The Washington times., 1910-04-10
STOCKS SLOW, EASY,
BEARS AGGRESSIVE
Conditions That Make Situa-
ton Unfavorable-So Some
Favorable EventualitieS.
By I. A. FLEMING.

Interpretation of the Sherman anti
trust Law viii permit. Mr.. Wickersham
declared that the Tobacco and Stand
ard OF cases constituted the most com
preheHsiye atte:rTt ever made bv tae
Government to deal with monopolies-
There may be a crumb Of comfort IN
the assertion that it is mot the !nten-
ton Of the Republican party 90 put
any check OB the natural ana iee-t-
mate development OF business enter
prise either through individual or cor
porate enterprise.
The Attorney General served notice
OF intended action against Tie btu
minous coal combination"
What the Administration plans to d.
what it would ike to do. and what d.
viii do all depends on the HterUretz-
lOn Of the law by the court
In the meantime wall street is not
pleasant place. for the atmosphere OF
gloom Is upon j., and frJ-s great
broad stock market the rrauSac tionS on
the Exchange have dWinilSi down &c
almost scalpiLs proposition FURTHER
delay En- the deciS Ion IS not a bull argu-
meut-tHe sooner the ven worst is
known the better for the pItiGut. and
if 10 should be favorable opinion as
the outcome of the consulate ~ ~ mise
judges. The patient would be up and
husJliug about in less tiG-" than Do
"a Nes 20 predict IT, To The greet dis
aster and rOGt Of the sauEuine and
oVerSold bear interest
The market closed frmer on Saturday
simply because tomorrow VIII be Mon
day auC for no other reason They
were "a iStIed with their success sd
making The bulls WELD position and
profit 10 Ihem-iu catching stGU-lOss or
ders and iu The news other Jlan tEa-
cnSuaJlE- from Administration sources
But the dictates Of caution would seem
20 make the evening up process over
possible decision Monday. the part of
wisdom. Therefore they covered freely
they were not run TN by belated bulls
Sentiment Is BeaTish.
Sentiment on the Street IS 5earisa,
not unanimously so. buJ plainly pre-
dominating. r. IS a theory or the street
That the market discounts influence
tuat 50 DE- the time 10 buy when every
one iz oessimisticauy inclined and ta
sell when wave OF buIIish enthusiasm
IS on the creS- Under precedent this
would or should be the time TO buy
stocks and yet while there may and
probably are many 5000 bargains DID
the list of rails and InduStrlals- there
are too many uncertainties IN the WAY
Of advancement 80 warrant acquisition
and the interests that are supposed 10
be carrying the great bulk Of stock
la - their hands about fBiL Indeed
rn-re are evidences tuaI some larger
lol-iers are trimming ship
IF is NOT a time 90 20 crazy on eitHtI
side Of the market Investors are wall
ing. spectators are scalplu-, anc q re
~ .se ofoJtnerS are lCpkinS Own ei
rCCaSloHel tyer-ou both SIDES as tne
Si-us 90 tEc times suggest Han ar
the daily bGg7leSe Is cDuIUgd 20 three
stocks. Tr--H Pacific, Reading AMI
United STAT = steel common The oth--
half 3 sea ferfuE ana there are man
stocks unei Q the movement I- so I'm
lteG that declines and even gains. ocra-
siouaiiE- are 81 large fractions on con
Inc winter wheat crop report was n7r
cUsOUraEi0E- indicating as AEFt r. cor
dition a depreciation Of 10 per cent Z i.e
bears MADE the moss or t1is- ana ralte-
Zoo much 1ui g. was just an acct
tiu1al straw
1t is rather carly for crop predictions
and advance renortS should NOT pc la1e.t
too SERIOUSLY The season Is q month
ahead Iu tie West and this means much
iB the way OF crop betteTDent and al
vance I'D maturity before the coming OF
THe position ~ the steel Corporation
is diff sreuL from that OF the Standard
on Company. and the TobIcco Com
PAM. iu that i is not SO much Or q
monopoly although controlling q large
part Of the business OF the country-
I.abors attacks on the Steel Corpora
ton. as or other Industrial 0rEaniza-
tons would seem 10 be suicidal policy.
a throat-cuttinE with the objective d.
rected at their own Threats The vast
interests OF ire Industrial companies
threatened by labor a. well as by court
proceedings. are TOO important IN the
Industrial econOm- Of this nation and
Of the word 10 fan without producing
chaos. and I'm the disaster. no one in
teTeSt would receive so hard 4 blow as
would labor Capital may not acCumU-
late. but &c caa at least exist when un-
employed
The Brighter Side
But there is a brighter side IN the pes
better OF the argument just now This
IS a great country a country producing
eight billions Of wealth from the soil
doesn't trend TO encourage 2essiuism.
Our foreign trade Is gradually assuming
more favorable proportions, although
the greater consumption Of breadstuffs
leaves less TO- export so that we are
exporting less brea6Stuffs and more
mar Ufa -tJ5red products There IS also
encOurS,g cement IN the latter. the per
ceutaEC # manufactured goods bejnS
larger than ever The markets Of the
world are taking more of our manu-
featured gOOds-tariff theorists TO the
contrary Notwithstanding
y. hat is needed more than all ether
things IN connection with a generous
crop, a less antagOnistic labOr situation,
and surcesse of law-msking. Is a mod
fled decision from the Supreme Court.
and this Is probably what We viii get
Before anything ike a moderate com
promise decision that viii point the way
ton OF capital in industrial effort All
the things that now appear 20 make for
gloom VIII be more or less quickly dis
PEELED.
With a clearing Of the sI<y- stocks a.
present prices would be desirable invest
ments for many capitalists, and the pur-
Chsses would be heavy
II = not likely that the Supreme
Court VIII give out opinions that VIII
rock the foundations of business-it
hasn't done anything Of the kind for
years-and the most DREADED opinions.
the sustaining OF the validity Of the
commodities clause and the ordering
Of the dissolution OF the Northern Sc
CuritieS CaSe-did no damage whatever
to the parties IN interest
But, pending the solution OF the dif-
dcUlties nOw existing. the advice Of the
Wall Street brokers. 1T IS best not 10
trade. but If YOU must, operate in the
active leaders. and keep close 10 the
shore, IS aprOpOs-
THE WEEKS STOCK TRADING.
Daily Transactions on the stock ex-
change during the week have been as
follows. compared with one and two
years ago
1910. I9e..
Shares Shares.