The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-11-29

New York. Nov. 2S.-Declnes in the Sc
eurity market to-day. running to nearly
four points in the active and prominent
stocks. particularly those that nave late
~ been in favor as subjects of specula-
ton. were commonly said TO have been
Induced by the publication in TIC morn
ing newspapers of a highly pessenistic
review of business conditions and pros
poets by James ]. Hill.
II may be doubted, however. whether
this theory OF the movement comprised
any more than a half truth. Mr.. HIll
IS positive and loquacious talker, who
Is not always right, and the occasions
perhaps are even more numerous when
prices in the stock market have moved
contrary TO his Views Immediately follow
ing the published expression thereof than
when they have pursued the lines indi-
Gated by him as those which he favored.
Sees No New Orders.
The real point OF Mr.. Hiil's outlying
was that in speaking as he did he gave
utterance in pretty emphatic way to
opinions that have for many weeks past
been held by a large number of cor
serVatiye people IN the country; anG on
the specific and much-discussed question
OF the extent 10 which the railroad com
panies OF the land are about TO come into
the iron and steel market with orders
Tor new materials. Mr.. Hill spoke with
lhdlsputaoie authority, at least. as re-
CARDS the large realway interests with
which lie is personally connected.
Ihis Is an issue that has been sharply
debated IN recent weeks. one party in
wan street asserting that the railroads
were 10 come in" 20 the iron and steel
market Ia a vigorous way at a time not
remote others maintaining that the
physical condition of the railroads is now
so good that there Is no need of large
immediate expenditures for further inl-
provements, ana that, Ia addition. the
state Of the money market imposes diff
ficulty upon the raising of funds for such
purpose. II was not necessary to-day
for any one To confess entire agreement
with what Mr. Hi said-and the greater
number of sensible people thought his
righteousness too greatly intensified
IN order also 20 perceive that such a
tumbiing down OF stock market prices
as happened was altogether in the regu-
lar and natural course of events.
Not Benefited by Election.
The substantial fact about the stock
market is that through period dating
back from the present time TO about a
month previous to the recent election. il
has been In a strained and fictitious
state, at least IS regards the market for
few leading stocks. A ''bull poor was
formed IN these stocks. and prices were
lacked up from level that already rep
resented fun recovery from the mid
summer depression, the reason assigned
for the latter movement being that the
election was going 10 be the death blow
10 new nationalism, and that Immediately
upon the delivery of this. blow business
would boom.
Experience demonstrates, however. that
something more than sentiment over cleo
ton results is necessary 10 evoke inter-
est IN tho stock market by the general
public, and that economic conditions are
the true and only sources OF improving
business.
Doubtless the pool in United States
Steel common and ia other stocks has
stili a large amount of unsold shares on
It's hands. and viii not abandon its eff
forts TO market these at as favorable n
price as can be. which might entail a
further manipulated rise following to-
days violent fall.