The Washington times., 1910-12-25

NEW YORK. Dev. 5.-There IS
wall street tradition that something 5
likely 10 happen during ? long susper-
sion Of business on the exchange THIS
has been verified more than once II the
past. the last occasion being a disturb
ance IN the money market, and the out
break OF a strike among the operatives
or the then newly formed Steel Cor
poration, during a three-day interTes-
mum in business, some eight or nine
years ago in July. After that episode.
In consequence of their heavy Outstand-
ing call loans, the banks prOteStei
q Eainst closing the stock exchange CT
days when financial institutions, in &C
cordance with the law. must keep open,
and for a long time thereafter tre
board OF governors frowned down upon
extra holidays
Though this incident is now ali bot
forgotten, the tradition OF the unples-s-
ant episode survives. and nOw one rar7-
" finds a trader who IS willing TO re-
main extensively long OF short OF tie
market over double, to say nothing OF
a triple, holiday. The tradition played
a very important part IN the market OF
the week BY cUrtailins professional
operations So far as the speculative
division Is concerned, there was no con-
traction OF outside interest. Tor the very
simple fact that there is no general OUT
side interest either 70 contract or eX-
pand. The professionals demonstrated
that fact 10 their entire satisfaction on
Monday, when they engaged in an up
bidding Of prices in an effort. as one
Of them put it. Ito take the curse on
the market''-the curse Of duliness-
Stocks Dull, Bonds Better
Stocks moved I'D rather easily under
the forcing process on Monday, but this
was due solely TO snort covering, and
the movement was confined TO a mere
handful OF issues. such as Reading,
Union Pacific, and United States Steel
common After the more tinid Of the
traders had retired their short COM
nitments. the market came practically
to a standssill- The public took no
part IN the demonstration, and some one
apparently sold p few shares, for the
Improvement halted, all enthusiasm
oozed out, ard from then on, FOR the
balance Of the week, dullness was IN
tensifed- As the entire performance
amounted 10 nothing more considerable
than an evening-up Of traders accounts.
the price changes was regarded as hsv-
ing any special significance. As a mat
ter Of record, however, il mCv be said
that prices failed to hold Iheir early sd-
vance and closed irTegularIy changed.
Bonds were somewhat more sctiv5
during the interval under consideration,
and this was regarded as the best fes-
Jure OF the week On the Exchange. to
be sure. theTs was very mach that SuZ-
Eested an active manipulate movement
IN bonds Gf a spec Native description,
and the prices OF such issues were some
what Irregular but the demand fOi
strict investments "oveI the cos.ster'' N
The Offices Of banking firms and bond
dealers, was reported rs showing i'm.
prOvement- This. Of course, is an en-
CouraginC sign, for many persons iT
wall street believe that IL IL through q
revival in investment operations tha'
the stock market viii again come q
lie The market must receive an I'M
perus from some quarter. and such ma
be furnished through a healthy and sus
Jained improvement in investment
bonds