The Washington times., 1910-03-13
TRADERS MARKET
AND VERY NERVOUS
Conflicting Influences Pre-
vent Important Price
Changes.
BY I. A. FLEMING.

BY I. A. FLEMING.
1t is hard 20 be bear on the market
with so many evidences Of national
prosperity constantly being forced upon
the observer. 1t is hard TO be a bull,
with such positive evidences Of milk
ing" as are seen in the markets every
day or two, the successful and OFT
repeated method Of booming a few
stocks. making a strong undertone and
higher levels. and then dropping the
stock in great quantities. 1t Is always
hard 10 guess what the other fellows,
and especially the leaders OF high
finance on Wall Street, have on their
minds
Under these conditions the stock mar
ket today offers ample opportunity for
the specuIa1ively inclined on both sides
OF the market, but II must De watched
closely in order 10 reap any proflts, for
the full gains are rarely held. and bears
are aggressive on every indication or
liquidation coming out-and liquidation
comes out when Il Is not evident IN the
action of the market. Witness the SELL
ing OF Union Pacific holdings in many
strong stocks on the top or near it-alsO
the elimination of the Rockefeller hold
ings in Steel, in the SOS. brought out
through the announcement of the retire
rnent of John D Rockefeller, jr-, conSe-
Quent upon the publication Of the bene-
faction plans Of the elder Rockefeller.
Perhaps the 9OG9i7s market was made
for this liquidation.
There have been times when opinions
were more diversified than they are
today. but not many. This is what
makes for a traders market, a two
sided proposition that worries room
traders while enabling them TO scalp an
honest dollar ROW and then
The volume of business is moderately
large in the aggregate and the evidence
Ot manipulation is found i'm the fact
that one-third and frequently One-half
of the total daily business is confined
10 the leaders, Reading, Union Pacific,
Southern Pacific, Copper and Steel. The
rest Of the list meanwhile moves slug
SiShly, but follows the leaders quickly
enough when they turn for a downward
demonstration. Always nervous and
quickly responding TO fact or rumor.
il is not an especially good market for
commission houses. but this does not
mean that stocks purchased for invest
ment, put away and forgotten may not
make large profit before the end OF
the year.
The chronic threat over the market
is beginning 10 lose its power as a bear
argument and vet an announcement
that the decisions of the Supreme Court
were to be handed down tomorrow at
noon would cause a clearing Of the
decks before the end Of the first hour
Of trading But conservative operators
can not bring themselves to believe that
the seven wise men who constitute the
Supreme Court of the United States
are about 10 cause an industrial revolu-
= IHEaag 4
wide in influence.
They are going to show us a way
out Of the difficulty, tell u ho-' we may
do business within the 1.ttor OF the
Sherman antitrust law is the way one
veteran sized up the situa ton
The court did il in the ommodity
clause decision through the holding
company suggestion, and defeat was
actually victory he continued.
Jhen, too, the attorneys Of the To-
baccO Company have declared that they
are going TO win their suit: that they
have all the best of the case and moth
ing can keep them from winning-they
themselves have said II, and perhaps
they ought 10 knOW-but they may be
wrong
Sources of Satisfaction.
Satisfaction is found in the increasing
railroad earnings and the larger divi-
dends OF New York Central and some
so many millions OF bushels OF grain are
yet TO be hauled from the country. with
the promise Of heavy tonnage. Crop
news is encouraging and general bust
moss is well up TO the best average of
the year, although high prices and un-
certainty in many lines causes pllr-
chases TO be limited 10 meet immediate
requirements
The annual report Of the New York
Central system IS an evidence OF na-
tional prosperity in that il shows a sur
plus, after paying dividends and all
charges, OF over S4,IS6.Co, and this ac-
complished with a per cent saving in
operating
In closing his report President Brown
look occasion to 80 on record again in
expressing his extreme optimism re-
KardinS the business outlook.
General conditions were never more
favorable and every visible indication
points TO renewed and increasing pros
perity for the country at large, in
which the railroads may hope to par
ticipate.
"The business of the road shows
steady increase and expenditures which
pave been made for improvements, add
NJ to efficiency and economy Of opera
tlon should be reflected in increased net
revenue.
1t was rather discouraging that New
York. Central stock did not respond
with any show Of enthusiasm TO this
glowing picture of conditions drawn hv
its president nor % the more tangible
good fortune in the shape Of an in
creased dividend II rallied but il was
void Of enthusiasm.
Good strength IS shown in the eoUip-
meEt stocks and the stories of orders
placed Tor cars, locomotives and rails
Indicate a sufficient volume OF business
10 keep me supplying companies busy
for months to come. Many OF the great
mills ana factories are running to full
capacity II is stated that some of the
stories are exaggerated, but even II
they are there should be plenty OF busi-
ness 20 Keep all who want TO work
fully employed Steel Is very strong.
Much depends, in fact all depends. on
the harvest Of 1910 A larger acreage.
good conditions, and the diversified
crops Of the American farmer make all
years EoCd-SOme better than others.
The other side OF the picture shorn OF
the question Of court decisions, is not so
promising.
Labor is dissatisfied. uneasy and
threatening. Strikes and rurnors Of
strikes are in the air. met by counter
threats of closing OF mills and opposition
90 the Sve~-increasing demands fov more
wages and shorter hours
The surplus reserves Of the banks of
New York city are down TO a little more
than $4,000 actual. Money is
still easy enough. although II has creDt
I'm 10 2& per cent ae cOmDarpd wish IA !
L H.