The Washington herald., 1910-09-12

New York, Sept 1.-The mariet for
securities last week was quieter than in
any other week Of an exceptionally dull
summer.
In stocks the turnover was the small
est Of the year. and In no previous week
did prices move in such a narrow range.
The market developed no tendency what
ever.
At the end Of the week the average OF
stock prices was approximately the same
as at the end Of the previous week and
the trading was no more decisive than II
the Labor Day recess had continued
throughout the week. Most Of the trans
actions originated within the four walls
Of the stock exchange. and the slight
fluctuations that did occur were pro-
duced by nothing more than trades be-
tween floor traders and a few other con-
frmed spectators.
The market was impervious to bad
news and good news alike It was as
stolidly Indifferent 20 political develop
ments. like the greatly reduced Republic
can majority in Vermont and the signal
insurgent victories in New Hampshire.
Michigan. and Wisconsin primaries early
in the week. as later on II was 70 a good
government crop report. an Unexpectedly
favorable presentation by the Copper
Producers Association. and improvement
in the money situation
Exceptional in One Respect.
1t is seldom that stock market has
SO entirely failed 70 reflect occurrences
Of Importance in business and finance.
Very likely the caution or hesitancy was
principally induced by uncertainty or
amazement over politics. The new ma
tionalism." though new in nothing ex-
cept a serious presentation o; old radl-
calism, remained IN most minds the de-
termining factor. determining whether or
not an early recovery may be expected
from the years business reaction. AS
was the case last week, Il appeared 70
men Of good judgment that the so-called
new policies" could not be adopted.
nevertheless victories OF the Republican
insurgent faction in New Hampshire,
Michigan, and Wisconsin provided no
assurance of ultimate defeat Of the ex-
travagant radicaiism and the heavy Re
publican loss in the Vermont election.
construed by many as forecasting a Dem
cratic victory in the Congress elections
in November. served very little 10 clarity
the previously obscure political prospect
In the security markets. as in other de-
partments Of speculation, business and
invetment. a great many Of the men Of
Importance in business and finance prefer
20 wait for better information than up
70 the present has been impaired.
other Causes Of MeHEerness.
Decisions in the. STANDARD oil ana
American Aobacco cases and the contro-
versy over increases IN railroad freight
rates are becoming Of more immediate
moment as the delay pending these ad-
publications diminishes. In the railroad
rate cases interest was revived last week
by the hearings in this city on the ap-
plication OF the Eastern roads. Only a
portion of the railroads case had been
presented at the close Of the week. but
enough came out 20 form a more favor
able impression regarding the argument
Of the Eastern roads than developed fom
the hearings In Chicago on the applica-
ton Of the roads in the West
At the beginning OF the hearings in this
city there was presented a combined
statement of the Western roads showing
that the aggregate Increases in wages
awarded this year entailed an additional
expense Of $34.7OO,OOO. as compared with
increases in freight traffic revenues Of
S27OO0,0OO involved in the application FOR
higher rates. The railroads proceeded to
prove this proposition and, though the
testimony in the remainder of the week
was technical, they seem to have done
much toward establishing an argument
that unless controverted should produce a
decision favorable 10 them. By a curious
coincidence the other important develop
ment Of the week In the railroad business
was the opening Of the new Pennsylvania
station in this city and the underground
travel from New Jersey TO Long Island.