The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-11-06
STOCKS ARE MATERIALLY BETTER
BUT THE BOND MARKET IS EASIER
Wall Street Dscounng Democratic Victory
Speculation Much Less AtaVeTraders
slaNe Program Will Be Less Disturbing Years.
BY JOHN GRANT DATER,
Special Representative the SIunSey Publications.

Of an adverse character, It is a diff
1erent matter such a one. III he is
able to discriminate. and finds a good
security which is earning a fair margin
Of surplus over its dividend disburse-
ment, and which is selling at a price
where II returns more in income than
money Is likely 20 command, elsewhere.
can buy with safety.
The Antitrust Act.
II the future were clearer the ire
mendOus force Of the present manipula-
ton would doubtless carry the whole
security list higher as II may do even
now, for many securities do not vet
transcend value. as measured by price
ana income yield. but one cannot en-
ureIy ignore the condition Of the money
market, or the fact that we are drawing
close 10 the time when we must again
consider some Of the questions which
proved unsettlinS earlier N the year.
rms under ordinary circumstance
should make for QuieIer markets Con-
gress will convene in barely more than
a month, and though this will b. the
short session, which IS not usually or
q disturbing character. the memory Of
last year 5 PERFORMANCES still fingers
M the mind y Wall Street.
Wall Street hopes that President
idILs legislative program viii prove
less unSetthIg on this occasion than
last year, and his annual message will
4Aet III elltl Dt a waited Win TlLEQ inter
est, particularly SO Ia connection With
any references TO the Sherman act and
me Federal Incorporation law the sDe-
cal message In relation 70 which. de-
llvered on January Z last. starred the
lOng-continued reaction ia The stock
market So Tar as one may determine
now, the bearing Of the Sherman act
upon the COuntTy'S great corporations is
precisely the same as l. was last vcaf
when the President made fl clear thar
unless Congress provided law that
would enable the big industrial compa-
MES 20 transact an Interstate business
lawfully that he would enforce the anti
trust act, be the results what they may
I'll this great question IS determined
that there must remain degree Of IN
certainty concerning the status OF the In
dustrial trusts. which is likely 10 mill
tate against very high prices IT. the Sc
curity market.
Some Future Problems.
II is with no intention Of giving a
bearish presentment o. the Wall Street
situation that attention Is directed 10
the above features. Il IS to be hopeI
that they. and such matters. also. as the
industrial trust cases IN the Supreme
Court. and the highly important cues
JiOns involving freight rate advances
and the long and short haul clause of
the new railway bill, may be solved In
a satisfactory manner, but while the
outcome OF affairs % such vital imDOT-
lance 20 the commerce and finance or
the country remain IN doubt f. Is I'M
possible for the speculative market 10
break wholly free from their influence
Take the Standard OH and the Ameri-
can Tobacco Company cases, for in
stance. Upon the outcome OF this hu-
CATION hinges the legality Of nearly
every important Industrial corporation