The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-11-22
WALL STREET NEWS
Operators Decline to Trade
in an Artificial Market.
GENERAL CRITICISM Is HEARD
Traders Have Not Forgotten the
Usual Fate that Attends "Pegged"
msrket-GOOd support In Evidence
at the CIOse-Sharp Rise in Cotton
Follows Government Report.

New York. Nov. a.-One hundred and
seventeen thousand shares OF stock we're
bought and sold IN the first hour OF bust
ness on the stock exchange to-day, In
the second hour So. 900 shares were turned
over: in the third. $4,000; in the fourth.
lS,oo0. and in the last hour 11So00.
The record OF these transactions in
itself forms sufficient commentary upon
the peculiar character that the stock
market has lately come 10 assume. Dur
ing the greater part OF the day business
was duh and inert to the last degree,
illustrating very strongly the current
feeling OF the great majority Of habitual
spectators and operators that the pres
ent artificial and unnatural market is
one with which they do not choose 10
concern themselves at all,
Criticism Is Heard.
Il was nearly O'Clock to-day before
there were any transactions at all noted
in a large number OF stocks: and more
than one criticism was heard to the
effect that the market acted like one
that was being buoyed If this is the
disposition that has come to prevail those
who have had the market In charge for
the last six weeks have themselves to
thank for it.
Nobody cares to trade in a security
market where only one or two stocks are
active. and where prices in these stocks
are obviously being made by a few men,
and short as Wall streets memory Is t
has not forgotten the usual fate that at
tends market that is "pegged." There
were. however. no indications to-day
that the underlying strength of the mar
ket has In any way departed, and al
though IN the closing half hour OF busl-
ness stocks ran off rather sharply on
moderate sales, they were well supported
at the decline, and it can still be said
of the situation that stocks did not seem
10 press for sale at the higher levels
touched
There were those who professed 70 be
greatly impressed with this phase OF the
current state of affairs, and they laid
great stress upon the argument that
whether or not manipulation had lately
been solely responsible for the advance
in prices. nobody seemed especially de-
sirous OF liquidating stocks at the higher
prices bid for them
some Inactive stocks Sell.
In to-days early dealings General Elec-
tric, International Steam Pump. West
inghouse. and two or three other mac
tive stocks. almost entirely OF the indus
trial list. attracted attention by an ad-
vance. while the rest of the market was
either but barely steady or actually de-
Ginning. In the last hour the downward
movement became general.
The most r,oruF.fo 1rr-~f,~r,--s
was, perhaps, sharp rise In the price
of cotton, based upon the publication of
the governments report for November
il, which, inasmuch as It showed an in
crease Of only 650.e00 bales over that for
the same period IN 1902 was not taken
as indicating a seasons cotton crop OF
in excess Of 100000 bales The upward
movement IN cotton, consequent upon
this, was assisted boy the appearance Of
an estimate OF the crop by an expert.
whose guesses last year proved 20 be ex-
ceedingly accurate, that the years crop
would be even less than IT, 10000 bales.