The Washington times., 1910-05-22

may not feel disposed to liquidate their
holdings at the present range Of prices.
In fact, the intense duilness of the mar
ket, and the firmness Of prices with
this dullness. made IL clear that there
was no liquidation Of an insistent or
disquieting nature in progress. Aside
from that, the prevailing rs ties. and the
relaxing tendencies Of money. have the
natursj tendency 10 stop liquidation, for
at the present range Of prices and iivi-
oends many stocks are carrying them
selves IN the market. or practically so.
some OF the larger professional trad
ers, ana thelr following, may see oppOr-
tunities for speculative turns, within a
narrOV. range, and technical conditions
favor such turns from time to time. for
unQueSuonably there is sleeping short
interest IN the market Of cOnside dera bic
dimensions, and when miscellaneous
short selling is added 70 this il creates
an OveTsOld condition which renders re-
cOVerleS and advances, as a result OF
pun IaaneuverinE or drive against
The bear party rather easy 20 engineer
IN connection with some passing de-
velopment OF q favorable character
But IL seems quite evident that the So
called important interests the men
VINO take large positions on the con-
structlve side Of the market. for the
long pull, are concerning themselves
very little With the day-to-day rove-
ments- From this one would draw the
conclusion that they do aCt see the way
clear enough as yet TO venture with
confidence. Given thirty davs or so OF
good crop weather. and an early ad-
Journment Of Congress, and this infuen-
tial element in the market would feel
Tery much better. and might perhaps, be
disposed 10 exert Itself a little The
market assuredly lacks an impulse from
this quarter such as the late z II
Hartman impaired 20 IL from time 10
time.
Problems and Adju tment.
For the purposes Of a road general
izatiOn the security market at the pres
ent time may be considered under three
groupings OF cOndt ttions, frst-the day
to-day position, which Is not unattrac-
tive 20 a speculator who can get in and
out quickly: second-the position for the
near future, say up 10 the time when
the crop moving demand may lr may
not affect money rates, 20 a marked
extent. This. toe, may not prove un-
attractive II crops turn out favorably.
and business reaction is not pronounced.
And. third-the position for the remote
future II is the latter, assuredly. which
presents the greatest degree OF corr
pleNity, and this does not look inviting
for extensive operations on the cor
strUctive side
To be sure, the future is always a
sealed book and therefore, ever Uncer-
tain. but az the present time the pages
which we may see and read are written
O-er with perplexinE problems, affecting
money. and banking. International and
domestic trade, the relations Of the state
70 the corporation, Of the corporation 10
the Individual, and the relations OF capi-
tai and labor, the one 70 the other. No
one has the Sev TO these problems at
this time
Great economic forces work slowly %
their ultimate ends. and to any one who
carefully studies the present situation
80 S. difficult 10 each any other conclu-
sion than that the factors which chiefly
concern f1na- .CiaI and commercial in
terestS at this time are basic and fun
damental.
But the solution Of these problems
may be brought about by no violent
means, but rataeT by slow process
Of readjustnhent. There are many
favorable factors in the situation. The
country is very rich 1t has marvel
Gus productivity, and the cOnstruc-
tive investment IS sound. Toward
such a readiustment, as is necessary.
good crops would aid materially. and
particularly so If. by beating down
prices Tor commodities. we can re-
claim our once commanding position
IN the international exchanges, through
excess commodity and merchandise
shipments Sales Of securities abroad
contribute their share toward the same
end. but securities sold 20 Europe carry
interest charges, and debts transferred
10 that quarter must be me- at ma
turity.
High prices usually carry with them
their own correction BY diminishing
both production and consuming power.
A lessened degree Of extravagance.
both as nation and as individuals.
would help the process Of readjustuent
materially, and this will be forced vpon
Us whether we viii or no. for no nation
and no people can continue a course
Of prodigaity indefinitely