The Washington times., 1910-12-18

NEW YORK, Dec 1s.-Acting upon
the theory that stocks were entitled 70
some recovery after the long and severe
reaction, traders on the floor OF the
Exchange last week worked for higher
prices The market, however, made but
a poor response TO these Ealvanizing
operations. From time TO time prices
worked up a point or two. but transac-
lions began and ended, practically, with
IN the four walls Of the Exchange. The
moment the traders relaxed their &C
tivities in anv given security and only
a mere handful received their attention
the issue turned dull or reIapsed. The
rzarket showed no decided weakness.
however, and in fact, the tone was
strong rather than week, but, abo-re al,
the characteristic feature uas apathy
Dizziness in security market is not an
attractive subject TO write about, but
dullness is probably the most discussed
topic in Wall Street at the present time
Among other things the season Of the
year suggests II. All up-tO-dste calen-
dars have December =, and January I.
printed IN red ink, as days set apart for
special distinction and festive observ-
ance. but the brokers approach the holi-
days this year In anything but a cheer
ful frame Of mind
The almanac tells them they should be
happy, but when you tell a man he is to
be envied and that he ought 20 be hap
py' he usually responds by narrating his
woes So It IS IN Wall Street. The ap-
prOach OF Christmas. with its traditions
aid seasonal obligations, reminds the
brokers OF their lean year and the dun
business, and seems to intensity that
dulIuess-
Wall Street In the Dumps.
Did YOU ever see the Street so poor AZ
Christuas?'' IS the remark one hears in
brokers' Offices everywhere. And then.
likely enough. the conversation conttf-
ues along he line that such and such a
house IS going 20 omit a bonus to its
clerks this year, and that this bank or
L At trust company, or some other bank
ilg Grnl, Is going 20 reduce the annual
Christmas distribution, OF omit f. alto
gether.
Then the talk drifts to household ex-
penses. the high cost OF living. the price
OF turkeys and cpDleS. and furs. and
v-Omen's gowns and hats. and children =
SHOES, and other domestic requirements
christmas comes In for remarks, which
~ COMPARISON makes an Optimist o.
9id Seroo6e,' and always and ever the
discussion winds up with some com
ments upon the dUllness OF the market
Wall Street is certainly very blue at
the present time, and not without cause.
FOR the year has been one OF disappoint-
Inent- and the brokers at present cannot
see their way out OF the situation The
actual volume Of business which passes
through the commission houses IS very
small. The transactions recorded or. the
tape give no real indication OF this for
probably % to 50 per cent. OF even more.
Of the reported dealings begin and end
with the traders on the floor. This may
BE- noted by the conveyance OF activity
Upon a very limited number OF issues.
AID the utter neglect OF the great ma
5ority Of the listed shares. The market
Is very thin, indeed even n the issues
In which the sen1blance Of activity is
71eintained. and the sale OF q very lin
tied quantity OF actual stock. a few hun
dred shares. VIII put an active issue OF
perhaps a full point IN price.
Improvement In Bonds.
But when II comes 10 dizziness. Wall
Street has but a short memory, for there
..c been numerous occasions 81 the
PAST when the market has been as stag
nant as IL IS az present II is dfssp-
pointing. OF course, that apathy should
become intensified at the Christmas sea
son. for when Wall Street has money &
spends II freely. and It would likely 90
so On this occasion The market has
always worked out OF its spells OF de-
=
though along what line improvement is
10 come does not appear clear. and
brokers are widely divided In their opin-
ions. The speculative element insists
that the buying power Of the public
around this level IS exhausted. and in
conseouence II inciines to the belief that
prices will have to be made more at
tractiEs 10 bring the outside element In
as purchasers. The banking element
hope that a revival in the bond and in
wi
essary stimulus, which VIII reject IN
stocks later On
TO get back to the market Of the
week. il may be said that dealings ~ers
aIn1ost. wholly professional. and the en-
tire performance was without signifl-
canoe except as dulinesS IN securities Is
reflective Of other things Oh course.
apathy IS an effect and not a cause, but
50 far as one can determine these mat
tiers from mere observation the indus
trial, financial, and political situation re-
mains unchanged General business Is
proceeding along conservative lines, sus-
tai7ed by the abundant crops, and sup
ported by the country's population,
which must be fed ana clothed and
housed No doubt q look beneath the
surface. II one. could get right down 70
the basis OF things. would disclose the
workings Of q slow Improvement, such
as always progresses when business is
when the manufacture OF securities by
Wholesale sloEs down. and when specu-
IatfOn IanRuiSheE At such times money
Rccumuiates, debts are reduced. and a
steady absorption goes on, and one notes
this 81 the Improvement now taking
place In bonds.
Big Crops Of Big Country
Following closely upon tire report OF
the Secretary Of Agriculture that the
farm value Of the country's crops for
1910 Is S, 926 100000. comes the report
OF the Census Bureau that the present
population OF the United States, indie
pendent Of the Island possessions. is
S92. or, So To refer TO the significance OF
these figures again is Ike threshing old
straw, but one should not lose sight OF
them at time OF stock market stagna-
ton, when men are figuring upon trade
recession Business may react, OF
course; in fact. the lessened measure OF
activity is already apparent. but is reac-
ton likely to proceed very far OF be
very long continued under the conditions
as Indicated above? 1t scarcely seems
as though with nearly So. 0O0. 100000 OF
national wealth just added to the cOun-
try's store OF treasure a recession could
be a very long protracted or seriouse
affair
Tt is wholly unlikely, with several
great national problems unsofved and