
plastic under the continued ca Of the
members or Congress who are TO stand
1or reelection this fall. % do sor1erh hing
resulting in the White House prouF7u-
ciamento that actually shook UD Wall
street
It IS remarkable how long a bun ViI
hoid on IN a declining uar6et-he over
STAYS rise, he OTersCayS a decline
one, two three, and even four margin
calls are Necessary before the hurt Is
sufficient 10 cause a sale order, fre-
quenuy an exhaust is necessary. The
specUlatOr viii take a small uroHr on q
I1Ses but hang on TIL shaken off on a
IalL But they naNe fallen like Overripe
pluns all Weak-falleD after hanging on
IN the face OF conditions that fairly hoI-
Tered with bear1Sh tendencies
The wherefore and she why IS not
especially lnteresJinE- Just now IT. Is q
question OF the future thar Is of in
tense interest u the followers of The
slowly unWillinS tape.
The lower levels have uuQUcs GouaDIy
Geen the cause Of bringing in a Iar-e
volume OF new and actual buying on
the odd-lOt order II is the hardest
possible Thing 10 strike the ultimate
Use Al the end OF "a bull mCEcmeur-i-
is equally hard to find the bedrock bot
tom at the cUlminatiOlT- of coIIause-
Stocks bought and actually paid for
ana taken out OF this market VIII IN ar
probability weld a Sood profit after the
elimination Of the various factors which
have been largely instrumental in
causing the declines Perhaps il would
be better 20 say that there are stocks
or the list that would, i'm time. sell
much higher but the investor should
De careful in making sAeCt0ns ard
conservative IN operations There are
corporations in both the railroad and
industrial line that VIII not be affected
ctheT by the successor OF tie biz
stick or by any Supreme Court Geci-
SION moreover the theory that there IS
10 be a drastic prosecution of the trusts
"f the CounJr[-G disposition 10 play
hob with the railroads Of the nation
q Il
Struction OF the prosperity that the
u1nIStraIiCn holds as a ueCeSSitv and
IN high regard, Administered ton policies /
are likely X meet with little opposition
largely because of The forthcoming
elections, wherein the cousL5e5s---.s 0f
Western representatives VIII brook no
aAmPerluS o. Presidential policies But I
fed
There are no other stocks 5u the list
tHat 1Gay Tah- quicker TeCOverieS than
1he unaffected unafraid group Tt win /
not require he services Of an expert to- /
classify number OF securities in the
The short line in the market is very
long Tt Is the greatest danger TO itself I
hut unless there is some disposition on I
the part Of the big interests to rehabili-
tate their holdings sold out days and 4
weeks ago, 1t would seem as II any ma
ferial advance was out Of the question
= ne stock market cannot stand still /
TEiS has been demonstrated time and 4
Ggain. unless the bears understand that /
the insiders wilLuot permit them to take
liberties Financial interests would vel
come dullness-
Speculative operations should he /
guarded with good margins and the I
market Yoselv watched. as II Is Hkely-I
10 take q quick turn one way or the 7
other without apparent rhyme or reason /
end unless on the spot traders VIII have
difficulty in taking profits
The decline on some stocks has been
very heavy Vet If the reader VIII recall I
the rapid rush upward Of Steel common +
from 8 20 q. and of Union Pacific from I
the 900 mark to 21e. but more especially I
on the Vav to e1o-r1eSe being examples Z
he may form the opinion that the de- 1
cine -hos not been $50 very greatly eX-
tended after all
BACK TO THEIR OWN. 90