The Washington times., 1910-09-11
By JOHN GRANT DATER.

very much that is vital hangs uDdCter-I
mined in the balance, such as the
question Of rate increases under the
new railway law, the rapid recent in
crease in operating cost, and the un-|
certainty OF dividend maintenance at
present rates; II IT is in the direction
of the huge industrial corporations,
there is a cloud cast over the title Of
many important concerns as a result
Of the Federal suits against the Stand
ard oil Company, and the American
Tobacco Company, the outcome Of
which may affect all others, and result
in a dislocation Of the country's great
est industries; II it is in the direction of
general business. one sees the cloud OK
the cost Of labor, and the high cost of
materials, reducing profits. together
with the evidences Of Iessened activity
in very many directions. and to this
was recently added the unsettlement
Of a prospective tariff revision. favored
alike by the Democratice party as a
fundamental article Of faith. and By
both wings Of the Republican party
as measure Of expediency; and TO this
list could be added numerous other
features which obscure the future, such
for instance as the unsettled state OF
the Federal finances. the adverse in
ternatiOnal trade balance. and the ex-
travagance Of the nation
Conservatism ImpeIIed.
Wall Street OF late. and particularly
since Colonel Roosevelt has been
ranging over the country, preaching
the new nationalism" in all that II
/ implies has given isself over to a
consideration OF politics, and the dis
position is very pronounced to at
tribute the present apathy 20 the IN
settling influence Of politics. No
doubt politics is disturbing to the
extremists, who profess to see in the
present agitation an impending crisis,
or the inception Of a Presidential
campaign. inaugUrated some two
years before the date Of the election.
I but II may be considered doubtful
when one recalls the other features
mentioned, whether the speculative
market would act much differently
than Il IS now doing even II relieved
I Of The aEEravatiOn Of Colonel ROOse-
velt's activities and moral lectures.
The OthCT features in themselves. con-
j corning lessened commercial activity.
the railway rate situation, the indus
trial trust litigation, and the agita-
ton Of the tariff question, are suffi-
/ porate expenditure. TO curtaiI devel-
/ Cpment work. and TO completely estOp
| important new enterprises in the ma
I ture Of railway construction or indus
! trial combination
/ And 50 TT IS not very much a mat
ter Of surprise that the so-caIIed i'm
portant interests have, for the time
/ being. withdrawn from active partici-
patton IN the security market, leaving
I the speculative department. wholly 10
the trading element, and there is
small wonder that current news.
| either good OF bad. is void Of influence
I in Wall Street. for the recent develop
ments have not in any way changed
/ those things which shattered conf
dence originally While it is possible
7 that some development Of a different
I character than those to which the
market mas been treated might exert
a passing influence, II really seems as
/ though the disturbing causes, or
| some Of them, would have to be re-
| moved before one can look for very
much sustained Improvement This
/ does not Of necessity imply that all
| securities must languish along, as
/ now, until the date when the Inter
] state Commerce Commission renders
/ its decision on freight rates. OF until
/ the railways test over a period OF
/ many months the provisions Of the
new railway law, OF learn the outcome
Hof the sueciaI commissions INQUIRY OF,
/ future stock and bond issues Nor
/ does Il necessarily imply that the
markets must stagnate until the in
dustrial trust cases are definitely de
/ rermined by the Supreme Court or IN
til the tariff has been revised. or until
the next Presidential campaign is de-
tCrmiued, and all other problems are
I swept away.
Confidence and the Bond Market.
II the present market moves. as al
similar markets have moved in the
past. it will assuredly work out its own
cure, and it viii do so the more readily
in consequence of one development
which constituted the chief item OF
good news which Wall Street ignored
during the week-the highly satisfactory
condition Of the haTvests as shown il
the Government crop report for Sep
tember. This rema rkably favorable ex-
hibit did not stimulate the speculative
market, and doubtless for the reason
already assigned. that the harvests NJ
this stage do not touch the chief source
Of stock market disturbance, but The
effects Of the vast augmentation Of the
country's wealth, from the products OF
the soil, will not be lost, on the trade
4 and commerce of the nation. The very
disturbances which have brought the
speculative market to a standstill, and
which must result in still further com.
merciaI contraction, will eventually lead
/ to large accommodations Of funds and
very easy money rates Men and in.
situations will not remain forever look
ing at heaps of idle money They vii
in time seek TO employ il in the bond
market. and in fact a better INQUIRY
for bonds is already apparent Grad
uaIly out Of a developing bond mar
ket, confidence will return, and rner
now alarmed by many vexatiOus prob
lens. and unfavorable tendencies, vii
begin to discriminate among good stock,
until at last they will freely purchas,
again with every feeling of security
/ Despite all the many factors which
have contributed toward the unsettIe,
ment of public confidence, the con
struCtive investment of this country /,
perfectly sound. and nothing that car
develop viii overthrow it 1t is aCr-1ittes
that the speculative market is not at
tractive at the present time: that is i
gives no immediate promise of activity
and no assurance of sustained improve
iTnent, but the bond division of the rnarke
will well repay the attention of conserva
tive investors now, and the man who !.
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