The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-10-23

Street point Of view, where one sees
the wheels go round, while impress \
sive, was not always convincing, but
| the tremendous force Of the manipula- /
| tion. and the mastery manner in I
which II has been conducted TO date. !
| has worked a marked change FOR the (
better in speculative sentiment Men ]
are again looking upon two sides OF
the shield, not one alone, and the /
market is assuredly developing into a !
two-sided affair. Public participation I
has not as yet enlarged to any great !,
! extent. but an awakening Of interest |
4 from that quarter Is reported, and as 4
Wall Street puts IT: When has inc !
vancing prices2
been won over 10 the movement have I
! come from among the brokers' Some |
( large operators have Joined IN, ana I
| though here and. there one hears OF a /
| conspicuous exception, Wall street IN
! general Is convinced that the move
! ment Is receiving aid and comfort, or !
/ at least that II Is not opposed by /
| consequence, the prevailing opinion (
! the weeks end Is that reco very Is
| likely TO proceed somewhat Iurther
| and this is justified by the tact tnAt
an upward reaction is coming from
! lower figures, after severe depression.
| and that the advance up 70 the pres
|
I OF securities as measured Dy lheir
! dividends and income yield.
Basis of Improvement.
II stocks were returning less than
the loaning rate OF money or the rate
! that money is likely TO command over
a long interval OF time, the Opposi- /
ton which the movement has encoun- I
tered would possess greater merit
than Il does at present. One naturally |
! cannot lose sight Of the fact that the |
! future is not all clear sailing. Inc I
/ fear Of a Democratic majority IN the
| House OF Representative. the lnduS-
| trial trust cases in the Sup Court |
and the Interpretation Of the sherman |
/ act which have been lost sight OF LOT !
the present, the outcome OF me Aali
! p.av rate situation, which Is as YET !
; undetermined. and other matters OF
/ that character Offer an impediment 10 /
/ free operations on the part or some |
I persons, and will doubles prevent a /
( r1In-aWav market, but, on the other /
uaud II is not well 70 ignore the Ia I
vOrable features in the situation, or I
condemn the advance because OF some /
Me abundant crops. assuring a good |
| volume Of business, the estoppage OF
! liquidation. and the slight improve
/ meut noted in different dlrectlOnsI b
added 10 the fact that stocks are rela-
! fivelv cheap, furnishes the real basis /
| for the revival OF the Wall street
Z market
} Gjctsd upou an excellent foundation Is
undenIable. even though its course Is
not entirely clear. The pubic never
/ comes in on the first lever OF move
! ment. but speculative sentiment IS un-
ouestionably changing for the better
q and probably with the removai OF
few obstacles many men VINO are nov
/ holding alOOf Will see what IS L1NOI
able IN the situation with clearer
/ vision than at present
Changing Sentiment
In TO particular probably is the
-bsrge Of sentiment that has come over
the street better shown than IN the
revival OF deal and rumor stories me
re,r and Ale IN brokers' offices held
I that the uptun IN prices was uLLol-
I tended by important news GeEeLOJl f ~ ~
/ Very much the same condiuoh OF al
/ fairs prevailed again There vas pa
ticaIIv no news of a character cAcu-
lated 10 stimulate speculative move
ment, and though deVeLopuleH's s. !. =
by no means unfaVorAO4e, az $500
me ane statement on internatlonai
trade and the breaking OF the oead
lock over cotton bills OF laulnE' lle
! chief happening OF the lnIeIEdI, tLlS
| sham advance Of the Bank OF EnSlanu
! rate from 10 per cent " % a
Ruf what the market lacked in news
/ II made up in imagination Credullly
/ URs subjected TO several very severe
I tasfs When the market on Tuesday
/ showed signs OF wavering. New AoIk
Central and Canadian Pacific We're
! suddenly made active, ana one hedLu
] f,a s.rI1ruor'' that the Canadian PacinC
rad acquired a controlling interest in
/ Central But even hardened wan
street smiled over this, and in the later
/ trading the story was much moolueo:
Canadian Pacific was suddenly dropped
l Froro fha alliance and New York Cen
[ trail was made TO figure in a prospective
/ deal with the WabaSh-PittsourB Ter
/ miuaI, the Western Maryland, the
! Wheeling and Lake Erie, the virginia
ReiIways and some other properties.
! " here the Central was TO OBTAIN It's
funds to complete the deal old not
| appear in the story, but il doesn't mat
ter for the yarn is not true
Some FancifuI Tales.
II was with United States Steel, how
ever. that the rumor mongers were
most busy. ignoring such favorable
things as better trade conditions, the
prospect OF railway rate advances. and
the low price of the stock, tire market
was flooded with fanciful tales 10 &C
count for the Improvement, the most
persistent of which was the 'rumor'
of an increased disbursement What
the Steel CORPORATION may do when
business revives and the railways re-
! sumo purchases OF rails and supplies,
is another matter, but TO talk increased
disbursements at this time IS putting
credulity to a severe test The Steel
CORPORATION made a definite announce
ment OF its future dividend policy when
ift advanced the rate on the common
stock last spring TO per cent. 1t will
assuredly make no increased disburse-
ment at a time Of trade reaction.
Noting would show greater lack Of
/ conservatism or be more harmful, and
the ruTnor is mentioned here merely as
Illustrative OF the queer change that
has come over Wall Street. Brokers
recently were predicting all sorts Of
/ disaster. and the same men who have
been buying steel stock now were SELL
Ing Il short on the theory that il could
not maintain its dividend through a
| period Of trade reaction
| It is not to be inferred from the above
that all Wall Street has Suddenly turned
builish. To the contrary, some rather
important professional traders on the
/ floor fought the advance during the
week by extension short sales. but their
enforced covering from time to time
gave an element Of support to the mar
ket and facilitated the advances 1t
/ cannot be questioned either that long
stock was supplied on the advance, and
Z though, under the circumstances, this
was we'll taken, II was in part respons-
ible for the late recessfons in the mar
ket- AS for the manipulation itself, the
actual work of giving out the buying
and selling orders was so well done a.
/ IN command the reSpe~f Of cId-+iroe