The Washington times., 1910-09-11

during the week slumbeTed on undis-
turbed. There were, to be sure, tie
usual fitful and irregular movements IN
Union Pacific, Reading, ard United
states Steel. and a few other properties
under which tn professional element al
the present time, maintains the counter
! felt presentment IF a speculative mar
trer but II has been made so clearly ap-
psrent that the general public, ana TIC
..imDortaut interests" are holding aloot
from Wall Street that no one attaches
any significance to the traders opera
tons. Nothing which occurred during
the interval Indicated a break n the
nreyailfng market deadlock, and there
was nothing which betokeneds witnlh
the near future, a general or dellnlte
movement in prices, one way or anotheT-
/ About the only relief TO the monotony
of the trading came in the shape o.
| -asr,- break in American Hide and
Leather stock on "Wednesday, following
the publication Of a very poor annual
Statement, which showed me corpoTa-
, t-or.s trading profits reduced from
& ~ qs5 in 1909. 10 SS14.237 in 1910. and a
deGcft Of S69G.5s0 substituted for a sur
rlr,s of 81, 4e4. ZI2. accumulated IN the pre-
LIN wear. Although this unpleasant
le,,oyviuE-made the more unpleasant oy
] some particularly dirty stock-jobolng re-
-orfs which for their origin pointed IN
The direction Of the company ftself-was
utilized BY bearish traders TO depress
l-ra shares Of some minor Industrial com
,arfes- II left the standard issues ana
/ tra General list unrufhed- The interval
( - nor without other news develop
] r,.-+s and these were Of a character
I ,,77 , 6egrcr of Importance well CalcU-
lls.e5 under ordinary circumstances 10
eve-r an influence on prices. but as
/ rof7-ed out week ago, the security
] -,7srl-sr il now at dead center, ana Tor
+,-s time being coed news and bad alike
is void OF effect
! Deadlock In the Market
| T-,5ar s71ch circumstances, it might
/ ,-g,.s- almost waste Of rime to dwell
| mon the happenings Of the interval
- -be stock market will not forever
| rorraf7 inert as at present II never
SO remain fixed and immOvable for
- z-a-, great length OF time together,
I'D when IL does again gather momen-
TN, and swing in its new course WIN
orr doub+ some of the news develop
ments. or factors, or tendencies Wnlch
- s,near void Of influence. will hg-
-, IS active or contributing factors.
,,s .-,,,vze speculative Wall street al
! ,rs,-s has TO have reason for its
,-,-forrs movements: II may not be a
.-e-v. good reason, or II may not be the
| correct reason-in fact. one familiar
/ with the course Of security markets
can recall countless occasions when ao-
I'D minors. and wholly trivial IN
/ stances have been assigned as the
-ause Of. or the explanation for some
=
rr- the false is always separated from
the true in the final analysis. and con-
5irjons govern in the end, and no doubt
tba,- viii do so finally on this occasion
as in the past
| Actually a stock market in its move
nents follows very closely that law OF
nhvsfcs which lays down as a pTinci-
ME that the tendency of body at rest
is 70 continue at rest, and the tendency
nj q body in motion is to continue in
notion the latter. however. requiring
the application of some impelling force
to overcome the retarding influences
OF friction There is nothing spon-
| raUe0us about stocks. They are mani
mate things They do not carry, con-
ceaIed about them, hidden springs with
which by coiling OF refiexing they pro-
pei themselves forward, or draw them
selves back The best Of them would
not move, as one understands specu-
Iative movements. If left to themselves
Those which appealed to investors on
their merits would, no doubt. enter
into a slow absorption as they are even
now doing. but there would be. and
there can be none Of the Keeling, roar
ing movements, wild Uprushes and
plunging declines, and all the other
]
uIative market, unless some one applies
q necessary motive force. All Of which
suggests the theory that Wall Street
makes no response to news either IA,
vorable OF unfavOrabIe at the present
time. not because Of the character OF
current Developments, but because Of
more deeply seated influence. on,
having its tap root in human natur,
itself.
Wall Streets Present AiIment-
It is really not difficult to dIagnos
Wall Streets present aiIment- It /
simply loss OF confidence. the result o
a long series Of disturbing develop
ments. Some few Of these unsettIinj
! factors have worked out to a satisfac
tory conclusion. but others remain n
nearer solution than before, and actual
" it would seem that for each problem
, solved another and an almost equal,
? vexatious problem rises to take it
place Speculative Wall Street, tie ranl
: and file in the brokers offices. dea1 I'M
: / with securities in the light OF gambling
counters, buying as readily as II sells
J and playing the game for Comparatively
2 small stakes and quick, turns. is non
I plussed because the market makes n,
response to current passing news deveI
5 opments; constructive Wall Street-an,
< under this term We may include no
. only the great banking houses, but I'll
= merchants and manufacturers. corpora
[ / ton managers. men Of affairs. and in
= vestors-IOok further than the day-tO
2 day developments No doubt they vel
: come such current news as is favorable
/ no doubt the majority Of them WOult
n prefer 10 see a market revival, provided
- Of course, they could feel definitely as
! sured that the future was ciear-enOugl
! to insure the continuance of 4 recover
: ing movement. But IL is quite apparen
1 that they do not see the future clea
! ] FrrTr rfcF. tn n