New-York tribune., 1910-09-25
ALLAWAY'S REVIEW

Wall Street Is trying to be bullish-.
trying hard 10 be bullish- Few business
Developments are disclosed TO help g.cb
sentiment along; but upon every side "a
met continually the evidence OF sss
new disposition.
What more than other Influences
seems counting is that quotations seen,
to have reached the point where even
aggressive manipulation fails 20 for,s
declines that are moro than trivial ard
temporary. Pressure removed. rscov-
cries follow forthwith. And from ,se
professional viewpoint condition rxs
this has signifcance-attestsa az the pras-
ent that liquidation. persistent through
recent months, appears finally % havs
run its full course. That the market
stays dull does not induce bun theorists
to modify their confidence that the stoce
Exchange turning point has BEEN
reached. for they lay stress upon fhs
fact that stagnatiOn In the market M
longer fncites weakness.
They who take views in opposition =,
this developing optimism insist that tie
market really has merely come into
equiIibrium-that quotations are upon
dead centre-that il will only requirs
some new tarTing incident 70 start IN
vestment selling anew IN large volurna
All this conflict Of opinion among the
professional spectators Is apparently
not yet much agitattng the public
Empty brokerage Offices and conrnis-
sionless brokers give emphasis TO tls
unyielding alOofnesS Of the public A
customer is become a Wall Street curl
osity.
Yet basic business conditions are bet.
ter than a couple OF months ago is
seemed possible they now could be. Crop
results far outstrip what prospects were.
Since the last government report West
ern weather conditions have broughc
continuous tmprOvement-the corn crop
has not been frozen, as was the schedule
a fortnight ago, but is actually passing
completely over the danger line under
auspices even exceptionally favorable.
1t looks almost as il there might be en-
thusiastic calculations that record corn
crop figures may be made. Anyhow, the
crop is a good crop. both in quantity
and quality-and market value. Secre-
tary Wilson Of the National Department
of Agriculture, after a personal tour
through the West, says tersely: This
years crops are good crops. Wheat
ShrinkS somewhat in volume, but what
It has suffered has been exaggerated.
Corn makes a splendid yield And Writ
uaIIy all Of the other farm CROPS are up
to satisfactory levels There is nothing
TO be gloomy over anywhere in the West
ern agricultural situation; there is rea-
son abundant and unmiStakable for
thoroughgOing qualification James VII
son is authority-the authority.
In the security market, considered
from the technical point Of view. per-
sists one striking feature. Fully three
fourths of daily transactions are IN a
very few stOcks-practically represented
by United States Steel. Reading, Union
Pacific, Southern Pacific and AnIalga-
mated Copper. Cut out the trading in
these stocks and daily transactions
would shrink into absolute insignia
canoe. Now, with the exception eH
Amalgamated Copper. all Of the stocks
named display amazing resiliency under
attack Copper. chief Of Wall street
blind pools. is particularly affected BY
trade conditions, not only at nome but
abroad and cannot be considered as rep
resentative of current general security
market conditions. The other securities
itemized resist attack sturdily and re-
cover from selling operations easily and
quickly. There can be. urge professional
traders. but one explanation OF this
that the actual owners Of these proper
ties are in no wise frightened at current
deveIopments-are willing and able TO
carry their holdings. This situation gets
help from the continued ease Of money
What is Enthusiastically. tangible IN the
way Of betterment appears in new
phases Of the bond market. Investors
are actually making purchases. This IS
new. It il encouraging-the best news
Wall Street has had in long while
And it's reliable. international banking
houses vouCh for the fact OF II. This
bond buying seems to have come first
from foreign sources. But the testimony
of authorities is that American buyers
are now coming into the market on even
a larger scale than was the European
initiative. Activity in bonds is not now
adays q Stock Exchange exhibit, even
when investors are busiest. for texceps
To fix quotations as guides IN COllaterA
IOanS) Stock Exchange bond transae-
tfons are largely confined 10 speculative
issUes-the real volume of investmeh0
bond buying being directly with private
banking houses. over the counter
transactions. Wall Street styles. Iney
are not matter OF public record But
the fOrceful influence of such investment
absorption cannot be Overestimated al q
market time like this.
And in that logic which prevails upon
the Stock Exchange the development OF
such bond market is regarded as one
of the surest signs Of returning favor TO
the market for stocks. Indeed. there
has been persistent bearishnsss upon the
part OF important interests based upon
the fact that we have had through
ton from bond buytng-fOr. blue as the
stock brokers have been. the bond
houses have been bluer-
Reading has been conspfcuously TO the
front throughout the week. The price IS
up three points. and every day there has
been buying Of the stock on a large scale.
attended by circumstances which can
be fairly taken TO indicate that the most
interests in Wall Street are ao-
sorbers of the shares. A large short In
terest stays in the stock. IL IS difficult
for the ordinary Stock Exchange trader
to believe that there is new Reading
And the confidence of such trading bears
is even strengthened by the circulation
OF a series OF fables invented by Oracles
who feel themselves called upon 10 aS-
count for strength which IS amply
enough explained by the simple recitaL
of this cOmpanys expansion ana aa