The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-04-24
BEAR INFLUENCES
AGAIN PREDOMINANT
Political Situation, Labor
Troubles, Business Condi-
tionS Tend 10 UneaSineSs.
By I. A. FLEMING.

By I A FLEMING
In the last thirty days the net shift
Ing Of the market has been between 3
and points It has been q case of
CFerseIIinE and Ovcrbuying. a case Of
the shorts getting a little too Obstrep-
erous and being run in for small
losses, then a new line Of shorts put
out and covered. and usually at a
Slightly lower average than the pre-
viOus covering Repeating this proc
ess for one month, the net changes
are Is indicated The Street becomes
GnthuSed over the display Of strength
. enc day only 70 see the development
OF weakness with the immediate
opening The next, and when everyone
) on edge for weak opening. the
reverse IS almost sure TO develop.
With such beautiful uncertainty, il IS
no wonder that the trade IS more or
less disguised, disgrUntled, and mac
tive
TRe prepOnderance OF the testimony
OF the moment seems 10 be in favor Of
the bears way Of looking at things
EVeu the most enthusiastic bear has
Il down deep IN his heart that the
insiders. or tho big financial in
Uerests, had mapped out campaign
cor a great bull market this summer
grand rally that would have in
-Guced the dear public TO have come IN
once mOre-and take the clans bur
Den, Of stocks to carry for another
period
The Unforeseen.
But the best laid plans Z mice and
men, gang aft agIee-~ Unforeseen diff
culties developed The Supreme Court
dsIlied. If such a diguifed body can be
accused OF dalliance. too long with the
Tobacco case and a rehearnE became
necessary An attorney uI aCticIng be-
fore court the other day had the te-
nerity to suggest "a show OF speed, in
order TO prevent further delays, because
OF the same reason Dignity shivered-
The Government case against the onion
PaCllC-SOuLLern Pacific alliance was
another bump The desperate plight Of
the dominant party, through loss OF pub
lie favor, that threatens 10 change the
complexion Of the House. possibly OF the
senate IS one OF many lll1raUC.S. as
II may again bring forward the question
Of JariI revision. a question that always
GlsturbS business. 1t has also caused
renewed aggressive activity n the law
department OF the Government
4 political writer has Gkened present
conditions 10 those existing twenty years
ago, when Congressman Mckinley was
defeated for reelection and Grover
Cleveland. two years later. became Pres
1denr-
Then two. the usually far-seeinE lead
ers OF Wall Street did not 1ave the nee
essary lenses 10 fOreteu the struggles
that labor was preparing 10 make in re-
Spouse TO the DEVELOPMENT of agitation
on the question Of increased cost Of Iiv-
ing The feeling that a g OF > per cent
increase would suffice may have existed
but labor sized up the situation and was
a&SFeSSlNell Tor big increases only The
result has been q cut of generous pro-
portions IN net earnings Of corporations
II IS usually safe proposition 20
count on Dig crops ID this country The
aggegraUe IS always sure TO be big The
uareDacES IN the weather may have
some eject on growing grain. but for
Iunately growing conditions are not far
enough advanced for Srreaks Of the uu-
seasonable 10 DO much damage
Rubber Speculation
Looking across the Atlantic We md
rubber stock attracting the attention
Of our English cousins, instead of
Americans. This wonderful rubber
boom was not in the probabilities q
1eW months ago Il promises 20 keep
on Tor a time, and fears a re- in the air
OF 2 collapse when the beginning Of tbs
not be f0Teseen-
Railroad earnings have been keeping
ID with good increases. but the number
OF idle cars has increased and the ad-
Of promise
Two or three big failures have at
uacJed attention 10 certain lines Of
trade that are not satisfactory the
weekly clearings show a falling off and
me steel and iron industry. the bErOme-
ter OF The business world. begins TO show
e letup, with some revisions Of opinions
as 10 the earnings
In a word, things that were viDed
out two weeks ago tomorrow a. of no 4
importance, on the sideCraching OF the F.
trust decisions. have been reinSta1ed .
as influences not so much in favor of
lower prices as they are a bar 10 ag-
EreSSIve movements by bulls The COUn- F.
Try is not going to the bOw-wovvs. 1t F.
hut
In time these conditions that az block 4
ing the forward trend Of business viii /.
al be eliminated There Is nothing
new under the sun The Northern F.
Securities decision: the commodities .
clause decision, the panics of 90, -, /
's2, %, 20 are, with the exception Of the .
latest almost memories and the people .
OF today sometimes have trouble recall /
ing the dates
Prices for stocks are not high. There /
are numerous > and SCue 5 per cent bar
The man with his STOCKS paid for and .
locked away may wOTTy q little. but I
he is not likely 10 become an ultimate .
loser.
Prices Not High (
When all Is said and done, II Is rather I
remarkable IN the face OF the bear
points above enumerated that stocks are
within to 4 points Of where they were
q month ago II the public has The
stocks conditions have not developed Z
that have made their Liquidation mat
ter OF necessity or wisdom If the big
fellows on Wall Street have the stocks
they can make q scalpinE profit out OF
the market without materially leSseninE l.
their holdings
The publication Of the list Of heavy
shareholders of the United states Steel
Corporation was a bear argument as
the passing OF enormous holdings from
strong hands was so cODStrue L AIT
Yet, when one remembers that in 1893
steel common was down around - and
lower and the preferred TO 1875, actual,
Il Is not 10 be wondered at that there
was q distribution. Moreover, the men
who received the largest amount Of
Steel shares at the time of the purchase
of the Carnegie plants almost invaTi-
ably and Immediately greatly extended /
their speculative hold and lost much Of
their Steel, wherefore, the IrOnmaster
took much pleasure in roasting them at
the usual annual dinners. in December, I
1902 and thereafter
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