The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1910-02-09
UNSETTLED
BY CIRCUMSTANCES

NEW YORK, Feb. 9.-(Special)-
Circumstances combined to further
unsettle the stock market during the
past week. In the first place it was
very evident that the big holders of
securities and prominent banking in
terests had withdrawn their support
from the market This left prices at
the mercy of every passing unfavorable
current. The suspension of a prom
inent bond house spread unnecessary
lack of confidence A series of I'M
favorable railroad reports came out,
such as might have been expected
in view of the recent Interruptions to
traffic by bad weather The anti
corporation agitation at Washington
and an exaggerated fear of unfav-
orable supreme court decisions also
tended to weaken confidence. Still
another disturbing element was the
effect upon general business of con-
tinued agitation throughout the coun-
try against high prices. Even the
floods in Paris were used as a bear
argument, although that catastrophe
can have but slight indirect influence
in this market The bear party, how
ever, was in the ascendant, and en-
couraged by recent successes used
every possible argument to depress
values as far as possible.
The general situation remains fun
damentally sound. 1t is doubtful if any
very injurious legislation will be
passed during the present session OF
congress- The issues there are so
many and so complex as to Illustrate
precipitate action. President Taft's
policies are not likely to go through
without much resistance and consid-
cradle modification. The supreme
court decisions are still some distance
away, and if experience based upon
previous cases is of any value, the
action of that august body is not like
ly to be drastic or ruinous. When the
time arrives for these decisions it
will be no surprise if their effect is not
fond to have been fully discounted,
as was the experience in the famous
Northern Securities case. At least they
will put an end to paralyzing doubts.
When it comes to the technical position
of the stock market, that, too, is gen
orally sound. Securities, as a rule.
are now well under control, and there
are fewer weak speculative accounts
in the market than usual. Moreover,
stocks the last few days have drifted
into stronger hands, and the indica-
tions are that the market leaders are
quietly absorbing good securities
whenever offered at a sacrifice. Adj
ded to this there has been a fair in
vestment demand for small lots OF
the better grade stocks. which will
soon be found to have strengthened
the foundation of the market.
So far as the condition of gener-
al business is concerned the agita
ton against high prices is unques-
tionably having it's effect. The out
burst of popular clamor is being felt
by the politicians, and is not likely to
pass away without having some effect
upn future legislation, especially con-
corning tariff and trusts. In some
instances commodity prices have al
ready Yielded and in the public nina
the spirit of economy is taking the
place of the spirit of extravaganza
which has ruled for so many months.
Retailers are already feeling this new
tendency in a marked degrees, and are
| consequently buying with much more
| caution than for many months past
This hesitancy on the part of retailers
| is naturally reflected in the wholesale
| markets. and in both the textile and
| grocery trades there is a spirit of con-
| servatism which is in marked contrast
with the feeling of a month ago. This
| is not harmful, and will ultimately