The Washington times., 1910-05-22
By John GRANT DATER-
Especial 10 The Washington Times.

Especial TO The Washington Times.l
S1o.0O0OCG Big Four bonds, which was
confirmed during the week When con-
summated the transaction will doubtless
result in some easing in exchange rates,
but at present the entire tendency OF
the exchange market speaks eloquently
Of an adverse trade balance. It is sug-
sested in some quarters, and not with
out a basis. that the completion Of the
St Paul bond sale may result in the
shipment Of gold from Paris TO London,
in settlement Of our debts 70 England.
Market Inactivity.
Stock market inactivity is not an
enlivening topic for discussion. and
yet the prevailing dulIness in the
security market was probably the
most discussed subject OF wall
streets business week. What does
1t all mean?" brokers asked one an
other, for even in Wall Street aDathy
Is recognize as the reflection OF Ger
tam influences, or TO put IT more ac-
curately. possibly market staguation
Is an effect not a cause.
.NoI even the mystery Of the caD-
Jury what has befallen the comets
tsll' excited as much interest arnoDg
the rank and file in brokersS fsiCl-s ofsClss
as Lne sudden shrinking OF business
bo1sa hrt51.III, I1SsII, To the commission
nouse brokers' IN these days. r1arIef
1PdLhy IS serious affair. becaUSe
" ali street, like the corporatfor,-s IN
lSceht years has raised its fxed
T.i,1i J.a1,-ssteS = eS ana operating cost; and ex-
penses Tor office rent clerical So,
Ieased wires, telephones. and All tbe
pdrap nernalia Of business rim -
though business stops-and Then -
vIoher must live, or at least he
Stri,tas '-i4 iie y, ihust-and at any rate ne
ne mead OF one considerable boree
win an extensive Cut-of-fov.-y, 49,
BUSINESS, IN speaking OF this faat,1,e
S5l e. Z ~ u sday. stated that IL cost him
yl,iVV 10 open his doors for business
each morning-that was the Coet -
10 10 OI nee ana OBSERVATION-DISCLOSURES or
not ne did share Of busfnass on
eas si.e 9dy ~ IN question the firm trans
g.. C.So oOO shareS on "give-upr from,
out or town, the commissions "a ,,,,-,-,'. - -
.lB 70 SlH-i5- OF course there No
Iue interest account TO helm one :.
hbtIle' put then the broker said thaf
moi - -.L1i loiHeIs were not carrying
M iIIGL sJGck at the present time. and
an al IN all the day was not uroffa bie
Tor that house. '-e'
Less Fictitious Business.
Each duh period IN Wall Street an
pears 10 the brokers more intense
than the one preceding. Forgetful-
ness upon matters Of the kind seems
10 be psychological manifestation
a condition Of mind. Just as in the
cold weather Of this winter OF the
torrid days Of this sumner. men do
not recall the bitter air or the swell
tering sun Of past winters and sum
mers. However, we are dealing v-fth
the present and not the past. and the
fact remains that Wall Street during
the week was deadly dull
By contrast, perhaps, dullness was
more apparent than real. FOR since
Governor Hughes investigators made
their report, and since the Stock Ex-
premises, the washing OF stocks that
diversion Of duh day. which reared
a large superstructure OF apparent
transactions, on a very small fOunda
ton OF actual business, has become un-
popular II IS not at all unlikely, there
fore. that. small as We-> tie transac-
tions Of the week. more real business
was transacted than upon many oCca-
siOns in the past when the total re
ported dealings were very much greater
\ business week broken abroad By a
WhitSuntide Holiday. and by the sus-
pension Of operations in ENGLAND on
Friday. in connection with the obseQuies
OF King Edward, was certain 10 con-
tribute somewhat 20 dullness. but the
true cause OF the contracted dealings
centered probably on no new develop
ments. In the existing situation. and
IN the outlook for the future. there are
enough problems and enough uncertain
ties, 70 cause dullness. without search.
in for new influences.
Technical Position.
Without accepting the extremely pes
simistic view still current in some quar-
ters OF the financial market, a careful
and dispasstonate observer can see very
little in the present situation calculated
to enthuse the large operators. They